Behan Mark 4

What Happened

• Director Mark Behan exercised stock options to acquire 1,061 shares of Arrow Financial Corp (AROW) on 2026-06-18. The exercise was reported as costing $33.78 per share (total ~$35,841).
• Of the 1,061 shares, 923 shares were withheld to cover taxes/exercise obligations at a withholding price of $38.80 per share (value ~$35,812), leaving Behan with 138 net shares.
• This was an option exercise with a net/share-withholding settlement (not an open-market purchase); the withholding is effectively a disposition to satisfy tax/exercise liabilities.

Key Details

• Transaction date: 2026-06-18; filing date: 2026-06-23 (filed 5 days after the transaction — late filing).
• Exercise: 1,061 shares @ $33.78 (Acquired) — $35,841 (rounded).
• Withholding/tax: 923 shares @ $38.80 (Disposed) — $35,812 (rounded).
• Derivative conversion entry: 1,061 shares reported as converted (zero cash value) consistent with option exercise.
• Net shares received: 138 (1,061 exercised − 923 withheld).
• Footnote: Options vest in four equal installments beginning January 26, 2023 (per filing).

Context

• This appears to be a cashless/net exercise where most shares were withheld to cover taxes/exercise costs; receiving 138 net shares is a modest insider acquisition signal but largely routine for option exercises.
• Tax-withholding disposals are common and do not necessarily indicate a market-sale decision. The filing was submitted after the SEC’s typical 2-business-day Form 4 window.