Arrow Financial (AROW) Director Mark Behan Exercises Options

What Happened

• Mark Behan, a director of Arrow Financial Corp. (AROW), exercised stock options on 2026-08-04. He exercised a total of 2,355 option shares (1,195 @ $27.47 and 1,160 @ $27.35) with a combined intrinsic/transaction value of about $64,553.
• To cover taxes/withholding or exercise cost, 1,581 shares were surrendered/withheld (804 and 777 shares) at a market withholding price of $40.79, valued at about $64,489. After this cashless-withholding treatment, Behan netted approximately 774 newly issued shares.

Key Details

• Transaction date: August 4, 2026; Form 4 filed August 6, 2026 (filed promptly, two days after the transactions).
• Exercise prices: $27.47 (1,195 shares) and $27.35 (1,160 shares). Withholding/sale price used: $40.79.
• Shares acquired on exercise: 2,355; shares withheld/disposed for taxes/fees: 1,581; net shares retained: ~774.
• Footnotes: The exercised options vested in four equal installments beginning Jan. 31, 2019 (F1) and Jan. 30, 2020 (F2).
• Shares owned after the transaction are not specified in the provided filing details.

Context

• This was an options exercise with simultaneous withholding of shares to satisfy tax or exercise obligations (commonly called a cashless exercise). The underlying action is an acquisition of shares via vested options, though a large portion was used to cover liabilities rather than sold on the open market.
• Such withholding/surrender transactions are routine for option exercises and do not by themselves signal the insider’s broader view. The filing appears timely and procedural.