Arrow Financial (AROW) Director Mark Behan Exercises Options

What Happened Mark Behan, a director of Arrow Financial Corp., exercised 773 stock options on 2026-08-06, resulting in the acquisition of 773 common shares at an exercise price of $31.47 per share (total cost ≈ $24,326). To satisfy tax withholding, 608 of the newly issued shares were surrendered/withheld (reported as a disposal at $39.97 per share, total ≈ $24,302). The exercised options themselves are reported as disposed (derivative cancelled) in the filing.

Key Details

• Transaction date: 2026-08-06; Form 4 filed: 2026-08-10.
• Exercise: 773 shares at $31.47 → acquired for ≈ $24,326.
• Tax withholding: 608 shares at $39.97 → disposed/withheld for ≈ $24,302.
• Derivative reported disposed: 773 option units at $0.00 (reflects exercise/cancellation of the option).
• Net shares retained from this transaction: 165 shares (773 acquired − 608 withheld), assuming withholding came from the exercised shares.
• Footnote: F1 — the options vested in four equal installments beginning 2/1/2024.
• Shares owned after the transaction: not provided in the supplied filing summary.
• No late-filing flag was indicated in the provided information.

Context This was an options exercise with shares withheld to cover taxes (a common cashless method), not an open-market sale of shares. The withholding means Behan did not sell shares on the market to raise cash; he surrendered a portion of the exercised shares to meet tax obligations. Such routine exercises and tax withholdings are common for option vesting and do not by themselves indicate insider sentiment about the company.