Arrow Financial Director Mark Behan Exercises Options

What Happened Mark Behan, a director of Arrow Financial Corp (AROW), exercised stock options on 2026-08-12 to acquire 1,126 common shares at an exercise price of $31.34 per share (total exercise cost $35,289). To satisfy tax withholding obligations, 901 of the acquired shares were surrendered/withheld at a reported value of $39.13 per share (proceeds/value $35,256). The net result of this transaction is that Behan retained 225 shares from the exercise (1,126 exercised − 901 withheld).

Key Details

• Transaction date: 2026-08-12 (reported on Form 4 filed 2026-08-13).
• Exercise: 1,126 shares acquired at $31.34 each (total $35,289) — transaction code M (option exercise).
• Tax withholding/disposition: 901 shares withheld at $39.13 each (value $35,256) — transaction code F (tax withholding).
• Derivative line: the underlying option position was converted/terminated as part of the exercise (shown as a derivative disposition at $0).
• Net shares retained from this event: 225 shares.
• Footnote: The options vested in four equal annual installments beginning January 29, 2021 (per footnote F1).
• Filing timeliness: Reported the day after the transaction; not indicated as late.

Context This was an option exercise with a net-share settlement to cover tax liabilities (common practice). The exercise converted the option (derivative) into shares and the company withheld a portion of those shares for taxes rather than requiring a cash payment. Such exercises are routine for insiders and do not necessarily signal a buy/sell opinion on the stock.