Arrow Financial Director Mark Behan Exercises Options, 333 Net Shares

What Happened

• Mark Behan, a director of Arrow Financial Corp (AROW), exercised 1,093 stock options on 2026-08-17. He paid $27.04 per share (total exercise cost $29,555) to acquire those shares. To satisfy tax withholding, 760 of the acquired shares were surrendered/withheld (valued at $38.86 each, $29,534), leaving a net increase of 333 shares.
• The filing also reports the cancellation/conversion of the underlying derivative (options) related to the exercise (reported at $0.00), which is standard when options are converted into stock.

Key Details

• Transaction date: 2026-08-17; Form 4 filed 2026-08-18 (appears timely).
• Exercise: 1,093 shares at $27.04 per share — $29,555 total (Code M).
• Tax withholding: 760 shares withheld/disposed at $38.86 per share — $29,534 total (Code F).
• Net shares retained: 333 shares (1,093 exercised − 760 withheld).
• Shares owned after transaction: not disclosed in the provided filing summary.
• Footnote: F1 — The options vested in four equal annual installments beginning 1/27/2022.

Context

• This was an options exercise with shares withheld to cover tax obligations (a common, routine cashless-style transaction), not an open-market sale or purchase signal. Code M denotes exercise/conversion of a derivative; Code F denotes shares surrendered to satisfy tax withholding.
• Such exercises are neutral information for investors — they show insiders realizing vested compensation rather than expressing a direct buy/sell market view.