Director Mark Behan filed a Form 4 with the SEC on August 10, 2026, disclosing transactions in Arrow Financial Corp (NASDAQ: AROW) common stock dated August 6, 2026.

Key Highlights

  • Option exercise: Mark Behan exercised 773 Director Stock Options (transaction code M) at a conversion price of $31.47 per share on August 6, 2026.
  • Shares withheld for taxes: 608 shares were disposed of (transaction code F) at $39.97 per share on the same date.
  • Resulting ownership: Following both transactions, Behan directly held 10,293 shares of common stock.
  • Option vesting: According to the filing, the exercised options vested in four equal installments beginning February 1, 2024, with an expiration date of February 1, 2033.
  • Remaining derivative securities: After the exercise, Behan held 0 Director Stock Options of this series.

Mark Behan's Option Exercise and Share Disposition at Arrow Financial

According to the filing, Mark Behan, a director of Arrow Financial Corp, executed two transactions on August 6, 2026. First, Behan acquired 773 shares of common stock through the exercise of Director Stock Options (transaction code M) at a price of $31.47 per share. Prior to this transaction, the filing indicates Behan held 10,901 shares of common stock directly following that acquisition step.

The filing also reports that 608 shares were disposed of on the same date under transaction code F at a price of $39.97 per share. Transaction code F typically denotes payment of exercise price or tax liability using shares, as described in SEC Form 4 instructions. Following both transactions, Behan's directly held beneficial ownership in Arrow Financial common stock stood at 10,293 shares, according to the filing.

The Director Stock Options that were exercised carried a conversion price of $31.47 and were originally set to vest in four equal installments beginning February 1, 2024, as noted in the filing's explanation of responses. The options had an expiration date of February 1, 2033. After the exercise, the filing reports that Behan holds 0 remaining options in this series. The Form 4 was signed by Penko Ivanov as Attorney in Fact and filed on August 10, 2026.

What Was Disclosed

The filing disclosed the exercise of 773 Director Stock Options and the concurrent disposition of 608 shares by Arrow Financial director Mark Behan on August 6, 2026, resulting in direct beneficial ownership of 10,293 shares of common stock.