Form 4: Director O'Conor Exercises Options, Sells AROW Stock

Arrow Financial Director Raymond O'Conor exercised stock options and subsequently sold shares, adjusting his direct beneficial ownership.

Summary

• Raymond F. O'Conor, a Director of ARROW FINANCIAL CORP (AROW), engaged in transactions involving the company's common stock.
• On December 19, 2025, O'Conor exercised 1,093 Director Stock Options (Right to Buy) at an exercise price of $27.04 per share.
• Concurrently, O'Conor disposed of 925 shares of Common Stock at a price of $31.93 per share, likely for tax withholding purposes related to the option exercise.
• Following these transactions, O'Conor's direct beneficial ownership of Common Stock stands at 29,851 shares.
• The exercised options had vested in four equal annual installments beginning January 27, 2022, and had an expiration date of January 27, 2031.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction (option exercise and tax-related sale) which is neutral in sentiment. It does not indicate any significant positive or negative developments for the company.

Positives

• The exercise of stock options indicates that the director saw value in acquiring shares at the exercise price of $27.04.
• The sale price of $31.93 per share for the disposed shares is higher than the exercise price, suggesting a positive return on the exercised options.

Negatives

• The disposition of 925 shares reduces the director's direct beneficial ownership, although this is a common practice for tax-related purposes following option exercises.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing reports a routine insider transaction by a director, which is a common occurrence across all publicly traded companies. It does not provide information relevant to broader industry trends or competitive landscape.

Related Party Transactions

• The reported transactions involve a director of Arrow Financial Corp, Raymond F. O'Conor, exercising stock options and selling shares of the company's common stock. These are considered related party transactions due to O'Conor's insider status.

Stakeholder Impact

• Shareholders: The transactions represent a minor change in insider ownership. The sale of shares for tax purposes is a common event and generally has minimal impact on shareholder sentiment.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Keywords

AROW, Arrow Financial Corp, Insider Transaction, Form 4, Stock Options, Director, Beneficial Ownership, Equity Securities