ARROW FINANCIAL CORP — Director's Dealing 2019

Nov 8, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2019-11-08

Reporting Person: DAKE GARY C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-11-08	Common Stock	M	862	$22.51	Acquired	36297	Direct
2019-11-08	Common Stock	F	544	$35.68	Disposed	35753	Direct
2019-11-08	Common Stock	M	844	$22.97	Acquired	36597	Direct
2019-11-08	Common Stock	F	543	$35.68	Disposed	36054	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-11-08	Director Stock Option (Right to Buy)	$22.51	M	862	Disposed	2025-01-28	Common Stock (862.0)	Direct
2019-11-08	Director Stock Option (Right to Buy)	$22.97	M	844	Disposed	2026-01-27	Common Stock (844.0)	Direct

Footnotes

F1: The information provided reflects 52 shares acquired under the Company's DRIP since October 15, 2019 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F2: The option vests in four equal installments beginning January 28, 2015.

F3: The option vests in four equal installments beginning January 27, 2016.