ARROW FINANCIAL CORP — Director's Dealing 2019

Nov 6, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2019-11-05

Reporting Person: Kaiser David D (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-11-05	Common Stock	M	3230	$19.01	Acquired	11286	Direct
2019-11-05	Common Stock	F	1697	$36.19	Disposed	9589	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-11-05	Empl. Stock Opt. (Right to Buy)	$19.01	M	3230	Disposed	2020-01-27	Common Stock (3230.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4140	Indirect

Footnotes

F1: The information provided reflects 24 shares acquired under the Company's DRIP and 82 shares acquired via stock dividends since August 29, 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 information provided reflects 120 shares acquired via stock dividends since August 29, 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.

F3: The options vest in four equal annual installments beginning January 27, 2011