ARROW FINANCIAL CORP — Director's Dealing 2019

Oct 28, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2019-10-25

Reporting Person: OWENS WILLIAM L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-10-25	Common Stock	M	844	$22.97	Acquired	7024	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-10-25	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 59 shares acquired under the Company's DRIP and 180 shares acquired via a stock dividend since May 30, 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 options vest in four equal installments beginning January 27, 2017