ARROW FINANCIAL CORP — Director's Dealing 2019

Aug 2, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2019-08-01

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-08-01	Common Stock	M	5685	$21.99	Acquired	31896	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-08-01	Employee Stock Option (Right to Buy)	$21.99	M	5685	Disposed	2024-01-29	Common Stock (5685.0)	Direct

Footnotes

F1: The information provided reflects 50 shares acquired under the Company's DRIP and 1,911 shares related to the 2018 ESOP allocation. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F2: The option vested in four equal annual installments beginning January 29, 2015