ARROW FINANCIAL CORP — Director's Dealing 2019

May 31, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2019-05-30

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-30	Common Stock	J	292	$32.49	Acquired	2262	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12000	Indirect

Footnotes

F1: Semi-annual Director's Retainer payment. Shares acquired by the Administrator of the Director's Stock Plan.

F2: The information provided reflects 14 shares acquired under the Company's DRIP since January 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.