ARROW FINANCIAL CORP — Director's Dealing 2019

May 9, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2019-02-21

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-02-21	Common Stock	G	1500	—	Disposed	184551	Direct
2019-05-08	Common Stock	M	15228	$20.90	Acquired	199779	Direct
2019-05-08	Common Stock	F	11570	$33.48	Disposed	188209	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-08	Director Stock Option (Right to Buy)	$20.9	M	15228	Disposed	2021-01-26	Common Stock (15228.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5676	Indirect
Common Stock	2851	Indirect

Footnotes

F1: This option vested in four equal installments starting January 26,2012