ARROW FINANCIAL CORP — Director's Dealing 2019

Jan 31, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2019-01-30

Reporting Person: Wise Andrew J (SVP, Chief Operating Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-01-30	Employee Stock Option (Right to Buy)	$31.71	A	5000	Acquired	2029-01-30	Common Stock (5000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	116	Direct

Footnotes

F1: The information provided reflects 37 shares acquired under the Company's DRIP, 2 shares acquired via stock dividends and 42 shares related to the 2017 ESOP allocation since February 01,2018 which were not required to be reported on a Form 4.

F2: The option vests in four equal annual installments beginning January 30, 2020