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: DeMarco David S. (SVP)

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	24250	Direct

Footnotes

F1: The information provided reflects 61 shares acquired under the Company's DRIP and 4 shares acquired via stock dividends since May 23,2018 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 option vests in four equal annual installments beginning January 30, 2020