ARROW FINANCIAL CORP — Director's Dealing 2020

Dec 2, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2020-12-01

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-01	Common Stock	M	1412	$21.85	Acquired	29751	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-12-01	Employee Stock Option (Right to Buy)	$21.85	M	1412	Disposed	2025-01-28	Common Stock (1412.0)	Direct

Footnotes

F1: The option vests in four equal installments beginning January 28, 2016.