ARROW FINANCIAL CORP — Director's Dealing 2020

Nov 19, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2020-11-18

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-11-18	Common Stock	M	4500	$21.85	Acquired	32939	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-11-18	Employee Stock Option (Right to Buy)	$21.85	M	4500	Disposed	2025-01-28	Common Stock (4500.0)	Direct

Footnotes

F1: The information provided reflects 93 shares acquired under the Company's DRIP, 3 shares acquired via stock dividends and an increase of 2,327 shares related to the 2019 ESOP allocation since January 29,2020 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 installments beginning January 28, 2016.