ARROW FINANCIAL CORP — Director's Dealing 2020

Sep 8, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2020-09-04

Reporting Person: Kaiser David D (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-09-04	Common Stock	M	3139	$20.29	Acquired	13829	Direct
2020-09-04	Common Stock	F	2236	$28.49	Disposed	11593	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-09-04	Empl. Stock Opt. (Right to Buy)	$20.29	M	3139	Disposed	2021-01-26	Common Stock (3139.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3475	Indirect

Footnotes

F1: The information provided reflects 97 shares acquired under the Company's DRIP and 969 shares related to the 2019 ESOP allocation 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 options vest in four equal installments beginning January 26, 2012