ARROW FINANCIAL CORP — Director's Dealing 2020

Jun 10, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2020-06-09

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-06-09	Common Stock	M	300	$20.32	Acquired	1279	Direct
2020-06-09	Common Stock	M	585	$21.35	Acquired	1864	Direct
2020-06-09	Common Stock	M	862	$22.51	Acquired	2726	Direct
2020-06-09	Common Stock	M	1126	$22.97	Acquired	3852	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-06-09	Director Stock Option (Right to Buy)	$20.32	M	300	Disposed	2023-01-31	Common Stock (300.0)	Direct
2020-06-09	Director Stock Option (Right to Buy)	$21.35	M	585	Disposed	2024-01-29	Common Stock (585.0)	Direct
2020-06-09	Director Stock Option (Right to Buy)	$22.51	M	862	Disposed	2025-01-28	Common Stock (862.0)	Direct
2020-06-09	Director Stock Option (Right to Buy)	$22.97	M	1126	Disposed	2026-01-27	Common Stock (1126.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12600	Indirect

Footnotes

F1: This option vested in four equal installments beginning January 31, 2014

F2: This option vested in four equal installments beginning January 29, 2015

F3: This option vested in four equal installments beginning January 28, 2016

F4: This option vested in four equal installments beginning January 27, 2017.