ARROW FINANCIAL CORP — Director's Dealing 2020

May 28, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2020-05-27

Reporting Person: O'Conor Raymond F (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-27	Common Stock	S	300	$30	Disposed	43449	Direct
2020-05-28	Common Stock	J	306	$29.45	Acquired	43755	Direct

Footnotes

F1: Open market sale pursuant to a 10B5-1 Plan which was established by Reporting Person on September 11, 2019 in accordance with Rule 10B5-1 of the Securities Exchange Act of 1934, as amended.

F2: Semi-annual Director's Retainer payment. Shares acquired by the Administrator of the Director's Stock Plan.