ARROW FINANCIAL CORP — Director's Dealing 2020

Feb 28, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2020-02-27

Reporting Person: Read Colin L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-27	Common Stock	M	1170	$21.35	Acquired	10037	Direct
2020-02-27	Common Stock	M	1148	$22.51	Acquired	11185	Direct
2020-02-27	Common Stock	M	1126	$22.97	Acquired	12311	Direct
2020-02-27	Common Stock	M	530	$30.91	Acquired	12841	Direct
2020-02-27	Common Stock	M	257	$30.79	Acquired	13098	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-02-27	Director Stock Option (Right to Buy)	$21.35	M	1170	Disposed	2024-01-29	Common Stock (1170.0)	Direct
2020-02-27	Director Stock Option (Right to Buy)	$22.51	M	1148	Disposed	2025-01-28	Common Stock (1148.0)	Direct
2020-02-27	Director Stock Option (Right to Buy)	$22.97	M	1126	Disposed	2026-01-27	Common Stock (1126.0)	Direct
2020-02-27	Director Stock Option (Right to Buy)	$30.91	M	530	Disposed	2028-01-31	Common Stock (530.0)	Direct
2020-02-27	Director Stock Option (Right to Buy)	$30.79	M	257	Disposed	2029-01-30	Common Stock (257.0)	Direct

Footnotes

F1: The information provided reflects 30 shares acquired under the Company's DRIP 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 29, 2015

F3: The option vests in four equal installments beginning January 28, 2016

F4: The option vests in four equal installments beginning January 27, 2017

F5: The option vests in four equal installments beginning January 31, 2019

F6: The option vests in four equal installments beginning January 30, 2020