ARROW FINANCIAL CORP — Director's Dealing 2020

Jan 30, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2020-01-29

Reporting Person: Miller Elizabeth (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-01-29	Director Stock Option (Right to Buy)	$35.28	A	800	Acquired	2030-01-29	Common Stock (800.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	19688	Direct
Common Stock	5721	Indirect

Footnotes

F1: The information provided reflects 83 shares acquired under the Company's DRIP since November 29, 2019 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 vests in four equal installments beginning January 29, 2021