ARROW FINANCIAL CORP — Director's Dealing 2021

Nov 3, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-11-02

Reporting Person: Wise Andrew J (SVP, Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-11-02	Common Stock	F	805	$36.19	Disposed	2031	Direct
2021-11-02	Common Stock	M	1000	$29.14	Acquired	3031	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-11-02	Employee Stock Option (Right to Buy)	$29.14	M	1000	Disposed	2028-01-31	Common Stock (1000.0)	Direct

Footnotes

F1: The information provided reflects 195 shares acquired under the Company's DRIP and 53 shares acquired via stock dividends since April 29,2021 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 annual installments beginning January 31, 2019