ARROW FINANCIAL CORP — Director's Dealing 2021

Sep 10, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-09-09

Reporting Person: Kaiser David D (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-09-09	Common Stock	F	1754	$35.63	Disposed	12195	Direct
2021-09-09	Common Stock	M	3015	$20.73	Acquired	15210	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-09-09	Employee Stock Option (Right to Buy)	$20.73	M	3015	Disposed	2024-01-29	Common Stock (3015.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3579	Indirect

Footnotes

F1: The information provided reflects 57 shares acquired under the Company's DRIP 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 vest in four equal installments beginning January 29, 2015