ARROW FINANCIAL CORP — Director's Dealing 2021

Aug 3, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-08-02

Reporting Person: Murphy Thomas J. (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-08-02	Common Stock	F	25855	$35.56	Disposed	31588	Direct
2021-08-02	Common Stock	M	2575	$34.25	Acquired	34163	Direct
2021-08-02	Common Stock	M	5304	$29.89	Acquired	39467	Direct
2021-08-02	Common Stock	M	8196	$30.01	Acquired	47663	Direct
2021-08-02	Common Stock	M	11256	$33.06	Acquired	58919	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-08-02	Employee Stock Option (Right to Buy)	$34.25	M	2575	Disposed	2030-01-29	Common Stock (2575.0)	Direct
2021-08-02	Employee Stock Option (Right to Buy)	$29.89	M	5304	Disposed	2029-01-30	Common Stock (5304.0)	Direct
2021-08-02	Employee Stock Option (Right to Buy)	$30.01	M	8196	Disposed	2028-01-31	Common Stock (8196.0)	Direct
2021-08-02	Employee Stock Option (Right to Buy)	$33.06	M	11256	Disposed	2027-01-25	Common Stock (11256.0)	Direct

Footnotes

F1: The information provided reflects 906 shares acquired under the Company's DRIP and 499 shares related to the 2020 ESOP allocation since January 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 options vest in four equal installments beginning January 29, 2021

F3: The options vest in four equal installments beginning January 30, 2020

F4: The options vest in four equal installments beginning January 31, 2019

F5: The options vest in four equal installments beginning January 25, 2018