ARROW FINANCIAL CORP — Director's Dealing 2021

May 18, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-05-18

Reporting Person: Miller Elizabeth (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-18	Common Stock	J	540	—	Acquired	22340	Direct
2021-05-18	Common Stock	J	540	—	Disposed	5352	Indirect

Footnotes

F1: Represents a change in form of beneficial ownership from "Indirect" to "Direct" as a result of a transfer from Miller Family Partnership, LP.

F2: The information provided reflects 30 shares acquired under the Company's DRIP and 0 shares acquired via a stock dividend since April 14, 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.