ARROW FINANCIAL CORP — Director's Dealing 2021

May 13, 2021

SEC Form 3 — Initial Statement of Beneficial Ownership

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

Reporting Person: CHAMPION GREGORY J (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2060	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option (Right to Buy)	$29.55	2031-01-27	Common Stock (500.0)		Direct

Footnotes

F1: The options vest in four equal installments beginning January 27, 2022.