ARROW FINANCIAL CORP — Director's Dealing 2021

May 12, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-05-11

Reporting Person: KRUCZLNICKI DAVID G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-11	Common Stock	F	2575	$37.50	Disposed	41664	Direct
2021-05-11	Common Stock	M	295	$21.85	Acquired	41959	Direct
2021-05-11	Common Stock	M	581	$22.30	Acquired	42540	Direct
2021-05-11	Common Stock	M	845	$33.06	Acquired	43385	Direct
2021-05-11	Common Stock	M	819	$30.01	Acquired	44204	Direct
2021-05-11	Common Stock	M	530	$29.89	Acquired	44734	Direct
2021-05-11	Common Stock	M	257	$34.25	Acquired	44991	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-11	Director Stock Option (Right to Buy)	$21.85	M	295	Disposed	2025-01-28	Common Stock (295.0)	Direct
2021-05-11	Director Stock Option (Right to Buy)	$22.3	M	581	Disposed	2026-01-27	Common Stock (581.0)	Direct
2021-05-11	Director Stock Option (Right to Buy)	$33.06	M	845	Disposed	2027-01-25	Common Stock (845.0)	Direct
2021-05-11	Director Stock Option (Right to Buy)	$30.01	M	819	Disposed	2028-01-31	Common Stock (819.0)	Direct
2021-05-11	Director Stock Option (Right to Buy)	$29.89	M	530	Disposed	2029-01-30	Common Stock (530.0)	Direct
2021-05-11	Director Stock Option (Right to Buy)	$34.25	M	257	Disposed	2030-01-29	Common Stock (257.0)	Direct

Footnotes

F1: The options vests in four equal installments beginning January 28, 2016

F2: The options vests in four equal installments beginning January 27, 2017

F3: The options vests in four equal installments beginning January 25, 2018

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

F5: The options vests in four equal installments beginning January 30, 2020

F6: The options vests in four equal installments beginning January 29, 2021