ARROW FINANCIAL CORP — Director's Dealing 2021

May 11, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-05-10

Reporting Person: Kaiser David D (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-10	Common Stock	F	1683	$37.77	Disposed	10755	Direct
2021-05-10	Common Stock	M	3137	$20.26	Acquired	13892	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-10	Employee Stock Option (Right to Buy)	$20.26	M	3137	Disposed	2022-01-25	Common Stock (3137.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3579	Indirect

Footnotes

F1: The information provided reflects 47 shares acquired under the Company's DRIP and 539 shares related to the 2020 ESOP allocation 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 option vests in four equal annual installments beginning January 25, 2013