ARROW FINANCIAL CORP — Director's Dealing 2021

Apr 30, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-04-29

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-29	Common Stock	M	5797	$22.30	Acquired	35667	Direct
2021-04-30	Common Stock	S	5797	$35.31	Disposed	29870	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-29	Employee Stock Option (Right to Buy)	$22.3	M	5797	Disposed	2026-01-27	Common Stock (5797.0)	Direct

Footnotes

F1: The information provided reflects 25 shares acquired under the Company's DRIP and 1,488 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 installments beginning January 27, 2017.