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: Wise Andrew J (SVP, Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-29	Common Stock	F	583	$35.90	Disposed	1188	Direct
2021-04-29	Common Stock	M	700	$29.89	Acquired	1888	Direct
2021-04-29	Common Stock	M	700	$30.01	Acquired	2588	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-29	Employee Stock Option (Right to Buy)	$29.89	M	700	Disposed	2029-01-30	Common Stock (700.0)	Direct
2021-04-29	Employee Stock Option (Right to Buy)	$30.01	M	700	Disposed	2028-01-31	Common Stock (700.0)	Direct

Footnotes

F1: The information provided reflects 105 shares acquired under the Company's DRIP and 294 shares related to the 2020 ESOP allocation since January 27, 2021 which were not required to 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 29, 2020

F3: The option vests in four equal annual installments beginning January 31, 2019