ARROW FINANCIAL CORP — Director's Dealing 2021

Feb 16, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-02-12

Reporting Person: OWENS WILLIAM L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-12	Common Stock	M	291	$22.30	Acquired	8554	Direct
2021-02-12	Common Stock	M	744	$30.01	Acquired	9298	Direct
2021-02-12	Common Stock	M	530	$29.89	Acquired	9828	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-12	Director Stock Option (Right to Buy)	$22.3	M	291	Disposed	2026-01-27	Common Stock (291.0)	Direct
2021-02-12	Director Stock Option (Right to Buy)	$30.01	M	744	Disposed	2028-01-31	Common Stock (744.0)	Direct
2021-02-12	Director Stock Option (Right to Buy)	$29.89	M	530	Disposed	2029-01-30	Common Stock (530.0)	Direct

Footnotes

F1: The options vest in four equal installments beginning January 27, 2017

F2: This options vest in four equal installments beginning January 31, 2019

F3: The options vest in four equal installments beginning January 30, 2020