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ARROW FINANCIAL CORP Director's Dealing 2021

Feb 1, 2021

32888_dirs_2021-02-01_fff22b12-4f9f-417c-973d-8c672542a19c.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-01-29

Reporting Person: Murphy Thomas J. (Director, President & CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-29	Restricted Stock Units	$	A	4738	Acquired		Common Stock (4738.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	56038	Direct

Footnotes

F1: Each restricted stock unit represents the contingent right to receive one share of AROW common stock provided that the Grantee remains employed through the applicable vesting date of January 31, 2024