ARROW FINANCIAL CORP — Director's Dealing 2021

Jan 28, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2021-01-27

Reporting Person: Wise Andrew J (SVP, Chief Operating Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-27	Employee Stock Option (Right to Buy)	$29.55	A	5000	Acquired	2031-01-27	Common Stock (5000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1372	Direct

Footnotes

F1: The information provided reflects 544 shares acquired under the Company's DRIP, 15 shares acquired via stock dividends and an increase of 536 shares related to the 2019 ESOP allocation since January 29,2020 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 27, 2022