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

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	10000	Acquired	2031-01-27	Common Stock (10000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	56038	Direct

Footnotes

F1: The information provided reflects 932 shares acquired under the Company's DRIP and 1464 shares acquired via a stock dividend since July 31, 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