Thomas J. Murphy - 01 Feb 2023 Form 4 Insider Report for ARROW FINANCIAL CORP (AROW)

Role: President & CEO, Director
Signature: Thomas J. Murphy
Issuer symbol: AROW
Transactions as of: 01 Feb 2023
Net transactions value: $0
Form type: 4
Filing time: 02 Feb 2023, 18:14:10 UTC
Previous filing: 27 Jan 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	AROW	Common Stock						66,047	01 Feb 2023	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AROW	Employee Stock Option (Right to Buy)	Award	$0	+10,000		$0.000000	10,000	01 Feb 2023	Common Stock	10,000	$32.41	Direct	F2
transaction	AROW	Restricted Stock Units	Award	$0	+5,014		$0.000000	5,014	01 Feb 2023	Common Stock	5,014		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The information provided reflects 3074 shares acquired under the Company's DRIP, 566 shares acquired via a stock dividend and 1,006 shares related to the 2021 ESOP allocation since January 26, 2022 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 February 01, 2024
F3	Each restricted stock unit represents the contingent right to receive one share of AROW common stock provided the Grantee remains employed through the applicable vesting date of January 31, 2026