Read Colin L Form 4 ARROW FINANCIAL / Colin L Read ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Read Colin L

(Last) (First) (Middle)

81 BLAIR ROAD

(Street)

PLATTSBURGH NY 12901

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ARROW FINANCIAL CORP [ AROW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/27/2020		M		1,170	A	$21.35	10,037(1)	D
Common Stock	02/27/2020		M		1,148	A	$22.51	11,185	D
Common Stock	02/27/2020		M		1,126	A	$22.97	12,311	D
Common Stock	02/27/2020		M		530	A	$30.91	12,841	D
Common Stock	02/27/2020		M		257	A	$30.79	13,098	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Director Stock Option (Right to Buy)	$21.35	02/27/2020		M			1,170	(2)	01/29/2024	Common Stock	1,170	$0	0	D
Director Stock Option (Right to Buy)	$22.51	02/27/2020		M			1,148	(3)	01/28/2025	Common Stock	1,148	$0	0	D
Director Stock Option (Right to Buy)	$22.97	02/27/2020		M			1,126	(4)	01/27/2026	Common Stock	1,126	$0	0	D
Director Stock Option (Right to Buy)	$30.91	02/27/2020		M			530	(5)	01/31/2028	Common Stock	530	$0	0	D
Director Stock Option (Right to Buy)	$30.79	02/27/2020		M			257	(6)	01/30/2029	Common Stock	257	$0	0	D

Explanation of Responses:

1. The information provided reflects 30 shares acquired under the Company's DRIP 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.

2. The option vests in four equal installments beginning January 29, 2015

3. The option vests in four equal installments beginning January 28, 2016

4. The option vests in four equal installments beginning January 27, 2017

5. The option vests in four equal installments beginning January 31, 2019

6. The option vests in four equal installments beginning January 30, 2020

Remarks:

	Thomas J. Murphy, Attorney in Fact	02/28/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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