ARROW FINANCIAL CORP — Director's Dealing 2017

Dec 1, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2017-11-30

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-11-30	Common Stock	J	211	$36.80	Acquired	173826	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5511	Indirect
Common Stock	2768	Indirect

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Director's Stock Plan.