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: Behan Mark (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-11-30	Common Stock	J	211	$36.80	Acquired	1617	Direct

Footnotes

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

F2: The information provided reflects 16 shares acquired under the Company's DRIP and 40 shares acquired via a stock dividend since May 31, 2017 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.