ARROW FINANCIAL CORP — Director's Dealing 2017

Oct 27, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2017-10-26

Reporting Person: Kaiser David D (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-10-26	Common Stock	M	3138	$17.30	Acquired	11290	Direct
2017-10-26	Common Stock	F	1508	$36	Disposed	9782	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-10-26	Employee Stock Option (Right to Buy)	$17.3	M	3138	Disposed	2017-11-28	Common Stock (3138.0)	Direct

Footnotes

F1: The information provided reflects 154 shares acquired under the Company's DRIP and 121 shares acquired via stock dividends since March 06, 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.

F2: The options vested in four installments beginning November 28, 2008.