ARROW FINANCIAL CORP — Director's Dealing 2017

Jun 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2017-06-07

Reporting Person: KRUCZLNICKI DAVID G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-06-07	Common Stock	M	1218	$18.54	Acquired	31045	Direct
2017-06-07	Common Stock	F	707	$31.95	Disposed	30338	Direct
2017-06-07	Common Stock	M	1183	$20.78	Acquired	31521	Direct
2017-06-07	Common Stock	F	769	$31.95	Disposed	30752	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-06-07	Director Stock Option (Right to Buy)	$18.54	M	1218	Disposed	2019-01-21	Common Stock (1218.0)	Direct
2017-06-07	Director Stock Option (Right to Buy)	$20.78	M	1183	Disposed	2020-01-27	Common Stock (1183.0)	Direct

Footnotes

F1: The options vested in four equal installments beginning January 21, 2010

F2: The options vested in four equal installments beginning January 27, 2011