ARROW FINANCIAL CORP — Director's Dealing 2017

Apr 28, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2017-03-13

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-13	Common Stock	G	275	—	Disposed	170184	Direct
2017-04-27	Common Stock	M	7981	$17.82	Acquired	178165	Direct
2017-04-27	Common Stock	F	5722	$34.75	Disposed	172443	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-04-27	Director Stock Option (Right to Buy)	$17.82	M	7981	Disposed	2017-11-28	Common Stock (7981.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5351	Indirect
Common Stock	2688	Indirect

Footnotes

F1: The options vested annually in four equal installments beginning November 28, 2008