ARROW FINANCIAL CORP — Director's Dealing 2017

Feb 15, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2017-02-14

Reporting Person: Murphy Thomas J. (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-14	Common Stock	M	2679	$23.33	Acquired	37845	Direct
2017-02-14	Common Stock	F	2097	$35.60	Disposed	35748	Direct
2017-02-14	Common Stock	M	2626	$24.61	Acquired	38374	Direct
2017-02-14	Common Stock	F	2115	$35.60	Disposed	36259	Direct
2017-02-14	Common Stock	M	2575	$25.10	Acquired	38834	Direct
2017-02-14	Common Stock	F	2097	$35.60	Disposed	36737	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-14	Employee Stock Option (Right to Buy)	$23.33	M	2679	Disposed	2024-01-29	Common Stock (2679.0)	Direct
2017-02-14	Employee Stock Option (Right to Buy)	$24.61	M	2626	Disposed	2025-01-28	Common Stock (2626.0)	Direct
2017-02-14	Employee Stock Option (Right to Buy)	$25.1	M	2575	Disposed	2026-01-27	Common Stock (2575.0)	Direct

Footnotes

F1: The information provided reflects 59 shares acquired under the Company's DRIP since January 25, 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 vest in four equal installments beginning January 29, 2015

F3: The option vests in four equal installments beginning January 28, 2016.

F4: The option vests in four equal installments beginning January 27, 2017.