ARROW FINANCIAL CORP — Director's Dealing 2017

Jan 27, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-12-05

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-05	Common Stock	G	1555	—	Disposed	170459	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-25	Director Stock Option (Right to Buy)	$37.2	A	1000	Acquired	2027-01-25	Common Stock (1000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5351	Indirect
Common Stock	2688	Indirect
Common Stock	0	Indirect

Footnotes

F1: Excludes 3,655 shares previously reported as beneficially owned by the Reporting Person because he no longer has investment control over the irrevocable trust assets.

F2: The options vest in four equal installments beginning January 25, 2018