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: 2016-12-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-13	Common Stock	G	500	—	Disposed	35107	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-25	Employee Stock Option (Right to Buy)	$37.2	A	10000	Acquired	2027-01-25	Common Stock (10000.0)	Direct

Footnotes

F1: The information provided reflects 1152 shares acquired under the Company's DRIP and 955 shares acquired via a stock dividend since March 07, 2016 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 25, 2018