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: 2017-01-25

Reporting Person: Goodemote Terry R (EVP & CFO)

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	5000	Acquired	2027-01-25	Common Stock (5000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15837	Direct
Common Stock	91	Indirect

Footnotes

F1: The information provided reflects 51 shares acquired under the Company's DRIP since December 05, 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