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: Casaccio Tenee R (Director)

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	7606	Direct

Footnotes

F1: The information provided reflects 99 shares acquired under the Company's DRIP since November 30, 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