ARROW FINANCIAL CORP — Director's Dealing 2018

Jul 27, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2018-07-26

Reporting Person: DAKE GARY C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-07-26	Common Stock	M	282	$21.56	Acquired	40404	Direct
2018-07-26	Common Stock	F	154	$39.40	Disposed	40250	Direct
2018-07-26	Common Stock	M	552	$22.65	Acquired	40802	Direct
2018-07-26	Common Stock	F	317	$39.40	Disposed	40485	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-07-26	Director Stock Option (Right to Buy)	$21.56	M	282	Disposed	2023-01-31	Common Stock (282.0)	Direct
2018-07-26	Director Stock Option (Right to Buy)	$22.65	M	552	Disposed	2024-01-29	Common Stock (552.0)	Direct

Footnotes

F1: The information provided reflects 586 shares acquired under the Company's DRIP since May 30, 2018 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 option vests in four equal installments beginning January 31, 2014

F3: The option vests in four equal installments beginning January 29, 2015