ARROW FINANCIAL CORP — Director's Dealing 2018

Jun 5, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2018-06-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-06-04	Common Stock	M	2759	$22.65	Acquired	43412	Direct
2018-06-04	Common Stock	F	2065	$37.70	Disposed	41347	Direct
2018-06-04	Common Stock	M	2705	$23.89	Acquired	44052	Direct
2018-06-04	Common Stock	F	2080	$37.70	Disposed	41972	Direct
2018-06-04	Common Stock	M	2653	$24.37	Acquired	44625	Direct
2018-06-04	Common Stock	F	2062	$37.70	Disposed	42563	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-06-04	Employee Stock Option (Right to Buy)	$22.65	M	2759	Disposed	2024-01-29	Common Stock (2759.0)	Direct
2018-06-04	Employee Stock Option (Right to Buy)	$23.89	M	2705	Disposed	2025-01-28	Common Stock (2705.0)	Direct
2018-06-04	Employee Stock Option (Right to Buy)	$24.37	M	2653	Disposed	2026-01-27	Common Stock (2653.0)	Direct

Footnotes

F1: The information provided reflects 387 shares acquired under the Company's DRIP and 486 shares related to the 2017 ESOP allocation acquired since January 31, 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 options vested in four equal annual installments beginning January 29, 2015

F3: The options vested in four equal annual installments beginning January 28, 2016

F4: The options vested in four equal annual installments beginning January 27, 2017