ARROW FINANCIAL CORP — Director's Dealing 2018

May 31, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2018-05-30

Reporting Person: O'Conor Raymond F (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-30	Common Stock	J	204	$37.95	Acquired	47531	Direct

Footnotes

F1: Semi-annual Director's Retainer payment. Shares acquired by the Administrator of the Director's Stock Plan.