ARROW FINANCIAL CORP — Director's Dealing 2018

Apr 30, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2018-04-27

Reporting Person: Kaiser David D (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-27	Common Stock	M	3138	$18	Acquired	13563	Direct
2018-04-27	Common Stock	F	1578	$35.80	Disposed	11985	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-27	Employee Stock Option (Right to Buy)	$18.0	M	3138	Disposed	2019-01-21	Common Stock (3138.0)	Direct

Footnotes

F1: The information provided reflects 47 shares acquired under the Company's DRIP and 536 shares related to the 2017 ESOP allocation.

F2: The options vested in four annual installment beginning January 21, 2010