ARROW FINANCIAL CORP — Director's Dealing 2018

May 11, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2018-03-09

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-03-09	Common Stock	G	830	—	Disposed	171816	Direct
2018-05-10	Common Stock	M	15686	$18	Acquired	187502	Direct
2018-05-10	Common Stock	F	10730	$37.35	Disposed	176772	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-10	Director Stock Option (Right to Buy)	$18.0	M	15686	Disposed	2019-01-21	Common Stock (15686.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5511	Indirect
Common Stock	2768	Indirect

Footnotes

F1: The options vested in four equal annual installments starting January 21, 2010.