ARROW FINANCIAL CORP — Director's Dealing 2018

Feb 1, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2018-01-31

Reporting Person: DAKE GARY C (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-01-31	Director Stock Option (Right to Buy)	$32.8	A	1000	Acquired	2028-01-31	Common Stock (1000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	38926	Direct

Footnotes

F1: The information provided reflects 580 shares acquired under the Company's DRIP since November 30, 2017 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 vests in four equal installments beginning January 31, 2019