ARROW FINANCIAL CORP — Director's Dealing 2015

Nov 20, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-11-19

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-19	Commmon Stock	J	276	$28.07	Acquired	9795	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	591	Indirect

Footnotes

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

F2: The information provided reflects the following transactions which occurred since the last Form 4 filing: 11 shares acquired under the Company's DRIP, 131 shares acquired via dividend reinvestment within the Company's ESPP and 186 shares acquired as a result of a stock dividend. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the holdings of the insider as of the date of this Form 4.

F3: The information provided reflects the following transactions which occurred since the last Form 4 filing: 5 shares acquired under the Company's DRIP and 12 shares acquired as a result of a stock dividend. Neither of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the holdings of the insider as of the date of this Form 4.