ARROW FINANCIAL CORP — Director's Dealing 2015

Nov 10, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-11-09

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-09	Common Stock	M	4264	$20.41	Acquired	23419	Direct
2015-11-10	Common Stock	S	4264	$28.15	Disposed	19155	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-11-09	Employee Stock Option (Right to Buy)	$20.41	M	4264	Acquired	2016-11-29	Common Stock (4264.0)	Direct

Footnotes

F1: The information provided reflects 106 shares acquired under the Company's ESPP and 1,525 shares aquired under the Company's ESOP since previously disclosed by the insider on January 29, 2015. None of the 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.

F2: Amount of securities benefically owned following reported transaction.