ARROW FINANCIAL CORP — Director's Dealing 2015

Nov 3, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-10-23

Reporting Person: Goodemote Terry R (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-10-23	Common Stock	M	3655	$20.41	Acquired	17976	Direct
2015-10-23	Common Stock	F	2657	$28.08	Disposed	15319	Direct
2015-10-23	Common Stock	M	1139	$18.35	Acquired	16458	Direct
2015-10-23	Common Stock	F	744	$28.08	Disposed	15714	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-10-23	Employee Stock Option (Right to Buy)	$20.41	M	3655	Acquired	2016-11-29	Commmon Stock (3655.0)	Direct
2015-10-23	Employee Stock Option (Right to Buy)	$18.35	M	1139	Acquired	2017-11-28	Commmon Stock (1139.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Commmon Stock	85	Indirect

Footnotes

F1: Shares surrendered by reporting person to issuer to pay the exercise price of the derivative security.

F2: The information provided reflects 280 shares acquired under the Company's Dividend Reinvestment Plan, 224 shares acquired under the Company's ESPP and 948 shares aquired under the Company's ESOP since previously disclosed by the insider on March 25, 2014. 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.

F3: The information provided reflects 8 shares acquired under the Company's Dividend Reinvestment Plan since previously disclosed by the insider on March 25, 2014 which was not 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.