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ARROW FINANCIAL CORP Director's Dealing 2015

Sep 11, 2015

32888_dirs_2015-09-11_e4ebed9f-a272-49a6-ac70-a436a8931638.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-09-10

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2015-09-10 Common Stock S 2000 $27.069 Disposed 9191 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 574 Indirect

Footnotes

F1: The information provided reflects 4,205 shares acquired under the Company's DRIP that includes 304 additional shares acquired since May 20, 2015 and 5,000 shares transferred from ESPP account; and 4,986 shares acquired under the Company's ESPP that includes 170 additional shares acquired since May 20, 2015. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F2: The information provided reflects 574 shares held in wife's DRIP that includes 5 additional shares acquired since May 20, 2015. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date on this Form.