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ARROW FINANCIAL CORP Director's Dealing 2015

Aug 7, 2015

32888_dirs_2015-08-07_c51282f5-a2da-4eb9-980e-29176fd37551.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: 2015-08-05

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2015-08-05 Common Stock F 1193 $27.99 Disposed 169730 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 5095 Indirect
Common Stock 2559 Indirect
Common Stock 3480 Indirect

Footnotes

F1: Shares surrendered to satisfy income tax withholding obligations on previously exercised stock options, as reported on Form 4 dated 7/23/15.

F2: Following the reported transactions, total direct holdings include: 1 share held in DRIP and ESPP accounts; 69,144 shares held in qualified retirement plans (IRA); 97,769 shares held in a custody account; and 2,816 shares acquired under a 401k account. 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.

F3: Amount of securities beneficially owned following reported transaction.