ARROW FINANCIAL CORP — Director's Dealing 2015

Jul 27, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-06-15

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-06-15	Common Stock	G	188	—	Disposed	168090	Direct
2015-07-23	Common Stock	M	4000	$18.71	Acquired	172090	Direct
2015-07-23	Common Stock	F	2683	$27.90	Disposed	169407	Direct
2015-07-23	Common Stock	M	5973	$20.82	Acquired	175380	Direct
2015-07-23	Common Stock	F	4458	$27.90	Disposed	170922	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-07-23	Employee Stock Option (Right to Buy)	$18.71	M	4000	Acquired	2017-11-28	Common Stock (4000.0)	Direct
2015-07-23	Employee Stock Option (Right to Buy)	$20.82	M	5973	Acquired	2016-11-29	Common Stock (5973.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3412	Indirect
Common Stock	5095	Indirect
Common Stock	2559	Indirect
Common Stock	3480	Indirect

Footnotes

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

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); 98,668 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.