ARROW FINANCIAL CORP — Director's Dealing 2015

Jun 1, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-05-25

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-28	Common Stock	J	293	$26.40	Acquired	1986	Direct
2015-05-25	Common Stock	G	300	—	Disposed	15700	Indirect

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: The information provided reflects 1,693 shares acquired under the Company's DRIP that includes 15 additional shares acquired since March 10,2015; 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.

F3: Amount of securities beneficially owned following reported transaction.