ARROW FINANCIAL CORP — Director's Dealing 2016

Dec 1, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-06-10

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-06-10	Common Stock	G	425	—	Disposed	168437	Direct
2016-09-01	Common Stock	G	1210	—	Disposed	167227	Direct
2016-11-18	Common Stock	G	432	—	Disposed	171810	Direct
2016-11-30	Common Stock	J	204	$37.85	Acquired	172014	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5351	Indirect
Common Stock	2688	Indirect
Common Stock	3655	Indirect

Footnotes

F1: The information provided reflects 5015 shares acquired via a stock dividend since June 06, 2016 which were not required to be reported on a Form 4. 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 155 shares acquired via a stock dividend since June 06, 2016 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F3: The information provided reflects 78 shares acquired via a stock dividend since June 06, 2016 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F4: The information provided reflects 106 shares acquired via a stock dividend since June 06, 2016 which were not required to be reported on a Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.