ARROW FINANCIAL CORP — Director's Dealing 2016

Nov 28, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-11-18

Reporting Person: DAKE GARY C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-11-18	Common Stock	G	54	—	Disposed	34465	Direct
2016-11-25	Common Stock	M	535	$23.33	Acquired	35000	Direct
2016-11-25	Common Stock	F	316	$39.45	Disposed	34684	Direct
2016-11-25	Common Stock	M	262	$24.61	Acquired	34946	Direct
2016-11-25	Common Stock	F	163	$39.45	Disposed	34783	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-11-25	Director Stock Option (Right to Buy)	$23.33	M	535	Disposed	2024-01-29	Common Stock (535.0)	Direct
2016-11-25	Director Stock Option (Right to Buy)	$24.61	M	262	Disposed	2025-01-28	Common Stock (262.0)	Direct

Footnotes

F1: The information provided reflects 1,002 shares acquired under the Company's DRIP and 398 shares acquired via a 3% stock dividend since July 25, 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 option vests in four equal installments beginning January 29, 2015.

F3: The option vests in four equal installments beginning January 28, 2016.