ARROW FINANCIAL CORP — Director's Dealing 2016

Nov 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-08-19

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-11-15	Common Stock	M	1218	$18.54	Acquired	1918	Direct
2016-11-15	Common Stock	M	1183	$20.78	Acquired	3101	Direct
2016-11-15	Common Stock	M	1148	$22.18	Acquired	4249	Direct
2016-11-15	Common Stock	M	1114	$22.80	Acquired	5363	Direct
2016-11-15	Common Stock	M	819	$22.21	Acquired	6182	Direct
2016-11-15	Common Stock	M	535	$23.33	Acquired	6717	Direct
2016-11-15	Common Stock	M	262	$24.61	Acquired	6979	Direct
2016-08-19	Common Stock	G	300	—	Disposed	15141	Indirect
2016-10-14	Common Stock	G	150	—	Disposed	14991	Indirect
2016-11-10	Common Stock	G	491	—	Disposed	14500	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-11-15	Director Stock Option (Right to Buy)	$18.54	M	1218	Disposed	2019-01-21	Common Stock (1218.0)	Direct
2016-11-15	Director Stock Option (Right to Buy)	$20.78	M	1183	Disposed	2020-01-27	Common Stock (1183.0)	Direct
2016-11-15	Director Stock Option (Right to Buy)	$22.18	M	1148	Disposed	2021-01-26	Common Stock (1148.0)	Direct
2016-11-15	Director Stock Option (Right to Buy)	$22.8	M	1114	Disposed	2022-01-25	Common Stock (1114.0)	Direct
2016-11-15	Director Stock Option (Right to Buy)	$22.21	M	819	Disposed	2023-01-31	Common Stock (819.0)	Direct
2016-11-15	Director Stock Option (Right to Buy)	$23.33	M	535	Disposed	2024-01-29	Common Stock (535.0)	Direct
2016-11-15	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 5 shares acquired under the Company's DRIP and 21shares acquired via a 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 information provided reflects 441 shares acquired via a 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.

F3: The option vests in four equal installments beginning January 21, 2010.

F4: The option vests in four equal installments beginning January 27, 2011.

F5: The option vests in four equal installments beginning January 26, 2012.

F6: The option vests in four equal installments beginning January 25, 2013.

F7: The option vests in four equal installments beginning January 31, 2014.

F8: The option vests in four equal installments beginning January 29, 2015.

F9: The option vests in four equal installments beginning January 28, 2016.