ARROW FINANCIAL CORP — Director's Dealing 2016

Jul 26, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-07-25

Reporting Person: DAKE GARY C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-07-25	Common Stock	M	996	$19.10	Acquired	32506	Direct
2016-07-25	Common Stock	F	596	$31.94	Disposed	31910	Direct
2016-07-25	Common Stock	M	1149	$21.40	Acquired	33059	Direct
2016-07-25	Common Stock	F	770	$31.94	Disposed	32289	Direct
2016-07-25	Common Stock	M	1115	$22.85	Acquired	33404	Direct
2016-07-25	Common Stock	F	798	$31.94	Disposed	32606	Direct
2016-07-25	Common Stock	M	1082	$23.48	Acquired	33688	Direct
2016-07-25	Common Stock	F	795	$31.94	Disposed	32893	Direct
2016-07-25	Common Stock	M	795	$22.88	Acquired	33688	Direct
2016-07-25	Common Stock	F	569	$31.94	Disposed	33119	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-07-25	Director Stock Option (Right to Buy)	$19.1	M	996	Acquired	2019-01-21	Common Stock (996.0)	Direct
2016-07-25	Director Stock Option (Right to Buy)	$21.4	M	1149	Acquired	2020-01-27	Common Stock (1149.0)	Direct
2016-07-25	Director Stock Option (Right to Buy)	$22.85	M	1115	Acquired	2021-01-26	Common Stock (1115.0)	Direct
2016-07-25	Director Stock Option (Right to Buy)	$23.48	M	1082	Acquired	2022-01-25	Common Stock (1082.0)	Direct
2016-07-25	Director Stock Option (Right to Buy)	$22.88	M	795	Acquired	2023-01-31	Common Stock (795.0)	Direct

Footnotes

F1: The information provided reflects 562 shares acquired under the Company's DRIP since May 26, 2016 which was 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: Shares surrendered by reporting person to issuer to pay the exercise price of the derivative security.