ARROW FINANCIAL CORP — Director's Dealing 2016

Jun 13, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-06-09

Reporting Person: Kaiser David D (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-06-09	Common Stock	M	3046	$20.41	Acquired	8897	Direct
2016-06-09	Common Stock	F	2083	$29.85	Disposed	6814	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-06-09	Employee Stock Option (Right to Buy)	$20.41	M	3046	Acquired	2016-11-29	Common Stock (3046.0)	Direct

Footnotes

F1: The information provided reflects 58 shares acquired via dividend reinvestment since March 7, 2016 which were not required to be reported on a timely filed Form 4. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.