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ARROW FINANCIAL CORP Director's Dealing 2016

May 25, 2016

32888_dirs_2016-05-25_8a87e47f-c01c-42f4-8bf5-2af2be26d2dd.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-05-24

Reporting Person: Goodemote Terry R (EVP & CFO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2016-05-24 Common Stock M 3000 $18.35 Acquired 18417 Direct
2016-05-24 Common Stock F 1881 $29.26 Disposed 16536 Direct
2016-05-24 Common Stock M 4139 $19.10 Acquired 20675 Direct
2016-05-24 Common Stock F 2702 $29.26 Disposed 17973 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2016-05-24 Employee Stock Option (Right to Buy) $18.35 M 3000 Acquired 2017-11-28 Common Stock (3000.0) Direct
2016-05-24 Employee Stock Option (Right to Buy) $19.1 M 4139 Acquired 2019-01-21 Common Stock (4139.0) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 87 Indirect

Footnotes

F1: The information provided reflects 53 shares acquired via dividend reinvestment since March 7, 2016 which did not require 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.

F3: The information provided reflects 1 share acquired via dividend reinvestment since March 7, 2016 which did not require 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.