ARROW FINANCIAL CORP — Director's Dealing 2016

May 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-05-11

Reporting Person: MOYNEHAN DAVID L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-11	Common Stock	M	1082	$23.48	Acquired	33307	Direct
2016-05-11	Common Stock	M	1115	$22.85	Acquired	34422	Direct
2016-05-11	Common Stock	M	1149	$21.40	Acquired	35571	Direct
2016-05-11	Common Stock	M	1183	$19.10	Acquired	36754	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-11	Director Stock Option (Right to Buy)	$23.48	M	1082	Acquired	2022-01-25	Common Stock (1082.0)	Direct
2016-05-11	Director Stock Option (Right to Buy)	$22.85	M	1115	Acquired	2021-01-26	Common Stock (1115.0)	Direct
2016-05-11	Director Stock Option (Right to Buy)	$21.4	M	1149	Acquired	2020-01-27	Common Stock (1149.0)	Direct
2016-05-11	Director Stock Option (Right to Buy)	$19.1	M	1183	Acquired	2019-01-21	Common Stock (1183.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1464	Indirect

Footnotes

F1: The information provided reflects 98 shares acquired via dividend reinvestment since March 7, 2016 which did not require timely reporting 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 options vested in four equal installments on January 25, 2013; January 25, 2014; January 25, 2015 and January 25, 2016.

F3: The options vested in four equal installments on January 26, 2012; January 26, 2013; January 26, 2014 and January 26, 2015.

F4: The options vested in four equal installments on January 27, 2011; January 27, 2012; January 27, 2013 and January 27, 2014.

F5: The options vested in four equal installments on January 21, 2010; January 21, 2011; January 21, 2012 and January 21, 2013.