ARROW FINANCIAL CORP — Director's Dealing 2016

Mar 2, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2016-02-29

Reporting Person: Murphy Thomas J. (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-29	Common Stock	M	2550	$25.35	Acquired	34190	Direct
2016-02-29	Common Stock	F	2498	$26.19	Disposed	31692	Direct
2016-02-29	Common Stock	M	5203	$24.03	Acquired	36895	Direct
2016-02-29	Common Stock	F	4933	$26.19	Disposed	31962	Direct
2016-02-29	Common Stock	M	10824	$23.48	Acquired	42786	Direct
2016-02-29	Common Stock	F	10113	$26.19	Disposed	32673	Direct
2016-02-29	Common Stock	M	2789	$22.85	Acquired	35462	Direct
2016-02-29	Common Stock	F	2561	$26.19	Disposed	32901	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-29	Employee Stock Option (Right to Buy)	$25.35	M	2550	Acquired	2025-01-28	Common Stock (2550.0)	Direct
2016-02-29	Employee Stock Option (Right to Buy)	$24.03	M	5203	Acquired	2024-01-29	Common Stock (5203.0)	Direct
2016-02-29	Employee Stock Option (Right to Buy)	$23.48	M	10824	Acquired	2022-01-25	Common Stock (10824.0)	Direct
2016-02-29	Employee Stock Option (Right to Buy)	$22.85	M	2789	Acquired	2021-01-26	Common Stock (2789.0)	Direct

Footnotes

F1: The information provided reflects 77 shares acquired via dividend reinvestment since January 27, 2016 which did not require a timely Form 4 filing. This information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F2: The options vest in four equal installments beginning January 28, 2016.

F3: The options vest in four equal installments beginning January 29, 2015.

F4: The options vest in four equal installments beginning January 25, 2013.

F5: The options vest in four equal installments beginning January 26, 2012.