ARROW FINANCIAL CORP — Director's Dealing 2016

Jan 29, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-12-02

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-12-02	Common Stock	G	299	—	Disposed	171981	Direct
2015-12-07	Common Stock	G	142	—	Disposed	171839	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-27	Director Stock Option (Right to Buy)	$25.85	A	1000	Acquired	2026-01-27	Common Stock (1000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5196	Indirect
Common Stock	2610	Indirect
Common Stock	3549	Indirect

Footnotes

F1: The option vests in four equal installments beginning January 27, 2017.