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: 2015-11-23

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-11-23	Common Stock	G	500	—	Disposed	15000	Indirect

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	2362	Direct

Footnotes

F1: The information provided reflects 21 shares acquired via dividend reinvestment since November 19, 2015 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: The option vests in four equal installments beginning January 27, 2017.