ARROW FINANCIAL CORP — Director's Dealing 2013

Jul 30, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-07-29

Reporting Person: DeMarco David S. (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-07-29	Common Stock	M	1800	$22.18	Acquired	18226	Direct
2013-07-30	Common Stock	S	1800	$26.64	Disposed	16426	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-07-29	Employee Stock Option (Right to Buy)	$22.18	M	1800	Acquired	2013-12-17	Common Stock (1800)	Direct

Footnotes

F1: The information provided also reflects 44 shares acquired under the Company's ESPP since previously disclosed by the insider on March 3, 2013. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the holdings of the insider as of the date of this Form 4.

F2: The sale price for all the shares sold was $26.64.

F3: Amount of securities beneficially owned following reported transaction.