ARROW FINANCIAL CORP — Director's Dealing 2013

Nov 6, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-11-05

Reporting Person: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-11-05	Common stock	S	570	$25.81	Disposed	6961	Direct

Footnotes

F1: The sale price for all the shares sold was $25.81.

F2: The information provided reflects 7,229 shares acquired under the Company's DRIP that includes 279 additional shares acquired since May 31, 2013 and 302 shares acquired under the Company's ESPP that includes 112 shares acquired since May 31, 2013. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.