ARROW FINANCIAL CORP — Director's Dealing 2013

Nov 27, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-11-26

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-11-26	Common Stock	J	266	$27.23	Acquired	13810	Direct
2013-11-26	Common Stock	J	0	—	Acquired	527	Indirect

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: The information provided reflects 2,475 shares acquired under the Company's DRIP that includes 47 additional shares acquired since June 14, 2013; and 49 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2013; and 11,069 shares acquired under the Company's ESPP that includes 333 additional shares acquired from the Company's 2 percent stock dividend distributed on Sept. 27, 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.

F3: The information provided reflects 527 shares held in wife's DRIP that includes 10 additional shares additional shares acquired since June 14, 2013 and 11 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 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.