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ARROW FINANCIAL CORP Director's Dealing 2013

Aug 28, 2013

32888_dirs_2013-08-28_7e702769-7b37-495a-920e-49e67179eee6.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-08-26

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2013-08-26 Common Stock M 490 $22.18 Acquired 16926 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2013-08-26 Employee Stock Option (Right to Buy) $22.18 M 490 Disposed 2013-12-17 Common Stock (490) Direct

Footnotes

F1: Amount of securities beneficially owned following reported transaction.