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: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-10-11	Common Stock	G	1200	—	Disposed	168539	Direct
2013-10-17	Common Stock	G	391	—	Disposed	168148	Direct
2013-11-26	Common Stock	J	266	$27.23	Acquired	168414	Direct
2013-11-26	Common Stock	J	0	—	Acquired	2509	Indirect
2013-11-26	Common Stock	J	0	—	Acquired	2996	Indirect
2013-11-26	Common Stock	J	0	—	Acquired	3412	Indirect

Footnotes

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

F2: Following the reported transactions, total direct holdings include: 66,789 shares held in a qualified retirement plans (IRA) that includes 1,308 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2013; 99,598 shares held in a custody account that includes 1,984 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2013; and 1,761 shares acquired under the Company's 401k that includes 34 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2013.

F3: Following the reported transactions, total indirect holdings include 8,917 shares that includes 173 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2013.