ARROW FINANCIAL CORP — Director's Dealing 2013

Jul 23, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-07-22

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-07-22	Common Stock	M	1910	$22.18	Acquired	168020	Direct
2013-07-22	Common Stock	F	1607	$26.37	Disposed	166413	Direct
2013-07-22	Common Stock	J	0	—	Acquired	2460	Indirect
2013-07-22	Common Stock	J	0	—	Acquired	2938	Indirect
2013-07-22	Common Stock	J	0	—	Acquired	3346	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-07-22	Employee Stock Option (Right to Buy)	$22.18	M	1910	Acquired	2013-12-17	Common Stock (1910)	Direct

Footnotes

F1: Following the reported transaction, total direct holdings include:
65,481 shares held in a qualified retirement plans (IRA);
98,902 shares held in a custody account; and
1,727 shares acquired under the Company's 401k.

F2: Reflects the number of shares surrendered by reporting person to issuer to pay the exercise price of the derivative security.

F3: Amount of securities beneficially owned following reported transaction.