ARROW FINANCIAL CORP — Director's Dealing 2014

Mar 18, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-03-14

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-12	Common Stock	G	2000	—	Disposed	166035	Direct
2014-03-14	Common Stock	M	12424	$25.77	Acquired	178459	Direct
2014-03-14	Common Stock	F	12137	$26.81	Disposed	166322	Direct
2014-03-12	Common Stock	J	2000	—	Acquired	4996	Indirect
2014-03-14	Common Stock	J	0	—	Acquired	2509	Indirect
2014-03-14	Common Stock	J	0	—	Acquired	3412	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-14	Employee Stock Option (Right to Buy)	$25.77	M	12424	Acquired	2014-12-15	Common Stock (12424)	Direct

Footnotes

F1: Includes 11,944 shares surrendered by reporting person to issuer to pay the exercise price of the derivative security and withheld by the issuer to satisfy withholding tax liabilities related to the exercise.

F2: Following the reported transactions, total direct holdings include:
66,789 shares held in a qualified retirement plans (IRA);
97,484 shares held in a custody account;
1,761 shares acquired under the Company's 401k; and
288 shares acquired under the Company's DRIP & ESPP.

F3: Shares received by spouse as a result of a transfer from the direct holdings of insider.

F4: Amount of securities beneficially owned following reported transaction.