ARROW FINANCIAL CORP — Director's Dealing 2014

Jan 30, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-01-29

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-29	Common Stock	J	0	—	Acquired	3233	Direct
2014-01-29	Common Stock	G	40	—	Disposed	16610	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-29	Director Stock Option (Right to Buy)	$25	A	1000	Acquired	2014-01-29	Common Stock (1000)	Direct

Footnotes

F1: The information provided reflects 3,233 shares acquired under the Company's DRIP that includes 30 additional shares acquired since November 26, 2013. None of the 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.

F2: Amount of securities beneficially owned following reported transaction.

F3: The option vests in four equal installments beginning January 29, 2015.