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: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-12-12	Common Stock	G	380	—	Disposed	168035	Direct
2014-01-29	Common Stock	J	0	—	Acquired	2509	Indirect
2014-01-29	Common Stock	J	0	—	Acquired	2996	Indirect
2014-01-29	Common Stock	J	0	—	Acquired	3412	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	2024-01-29	Common Stock (1000)	Direct

Footnotes

F1: Following the reported transactions, total direct holdings include:
66,789 shares held in a qualified retirement plans (IRA);
99,484 shares held in a custody account;
1,761 shares acquired under the Company's 401k; and
1 share acquired under the Company's DRIP & ESPP.

F2: Following the reported transactions, total indirect holdings include 8,917.

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