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ARROW FINANCIAL CORP Director's Dealing 2014

Jan 30, 2014

32888_dirs_2014-01-30_b9c13eef-54db-4800-ba12-4664f5d24cbc.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2013-12-26 Common Stock G 50 Disposed 13928 Direct
2014-01-29 Common Stock J 0 Acquired 532 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: The information provided reflects 13,928 shares acquired under the Company's DRIP that includes 25 additional shares acquired since November 26, 2013; and 143 shares acquired under the Company's ESPP since November 26, 2013. None of these 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: The information provided reflects 532 shares acquired under the wife's DRIP that includes 5 additional shares acquired since November 26, 2013. None of these 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.

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