ARROW FINANCIAL CORP — Director's Dealing 2014

Nov 21, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-11-20

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-30	Common Stock	G	485	—	Disposed	171485	Direct
2014-08-18	Common Stock	G	576	—	Disposed	170909	Direct
2014-11-05	Common Stock	G	576	—	Disposed	170333	Direct
2014-11-07	Common Stock	G	1200	—	Disposed	169133	Direct
2014-11-14	Common Stock	G	186	—	Disposed	168947	Direct
2014-11-20	Common Stock	J	298	$25.93	Acquired	169245	Direct
2014-11-20	Common Stock	J	0	—	Acquired	5095	Indirect
2014-11-20	Common Stock	J	0	—	Acquired	2559	Indirect
2014-11-20	Common Stock	J	0	—	Acquired	3480	Indirect

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: Total direct holdings include: 1 share held in DRIP and ESPP accounts; 69,144 shares held in a qualified retirement plans (IRA) that includes 1,355 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 29, 2014; 96,986 shares held in a custody account that includes 1,940 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 29, 2014 and 298 shares transferred from a DRIP account; and 2,816 shares acquired under the Company's 401k that includes 55 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 29, 2014. 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: Following the reported transactions, total indirect holdings include 11,134 shares that includes 217 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 29, 2014. 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.