ARROW FINANCIAL CORP — Director's Dealing 2014

Aug 5, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (Arow)
CIK: 0000717538
Period of Report: 2014-08-04

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-04	Common Stock	M	3978	$19.87	Acquired	21450	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-04	Employee Stock Option (Right to Buy)	$19.87	M	3978	Disposed	2019-01-21	Common Stock (3978)	Direct

Footnotes

F1: The information provided reflects 10 shares acquired under the Companys ESPP since the last Form 4 was filed for the insider on July 24, 2014. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the holdings of the insider as of the date of this Form 4