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: DeMarco David S. (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-29	Common Stock	J	0	—	Acquired	16491	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-29	Employee Stock Option (Right to Buy)	$25	A	5000	Acquired	2014-01-29	Common Stock (5000)	Direct

Footnotes

F1: The information provided reflects 16,491 shares acquired under the Company's ESPP that includes 43 additional shares acquired since September 9, 2013 and 2 shares resulting from the Company's 2 percent stock dividend distributed on September 27, 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 option vests in four equal installments beginning January 29, 2015.