ARROW FINANCIAL CORP — Director's Dealing 2014

May 9, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-05-09

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-09	Common Stock	S	1000	$25.5	Disposed	2264	Direct
2014-03-31	Common Stock	G	50	—	Disposed	16560	Indirect

Footnotes

F1: Following the reported transaction, the total direct holdings for the insider reflects 1,014 shares acquired under the Company's DRIP that includes 31 additional shares acquired since March 10, 2014 and 1,250 shares held in a safekeeping account. None of the 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: Amount of securities beneficially owned following reported transaction.