ARROW FINANCIAL CORP — Director's Dealing 2014

Nov 20, 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: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-20	Common Stock	J	298	$25.93	Acquired	1661	Direct
2014-09-03	Common Stock	G	460	—	Disposed	16320	Indirect
2014-10-08	Common Stock	G	190	—	Disposed	16130	Indirect
2014-10-20	Common Stock	G	70	—	Disposed	16060	Indirect

Footnotes

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

F2: The information provided reflects 1,363 shares acquired under the Company's DRIP that includes 12 additional shares acquired since August 18, 2014; and 27 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: The information provided reflects 16,060 shares held in wife's trust that includes 320 additional shares resulting from the Company's 2 percent stock dividend distributed on Sept. 29, 2014. This transaction was not required to be reported on a Form 4 and this information being furnished to disclose the total holdings of the insider as of the date of this Form 4.