ARROW FINANCIAL CORP — Director's Dealing 2014

Aug 25, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-08-22

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-22	Common Stock	M	8694	$25.77	Acquired	48185	Direct
2014-08-22	Common Stock	F	8525	$26.54	Disposed	39660	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-22	Employee Stock Option (Right to Buy)	$25.77	M	8694	Acquired	2014-12-15	Common Stock (8694)	Direct

Footnotes

F1: Includes 8,443 shares surrendered by reporting person to issuer to pay the exercise price of the derivative security and 82 shares withheld by the issuer to satisfy withholding tax liabilities related to the exercise.

F2: The information provided reflects 17 additional shares acquired under the Company's DRIP since May 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.