ARROW FINANCIAL CORP — Director's Dealing 2014

Mar 26, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2014-03-25

Reporting Person: Goodemote Terry R (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-25	Common Stock	M	1243	$25.77	Acquired	12946	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-25	Employee Stock Option (Right to Buy)	$25.77	M	1243	Disposed	2014-12-15	Common Stock (1243)	Direct

Footnotes

F1: The information provided reflects 15 shares acquired under the Company's Dividend Reinvestment Plan and 13 shares acquired under the Company's ESPP since previously disclosed by the insider on March 10, 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.