ARROW FINANCIAL CORP — Director's Dealing 2015

Jan 29, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-01-29

Reporting Person: Murphy Thomas J. (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-28	Common Stock	J	0	—	Acquired	29124	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-28	Employee Stock Option (Right to Buy)	$25.86	A	10000	Acquired	2025-01-28	Common Stock (10000)	Direct

Footnotes

F1: The information provided reflects 29,124 shares that include shares acquired under the Company's DRIP that includes 65 additional shares acquired since Sept. 4, 2014 and 136 shares resulting from the Company's 2 percent stock dividend distributed on September 29, 2014; and 479 shares acquired under the Company's ESPP since Sept. 4, 2014; and 93 shares resulting from the Company's 2 percent stock dividend distributed on September 29, 2014; and 304 additional shares acquired since Sept. 4, 2014 under an IRA as a result of a 2% stock dividend paid on September 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.

F2: The option vests in four equal installments beginning January 28, 2016.