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: 2015-01-28

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-28	Common Stock	J	0	—	Acquired	1678	Direct
2014-12-01	Common stock	J	60	—	Disposed	16000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-28	Director Stock Option (Right to Buy)	$25.86	A	1000	Acquired	2025-01-28	Common Stock (1000)	Direct

Footnotes

F1: The information provided reflects 1,678 shares that include shares acquired under the Company's DRIP and 16 additional shares acquired since November 21, 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: Amount of securities beneficially owned following reported transaction.

F3: The option vests in four equal installments beginning January 28, 2016.