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: CARUSONE JOHN J JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-28	Common Stock	J	0	—	Acquired	7765	Direct

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 7,765 shares that include: shares acquired under the Company's DRIP that includes 68 additional shares acquired since November 21, 2014; and 25 shares acquired under the Company's ESPP 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: The option vests in four equal installments beginning January 28, 2016.