ARROW FINANCIAL CORP — Director's Dealing 2015

Jan 30, 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: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-10	Common Stock	G	385	—	Disposed	168861	Direct
2015-01-23	Common Stock	G	376	—	Disposed	168485	Direct
2015-01-28	Common Stock	J	0	—	Acquired	5095	Indirect
2015-01-28	Common Stock	J	0	—	Acquired	2559	Indirect
2015-01-28	Common Stock	J	0	—	Acquired	3480	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: Following the reported transactions, total direct holdings include:
69,144 shares held in a qualified retirement plans (IRA);
96,524 shares held in a custody account;
2,816 shares acquired under the Company's 401k; and
1 share acquired under the Company's DRIP & ESPP.

F2: Following the reported transactions, total indirect holdings combined are 11,134.

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