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ARROW FINANCIAL CORP Director's Dealing 2015

Jan 29, 2015

32888_dirs_2015-01-29_28f8c475-c6bf-49d9-8cd0-ae80ab5d1fc0.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2015-01-28

Reporting Person: Read Colin L (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2015-01-28 Common Stock J 0 Acquired 5777 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 5,777 shares that include: 5,701 shares held with a broker that includes 697 shares acquired after Nov. 21, 2104 transferred from ESPP and DRIP accounts on Dec. 4, 2014 and Jan. 12, 2015; 1 share in DRIP acquired after Nov. 21, 2104 and 75 shares acquired under the Company's ESPP after Nov. 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.