ARROW FINANCIAL CORP — Director's Dealing 2010

Nov 22, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2010-11-18

Reporting Person: Goodemote Terry R (SVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-18	Common Stock	M	330	$11.3	Acquired	1775	Direct
2010-11-18	Common Stock	F	136	$27.38	Disposed	1639	Direct
2010-11-19	Common Stock	S	62	$27.05	Disposed	1575	Direct
2010-11-19	Common Stock	S	138	$27.05	Disposed	1439	Direct
2010-11-22	Common Stock	S	194	$26.67	Disposed	1245	Direct
2010-11-18	Common Stock	J	0	—	Acquired	1010	Indirect
2010-11-18	Common Stock	J	0	—	Acquired	6054	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2000-12-20	Employee Stock Option (Right to Buy)	$11.3	A	330	Acquired	2010-12-20	Common Stock (330)	Direct

Footnotes

F1: Shares surrendered by reporting person to issuer to pay the exercise price of the derivative security.

F2: Amount of securities beneficially owned.