ARROW FINANCIAL CORP — Director's Dealing 2010

Jan 15, 2010

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2009-12-31

Reporting Person: HOY THOMAS L (Director, Chairman, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-12-31	Common Stock	J	0	—	Acquired	94794	Direct
2009-12-31	Common Stock	J	0	—	Acquired	139	Indirect
2009-12-31	Common Stock	J	0	—	Acquired	37615	Indirect
2009-12-31	Common Stock	J	0	—	Acquired	2274	Indirect
2009-12-31	Common Stock	J	0	—	Acquired	673	Indirect
2009-12-31	Common Stock	J	0	—	Acquired	2717	Indirect
2009-12-31	Common Stock	J	0	—	Acquired	3094	Indirect

Footnotes

F1: Amount of securities beneficially owned.