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: Murphy Thomas J. (VP & Corporate Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-12-31	Common Stock	J	0	—	Acquired	1519	Indirect
2009-12-31	Common Stock	J	0	—	Acquired	362	Indirect

Footnotes

F1: Amount of securities beneficially owned.