ARROW FINANCIAL CORP — Director's Dealing 2011

Oct 26, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-10-24

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-24	Common Stock	M	11300	$17.58	Acquired	57677	Direct
2011-10-24	Common Stock	F	8679	$23.58	Disposed	48998	Direct
2011-10-26	Common Stock	S	2600	$23.25	Disposed	46398	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2001-12-18	Employee Stock Opt. (Right to Buy)	$17.58	A	11300	Acquired	2011-12-18	Common Stock (11300)	Direct

Footnotes

F1: Includes 1) 8,427 shares surrendered by reporting person to issuer to pay the exercise price of the derivative security and
2) 252 shares withheld by the issuer to satisfy withholding tax liabilities related to the exercise.

F2: The sale price for the 2,600 shares sold was $23.25.