ARROW FINANCIAL CORP — Director's Dealing 2011

Jan 27, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-01-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-02	Common Stock	G	364	—	Disposed	144462	Direct
2011-01-26	Common Stock	J	0	—	Acquired	2342	Indirect
2011-01-26	Common Stock	J	0	—	Acquired	2798	Indirect
2011-01-26	Common Stock	J	0	—	Acquired	3186	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-26	Employee Stock Option (Right to Buy)	$25.47	A	12500	Acquired	2021-01-26	Common Stock (12500)	Direct

Footnotes

F1: Amount of securities beneficially owned.

F2: Following the reported transaction, total direct holdings include 205 shares acquired under the Company's ESPP include 13 shares acquired through Jan. 26, 2011; 10,609 shares held in a qualified retirement plan (IRA); 92,582 shares held in a custody account; 40,373 shares acquired under the Company's ESOP (as of 12/31/09 valuation); and 693 shares acquired under the Company's qualified retirement plan (401k). Total direct holdings, including ESOP, include 4,199 shares resulting from the Company's 3% stock dividend distributed on September 29, 2010.

F3: Includes an additional 68 shares resulting from the Company's 3% stock dividend distributed on September 29, 2010.

F4: Includes an additional 81 shares resulting from the Company's 3% stock dividend distributed on September 29, 2010.

F5: Includes an additional 92 shares resulting from the Company's 3% stock dividend distributed on September 29, 2010.

F6: The option vests in four equal annual installments beginning on January 26, 2012.