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: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-26	Common Stock	J	0	—	Acquired	2798	Direct
2010-12-28	Common Stock	G	100	—	Disposed	17319	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-26	Director Stock Option (Right to Buy)	$25.47	A	1000	Acquired	2021-01-26	Common Stock (1000)	Direct

Footnotes

F1: Amount of securities beneficially owned.

F2: Following the reported transaction, total direct holdings include 2,798 shares acquired under the Company's DRIP includes 25 shares acquired through Jan. 26, 2011. Total direct holdings include 74 shares resulting from the Company's 3% stock dividend distributed on Sept. 29, 2011.

F3: The option vests in four equal annual installments beginning on January 26, 2012.