ARROW FINANCIAL CORP — Director's Dealing 2011

Sep 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-09-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-20	Common Stock	G	900	—	Disposed	146166	Direct
2011-09-09	Common Stock	M	5330	$18.11	Acquired	151496	Direct
2011-09-09	Common Stock	J	0	—	Acquired	2342	Indirect
2011-09-09	Common Stock	J	0	—	Acquired	2798	Indirect
2011-09-09	Common Stock	J	0	—	Acquired	3186	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2001-12-18	Empl. Stock Opt. (Right to Buy)	$18.11	M	5330	Disposed	2011-12-18	Common Stock (5330)	Direct

Footnotes

F1: Amount of securities acquired on September 9, 2011 as a result of payment of the difference between the market value of the securities and the exercise price of the Employee Stock Option (Right to Buy).

F2: Amount of securities beneficially owned.