ARROW FINANCIAL CORP — Director's Dealing 2011

Nov 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-11-09

Reporting Person: Goodemote Terry R (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-09	Common Stock	M	323	$17.58	Acquired	9409	Direct
2011-11-09	Common Stock	F	267	$23.9	Disposed	9142	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-09	Empl. Stock Opt. (Right to Buy)	$17.58	M	323	Acquired	2011-12-18	Common Stock (323)	Direct

Footnotes

F1: Includes 1) 238 shares surrendered by reporting person to issuer to pay the exercise price of the derivative security and 2) 29 shares withheld by the issuer to satisfy withholding tax liabilities related to the exercise.