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: KRUCZLNICKI DAVID G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-16	Common Stock	G	37	—	Disposed	16051	Direct

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	957	Acquired	2021-01-26	Common Stock (957)	Direct

Footnotes

F1: Following the reported transaction, total direct holdings include 4,813 shares acquired under the Company's DRIP includes 43 shares acquired through Jan. 26, 2011; and 11,238 shares acquired under the Company's ESPP includes 303 shares acquired through Jan. 26, 2011. Total direct holdings include 450 shares resulting from the Company's 3% stock dividend distributed on Sept. 29, 2011.

F2: The option vests in four equal annual installments beginning on January 26, 2012.