ARROW FINANCIAL CORP — Director's Dealing 2011

Oct 28, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-10-27

Reporting Person: O'Conor Raymond F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-27	Common Stock	M	5651	$17.58	Acquired	54063	Direct
2011-10-27	Common Stock	F	4721	$23.93	Disposed	49342	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2001-12-18	Employee Stock Opt.(Right to Buy)	$17.58	A	5651	Acquired	2011-12-18	Common Stock (5651)	Direct

Footnotes

F1: Includes 1) 4,152 shares surrendered by reporting person to issuer to pay the exercise price of the derivative security and 2) 569 shares withheld by the issuer to satisfy withholding tax liabilities related to the exercise.