ARROW FINANCIAL CORP — Director's Dealing 2011

Jan 28, 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: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-26	Common Stock	J	0	—	Acquired	13057	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-26	Employee Stock Option (Right to Buy)	$25.47	A	3500	Acquired	2021-01-26	Common Stock (3500)	Direct

Footnotes

F1: Amount of securities beneficially owned.

F2: Following the reported transaction, total direct holdings include 22 shares acquired under the Company's ESPP include 12 shares acquired through Jan. 26, 2011; and 13,035 shares acquired under the Company's ESOP (as of Dec. 31, 2009 valuation.) Total direct holdings, including ESOP, include 385 shares resulting from the Company's 3% stock dividend distributed on Sept. 29, 2010.

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