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ARROW FINANCIAL CORP Director's Dealing 2011

Dec 2, 2011

32888_dirs_2011-12-02_061f174d-f7f1-4412-99d6-cf86c44ccddc.zip

Director's Dealing

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SEC Form 4/A — Form 4/A

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2011-12-01

Reporting Person: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-06-23	Common Stock	G	219	—	Disposed	17100	Indirect
2011-09-30	Common Stock	G	513	—	Disposed	17100	Indirect
2011-11-17	Common Stock	G	50	—	Disposed	17050	Indirect

Footnotes

F1: Amount of securities beneficially owned following reported transaction.

F2: Includes (a) 513 shares acquired as a result of a 3% stock dividend paid on September 29, 2011, and (b) 513 shares gifted. Amount of securities beneficially owned following reported transaction.

F3: Amended Form 4 filed to correct Ownership Form misclassification for reported gift transactions; should have been Indirect verses Direct.