ARROW FINANCIAL CORP — Director's Dealing 2012

Nov 30, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-11-29

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-29	Common Stock	J	294	$24.59	Acquired	24161	Direct
2012-11-29	Common Stock	J	0	—	Acquired	496	Indirect

Footnotes

F1: Semi-annual Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: The information provided reflects 2,101 shares held with a broker that includes 41 shares resulting from the Company's 2 percent stock dividend distributed on September 27, 2012; 11,583 shares acquired under the Company's DRIP that includes 229 additional shares acquired since June 15, 2012 and 227 shares resulting from the Company's 2 percent stock dividend distributed on September 27, 2012; and 10,183 shares acquired under the Company's ESPP that includes 330 additional shares acquired since June 1, 2012 and 198 shares resulting from the Company's 2 percent stock dividend distributed on September 27, 2012. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F3: The information provided reflects 496 shares held in wife's DRIP that includes 10 additional shares additional shares acquired since June 15, 2012 and 9 shares resulting from the Company's 2 percent stock dividend distributed on Sept. 27, 2012. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.