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ARROW FINANCIAL CORP Director's Dealing 2012

Jan 10, 2012

32888_dirs_2012-01-10_d7838368-8d84-4b4e-aee7-694327b0fb3a.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-01-09

Reporting Person: MOYNEHAN DAVID L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-09	Common Stock	S	282	$23.79	Disposed	27542	Direct
2012-01-09	Common Stock	S	1000	$23.79	Disposed	26542	Direct

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on April 1, 2011 and amended on December 12, 2012.

F2: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 12, 2011.

F3: Amount of securities beneficially owned following reported transaction.