ARROW FINANCIAL CORP — Director's Dealing 2012

Jan 26, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-01-25

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-25	Common Stock	J	0	—	Acquired	14088	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-25	Employee Stock Option (Right to Buy)	$25.42	A	3500	Acquired	2022-01-25	Common Stock (3500)	Direct

Footnotes

F1: The information provided reflects 34 shares acquired under the Company's ESPP since the last Form 4 was filed for the insider on Oct. 24, 2011. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the holdings of the insider as of the date of this Form 4.

F2: The option vests in four equal annual installments beginning on January 25, 2013.