ARROW FINANCIAL CORP — Director's Dealing 2012

Jan 30, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-01-27

Reporting Person: Goodemote Terry R (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-27	Common Stock	M	308	$22.06	Acquired	9487	Direct
2012-01-27	Common Stock	F	285	$25.29	Disposed	9202	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-27	Empl. St. Option (Right to Buy)	$22.06	M	308	Disposed	2012-12-18	Common Stock (308)	Direct

Footnotes

F1: Includes 269 shares surrendered by reporting person to issuer to pay the exercise price of the derivative security and 16 shares withheld by the issuer to satisfy withholding tax liabilities related to the exercise.