ARROW FINANCIAL CORP — Director's Dealing 2012

Jun 11, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-06-08

Reporting Person: MOYNEHAN DAVID L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-06-08	Common Stock	S	1000	$24.19	Disposed	22580	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 December 12, 2011.

F2: The sale prices for the shares ranged from $24.11 to $24.31. The weighted average sale price is reflected above at $24.19. The Reporting Person will provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F3: Amount of securities beneficially owned following reported transaction.