ARROW FINANCIAL CORP — Director's Dealing 2012

Dec 12, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-12-10

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-10	Common Stcok	M	2351	$21.63	Acquired	16342	Direct
2012-12-12	Common Stock	S	2351	$24.75	Disposed	13991	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-10	Employee Stock Option (Right to Buy)	$21.63	M	2351	Disposed	2012-12-18	Common Stock (2351)	Direct

Footnotes

F1: The information provided reflects 21 shares acquired under the Company's ESPP since the last Form 4 was filed for the insider on Oct. 24, 2012. 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 sale price of the shares sold was 24.75.

F3: Amount of securities beneficially owned following reported transaction.