ARROW FINANCIAL CORP — Director's Dealing 2012

Dec 11, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-12-11

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-07	Common Stock	S	2163	$24.18	Disposed	22082	Direct
2012-12-10	Common Stock	S	3000	$24.55	Disposed	19082	Direct
2012-12-10	Common Stock	J	0	—	Acquired	496	Indirect

Footnotes

F1: The sales price for the shares sold ranged from $24.15 to $24.21. The weighted average sale price is reflected above at $24.18. 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.

F2: The information provided reflects 22 shares acquired under the Company's ESPP since the last Form 4 was filed for the insider on November 30, 2012. This transaction was not 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.

F3: The sale price for the shares sold was $24.55.

F4: Amount of securities beneficially owned following reported transaction.