ARROW FINANCIAL CORP — Director's Dealing 2012

Feb 10, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2012-02-10

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-10	Common Stock	M	8608	$22.63	Acquired	55379	Direct
2012-02-10	Common Stock	F	7736	$25.76	Disposed	47643	Direct
2012-02-10	Common Stock	S	800	$25.65	Disposed	46843	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-10	Empl. Stock Opt. (Right to Buy)	$22.63	M	8608	Acquired	2013-12-17	Common Stock (8608)	Direct

Footnotes

F1: Includes 7,563 shares surrendered by reporting person to issuer to pay the exercise price of the derivative security and 173 shares withheld by the issuer to satisfy withholding tax liabilities related to the exercise.

F2: The sale price for all 800 shares sold was $25.65.