ARROW FINANCIAL CORP — Director's Dealing 2013

Jan 28, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-01-25

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-06	Common Stock	G	416	—	Disposed	156932	Direct
2012-12-10	Common Stock	G	1025	—	Disposed	155907	Direct
2013-01-25	Common Stock	P	5000	$23.89	Acquired	160907	Direct
2013-01-25	Common Stock	J	0	—	Acquired	2460	Indirect
2013-01-25	Common Stock	J	0	—	Acquired	2938	Indirect
2013-01-25	Common Stock	J	0	—	Acquired	3346	Indirect

Footnotes

F1: The information provided reflects:
981 shares acquired under the Company's ESPP that include 18 shares acquired from November 26, 2012; Shares transferred to custody account on January 25, 2013
11,145 shares held in retirement plan (IRA);
98,778 shares held in a custody account;
45,717 shares acquired under the Company's ESOP (as of 12/31/11 valuation); and
727 shares acquired under the Company's 401k.

F2: Amount of securities beneficially owned following reported transaction.