ARROW FINANCIAL CORP — Director's Dealing 2013

Mar 13, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-03-12

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-03-12	Common Stock	S	7000	$24.47	Disposed	12371	Direct
2013-03-12	Common Stock	J	0	—	Acquired	501	Indirect

Footnotes

F1: The sale prices for the shares ranged from $24.41 to $24.61. The weighted average sale price is reflected above at $24.47. 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: Amount of securities beneficially owned.