ARROW FINANCIAL CORP — Director's Dealing 2013

Jan 31, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-01-30

Reporting Person: REISMAN RICHARD J DMD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-01-30	Common Stock	J	0	—	Acquired	19327	Direct
2013-01-30	Common Stock	J	0	—	Acquired	501	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-01-30	Director Stock Option (Right to Buy)	$24.28	A	1000	Acquired	2023-01-30	Common Stock (1000)	Direct

Footnotes

F1: The information provided reflects 8,998 shares acquired under the Company's DRIP that includes 121 additional shares acquired since December 10, 2012; and 10,329 shares acquired under the Company's ESPP that includes 124 additional shares acquired since December 10, 2012. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F2: The information provided reflects 501 shares acquired under the wife's DRIP that includes 5 additional shares acquired since December 10, 2012. None of these transactions were required to be reported on a Form 4 and this information is being furnished to disclose the total holdings of the insider as of the date of this Form 4.

F3: The option vests in four equal installments beginning January 30, 2014.