ARROW FINANCIAL CORP — Director's Dealing 2013

Feb 8, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-02-06

Reporting Person: DeMarco David S. (SVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-02-06	Common Stock	M	3900	$19.46	Acquired	17913	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-02-06	Employee Stock Option (Right to Buy)	$19.46	M	3900	Disposed	2017-11-28	Common Stock (3900)	Direct

Footnotes

F1: The information provided also reflects 22 shares acquired under the Company's ESPP since the last Form 4 was filed for the insider on Dec. 10, 2012. None of these transactions were 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.