ARROW FINANCIAL CORP — Director's Dealing 2013

Feb 15, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-02-15

Reporting Person: HOY THOMAS L (Director, Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-02-15	Common Stock	J	294	$24.64	Acquired	161201	Direct
2013-02-15	Common Stock	J	0	—	Acquired	2460	Indirect
2013-02-15	Common Stock	J	0	—	Acquired	2938	Indirect
2013-02-15	Common Stock	J	0	—	Acquired	3346	Indirect

Footnotes

F1: Director's Retainer Payment. Shares acquired by the Administrator of the Directors' Stock Plan.

F2: The information provided reflects:
16,145 shares held in retirement plans (IRA);
98,318 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.

F3: Amount of securities beneficially owned following reported transaction.