ARROW FINANCIAL CORP — Director's Dealing 2013

Jan 15, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (AROW)
CIK: 0000717538
Period of Report: 2013-01-15

Reporting Person: MURPHY JOHN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-01-15	Common Stock	S	1500	$24.75	Disposed	37780	Direct

Footnotes

F1: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on July 25, 2012.

F2: The sale price for the 1,500 shares sold was $24.75.

F3: Amount of securities beneficially owned following the reported transaction.