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: Clarke Michael B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-01-30	Common Stock	J	0	—	Acquired	4488	Direct
2012-12-21	Common Stock	G	50	—	Disposed	16850	Indirect

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	2013-01-30	Common Stock (1000)	Direct

Footnotes

F1: The information provided reflects 4,488 shares acquired under the Company's DRIP that includes 46 additional shares acquired since November 29, 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: Amount of securities beneficially owned following reported transaction.

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