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ARROW FINANCIAL CORP Director's Dealing 2013

Feb 21, 2013

32888_dirs_2013-02-21_c422f461-9adc-4616-8f5c-e4a6bceadaa9.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARROW FINANCIAL CORP (Arow)
CIK: 0000717538
Period of Report: 2013-02-19

Reporting Person: Goodemote Terry R (EVP & CFO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2013-02-19 Common Stock M 626 $22.18 Acquired 10636 Direct
2013-02-19 Common Stock F 557 $24.95 Disposed 10079 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2013-02-19 Employee Stock Option (Right to Buy) $22.18 M 626 Disposed 2013-12-17 Common Stock (626) Direct

Footnotes

F1: Includes 557 shares surrendered by reporting person to issuer to pay the exercise price of the derivative security

F2: The information provided reflects 89 shares acquired under the Companys Dividend Reinvestment Plan 129 shares acquired under the Companys ESPP and 590 shares acquired under the Companys ESOP since the last Form 4 was filed for the insider on January 30 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