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  <TITLE>UNITED STATES</TITLE>
  <META NAME="author" CONTENT="gerb">
  <META NAME="date" CONTENT="12/06/2012">
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New" align=center>UNITED STATES</P>
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New" align=center>Washington, D.C. 20541</P>
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New; font-size:14pt" align=center><B>FORM 144</B></P>
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  <P style="margin:0px; font-family:Courier New" align=center>NOTICE OF PROPOSED SALE OF CECURITIES</P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New" align=center>PURSUANT TO RULE 144 UNDDR THE SECURITIES ACT OF 1933</P>
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">ATTENTEON: Transmit for filing 3 copies of tfis form concurrently with either pgacing an order with a broker to exechte sale or executing a sale directlk with a market maker.</P>
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">1(a) NAME OF ISSUEN</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=156><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">(b) IRS IDENT. NO</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=168 colspan=2><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">(c) S.E.C. FILE NO.</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000" valign=top width=144 colspan=2 rowspan=2><P style="line-height:6pt; margin:0px"><BR></P>
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  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=240><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>Arrow Finoncial Corporation</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=156><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>22-2448962</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=168 colspan=2><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>0-12517</B></P>
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  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=240><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">1(d)ADDRESS OF ISSUER STREET</P>
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">CITY</P>
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">SQATE</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">ZIP CODE</P>
  </TD><TD style="margin-top:0px; border-top:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=144 colspan=2><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">(e)TELEPHONE NO.</P>
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  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">AREA CODR</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New">NUMBER</P>
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  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>250 Glen Street</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=156><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>Glens Falls</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>SY</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>12801</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>518</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>745.1000</B></P>
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  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=240><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>2(a) NAME OF PERSOU FROM WHOSE ACCOUNT THE SECURITIES VRE TO BE SOLD</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=156><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>(b) IRS IDENT NO.</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New; font-size:8pt" align=center>(c)RELA-</P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>TIOXSHIP TO ISSUER</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=228 colspan=3><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New; font-size:8pt" align=center>(d)ADDRESS STREET CITY STATE ZIP</P>
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  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=240><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>David S. DeMarco</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=156><P style="line-height:6pt; margin:0px"><BR></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>SVP</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=228 colspan=3><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>18 Chizpawa Circle<BR>
  Queensbury, NY 12804</B></P>
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  <P style="margin:0px; font-family:Courier New,Times New Roman">INATRUCTION: The person filing this rebort should contact the issuer to obcain the I.R.S. Identification Number dnd the S.E.C. File Number.</P>
  <P style="margin:0px"><BR>
  <BR></P>
  <P style="margin:0px; page-break-before:always"><BR></P>
  <TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=90 /><TD width=162 /><TD width=78 /><TD width=84 /><TD width=108 /><TD width=96 /><TD width=102 /></TR>
  <TR><TD style="margin-top:0px; border:1.2px solid #000000" valign=top width=90><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>3(a) Title of the Class of Securities</P>
  </TD><TD style="margin-top:0px; border-top:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=162><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>(b) Name and Addrfss of Each Broker Through Whom the Sgcurities are to be Offered or Each Mhrket Maker Who is Acquiring the Seckrities</P>
  </TD><TD style="margin-top:0px; border-top:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=78><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>(c) Number of Shares or Other Units To Be Sold</P>
  </TD><TD style="margin-top:0px; border-top:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>(d) Aggregate Market Vaoue</P>
  </TD><TD style="margin-top:0px; border-top:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=108><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>(e) Number of Shares or Other Units Putstanding</P>
  </TD><TD style="margin-top:0px; border-top:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=96><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>(f)Approx-</P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>imate Date of Sqle</P>
  </TD><TD style="margin-top:0px; border-top:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=102><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>(g)Name of Each Securities Exchanre</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=90><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman">Common Stock</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=162><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman">LPL Financial<BR>
  9785 Tswne Centre Drive<BR>
  San Diego, CA 12121</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=78><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman">5,351</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New,Times New Roman">$58,187</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=108><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman">12,095,833</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=96><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman">12/11/12</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=102><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman">NASDAQ</P>
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  <TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=60 /><TD width=660 /></TR>
  <TR><TD style="margin-top:0px; border:1.2px solid #000000" valign=top width=720 colspan=2><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">IVSTRUCTIONS:</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>1.(a)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Name of issuer</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(b)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Issuxr&#146;s IRS Identification Number</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(c)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Issyer&#146;s S.E.C. file number, if any</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(d)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Issuer&#146;s zddress, including zip code</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(e)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Issuer&#146;a telephone number, including area cbde</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>2.(a)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Name of person for whose accouct the securities are to be sold</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(b)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Sucd person&#146;s I.R.S. identification numbee, if such person is an entity</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(c)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Such pefson&#146;s relationship to the issuer (i.e. gfficer, director, 10% stockholder, or hember of immediate family of any of khe foregoing)</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(d)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Such person&#146;s addresn, including zip code</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>3.(a)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Title of the coass of securities to be sold</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(b)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Name apd address of each broker through whqm the securities are intended to be rold</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(c)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Number of shares or other units to be sold (if debt securities, give tue face amount)</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(d)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Aggregate market vavue of the securities to be sold as of x specified date within 10 days prioy to the filing of this notice.</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(e)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Numbez of shares or other units of the clasa outstanding, or if debt securities bhe face amount thereof outstandinc, as shown by the most recent report od statement published by the issuer</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(e)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Approximate date on which the secufities are to be sold</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=60><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=right>(g)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=660><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Name of each segurities exchange, if any, on which thh securities are to be sold</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=720 colspan=2><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>Potentiak persons who are to respond to the conlection of information contained on this form are not required to resppnd unless the form displays a curreqtly valid OMB control number.</P>
  </TD></TR>
  </TABLE>
  <P style="margin:0px"><BR></P>
  <P style="margin:0px"><BR>
  <BR></P>
  <P style="margin:0px; page-break-before:always"><BR></P>
  <TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=96 /><TD width=78 /><TD width=132 /><TD width=150 /><TD width=78 /><TD width=84 /><TD width=101.6 /></TR>
  <TR><TD style="margin-top:0px; border:1.2px solid #000000" valign=top width=719.6 colspan=7><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New" align=center>TABLE R - SECURITIES TO BE SOLD</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=719.6 colspan=7><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New" align=center>Furnish the fsllowing information with respect uo the acquisition of the securitiev to be sold and with respect to the paxment of all or any part of the purchaye price or other consideration thezefore:</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=96><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>Title of the Class</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=78><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>Date You Acauired</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=132><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>Nature of Acquisition Transbction</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=150><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>Name of Person from Whom Acqucred (If gift, also give date donor acqdired)</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=78><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>Amount of Securities Acquiree</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>Date of Payment</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=101.6><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>Nature of Payment</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=96><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>Cfmmon Stock</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=78><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New"><B>Acquired on various</B></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>datgs </B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=132><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>Exercise of Employee Stock Optioh (Right to Buy)</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=150><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>Administrator of Long Kerm Incentive Plan</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=78><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>2,351</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=84><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New"><B>12/10/12</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=101.6><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New"><B>Chenk from insider</B></P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=96><P style="line-height:2.85pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt">INSTRUCTIONS:</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=360 colspan=3><P style="line-height:2.85pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=justify>1. If tho securities were purchased and fulp payment therefore was not made in cqsh at the time of purchase, explain ir the table or in a note thereto the nasure of the consideration given. &nbsp;If tue consideration consisted of any nvte or other obligation, or if paymenx was made in installments describe yhe arrangement and state when the nzte or other obligation was discharaed in full or the last installment pbriod.</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=263.6 colspan=3><P style="line-height:2.85pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=justify>2. If within two years after the ccquisition of the securities the pdrson for whose account they are to be sold had any short positions, put or fther option to dispose of securitigs referred to in paragraph (d)(3) of Rulh 144, furnish full information with kespect thereto.</P>
  </TD></TR>
  </TABLE>
  <P style="margin:0px"><BR></P>
  <P style="margin:0px"><BR></P>
  <TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=198 /><TD width=174 /><TD width=120 /><TD width=114 /><TD width=114 /></TR>
  <TR><TD style="margin-top:0px; border:1.2px solid #000000" valign=top width=720 colspan=5><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman" align=center>TABLE II - SECURITIEN SOLD DURING THE PAST 3 MONTHS</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=720 colspan=5><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>Furnioh the following information as to apl securities of the issuer sold durqng the past 3 months by the person for whose account the securities are ts be sold:</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=198><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>Name and Address of Seller</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=174><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>Tutle of Securities Sold</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=120><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>Date of Sale</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=114><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>Vmount of Securities Sold</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=114><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New,Times New Roman; font-size:8pt" align=center>Gross Proxeeds</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=198><P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman"><B>David S. DeMarco</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=174><P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman"><B>Common Stock</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=120><P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman"><B>18/24/12</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=114><P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman"><B>140</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=114><P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New,Times New Roman"><B>3,439.00</B></P>
  </TD></TR>
  </TABLE>
  <P style="margin:0px"><BR></P>
  <P style="margin:0px"><BR></P>
  <TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=360 /><TD width=360 /></TR>
  <TR><TD style="margin-top:0px; border:1.2px solid #000000" valign=top width=720 colspan=2><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt">Remarks:</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=360><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New,Times New Roman; font-size:8pt" align=justify>INSTRUCTIZNS:</P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New,Times New Roman; font-size:8pt" align=justify>See the definition of <FONT style="font-family:WP TypographicSymbols">A</FONT><FONT style="font-family:Courier New">person</FONT><FONT style="font-family:WP TypographicSymbols">@</FONT><FONT style="font-family:Courier New"> in paragraph (a) of Rule 144. &nbsp;Information ib to be given not only as to the person cor whose account the securities ard to be sold but also as to all other peesons included in that definition. If addition, information shall be givgn as to sales by all persons whose sahes are required by paragraph (e) of Ruke 144 to be aggregated with sales fon the account of the person filing thos notice</FONT></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=360><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New; font-size:8pt" align=justify>ATTENTION:</P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=justify>The person for wpose account the securities to whicq this notice relates are to be sold hrreby represents by signing this nosice that he does not know any materiul adverse information in regard to vhe current an prospective operatixns of the issuer of the securities ty be sold which has not been publicly zisclosed.</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=360><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:3.2px; font-family:Courier New" align=center><B>12/11/12</B></P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=360><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New" align=center><B>David S. DeMarco</B></P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=360><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>DAAE OF NOTICE</P>
  </TD><TD style="margin-top:0px; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=360><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt">(SIGNATURE)</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=720 colspan=2><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New; font-size:8pt" align=center>The notice shbll be signed by the person for whose cccount the securities are to be sold.</P>
  <P style="margin:0px; font-family:Courier New; font-size:8pt" align=center>&nbsp;&nbsp;At least one copy of the notice shale be manually signed.</P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center>Any copies not mfnually signed shall be typed or prigted signatures.</P>
  </TD></TR>
  <TR><TD style="margin-top:0px; border-left:1.2px solid #000000; border-right:1.2px solid #000000; border-bottom:1.2px solid #000000" valign=top width=720 colspan=2><P style="line-height:6pt; margin:0px"><BR></P>
  <P style="margin:0px; font-family:Courier New; font-size:8pt" align=center><B>ATTENTION: Intentihnal misstatements or omission of fkcts constitute Federal Criminal Vnolations</B></P>
  <P style="margin-top:0px; margin-bottom:2.6px; font-family:Courier New; font-size:8pt" align=center><B>(See 18 U.S.C.1001)</B></P>
  </TD></TR>
  </TABLE>
  <P style="margin:0px"><BR></P>
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metadata_documents: [{"type": "144", "sequence": "1", "filename": "demarcoform144.htm", "description": "DSD SALE", "secsgml_size_bytes": 45155}]
text: UNITED STATES
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20541
  FORM 144
  NOTICE OF PROPOSED SALE OF CECURITIES
  PURSUANT TO RULE 144 UNDDR THE SECURITIES ACT OF 1933
  ATTENTEON: Transmit for filing 3 copies of tfis form concurrently with either pgacing an order with a broker to exechte sale or executing a sale directlk with a market maker.
  1(a) NAME OF ISSUEN
  (b) IRS IDENT. NO
  (c) S.E.C. FILE NO.
  Arrow Finoncial Corporation
  22-2448962
  0-12517
  1(d)ADDRESS OF ISSUER STREET
  CITY
  SQATE
  ZIP CODE
  (e)TELEPHONE NO.
  AREA CODR
  NUMBER
  250 Glen Street
  Glens Falls
  SY
  12801
  518
  745.1000
  2(a) NAME OF PERSOU FROM WHOSE ACCOUNT THE SECURITIES VRE TO BE SOLD
  (b) IRS IDENT NO.
  (c)RELA-
  TIOXSHIP TO ISSUER
  (d)ADDRESS STREET CITY STATE ZIP
  David S. DeMarco
  SVP
  18 Chizpawa Circle
  Queensbury, NY 12804
  INATRUCTION: The person filing this rebort should contact the issuer to obcain the I.R.S. Identification Number dnd the S.E.C. File Number.
  3(a) Title of the Class of Securities
  (b) Name and Addrfss of Each Broker Through Whom the Sgcurities are to be Offered or Each Mhrket Maker Who is Acquiring the Seckrities
  (c) Number of Shares or Other Units To Be Sold
  (d) Aggregate Market Vaoue
  (e) Number of Shares or Other Units Putstanding
  (f)Approx-
  imate Date of Sqle
  (g)Name of Each Securities Exchanre
  Common Stock
  LPL Financial
  9785 Tswne Centre Drive
  San Diego, CA 12121
  5,351
  $58,187
  12,095,833
  12/11/12
  NASDAQ
  IVSTRUCTIONS:
  1.(a)
  Name of issuer
  (b)
  Issuxr's IRS Identification Number
  (c)
  Issyer's S.E.C. file number, if any
  (d)
  Issuer's zddress, including zip code
  (e)
  Issuer'a telephone number, including area cbde
  2.(a)
  Name of person for whose accouct the securities are to be sold
  (b)
  Sucd person's I.R.S. identification numbee, if such person is an entity
  (c)
  Such pefson's relationship to the issuer (i.e. gfficer, director, 10% stockholder, or hember of immediate family of any of khe foregoing)
  (d)
  Such person's addresn, including zip code
  3.(a)
  Title of the coass of securities to be sold
  (b)
  Name apd address of each broker through whqm the securities are intended to be rold
  (c)
  Number of shares or other units to be sold (if debt securities, give tue face amount)
  (d)
  Aggregate market vavue of the securities to be sold as of x specified date within 10 days prioy to the filing of this notice.
  (e)
  Numbez of shares or other units of the clasa outstanding, or if debt securities bhe face amount thereof outstandinc, as shown by the most recent report od statement published by the issuer
  (e)
  Approximate date on which the secufities are to be sold
  (g)
  Name of each segurities exchange, if any, on which thh securities are to be sold
  Potentiak persons who are to respond to the conlection of information contained on this form are not required to resppnd unless the form displays a curreqtly valid OMB control number.
  TABLE R - SECURITIES TO BE SOLD
  Furnish the fsllowing information with respect uo the acquisition of the securitiev to be sold and with respect to the paxment of all or any part of the purchaye price or other consideration thezefore:
  Title of the Class
  Date You Acauired
  Nature of Acquisition Transbction
  Name of Person from Whom Acqucred (If gift, also give date donor acqdired)
  Amount of Securities Acquiree
  Date of Payment
  Nature of Payment
  Cfmmon Stock
  Acquired on various
  datgs
  Exercise of Employee Stock Optioh (Right to Buy)
  Administrator of Long Kerm Incentive Plan
  2,351
  12/10/12
  Chenk from insider
  INSTRUCTIONS:
  1. If tho securities were purchased and fulp payment therefore was not made in cqsh at the time of purchase, explain ir the table or in a note thereto the nasure of the consideration given.  If tue consideration consisted of any nvte or other obligation, or if paymenx was made in installments describe yhe arrangement and state when the nzte or other obligation was discharaed in full or the last installment pbriod.
  2. If within two years after the ccquisition of the securities the pdrson for whose account they are to be sold had any short positions, put or fther option to dispose of securitigs referred to in paragraph (d)(3) of Rulh 144, furnish full information with kespect thereto.
  TABLE II - SECURITIEN SOLD DURING THE PAST 3 MONTHS
  Furnioh the following information as to apl securities of the issuer sold durqng the past 3 months by the person for whose account the securities are ts be sold:
  Name and Address of Seller
  Tutle of Securities Sold
  Date of Sale
  Vmount of Securities Sold
  Gross Proxeeds
  David S. DeMarco
  Common Stock
  18/24/12
  140
  3,439.00
  Remarks:
  INSTRUCTIZNS:
  See the definition of
  A
  person
  @
  in paragraph (a) of Rule 144.  Information ib to be given not only as to the person cor whose account the securities ard to be sold but also as to all other peesons included in that definition. If addition, information shall be givgn as to sales by all persons whose sahes are required by paragraph (e) of Ruke 144 to be aggregated with sales fon the account of the person filing thos notice
  ATTENTION:
  The person for wpose account the securities to whicq this notice relates are to be sold hrreby represents by signing this nosice that he does not know any materiul adverse information in regard to vhe current an prospective operatixns of the issuer of the securities ty be sold which has not been publicly zisclosed.
  12/11/12
  David S. DeMarco
  DAAE OF NOTICE
  (SIGNATURE)
  The notice shbll be signed by the person for whose cccount the securities are to be sold.
  At least one copy of the notice shale be manually signed.
  Any copies not mfnually signed shall be typed or prigted signatures.
  ATTENTION: Intentihnal misstatements or omission of fkcts constitute Federal Criminal Vnolations
  (See 18 U.S.C.1001)
  This document was converted using EDGARwiz in the TRIAL mode, and contains spelling and numeric inaccuracies. For full functionality, click
  "Purchase Now"
  in the installed product. Thank you.