X0304 4 2012-01-27 0 0000722256 HUDSON VALLEY HOLDING CORP HVB 0001191184 MARTINELLI ANGELO R C/O 21 SCARSDALE ROAD YONKERS NY 10707 1 0 0 0 Common Stock 2012-01-27 4 S 0 200 21.45 D 378776 D Common Stock 2012-01-27 4 S 0 400 21.57 D 378376 D Common Stock 2012-01-27 4 S 0 100 21.73 D 378276 D Common Stock 2012-01-27 4 S 0 100 21.74 D 378176 D Common Stock 2012-01-27 4 S 0 100 21.75 D 378076 D Common Stock 2012-01-27 4 S 0 100 21.77 D 377976 D Common Stock 2012-01-30 4 S 0 495 21.72 D 377481 D Common Stock 2012-01-30 4 S 0 100 21.76 D 377381 D Common Stock 2012-01-30 4 S 0 200 21.85 D 377181 D Common Stock 2012-01-30 4 S 0 100 21.90 D 377081 D Common Stock 2012-01-30 4 S 0 100 21.96 D 376981 D Common Stock 2012-01-30 4 S 0 5 21.99 D 376976 D Common Stock 2012-01-31 4 S 0 1000 22.10 D 375976 D Common Stock 15882 I by Family Trust - Trustee Employee Stock Options (Right-to-Buy) 23.71 2006-01-01 2016-01-01 Common Stock 15233 15233 D Sale of shares by the Reporting Person under a 10b5-1 Plan, in accordance with the provisions of SEC Rule 10b5-1, adopted by the Reporting Person on 12/16/2011. /s/ Stephen R. Brown (Stephen R. Brown as Attorney-in-Fact for Angelo R. Martinelli) 2012-01-31