FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Jacobs Michael Joseph
2. Date of Event Requiring Statement (Month/Day/Year)
01/02/2024		 3. Issuer Name and Ticker or Trading Symbol
ARROW FINANCIAL CORP [AROW]
(Last)
(First)
(Middle)
250 GLEN STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP, Chief Information Officer
5. If Amendment, Date Original Filed (Month/Day/Year)
04/29/2024
(Street)

GLENS FALLS, NY 12801		 6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 4,282
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(Month/Day/Year) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy)   (1) 01/25/2027 Common Stock 1,231 $ 30.26 D  
Employee Stock Option (Right to Buy)   (2) 01/31/2028 Common Stock 1,195 $ 27.47 D  
Employee Stock Option (Right to Buy)   (3) 01/30/2029 Common Stock 1,160 $ 27.35 D  
Employee Stock Option (Right to Buy)   (4) 01/29/2030 Common Stock 1,688 $ 31.34 D  
Employee Stock Option (Right to Buy)   (5) 01/27/2031 Common Stock 1,230 $ 27.04 D  
Employee Stock Option (Right to Buy)   (6) 01/26/2032 Common Stock 2,122 $ 33.78 D  
Employee Stock Option (Right to Buy)   (7) 02/01/2033 Common Stock 3,090 $ 31.47 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Jacobs Michael Joseph
250 GLEN STREET
GLENS FALLS, NY 12801		       EVP, Chief Information Officer  

Signatures

Penko Ivanov, Attorney in Fact 05/28/2024
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The options vested 25% per year in equal installments on each of January 25, 2018; January 25, 2019; January 25, 2020; and January 25, 2021. These options are fully vested and exercisable.
(2) The options vested 25% per year in equal installments on each of January 31, 2019; January 31, 2020; January 31, 2021; and January 31, 2022. These options are fully vested and exercisable.
(3) The options vested 25% per year in equal installments on each of January 30, 2020; January 30, 2021; January 30, 2022; and January 30, 2023. These options are fully vested and exercisable.
(4) The options vested 25% per year in equal installments on each of January 29, 2021; January 29, 2022; January 29, 2023; and January 29, 2024. These options are fully vested and exercisable.
(5) The options vest 25% per year in equal installments, starting one year from the grant date. One quarter of the options vested and became exercisable on each of January 27, 2022; January 27, 2023; and January 27, 2024; one quarter will vest and become exercisable on January 27, 2025.
(6) The options vest 25% per year in equal installments, starting one year from the grant date. One quarter of the options vested and became exercisable on each of January 26, 2023 and January 26, 2024; one quarter will vest and become exercisable on each of January 26, 2025 and January 26, 2026.
(7) The options vest 25% per year in equal installments, starting one year from the grant date. One quarter of the options vested and became exercisable on February 1, 2024; one quarter will vest and become exercisable on each of February 1, 2025; February 1, 2026; and February 1, 2027.
 
Remarks:
This Form 3/A is filed to amend the Form 3 filed by the Reporting Person on April 29, 2024 (the "Original Form 3"). The Original Form 3 is hereby amended to update the vesting schedule of certain options issued to the Reporting Person.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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