Ownership Submission

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 ^*

Yrsha Marc

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)
SEVP, Chief Banking 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	2,852	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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option (Right to Buy)	⁽¹⁾	01/29/2030	Common Stock	845	$ 31.34	D
Employee Stock Option (Right to Buy)	⁽²⁾	01/27/2031	Common Stock	1,093	$ 27.04	D
Employee Stock Option (Right to Buy)	⁽³⁾	01/26/2032	Common Stock	2,122	$ 33.78	D
Employee Stock Option (Right to Buy)	⁽⁴⁾	02/01/2033	Common Stock	3,090	$ 31.47	D

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Yrsha Marc 250 GLEN STREET GLENS FALLS, NY 12801			SEVP, Chief Banking 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 29, 2021; January 29, 2022; January 29, 2023; and January 29, 2024. These options are fully vested and exercisable.
(2)	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.
(3)	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.
(4)	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.

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