Execution Version 29851359.9 AMENDED AND RESTATED EMPLOYMENT AGREEMENT This AMENDED AND RESTATED EMPLOYMENT AGREEMENT executed as of July 18, 2023 (“Agreement”) among ARROW FINANCIAL CORPORATION, a New York corporation with its principal place of...

Execution Version 29851359.9 AMENDED AND RESTATED EMPLOYMENT AGREEMENT This AMENDED AND RESTATED EMPLOYMENT AGREEMENT executed as of July 18, 2023 (“Agreement”) among ARROW FINANCIAL CORPORATION, a New York corporation with its principal place of business at 000 Xxxx Xxxxxx, Xxxxx Xxxxx, Xxx Xxxx 00000 (“Arrow”), its wholly-owned subsidiaries, SARATOGA NATIONAL BANK AND TRUST COMPANY, a national banking association with its principal place of business at 000 Xxxxx Xxxxxxxx, Xxxxxxxx Xxxxxxx, Xxx Xxxx 00000 (“Saratoga”), and GLENS FALLS NATIONAL BANK AND TRUST COMPANY, a national banking association with its principal place of business at 000 Xxxx Xxxxxx, Xxxxx Xxxxx, Xxx Xxxx 00000 (“GFNB”), and XXXXX. X. XXXXXXX, residing at 0 Xxxxxxxxx Xxxx, Xxxxxxxx Xxxxxxx, Xxx Xxxx 00000 (the “Executive”). Collectively, Saratoga and GFNB are referred to herein as the “Bank” and the Bank and Arrow are collectively referred to herein as the “Company.” The effective date of this Agreement shall be May 13, 2023 (the “Effective Date”). Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in Paragraph 11 of this Agreement. Recitals WHEREAS, Xxxxx and the Bank consider the maintenance of a competent and experienced executive management team to be essential to the long-term success of Arrow and the Bank; and WHEREAS, the Executive wishes to continue to serve Arrow and the Bank as part of such executive management team; and WHEREAS, in this regard, Arrow and the Bank, on the one hand, and the Executive, on the other, have determined that it is in the best interests of all of the parties that the Executive serve as President and Chief Executive Officer of Arrow and the Bank, effective as of the Effective Date pursuant to a written employment agreement and in order to secure Executive’s services and skills, which are considered extraordinary, special and unique for its business and the long-term success thereof; and WHEREAS, the parties have agreed that this Agreement will supersede and replace any and all agreements, written or oral, previously in place regarding the employment of the Executive by either Arrow or the Bank, including, without limitation, that certain Employment Agreement effective February 1, 2023, by and among Arrow, the Bank and the Executive, except for compensatory or employee benefit plans applicable to employees of Arrow and/or the Bank generally or to certain groups or sub-groups of employees of which the Executive is a member, and awards or award agreements issued to the Executive under such plans; and NOW, THEREFORE, in furtherance of the interests described above and in consideration of the respective covenants and agreements herein contained, the parties hereto agree as follows: 1. Employment. Arrow and the Bank will employ the Executive, and the Executive agrees to be employed by Arrow and the Bank, for the Term of this Agreement, as defined in Paragraph 2 (such employment, the “Employment”). Xxxxx and the Bank agree, as of the Effective Date, to employ the Executive as President and Chief Executive Officer of the

2 29851359.9 Company, with such duties as are described in Paragraph 3 and subject to the other terms and conditions of this Agreement. Any termination of employment of Executive as the President and Chief Executive Officer at Arrow shall effect a termination of employment of Executive at all positions at Arrow, the Bank and their Affiliates. 2. Term. (a) Term. The term of Employment of the Executive under this Agreement (“Term”) shall commence on the Effective Date and, unless the Executive becomes a Retired Early Employee under Paragraph 6 of this Agreement or such Employment is earlier terminated as provided in Paragraph 7 of this Agreement, shall expire on January 31, 2026. (b) Annual Review. On or before each anniversary of February 1, beginning February 1, 2024 (the “Anniversary Date”), each of the Arrow Board and the Bank Board, will consider and vote upon a proposal to extend to the Executive an offer to replace this Agreement with a new employment agreement (the “Replacement Agreement”) commencing on the date of such anniversary. The Replacement Agreement (i) will be for a new term of three (3) years, (ii) will provide for a Base Salary for the Executive at commencement of the Replacement Agreement at least equal to the Base Salary of the Executive as of the last day immediately preceding such commencement, (iii) subject to Paragraph 5(b) hereof, will provide for other benefits having an aggregate value to the Executive at least equal to the aggregate value of the other benefits provided to the Executive as of the last day immediately preceding such commencement, and (iv) will contain other terms and conditions relating to the Executive’s position and duties, place of performance, rights upon a Change of Control of Arrow and rights in connection with any early Termination of Employment of the Executive that are, in each such instance, at least as favorable to the Executive as the terms and conditions relating to such matters under this Agreement, and generally shall be as favorable to the Executive as is this Agreement, as of the last day immediately preceding such commencement. If the Arrow Board and the Bank Board shall determine to offer such a Replacement Agreement to the Executive and the Executive shall accept, this Agreement shall terminate at 11:59 p.m. on the day prior to the commencement date of the Replacement Agreement and the Replacement Agreement shall take effect at 12:00 midnight on such commencement date. If, prior to any anniversary of the Anniversary Date of this Agreement, either the Arrow Board or the Bank Board shall not have offered a Replacement Agreement to the Executive under the preceding subparagraph of this Paragraph 2(b) (a “Non-Offer”), or the Executive, having been offered such a Replacement Agreement, shall not have accepted such Replacement Agreement (a “Non-Acceptance” and with either such Non-Offer or Non-Acceptance constituting a “Non- Renewal”), this Agreement and the Employment of the Executive hereunder shall nevertheless continue in full force and effect until the expiration of the Term of this Agreement in accordance with the terms hereof, and the rights and obligations of each of the parties hereunder, including the rights and obligations of the parties under this Paragraph 2(b), shall continue unchanged during the remaining Term of this Agreement, despite such Non-Renewal, except as may be specifically provided otherwise in this Agreement. 3. Position and Duties. The Executive shall serve as the President and Chief Executive Officer of the Company and shall have such duties, responsibilities, and authority as

11 29851359.9 delivers to Arrow and/or the Bank within 45 days of the date of Termination of Employment a separation and release agreement prepared by Arrow in a form acceptable to Arrow and which such agreement shall include a full release of Arrow, its Affiliates, employee benefit plans/trusts, and their respective directors, officers, employees, agents, administrators, trustees, fiduciaries, insurers, successors and assigns and such other provisions as are typically required by an employer therein, and (2) all conditions to the effectiveness of such separation and release agreement shall have been satisfied. Upon satisfaction of these conditions, the payments and benefits provided for in Paragraphs 6(b), 7(b) or 7(c) will be paid, or commence to be paid, on the later of (i) the first applicable regular payroll date of Arrow immediately following the 60th day anniversary of the date of Termination of Employment, without interest to be paid on such amount, or (ii) the date provided for in Paragraph 8(a), if applicable. Xxxxx agrees to provide to Executive on or prior to the date of the Termination of Employment of Executive, the form of separation and release agreement required by it. 9. Non-Competition; Non-Solicitation; Non-Disparagement. Arrow and its Affiliates are engaged in the businesses of banking, lending, trust operations and providing financial, property, casualty and health insurance and investment adviser services and products (collectively, the “Business”). As a senior executive, Executive provides services that are unique, special and/or extraordinary to the Business in which Arrow and its Affiliates engage, and have access to and will learn of trade secrets of Arrow and its Affiliates and confidential information pertaining to their customers. The provisions of Paragraphs 9 and 10 are agreed by the parties to be reasonable and necessary to protect the goodwill of Arrow’s and its Affiliates’ Business, the good will of special/long-term customer relationships, Arrow’s and its Affiliates’ confidential information and trade secrets (including but not limited to information concerning their customers, marketing studies, marketing strategies, acquisition plans, costs, personnel and financial performance) and confidential customer information and to protect against unfair competition by an employee whose services are special, unique and/or extraordinary to the Business of Arrow and its Affiliates and their long-term success. Accordingly, the Executive agrees as follows: (a) Non-Compete. For a period of two (2) years following the effective date of Termination of Employment of the Executive by any party for any reason (excluding death), including any Termination of Employment following a Change in Control under Paragraph 6 of this Agreement, the Executive will not, directly or indirectly: (1) engage in the business of banking, lending, trust operations or providing financial, property, casualty, or health insurance or investment adviser services or products anywhere in the Designated Area or (2) manage, operate, or control, or accept or hold a position as a director, officer, employee, agent or partner of or adviser or consultant to, or otherwise perform substantial services for or provide advice to, any bank or insured financial institution or other corporation or entity engaged in the business of banking, lending, trust operations or providing financial, property, casualty, or health insurance or investment adviser services and products (directly or through a subsidiary), excluding Arrow and its Affiliates (any such other bank, institution, corporation or entity, a “Financial Institution”), if, as of the effective date of such Termination of Employment, such Financial Institution has any office or branch located within the Designated Area or has immediate plans to establish any office or branch within the Designated Area. For purposes of the preceding sentence, the “Designated Area” as of any particular time will consist of all counties in the State of New York and any other state in which Arrow or any of its Affiliates maintains an office or

13 29851359.9 court of competent jurisdiction to be illegal, invalid or unenforceable under present or future laws effective, then and in that event, the court so holding may reduce the extent or duration of such restrictions or effect any other change to such restrictions to the extent necessary to render such restrictions enforceable by said court to the maximum extent permissible under applicable law. The enforceability of the provisions of this Paragraph 9 shall not be affected by the existence or non-existence of any agreement with similar terms between Arrow and another employee, or by the failure of Arrow or its Affiliates to enforce, or their agreement to waive or change, the terms of any such agreement with another employee containing similar terms. This Paragraph 9 shall survive termination of this Agreement in accordance with its terms. 10. Confidential Information. The Executive specifically acknowledges that all information pertaining to Arrow or its Affiliates received by him during the course of his employment which has been designated confidential, constitutes a trade secret or otherwise has not been made publicly available, including, without limitation, plans, strategies, projections, analyses, and information pertaining to customers or potential customers, is the exclusive property of Arrow and its Affiliates and the Executive covenants and agrees not to disclose any of such information, without the express prior written consent of the Arrow Board, during his employment hereunder or after Termination of Employment, to anyone not employed or engaged by Arrow or an Affiliate thereof to render services to it. The Executive further covenants and agrees that he will not at any time use any such information, without such express prior written consent, for his own benefit or the benefit of any party other than Arrow or its Affiliates. This Paragraph 10 shall survive termination of this Agreement. 11. Definitions. The following capitalized terms when used in this Agreement shall have the following meanings. (a) “Affiliate” means any corporation or other business entity that from time to time is, along with Arrow, a member of a controlled group of businesses, as defined in Sections 414(b) and 414(c) of the Code, provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in such test. A corporation or other business entity is an Affiliate only while a member of such group. (b) “Agreement” shall have the meaning set forth in the introductory paragraph hereof. (c) “Anniversary Date” shall have the meaning set forth in Paragraph 2(b) hereof. (d) “Arrow” shall mean Arrow Financial Corporation. (e) “Arrow Board” shall mean the Board of Directors of Arrow. (f) “Bank” shall mean collectively Saratoga and GFNB. (g) “Bank Board” shall mean collectively the Board of Directors of each of GFNB and Saratoga. (h) “Base Salary” shall have the meaning set forth in Paragraph 5(a) hereof.

15 29851359.9 (p) “Excise Tax” shall have the meaning set forth in Paragraph 6(g)(i) hereof. (q) “Executive” shall mean Xxxxx X. XxXxxxx. (r) “Financial Institution” shall have the meaning set forth in Paragraph 9(a) hereof. (s) “Non-Acceptance” shall have the meaning set forth in Paragraph 2(b) hereof. (t) “Non-Offer” shall have the meaning set forth in Paragraph 2(b) hereof. (u) “Non-Renewal” shall have the meaning set forth in Paragraph 2(b) hereof. (v) “Pay-out Period” shall mean the period commencing on the date of Termination of Employment and ending two years thereafter. (w) “Replacement Agreement” shall have the meaning set forth in Paragraph 2(b) hereof. (x) “Retired Early Employee” shall have the meaning set forth in Paragraph 6 hereof. (y) “Retirement” shall have the meaning set forth in Paragraph 7(f)(i) hereof. (z) “Section 4999 Determination” shall have the meaning set forth in Paragraph 6(g)(ii) hereof. (aa) “Target Bonus” shall have the meaning set forth in Paragraph 5(b) hereof. (bb) “Term” shall have the meaning set forth in Paragraph 2(a) hereof. (cc) “Termination of Employment” or “Termination of Employment of Executive” means the separation from service of the Executive, as defined in the regulations under Section 409A of the Code, with and from Arrow and its Affiliates. Generally, for purposes of Section 409A, a separation from service means a decrease in the performance of services to no more than 20% of the average for the preceding 36-month period, disregarding leaves of absence of up to six months where there is a reasonable expectation the Executive will return. (dd) “Termination of Employment of Executive as a Retired Early Employee” means a Termination of Employment of Executive pursuant to Paragraph 6(a) hereof, that is, either a Termination of Employment of Executive without Cause or a Termination of Employment of Executive for Good Reason, in either case, following a Change in Control and otherwise meeting the requirements of Paragraph 6(a) hereof. (ee) “Termination of Employment of Executive for Cause” shall mean a termination of the Employment of Executive by Arrow and/or the Bank pursuant to Paragraph 7(a) for any one or more of the following “Causes:” (i) any willful misconduct by the Executive which is materially injurious to Arrow or the Bank or their Affiliates, monetarily or otherwise;

16 29851359.9 (ii) any willful failure by the Executive to follow the reasonable directions of the Arrow Board or the Bank Board; (iii) any failure by the Executive substantially to perform any reasonable directions of the Arrow Board or the Bank Board (other than failure resulting from disability or death), within thirty (30) days after delivery to the Executive by the Arrow Board or the Bank Board of a written demand for substantial performance, which written demand shall specifically identify the manner in which the respective Board believes that the Executive has not substantially performed; (iv) any inability of the Executive to serve as an officer or director of any subsidiary company, or perform any substantial portion of Executive’s duties hereunder, by reason of any order of the Federal Deposit Insurance Corporation, the Office of the Comptroller of Currency, or any other regulatory authority or agency having jurisdiction over Bank or any of its Affiliates; or (v) intentionally providing false or misleading information to, or otherwise misleading, the Arrow Board, the Bank Board or any committee thereof. (ff) “Termination of Employment of Executive for Good Reason” means any Termination of Employment of Executive, effected by the Executive, in his sole discretion, following Executive’s discovery of a Good Reason for such Termination of Employment (as defined below), and meeting all of the requirements for such Termination of Employment set forth below. Any such Termination of Employment of Executive for Good Reason shall be deemed to have been effected under Paragraph 7(c) of this Agreement unless it meets all of the conditions for a Termination of Employment of Executive for Good Reason under Paragraph 6(a) hereunder, in which event it shall be deemed to have been effected under Paragraph 6(a). Any Termination of Employment of Executive for Good Reason under this Agreement will be commenced upon, and only upon, delivery of advance written notice thereof by the Executive to Arrow or the Bank, which written notice must be delivered, if such Termination of Employment is to become effective, not later than ninety (90) days after the discovery by the Executive of the Good Reason underlying such Termination of Employment (and, if the Termination of Employment of Executive for Good Reason is being effected under Paragraph 6(a) of this Agreement, not later than one (1) year after the date of the Change in Control the occurrence of which is a pre-condition to the right of Executive to effect such a Termination of Employment under Paragraph 6(a)). The written notice of termination delivered by the Executive to Arrow or the Bank shall (i) state that the Termination of Employment of Executive for Good Reason is being effected under Paragraph 6(a) or Paragraph 7(c), as appropriate, (ii) identify with reasonable particularity the Good Reason or Good Reasons underlying the Termination of Employment, and (iii) specify the effective date of such Termination of Employment, which shall be a date not less than thirty (30) days nor more than one hundred eighty (180) days after the delivery of such notice to Arrow or the Bank, as determined by the Executive. If, prior to the effective date of the Termination of Employment of Executive specified in the written notice, Arrow or the Bank is able to remedy in full, and remedies in full, the circumstances underlying or constituting the Good Reason or Good Reasons identified by the Executive in the written notice, then such Good Reason or Good Reasons shall be deemed cured and the Termination of Employment of Executive for Good Reason shall be deemed null and void, effective upon

18 29851359.9 14. Waiver of Breach. Waiver by any party of a breach of any provision shall not operate as or be construed a waiver by such party of any subsequent breach hereof. 15. Invalidity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions, which shall remain in full force and effect. 16. Entire Agreement; Written Modification; Termination. This Agreement contains the entire agreement among the parties concerning the employment of the Executive by Arrow and the Bank. No modification, amendment or waiver of any provision hereof shall be effective unless in writing specifically referring hereto and signed by the party against whom such provision as modified or amended or such waiver is sought to be enforced. This Agreement shall terminate as of the time Arrow or the Bank makes the final payment which it may be obligated to pay hereunder or provides the final benefit which it may be obligated to provide hereunder, or, if later, as of the time the last remaining restriction set forth in Paragraph 9 expires. Paragraph 10 shall survive termination of this Agreement. 17. Performance by Arrow or the Bank. Performance under this Agreement by Arrow and the Bank, including the payment of any amounts provided for hereunder, are subject to applicable law and regulation including payments prohibited under 12 CFR 359 and any other payment restrictions on executive compensation under applicable banking law and regulation. Any obligation of Arrow or the Bank to make a payment under any provision of this Agreement shall be deemed an obligation of both parties to make such payment, and the making of such payment by either such party shall be deemed performance of the obligation to pay by both such parties. 18. Company Policies or Guidelines. In consideration of the Executive’s employment with Arrow and the Bank, Executive agrees that his compensation and benefits provided for hereunder or otherwise by Arrow or the Bank are subject to (i) applicable laws and regulations as are in effect from time to time, and (ii) current or subsequently adopted policies or guidelines issued by the Arrow Board or the Bank Board, in each case, impacting such compensation or benefits pursuant to the terms of such applicable laws, regulations, policies or guidelines (e.g., clawback or incentive compensation recoupment policies and/or stock ownership guidelines). 19. Counterparts. This Agreement may be made and executed in counterparts, in which case all counterparts shall be deemed to constitute one original document for all purposes. 20. Governing Law. This Agreement is governed by and is to be construed and enforced in accordance with the laws of the State of New York without reference to conflicts of law principles. 21. Section 409A Compliance. The parties intend that all provisions of this Agreement comply with the requirements of Internal Revenue Code Section 409A to the extent applicable. No provision of this Agreement shall be operative to the extent that it will result in the imposition of the additional tax described in Code Section 409A(a)(1)(B)(i)(II). If any provision hereof is reasonably deemed to contradict Section 409A, the parties agree to revise, to

20 29851359.9 IN WITNESS WHEREOF, the parties have executed or caused to be executed this Agreement as of the date hereof. ARROW FINANCIAL CORPORATION By: /s/ Xxxxxx X. Xxxx____________________________ Xxxxxx X. Xxxx, Senior Executive Vice President and COO SARATOGA NATIONAL BANK AND TRUST COMPANY By: /s/ Xxxxx X. Xxxxxx_________ Xxxxx X. Xxxxxx, Senior Executive Vice President and CCO GLENS FALLS NATIONAL BANK AND TRUST COMPANY By: __/s/ Xxxxxx X. Xxxx _____________________ Xxxxxx X. Xxxx, Senior Executive Vice President and COO “EXECUTIVE” /s/ Xxxxx X. XxXxxxx Xxxxx X. XxXxxxx, signing in his individual capacity