Certificate No. RS _____ (Non-Employee Director Award) ARROW FINANCIAL CORPORATION 2022 Long-Term Incentive Plan RESTRICTED STOCK AWARD AGREEMENT (Non-Employee Director) _______________________________________________________...

Certificate No. RS _____ (Non-Employee Director Award) ARROW FINANCIAL CORPORATION 2022 Long-Term Incentive Plan RESTRICTED STOCK AWARD AGREEMENT (Non-Employee Director) ____________________________________________________________________________________ Granted to: ____________ Date of Grant: ____________ Number of Shares of Restricted Stock: ____________ THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is entered into between Arrow Financial Corporation, a New York corporation (the “Company”), and ___________ (“Grantee”), who is a valued and trusted Director, and has been granted an opportunity to receive the aggregate number of shares of Restricted Stock of the Company (“Restricted Stock”) identified above, subject to the terms and conditions set forth in this Agreement and in accordance with the Arrow Financial Corporation 2022 Long-Term Incentive Plan (the “Plan”), with the expectation that the provision of this award to Grantee will provide added incentive to work for the success of the Company and its subsidiaries. Unless otherwise indicated herein, all capitalized terms used herein shall have the same meaning given such terms in the Plan as in effect on the Date of Grant. The terms and conditions of said restricted stock award are as follows: 1. Grant of Restricted Stock. (a) As of the Date of Xxxxx identified above, the Company hereby grants to Grantee the aggregate number of shares of Restricted Stock identified (the “Award”). (b) The Award is granted subject to the terms of this Agreement and the Plan, a copy of which has been made available to Grantee and shall be deemed a part of this Agreement as if fully set forth herein. If any provision of this Agreement conflicts with the expressly applicable terms of the Plan, the provisions of the Plan shall control and, if necessary, the applicable provisions of this Agreement shall be deemed to be amended to comply with the terms of the Plan. (c) This Agreement sets forth the terms of the agreement between Grantee and the Company with respect to the Award. By accepting the Award and executing this Agreement, Xxxxxxx agrees to be bound by all of the terms hereof. 2. Vesting. Subject to the provisions, exceptions and limitations set forth in this Agreement, including with respect to the requirement of continued Service, as defined below, the Restricted Stock shall vest over four years, 25% on each anniversary of the Date of Grant. 3. Restrictions on Transferability; Voting Rights. Until the Restricted Stock becomes vested as described in Section 2, the Restricted Stock may not be sold, transferred or otherwise alienated or

Certificate No. RS _____ (Non-Employee Director Award) document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. To the extent this Award is presented electronically, this Award shall be null and void unless Grantee electronically accepts this Award and this Agreement within Xxxxxxx’s stock plan account with the Company’s stock plan administrator according to the procedures then in effect. [Signature page follows]

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer as of the Date of Grant first above written. ARROW FINANCIAL CORPORATION By:____________________________________ Name:_________________________________ Title:__________________________________ ACKNOWLEDGED AND AGREED: ______________________________ [Grantee] Date: _________________________ Address: ______________________ ______________________ ______________________

Schedule I ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE OF 1986 The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code, to include in taxpayer’s gross income for the current taxable year, the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below: 1. The name, address, taxpayer identification number and taxable year of the undersigned are as follows: NAME OF TAXPAYER: NAME OF SPOUSE: ADDRESS: IDENTIFICATION NUMBER OF TAXPAYER: IDENTIFICATION NUMBER OF SPOUSE: TAXABLE YEAR: 2. The property with respect to which the election is made is described as follows: [INSERT]. 3. The date on which the property was transferred is: [INSERT]. 4. The property is subject to the following restrictions: [INSERT] 5. The aggregate fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is: [INSERT]. 6. The amount, if any, paid for such property is: [INSERT].

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s receipt of the above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property. The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner. Dated: [TAXPAYER] Dated: [SPOUSE]