Ex. 107 Security Type Security Class Title Fee Calculati on Rule Amount Registered Proposed Maximum Offering Price Per Unit Maximum Aggregate Offering Price Fee Rate $0.00014760 ($147.60/ Equity million dollars (3) registered) 7,920,000.00$ 1,168.99$ $ - (4) 1,168.99$ (4) See “Table 2: Fee Offset Claims and Sources” to this Exhibit 107 for information related to the fee offset. Registrant or Filer Name Form or Type of Filing File Number Initial Filing Date Filing Date Fee Offset Claimed Security Title Associat ed with Fee Offset Claimed Unsold Securities Associated with Fee Offset Claimed Unsold Aggregate Offering Amount Associate d with Fee Offset Claimed Fee Paid with Fee Offset Source Fee Offset Claims Fee Offset Sources Total Offering Amounts Total Fee Offsets Net Fee Due Rule 457(p) Table 1: Newly Registered Common stock, par value $1.00 per share 457(c) and 457(h) 300,000 (1) $26.40 (2) $ 7,920,000.00 $ 1,168.99 Amount of Registration Fee (3) Rounded up to the nearest cent. (1) Represents shares of common stock, par value $1.00 per share (the “Common Stock”), of Arrow Financial Corporation, a New York corporation (the “Registrant”), underlying the Arrow Financial Corporation 2023 Employee Stock Purchase Plan. Pursuant to Rule 416(a), the amount to be registered also includes an indeterminate number of additional securities that may be offered or issued in connection with any stock split, stock dividend or similar transaction. (2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) promulgated under the Securities Act, using the average of the high and low prices as reported on as reported on the Nasdaq Global Select Market on December 4, 2023 and rounded up to the nearest cent. Security Type Associated with Fee Offset Claimed