Missy Keney - Jul 20, 2022 Form 3 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: Chief Engagement Officer & EVP
Signature: /s/ Scott Fenske, by power of attorney
Stock symbol: ALRS
Transactions as of: Jul 20, 2022
Transactions value $: $0
Form type: 3
Date filed: 8/15/2022, 06:18 PM
Next filing: Feb 22, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ALRS	Common Stock						4.85K	Jul 20, 2022	Direct	F1
holding	ALRS	Common Stock						5K	Jul 20, 2022	By spouse	F2
holding	ALRS	Common Stock						3.09K	Jul 20, 2022	By the Alerus Financial Corporation Employee Stock Ownership Plan
holding	ALRS	Common Stock						3.71K	Jul 20, 2022	By the Alerus Financial Corporation Employee Stock Ownership Plan	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	ALRS	Restricted Stock Units							Jul 20, 2022	Common Stock	2.79K		Direct	F4, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 3,150 shares held jointly with Ms. Keney's spouse.
F2	All 5,000 shares are shares of restricted stock.
F3	All 3,711.4206 shares are held by the Alerus Financial Corporation Employee Stock Ownership Plan in the name of Ms. Keney's spouse.
F4	Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock.
F5	607 of the time-based restricted stock units vest on February 3, 2025 and 224 of the time-based restricted stock units vest on February 17, 2024. 910 of the performance-based restricted stock units vest on February 3, 2025, 336 vest on February 17, 2024 and 709 vest on February 19, 2023, so long as Alerus Financial Corporation meets certain total stockholder return goals.
F6	Includes 831 restricted stock units that have time-based vesting components. Includes 1,955 restricted stock units that have performance-based vesting components.