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

Role: Chief Technology 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						46.9K	Jul 20, 2022	Direct	F1
holding	ALRS	Common Stock						3K	Jul 20, 2022	By spouse
holding	ALRS	Common Stock						21.1K	Jul 20, 2022	By the Alerus Financial Corporation Employee Stock Ownership Plan

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	8.53K		Direct	F2, F3, F4

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

Explanation of Responses:

Id	Content
F1	Includes 46,398 shares held jointly with Mr. Hendry's spouse.
F2	Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock.
F3	1,098 of the time-based restricted stock units vest on February 3, 2025 and 1,021 of the time-based restricted stock units vest on February 17, 2024. 1,532 of the performance-based restricted stock units vest on February 17, 2024, 1,647 vest on February 3, 2025 and 3,232 vest on February 19, 2023, so long as Alerus Financial Corporation meets certain total stockholder return goals.
F4	Includes 2,119 restricted stock units that have time-based vesting components. Includes 6,411 restricted stock units that have performance-based vesting components.