Missy Keney - 19 Feb 2023 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: Chief Engagement Officer & EVP
Signature: /s/ Scott Fenske, by power of attorney
Issuer symbol: ALRS
Transactions as of: 19 Feb 2023
Net transactions value: -$6,804
Form type: 4
Filing time: 22 Feb 2023, 17:06:24 UTC
Previous filing: 15 Aug 2022
Next filing: 17 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ALRS	Common Stock	Options Exercise		+709	+15%		5,561	19 Feb 2023	Direct	F1, F2
transaction	ALRS	Common Stock	Award	$0	+355	+6.4%	$0.000000	5,916	19 Feb 2023	Direct	F2
transaction	ALRS	Common Stock	Tax liability	$6,804	-336	-5.7%	$20.25	5,580	19 Feb 2023	Direct	F2
holding	ALRS	Common Stock						4,345	19 Feb 2023	By spouse	F3
holding	ALRS	Common Stock						3,175	19 Feb 2023	By the Alerus Financial Corporation Employee Stock Ownership Plan	F4
holding	ALRS	Common Stock						3,814	19 Feb 2023	By the Alerus Financial Corporation Employee Stock Ownership Plan	F5, F6

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
transaction	ALRS	Peformance-Based Restricted Stock Units	Options Exercise	$0	-709	-100%	$0.000000^*	0	19 Feb 2023	Common Stock	709		Direct	F1, F7

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

Explanation of Responses:

Id	Content
F1	Performance-based restricted stock units convert into common stock on a one-for-one basis.
F2	Includes 3,150 shares held jointly with Ms. Keney's spouse.
F3	All 2,500 shares are shares of restricted stock.
F4	Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.
F5	Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.
F6	All shares are held by the Alerus Financial Corporation Employee Stock Ownership Plan in the name of Ms. Keney's spouse.
F7	On February 19, 2020 the reporting person was granted 709 performance-based restricted stock units, vesting on February 19, 2023, so long as Alerus Financial Corporation meets certain total stockholder return goals.