Jon Hendry - Feb 19, 2023 Form 4 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: Feb 19, 2023
Transactions value $: -$30,922
Form type: 4
Date filed: 2/22/2023, 05:10 PM
Previous filing: Aug 15, 2022
Next filing: Feb 8, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ALRS	Common Stock	Options Exercise		+3.23K	+6.9%		50.1K	Feb 19, 2023	Direct	F1, F2
transaction	ALRS	Common Stock	Award	$0	+1.62K	+3.23%	$0.00	51.7K	Feb 19, 2023	Direct	F2
transaction	ALRS	Common Stock	Tax liability	-$30.9K	-1.53K	-2.95%	$20.25	50.2K	Feb 19, 2023	Direct	F2
holding	ALRS	Common Stock						3K	Feb 19, 2023	By spouse
holding	ALRS	Common Stock						21.1K	Feb 19, 2023	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
transaction	ALRS	Peformance-Based Restricted Stock Units	Options Exercise	$0	-3.23K	-100%	$0.00^*	0	Feb 19, 2023	Common Stock	3.23K		Direct	F1, F4

* 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 46,398 shares held jointly with Mr. Hendry's spouse.
F3	Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.
F4	On February 19, 2020 the reporting person was granted 3,232 performance-based restricted stock units, vesting on February 19, 2023, so long as Alerus Financial Corporation meets certain total stockholder return goals.