Katie A. Lorenson - 17 Feb 2024 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: President and CEO, Director
Signature: /s/ Nicholas Brenckman, by power of attorney
Issuer symbol: ALRS
Transactions as of: 17 Feb 2024
Net transactions value: $0
Form type: 4
Filing time: 20 Feb 2024, 16:02:11 UTC
Previous filing: 08 Feb 2024
Next filing: 29 Feb 2024
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		+1,437	+3.7%		40,273	17 Feb 2024	Direct	F1, F2
holding	ALRS	Common stock						1,657	17 Feb 2024	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	Restricted Stock Units	Options Exercise	$0	-1,437	-100%	$0.000000^*	0	17 Feb 2024	Common Stock	1,437		Direct	F1, F4

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

Explanation of Responses:

Id	Content
F1	Restricted stock units convert into common stock on a one-for-one basis.
F2	Includes 3,263 shares of restricted stock. Includes 10,626 shares held jointly with Ms. Lorenson's spouse.
F3	Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.
F4	On February 17, 2021, Ms. Loreson was granted 1,437 time-based restricted stock units, vesting on February 17, 2024.