Forrest Wilson - Feb 26, 2024 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role
EVP & Chief Ret. Svcs. Officer
Signature
/s/ Nicholas Brenckman, by power of attorney
Stock symbol
ALRS
Transactions as of
Feb 26, 2024
Transactions value $
$0
Form type
4
Date filed
2/28/2024, 04:05 PM

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ALRS Common Stock Award $0 +9.2K $0.00 9.2K Feb 26, 2024 Direct F1

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 Award $0 +5.72K $0.00 5.72K Feb 27, 2024 Common Stock 5.72K Direct F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 All 9,204 shares are restricted stock.
F2 Restricted stock units convert into common stock on a one-for-one basis.
F3 Includes 2,289 restricted stock units that have time-based vesting components. Includes 3,434 restricted stock units that have performance-based vesting components.
F4 The time-based restricted stock units vest on February 27, 2027. The performance-based restricted stock units vest no later than March 15, 2027, so long as Alerus Financial Corporation meets certain cumulative EPS and ROE goals. The payout for performance-based restricted stock units could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics.