Jon Hendry - Feb 27, 2024 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role
Chief Technology Officer & EVP
Signature
/s/ Nicholas Brenckman, by power of attorney
Stock symbol
ALRS
Transactions as of
Feb 27, 2024
Transactions value $
-$15,812
Form type
4
Date filed
2/29/2024, 04:06 PM
Previous filing
Feb 20, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ALRS Common stock Options Exercise $0 +2.3K +4.52% $0.00 53.2K Feb 27, 2024 Direct F1, F2, F3
transaction ALRS Common Stock Tax liability -$15.8K -724 -1.36% $21.84 52.5K Feb 27, 2024 Direct F3, F4
holding ALRS Common Stock 3K Feb 27, 2024 By spouse
holding ALRS Common Stock 21.7K Feb 27, 2024 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
transaction ALRS Restricted Stock Units Options Exercise $0 -2.3K -100% $0.00* 0 Feb 27, 2024 Common Stock 2.3K Direct F1, F2
transaction ALRS Restricted Stock Units Award $0 +4.73K $0.00 4.73K Feb 27, 2024 Common Stock 4.73K Direct F2, F5, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On February 17, 2021, Mr. Hendry was granted 1,532 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.
F2 Restricted stock units convert into common stock on a one-for-one basis.
F3 Includes 46,398 shares held jointly with Mr. Hendry's spouse.
F4 Shares withheld upon vesting of restricted stock units for payment of tax liability.
F5 Includes 1,891 restricted stock units that have time-based vesting components. Includes 2,837 restricted stock units that have performance-based vesting components.
F6 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.