Missy Keney - 27 Feb 2024 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: Chief Engagement Officer & EVP
Signature: /s/ Nicholas Brenckman, by power of attorney
Issuer symbol: ALRS
Transactions as of: 27 Feb 2024
Net transactions value: $0
Form type: 4
Filing time: 29 Feb 2024, 16:10:05 UTC
Previous filing: 20 Feb 2024
Next filing: 05 Feb 2025
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	$0	+504	+7.9%	$0.000000	6,896	27 Feb 2024	Direct	F1, F2, F3
holding	ALRS	Common Stock						4,345	27 Feb 2024	By spouse	F4
holding	ALRS	Common Stock						3,827	27 Feb 2024	By the Alerus Financial Corporation Employee Stock Ownership Plan
holding	ALRS	Common Stock						4,426	27 Feb 2024	By the Alerus Financial Corporation Employee Stock Ownership Plan	F5

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	-504	-100%	$0.000000^*	0	27 Feb 2024	Common Stock	504		Direct	F1, F2
transaction	ALRS	Restricted Stock Units	Award	$0	+4,375		$0.000000	4,375	27 Feb 2024	Common Stock	4,375		Direct	F2, F6, F7

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

Explanation of Responses:

Id	Content
F1	On February 17, 2021, Ms. Keney was granted 336 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 3,738 shares held jointly with Ms. Keney's spouse.
F4	Includes 2,500 shares of restricted stock.
F5	All shares are held by the Alerus Financial Corporation Employee Stock Ownership Plan in the name of Ms. Keney's spouse.
F6	Includes 1,750 restricted stock units that have time-based vesting components. Includes 2,625 restricted stock units that have performance-based vesting components.
F7	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.