Katie A. Lorenson - Feb 27, 2024 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Signature
/s/ Nicholas Brenckman, by power of attorney
Stock symbol
ALRS
Transactions as of
Feb 27, 2024
Transactions value $
$0
Form type
4
Date filed
2/29/2024, 04:10 PM
Previous filing
Feb 20, 2024
Next filing
Nov 4, 2024

Transactions Table

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 -3.23K -100% $0.00* 0 Feb 27, 2024 Common Stock 3.23K Direct F1, F2
transaction ALRS Restricted Stock Units Award $0 +16.5K $0.00 16.5K Feb 27, 2024 Common Stock 16.5K Direct F2, F4, F5
* 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. Lorenson was granted 2,156 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% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.
F2 Restricted stock units convert into common stock on a one-for-one basis.
F3 Includes 3,263 shares of restricted stock. Includes 10,626 shares held jointly with Ms. Lorenson's spouse.
F4 Includes 6,594 restricted stock units that have time-based vesting components. Includes 9,890 restricted stock units that have performance-based vesting components.
F5 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.