Katie A. Lorenson - 27 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
27 Feb 2024
Net transactions value
$0
Form type
4
Filing time
29 Feb 2024, 16:10:59 UTC
Previous filing
20 Feb 2024
Next filing
04 Nov 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 $0 +3,234 +8% $0.000000 43,507 27 Feb 2024 Direct F1, F2, F3
holding ALRS Common Stock 1,657 27 Feb 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 -3,234 -100% $0.000000* 0 27 Feb 2024 Common Stock 3,234 Direct F1, F2
transaction ALRS Restricted Stock Units Award $0 +16,484 $0.000000 16,484 27 Feb 2024 Common Stock 16,484 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.