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

Role
Chief Financial Officer
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, 04:11 PM
Previous filing
Feb 8, 2024

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 +6.32K $0.00 6.32K Feb 27, 2024 Common Stock $6.32K Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Restricted stock units convert into common stock on a one-for-one basis.
F2 Includes 2,528 restricted stock units that have time-based vesting components. Includes 3,791 restricted stock units that have performance-based vesting components.
F3 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.