Jim Collins - 27 Feb 2024 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role
EVP, CBO & CRO
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, 16:13:00 UTC
Previous filing
08 Feb 2024
Next filing
03 Jan 2025
SEC
View on sec.gov

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 +8,150 $0.000000 8,150 27 Feb 2024 Common Stock 8,150 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 3,260 restricted stock units that have time-based vesting components. Includes 4,890 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.