Jim Collins - 03 Feb 2025 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: 03 Feb 2025
Net transactions value: $0
Form type: 4
Filing time: 05 Feb 2025, 06:04:16 UTC
Previous filing: 03 Jan 2025
Next filing: 28 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		+1,502	+13%		13,294	03 Feb 2025	Direct	F1, F2, F3
holding	ALRS	Common Stock						204	03 Feb 2025	By the Alerus Financial Corporation Employee Stock Ownership Plan	F4

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	-1,502	-40%	$0.000000	2,253	03 Feb 2025	Common Stock	1,502		Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	On May 31, 2022, the reporting person was granted 3,755 restricted stock units, including 1,502 restricted stock units vesting on February 3, 2025, and 2,253 restricted stock units with performance-based vesting components.
F2	Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock.
F3	Includes 5,168 shares of restricted stock (which number of shares of restricted stock appeared incorrectly on the reporting person's last ownership report).
F4	Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.