Jerrod Hanson - Jan 28, 2022 Form 3 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: Chief Accounting Officer
Signature: /s/ Scott Fenske, by power of attorney
Stock symbol: ALRS
Transactions as of: Jan 28, 2022
Transactions value $: $0
Form type: 3
Date filed: 2/3/2022, 09:36 AM
Next filing: Feb 7, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ALRS	Common Stock						11.6K	Jan 28, 2022	Direct
holding	ALRS	Common Stock						7.73K	Jan 28, 2022	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
holding	ALRS	Restricted Stock Units							Jan 28, 2022	Common Stock	660		Direct	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock.
F2	The time-based restricted stock units vest on February 17, 2024. The performance-based restricted stock units vest on February 17, 2024, so long as Alerus Financial Corporation meets certain total stockholder return goals.
F3	Includes 264 restricted stock units that have time-based vesting components. Includes 396 restricted stock units that have performance-based vesting components.