Forrest Wilson - Feb 26, 2024 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: EVP & Chief Ret. Svcs. Officer
Signature: /s/ Nicholas Brenckman, by power of attorney
Stock symbol: ALRS
Transactions as of: Feb 26, 2024
Transactions value $: $0
Form type: 4
Date filed: 2/28/2024, 04:05 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ALRS	Common Stock	Award	$0	+9.2K		$0.00	9.2K	Feb 26, 2024	Direct	F1

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	+5.72K		$0.00	5.72K	Feb 27, 2024	Common Stock	5.72K		Direct	F2, F3, F4

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

Explanation of Responses:

Id	Content
F1	All 9,204 shares are restricted stock.
F2	Restricted stock units convert into common stock on a one-for-one basis.
F3	Includes 2,289 restricted stock units that have time-based vesting components. Includes 3,434 restricted stock units that have performance-based vesting components.
F4	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.