Jon Hendry - 20 Jul 2022 Form 3 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: Chief Technology Officer & EVP
Signature: /s/ Scott Fenske, by power of attorney
Issuer symbol: ALRS
Transactions as of: 20 Jul 2022
Net transactions value: $0
Form type: 3
Filing time: 15 Aug 2022, 18:18:53 UTC
Next filing: 22 Feb 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ALRS	Common Stock						46,874	20 Jul 2022	Direct	F1
holding	ALRS	Common Stock						3,000	20 Jul 2022	By spouse
holding	ALRS	Common Stock						21,053	20 Jul 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							20 Jul 2022	Common Stock	8,530		Direct	F2, F3, F4

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

Explanation of Responses:

Id	Content
F1	Includes 46,398 shares held jointly with Mr. Hendry's spouse.
F2	Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock.
F3	1,098 of the time-based restricted stock units vest on February 3, 2025 and 1,021 of the time-based restricted stock units vest on February 17, 2024. 1,532 of the performance-based restricted stock units vest on February 17, 2024, 1,647 vest on February 3, 2025 and 3,232 vest on February 19, 2023, so long as Alerus Financial Corporation meets certain total stockholder return goals.
F4	Includes 2,119 restricted stock units that have time-based vesting components. Includes 6,411 restricted stock units that have performance-based vesting components.