Forrest Wilson - Feb 26, 2025 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, 2025
Transactions value $: $0
Form type: 4
Date filed: 2/28/2025, 04:15 PM
Previous filing: Feb 26, 2024
Next filing: May 5, 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	+7.56K		$0.00	7.56K	Feb 26, 2025	Common Stock	7.56K		Direct	F1, F2, F3

Showing 1 to 1 of 1 entries

* 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	Includes 3,023 restricted stock units that have time-based vesting components. Includes 4,535 restricted stock units that have performance-based vesting components.
F3	The time-based restricted stock units vest on February 26, 2028. The performance-based restricted stock units vest no later than March 15, 2028, 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.