ALRS

SEC source: 0001437749-24-031036 · rdgdoc.xml · nonDerivative · entry 1

Bolton Jeffrey · CIK 0001925331 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,729

F1 · shares: Received in exchange for 6,183.611 shares of HMN Financial, Inc. ("HMNF") common stock in connection with merger (the "Merger") of HMN Financial, Inc. with and into Alerus Financial Corporation ("Alerus"), effective October 9, 2024 (the "Effective Time"). Pursuant to the terms of the Agreement and Plan of Merger, dated May 14, 2024, between Alerus and HMNF, as of the Effective Time, each issued and outstanding share of HMNF common stock converted into the right to receive 1.25 shares of Alerus common stock, with payment of cash in lieu of fractional shares of Alerus common stock.

F2 · price: On the Effective Date, the closing price of HMNF's common stock was $27.99 per share, and the closing price of Alerus' common stock was $22.28 per share.

SEC source: 0001437749-24-036544 · rdgdoc.xml · nonDerivative · entry 1

Koob Kari · CIK 0001989390 · Director of Accounting

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,442.246

F1 · shares: All 765 shares are shares of restricted stock.

F2 · balance_after: Includes 1,321 shares of restricted stock.

SEC source: 0001104659-24-064741 · tm2415142-7_4seq1.xml · nonDerivative · entry 1

Newman Randy L · CIK 0001786850 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 208,131

F1 · shares: All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

F2 · shares: Includes 2,559 shares of restricted stock.

F2 · balance_after: Includes 2,559 shares of restricted stock.

F3 · balance_after: Includes 1,814 shares held jointly with Mr. Newman's spouse.

SEC source: 0001104659-24-064740 · tm2415142-6_4seq1.xml · nonDerivative · entry 1

Coughlin Daniel E · CIK 0001786853 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,957

F1 · shares: All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

F2 · shares: Includes 2,559 shares of restricted stock.

F2 · balance_after: Includes 2,559 shares of restricted stock.

F3 · balance_after: Includes 27,356 shares held jointly with Mr. Coughlin's spouse.

SEC source: 0001104659-24-064737 · tm2415142-5_4seq1.xml · nonDerivative · entry 1

ESTEP JANET O · CIK 0001657129 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,715

F1 · shares: All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

F2 · shares: Includes 2,559 shares of restricted stock.

F2 · balance_after: Includes 2,559 shares of restricted stock.

SEC source: 0001104659-24-064735 · tm2415142-4_4seq1.xml · nonDerivative · entry 1

Vetter Galen G · CIK 0001291784 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 48,572

F1 · shares: All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

F2 · shares: Includes 2,559 shares of restricted stock.

F2 · balance_after: Includes 2,559 shares of restricted stock.

F3 · balance_after: Includes shares previously held indirectly by Mr. Vetter through Vetter Community Resource, LLC, an entity that was 50% owned by Mr. Vetter and 50% owned by his spouse, which has been dissolved.

SEC source: 0001104659-24-064731 · tm2415142-3_4seq1.xml · nonDerivative · entry 1

Zimmer Mary · CIK 0001889364 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,248

F1 · shares: All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

F2 · shares: Includes 2,559 shares of restricted stock.

F2 · balance_after: Includes 2,559 shares of restricted stock.

F3 · balance_after: Includes 1,250 shares held jointly with Ms. Zimmer's spouse.

SEC source: 0001104659-24-064728 · tm2415142-2_4seq1.xml · nonDerivative · entry 1

Uribe John · CIK 0002003250 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,226

F1 · shares: All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

F2 · shares: Includes 2,559 shares of restricted stock.

F2 · balance_after: Includes 2,559 shares of restricted stock.

SEC source: 0001104659-24-064725 · tm2415142-1_4seq1.xml · nonDerivative · entry 1

Sorum Nikki · CIK 0002003202 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,226

F1 · shares: All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

F2 · shares: Includes 2,559 shares of restricted stock.

F2 · balance_after: Includes 2,559 shares of restricted stock.

SEC source: 0001104659-24-028703 · tm245214-24_4seq1.xml · derivative · entry 2

Wilson Forrest · CIK 0002012603 · EVP & Chief Ret. Svcs. Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,723

Underlying: Common Stock · 5,723 shares

Expires not disclosed

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F3 · shares: 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 · derivative.exercise_date: 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.

F4 · derivative.expiration_date: 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.

SEC source: 0001104659-24-029372 · tm245214-22_4seq1.xml · derivative · entry 1

Collins Jim · CIK 0001932201 · EVP, CBO & CRO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,150

Underlying: Common Stock · 8,150 shares

Expires not disclosed

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · shares: Includes 3,260 restricted stock units that have time-based vesting components. Includes 4,890 restricted stock units that have performance-based vesting components.

F3 · derivative.exercise_date: 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.

F3 · derivative.expiration_date: 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.

SEC source: 0001104659-24-029370 · tm245214-23_4seq1.xml · derivative · entry 1

Villalon Alan · CIK 0001909920 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,319

Underlying: Common Stock · Not disclosed shares

Expires not disclosed

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · shares: Includes 2,528 restricted stock units that have time-based vesting components. Includes 3,791 restricted stock units that have performance-based vesting components.

F3 · derivative.exercise_date: 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.

F3 · derivative.expiration_date: 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.

SEC source: 0001104659-24-029367 · tm245214-21_4seq1.xml · derivative · entry 4

Lorenson Katie A · CIK 0001681474 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,484

Underlying: Common Stock · 16,484 shares

Expires not disclosed

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F4 · shares: Includes 6,594 restricted stock units that have time-based vesting components. Includes 9,890 restricted stock units that have performance-based vesting components.

F5 · derivative.exercise_date: 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.

F5 · derivative.expiration_date: 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.

SEC source: 0001104659-24-029367 · tm245214-21_4seq1.xml · derivative · entry 3

Lorenson Katie A · CIK 0001681474 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 3,234 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: On February 17, 2021, Ms. Lorenson was granted 2,156 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.

F1 · derivative.expiration_date: On February 17, 2021, Ms. Lorenson was granted 2,156 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.

F1 · derivative.underlying_shares: On February 17, 2021, Ms. Lorenson was granted 2,156 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.

SEC source: 0001104659-24-029367 · tm245214-21_4seq1.xml · nonDerivative · entry 1

Lorenson Katie A · CIK 0001681474 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 43,507

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On February 17, 2021, Ms. Lorenson was granted 2,156 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.

F2 · price: Restricted stock units convert into common stock on a one-for-one basis.

F3 · balance_after: Includes 3,263 shares of restricted stock. Includes 10,626 shares held jointly with Ms. Lorenson's spouse.

SEC source: 0001104659-24-029366 · tm245214-20_4seq1.xml · derivative · entry 6

Keney Missy · CIK 0001941903 · Chief Engagement Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,375

Underlying: Common Stock · 4,375 shares

Expires not disclosed

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F6 · shares: Includes 1,750 restricted stock units that have time-based vesting components. Includes 2,625 restricted stock units that have performance-based vesting components.

F7 · derivative.exercise_date: 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.

F7 · derivative.expiration_date: 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.

SEC source: 0001104659-24-029366 · tm245214-20_4seq1.xml · derivative · entry 5

Keney Missy · CIK 0001941903 · Chief Engagement Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 504 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: On February 17, 2021, Ms. Keney was granted 336 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F1 · derivative.expiration_date: On February 17, 2021, Ms. Keney was granted 336 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F1 · derivative.underlying_shares: On February 17, 2021, Ms. Keney was granted 336 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

SEC source: 0001104659-24-029366 · tm245214-20_4seq1.xml · nonDerivative · entry 1

Keney Missy · CIK 0001941903 · Chief Engagement Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,896

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On February 17, 2021, Ms. Keney was granted 336 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F2 · price: Restricted stock units convert into common stock on a one-for-one basis.

F3 · balance_after: Includes 3,738 shares held jointly with Ms. Keney's spouse.

SEC source: 0001104659-24-029364 · tm245214-26_4seq1.xml · derivative · entry 5

Taylor Karin M · CIK 0001786851 · EVP and Chief Risk Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,923

Underlying: Common Stock · 6,923 shares

Expires not disclosed

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F5 · shares: Includes 2,769 restricted stock units that have time-based vesting components. Includes 4,154 restricted stock units that have performance-based vesting components.

F6 · derivative.exercise_date: 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.

F6 · derivative.expiration_date: 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.

SEC source: 0001104659-24-029364 · tm245214-26_4seq1.xml · derivative · entry 4

Taylor Karin M · CIK 0001786851 · EVP and Chief Risk Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 2,648 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: On February 17, 2021, Ms. Taylor was granted 1,765 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.

F1 · derivative.expiration_date: On February 17, 2021, Ms. Taylor was granted 1,765 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.

F1 · derivative.underlying_shares: On February 17, 2021, Ms. Taylor was granted 1,765 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.

SEC source: 0001104659-24-029364 · tm245214-26_4seq1.xml · nonDerivative · entry 2

Taylor Karin M · CIK 0001786851 · EVP and Chief Risk Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,860

F4 · shares: Shares withheld upon vesting of restricted stock units for payment of tax liability.

F3 · balance_after: Includes 6,024 shares of restricted stock.

SEC source: 0001104659-24-029364 · tm245214-26_4seq1.xml · nonDerivative · entry 1

Taylor Karin M · CIK 0001786851 · EVP and Chief Risk Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,811

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On February 17, 2021, Ms. Taylor was granted 1,765 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% and the performance-based restricted stock units vested of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% on February 27, 2024.

F2 · price: Restricted stock units convert into common stock on a one-for-one basis.

F3 · balance_after: Includes 6,024 shares of restricted stock.

SEC source: 0001104659-24-029363 · tm245214-25_4seq1.xml · derivative · entry 6

Newman Randy L · CIK 0001786850 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 13,251 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: On February 17, 2021, Mr. Newman was granted 8,834 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F1 · derivative.expiration_date: On February 17, 2021, Mr. Newman was granted 8,834 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F1 · derivative.underlying_shares: On February 17, 2021, Mr. Newman was granted 8,834 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

SEC source: 0001104659-24-029363 · tm245214-25_4seq1.xml · nonDerivative · entry 1

Newman Randy L · CIK 0001786850 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 205,572

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On February 17, 2021, Mr. Newman was granted 8,834 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F2 · price: Restricted stock units convert into common stock on a one-for-one basis.

F3 · balance_after: Total holdings have been adjusted to reflect an inadvertent error in prior Forms 4.

F4 · balance_after: Includes 1,814 shares held jointly with Mr. Newman's spouse.

SEC source: 0001104659-24-029362 · tm245214-27_4seq1.xml · derivative · entry 6

Hendry Jon · CIK 0001942217 · Chief Technology Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,728

Underlying: Common Stock · 4,728 shares

Expires not disclosed

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F5 · shares: Includes 1,891 restricted stock units that have time-based vesting components. Includes 2,837 restricted stock units that have performance-based vesting components.

F6 · derivative.exercise_date: 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.

F6 · derivative.expiration_date: 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.

SEC source: 0001104659-24-029362 · tm245214-27_4seq1.xml · derivative · entry 5

Hendry Jon · CIK 0001942217 · Chief Technology Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 2,298 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F1 · shares: On February 17, 2021, Mr. Hendry was granted 1,532 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F1 · derivative.exercise_date: On February 17, 2021, Mr. Hendry was granted 1,532 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F1 · derivative.expiration_date: On February 17, 2021, Mr. Hendry was granted 1,532 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F1 · derivative.underlying_shares: On February 17, 2021, Mr. Hendry was granted 1,532 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

SEC source: 0001104659-24-029362 · tm245214-27_4seq1.xml · nonDerivative · entry 2

Hendry Jon · CIK 0001942217 · Chief Technology Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 52,468

F4 · shares: Shares withheld upon vesting of restricted stock units for payment of tax liability.

F3 · balance_after: Includes 46,398 shares held jointly with Mr. Hendry's spouse.

SEC source: 0001104659-24-029362 · tm245214-27_4seq1.xml · nonDerivative · entry 1

Hendry Jon · CIK 0001942217 · Chief Technology Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,192

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On February 17, 2021, Mr. Hendry was granted 1,532 performance-based restricted stock units, vesting no later than March 15, 2024, so long as Alerus Financial Corporation meets certain cumulative net income goals.The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics. The Alerus Financial Corporation Compensation Committee certified the payout at 150% and the performance-based restricted stock units vested on February 27, 2024.

F2 · price: Restricted stock units convert into common stock on a one-for-one basis.

F3 · balance_after: Includes 46,398 shares held jointly with Mr. Hendry's spouse.

SEC source: 0001104659-24-028703 · tm245214-24_4seq1.xml · nonDerivative · entry 1

Wilson Forrest · CIK 0002012603 · EVP & Chief Ret. Svcs. Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,204

F1 · shares: All 9,204 shares are restricted stock.

F1 · balance_after: All 9,204 shares are restricted stock.

SEC source: 0001104659-24-025507 · tm245214-18_4seq1.xml · derivative · entry 5

Keney Missy · CIK 0001941903 · Chief Engagement Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 224 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F7 · derivative.exercise_date: On February 17, 2021, Ms. Keney was granted 224 time-based restricted stock units, vesting on February 17, 2024.

F7 · derivative.expiration_date: On February 17, 2021, Ms. Keney was granted 224 time-based restricted stock units, vesting on February 17, 2024.

SEC source: 0001104659-24-025507 · tm245214-18_4seq1.xml · nonDerivative · entry 1

Keney Missy · CIK 0001941903 · Chief Engagement Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,392

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · balance_after: Includes 3,738 shares held jointly with Ms. Keney's spouse.

SEC source: 0001104659-24-025505 · tm245214-17_4seq1.xml · derivative · entry 4

Taylor Karin M · CIK 0001786851 · EVP and Chief Risk Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,176 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On February 17, 2021, Ms. Taylor was granted 1,176 time-based restricted stock units, vesting on February 17, 2024.

F5 · derivative.expiration_date: On February 17, 2021, Ms. Taylor was granted 1,176 time-based restricted stock units, vesting on February 17, 2024.

SEC source: 0001104659-24-025505 · tm245214-17_4seq1.xml · nonDerivative · entry 2

Taylor Karin M · CIK 0001786851 · EVP and Chief Risk Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,163

F3 · shares: Shares withheld upon vesting of restricted stock units for payment of tax liability.

SEC source: 0001104659-24-025505 · tm245214-17_4seq1.xml · nonDerivative · entry 1

Taylor Karin M · CIK 0001786851 · EVP and Chief Risk Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,586

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · balance_after: Includes 6,024 shares of restricted stock.

SEC source: 0001104659-24-025503 · tm245214-16_4seq1.xml · derivative · entry 5

Hendry Jon · CIK 0001942217 · Chief Technology Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,021 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F4 · derivative.exercise_date: On February 17, 2021, Mr. Hendry was granted 1,021 time-based restricted stock units, vesting on February 17, 2024.

F4 · derivative.expiration_date: On February 17, 2021, Mr. Hendry was granted 1,021 time-based restricted stock units, vesting on February 17, 2024.

SEC source: 0001104659-24-025503 · tm245214-16_4seq1.xml · nonDerivative · entry 2

Hendry Jon · CIK 0001942217 · Chief Technology Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 50,894

F3 · shares: Shares withheld upon vesting of restricted stock units for payment of tax liability.

SEC source: 0001104659-24-025503 · tm245214-16_4seq1.xml · nonDerivative · entry 1

Hendry Jon · CIK 0001942217 · Chief Technology Officer & EVP

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 51,216

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · balance_after: Includes 46,398 shares held jointly with Mr. Hendry's spouse.

SEC source: 0001104659-24-025499 · tm245214-15_4seq1.xml · derivative · entry 3

Lorenson Katie A · CIK 0001681474 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,437 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units convert into common stock on a one-for-one basis.

F4 · derivative.exercise_date: On February 17, 2021, Ms. Loreson was granted 1,437 time-based restricted stock units, vesting on February 17, 2024.

F4 · derivative.expiration_date: On February 17, 2021, Ms. Loreson was granted 1,437 time-based restricted stock units, vesting on February 17, 2024.

SEC source: 0001104659-24-025499 · tm245214-15_4seq1.xml · nonDerivative · entry 1

Lorenson Katie A · CIK 0001681474 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,273

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Restricted stock units convert into common stock on a one-for-one basis.

F2 · balance_after: Includes 3,263 shares of restricted stock. Includes 10,626 shares held jointly with Ms. Lorenson's spouse.

SEC source: 0001104659-24-004459 · tm243348-2_4seq1.xml · nonDerivative · entry 1

Sorum Nikki · CIK 0002003202 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 707

F1 · shares: All 707 shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

SEC source: 0001104659-24-004456 · tm243348-1_4seq1.xml · nonDerivative · entry 1

Uribe John · CIK 0002003250 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 707

F1 · shares: All 707 shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

SEC source: 0001104659-24-000949 · tm241760-1_4seq1.xml · nonDerivative · entry 1

Collins Jim · CIK 0001932201 · EVP, CBO & CRO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,648

F1 · shares: Shares withheld upon vesting of restricted stock for payment of tax liability.

F2 · balance_after: Includes 10,336 shares of restricted stock.

SEC source: 0001104659-23-061244 · tm2315664-11_4seq1.xml · nonDerivative · entry 1

Villalon Alan · CIK 0001909920 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,287

F1 · balance_after: Includes 5,287 shares of restricted stock.

SEC source: 0001104659-23-060609 · tm2315664-10_4seq1.xml · nonDerivative · entry 1

Lorenson Katie A · CIK 0001681474 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,836

F1 · balance_after: Includes 6,526 shares of restricted stock. Includes 10,626 shares held jointly with Ms. Lorenson's spouse.

SEC source: 0001104659-23-060607 · tm2315664-9_4seq1.xml · nonDerivative · entry 3

Vetter Galen G · CIK 0001291784 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Spouse

Disclosed balance after: 1,318

F1 · balance_after: Shares held by Mr. Vetter's spouse.

SEC source: 0001104659-23-060607 · tm2315664-9_4seq1.xml · nonDerivative · entry 2

Vetter Galen G · CIK 0001291784 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By spouse

Disclosed balance after: 1,218

F1 · balance_after: Shares held by Mr. Vetter's spouse.

SEC source: 0001104659-23-060607 · tm2315664-9_4seq1.xml · nonDerivative · entry 1

Vetter Galen G · CIK 0001291784 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,451

SEC source: 0001104659-23-059696 · tm2315664-1_4seq1.xml · nonDerivative · entry 2

ESTEP JANET O · CIK 0001657129 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,156

SEC source: 0001104659-23-059696 · tm2315664-1_4seq1.xml · nonDerivative · entry 1

ESTEP JANET O · CIK 0001657129 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,956

SEC source: 0001104659-23-059692 · tm2315664-2_4seq1.xml · nonDerivative · entry 1

ESTEP JANET O · CIK 0001657129 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,439

F1 · shares: All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.