Transaction Details

Footnotes

On February 21, 2023, the reporting person was granted 8,359 performance-based restricted stock units, vesting upon Alerus Financial Corporation Compensation Committee certification of established total net income goals. The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metric. The Alerus Financial Corporation Compensation Committee certified the payout at 112% and the performance-based restricted stock units vested on February 26, 2026. | Restricted stock units convert into common stock on a one-for-one basis. | Includes 3,263 shares of restricted stock and 11,626 shares held jointly with Ms. Lorenson's spouse. | Shares withheld upon vesting of restricted stock units for payment of tax liability. | Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report. | Includes 7,609 restricted stock units that have time-based vesting components. Includes 11,413 restricted stock units that have performance-based vesting components. | The time-based restricted stock units vest on February 26, 2029. The performance-based restricted stock units vest upon Alerus Financial Corporation Compensation Committee certification of certain relative cumulative EPS and ROE performance period goals, provided that such certification date occurs no later than March 15, 2029. 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.