ALRS · Alerus Financial Corp

Shares withheld upon vesting of restricted stock for payment of tax liability.

Includes 382 shares of restricted stock.

Shares withheld upon vesting of restricted stock for payment of tax liability.

Includes 660 shares of restricted stock.

Includes 1,000 shares held jointly with Mr. Bolton's spouse.

Includes 1,772 shares of restricted stock.

Includes 3,567 shares held jointly with Mr. Bolton's spouse.

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

Includes 1,772 shares of restricted stock.

Includes 27,356 shares held jointly with Mr. Coughlin's spouse.

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

Includes 1,772 shares of restricted stock.

Includes 1,814 shares held jointly with Mr. Newman's spouse.

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

Includes 1,772 shares of restricted stock.

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

Includes 1,772 shares of restricted stock.

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

Includes 1,772 shares of restricted stock.

Includes 3,809 shares held jointly with Ms. Zimmer's spouse.

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

Includes 1,772 shares of restricted stock.

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

Includes 1,772 shares of restricted stock.

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

Includes 1,772 shares of restricted stock.

Includes 2,567 shares held jointly with Mr. Bolton's spouse.

Restricted stock units convert into common stock on a one-for-one basis.

On February 21, 2023, the reporting person was granted 2,872 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.

On February 21, 2023, the reporting person was granted 3,191 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 3,012 shares of restricted stock.

Shares withheld upon vesting of restricted stock units for payment of tax liability.

Includes 3,263 shares of restricted stock and 11,626 shares held jointly with Ms. Lorenson's spouse.

Restricted stock units convert into common stock on a one-for-one basis.

Includes 2,898 restricted stock units that have time-based vesting components. Includes 4,348 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.

Restricted stock units convert into common stock on a one-for-one basis.

Includes 2,750 restricted stock units that have time-based vesting components. Includes 4,126 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.

Restricted stock units convert into common stock on a one-for-one basis.

Includes 2,641 restricted stock units that have time-based vesting components. Includes 3,961 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.

Shares withheld upon vesting of restricted stock units for payment of tax liability.

Includes 3,012 shares of restricted stock.

On February 21, 2023, the reporting person was granted 2,872 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.

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.

Restricted stock units convert into common stock on a one-for-one basis.

On February 21, 2023, the reporting person was granted 3,784 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.

Shares withheld upon vesting of restricted stock units for payment of tax liability.

Includes 3,738 shares held jointly with Ms. Keney's spouse.

Restricted stock units convert into common stock on a one-for-one basis.

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.

On February 21, 2023, the reporting person was granted 3,784 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.

Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock.

Includes 519 restricted stock units that have time-based vesting components. Includes 779 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.

On February 21, 2023, the reporting person was granted 2,097 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 3,738 shares held jointly with Ms. Keney's spouse.

Restricted stock units convert into common stock on a one-for-one basis.

Includes 3,623 restricted stock units that have time-based vesting components. Includes 5,435 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.

Restricted stock units convert into common stock on a one-for-one basis.

On February 21, 2023, the reporting person was granted 2,097 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 2,061 restricted stock units that have time-based vesting components. Includes 3,092 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.

Shares withheld upon vesting of restricted stock units for payment of tax liability.

Restricted stock units convert into common stock on a one-for-one basis.

On February 21, 2023, the reporting person was granted 3,191 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 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.

Shares withheld upon vesting of restricted stock units for payment of tax liability.

Shares withheld upon vesting of restricted stock units for payment of tax liability.

The Form 4, as originally filed, incorrectly reported 917 shares withheld upon the vesting of restricted stock for the payment of tax liabilities. The total number of shares actually withheld was 772.

Shares withheld upon vesting of restricted stock for payment of tax liability

Shares withheld upon vesting of restricted stock units for payment of tax liability.

Includes 3,738 shares held jointly with Ms. Keney's spouse.

Shares withheld upon vesting of restricted stock units for payment of tax liability.

The Form 4, as originally filed, incorrectly reported 2,025 shares withheld upon the vesting of restricted stock for the payment of tax liabilities. The total number of shares actually withheld was 1,903.

Includes 3,263 shares of restricted stock and 11,626 shares held jointly with Ms. Lorenson's spouse.

On February 21, 2023, the reporting person was granted 2,128 restricted stock units vesting on February 21, 2026.

Restricted stock units convert into common stock on a one-for-one basis.

Includes 3,012 shares of restricted stock.

Restricted stock units convert into common stock on a one-for-one basis.

On February 21, 2023, the reporting person was granted 2,128 restricted stock units vesting on February 21, 2026.

On February 21, 2023, the reporting person was granted 1,398 restricted stock units vesting on February 21, 2026.

Restricted stock units convert into common stock on a one-for-one basis.

Includes 3,738 shares held jointly with Ms. Keney's spouse.

Restricted stock units convert into common stock on a one-for-one basis.

On February 21, 2023, the reporting person was granted 1,915 restricted stock units vesting on February 21, 2026.

Restricted stock units convert into common stock on a one-for-one basis.

On February 21, 2023, the reporting person was granted 1,398 restricted stock units vesting on February 21, 2026.

On February 21, 2023, the reporting person was granted 1,915 restricted stock units vesting on February 21, 2026.

Restricted stock units convert into common stock on a one-for-one basis.

Shares withheld upon vesting of restricted stock for payment of tax liability.

The Form 4, as originally filed, incorrectly reported 1,582 shares withheld upon the vesting of restricted stock for the payment of tax liabilities. The total number of shares actually withheld was 1,878.

Shares withheld upon vesting of restricted stock for payment of tax liability.

Includes 1,143 shares of restricted stock.

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

Includes 2,354 shares of restricted stock.

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

Includes 2,354 shares of restricted stock.

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

Includes 2,354 shares of restricted stock.

Includes 1,814 shares held jointly with Mr. Newman's spouse.

Includes 97,629 shares previously owned indirectly by the Alerus Financial Corporation Employee Stock Ownership Plan.

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

Includes 2,354 shares of restricted stock.