Form 4 for ALRS ALERUS FINANCIAL CORP

Accepted 2024-10-10 00:00:00 ET · period of report 2024-10-09 · accession 0001437749-24-031036 · SEC index · Original document

Summary rows

Aggregated the way they appear in lists: one row per insider, transaction code and security table.

X	Filed	Traded	Ticker	Insider	Title	Type	Price	Qty	Owned	ΔOwn	Value
M	2024-10-10	2024-10-09+	ALRS	Bolton Jeffrey	Dir	A - Grant	$0.00	+9,038	9,038	New	$0

Purchase Sale Sale after option exercise All abbreviations

#	Table	Security	Date	Code	A/D	Shares	Price	Owned after	Own	Exercise / expiry	Underlying	Footnotes
1	Common	Common Stock	2024-10-09	A	A	7,729	—	7,729	D	—	—	(F1) 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) 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.
2	Common	Common Stock	2024-10-10	A	A	1,309	$0.00	9,038	D	—	—	(F3) All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan. (F4) Includes 1,309 shares of restricted stock.