# EDGAR Filing Document

**Accession Number:** 0000903419
**File Stem:** 0001104659-23-024385
**Filing Date:** 2023-2
**Character Count:** 7015
**Document Hash:** 942f90c6a813cb839d59ebde74a0b996
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-024385.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001104659-23-024385

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230219

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Keney Missy
- **CENTRAL INDEX KEY:** 0001941903

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39036
- **FILM NUMBER:** 23655044

**MAIL ADDRESS:**
- **STREET 1:** 401 DEMERS AVENUE
- **CITY:** GRAND FORKS
- **STATE:** ND
- **ZIP:** 58201
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALERUS FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000903419
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 450375407
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 401 DEMERS AVE
- **CITY:** GRAND FORKS
- **STATE:** ND
- **ZIP:** 58201
- **BUSINESS PHONE:** 7017953200

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 6001
- **STREET 2:** 401 DEMERS AVE
- **CITY:** GRAND FORKS
- **STATE:** ND
- **ZIP:** 58206-6001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST NATIONAL CORP NORTH DAKOTA
- **DATE OF NAME CHANGE:** 19980312

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Keney Missy<br><sub>(Last) (First) (Middle)</sub><br>401 DEMERS AVENUE<br><sub>(Street)</sub><br>GRAND FORKS, ND 58201<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-19 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Engagement Officer & EVP_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>ALERUS FINANCIAL CORP [ ALRS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-02-19 |  | M |  | 709 | A | <sup>(1)</sup> | 5561<sup>(2)</sup> | D |  |
| Common Stock | 2023-02-19 |  | A |  | 355 | A | $0.00 | 5916<sup>(2)</sup> | D |  |
| Common Stock | 2023-02-19 |  | F |  | 336 | D | $20.25 | 5580<sup>(2)</sup> | D |  |
| Common Stock |  |  |  |  |  |  |  | 4345<sup>(3)</sup> | I | By spouse |
| Common Stock |  |  |  |  |  |  |  | 3174.7992<sup>(4)</sup> | I | By the Alerus Financial Corporation Employee Stock Ownership Plan |
| Common Stock |  |  |  |  |  |  |  | 3813.9126<sup>(5)</sup> | I | By the Alerus Financial Corporation Employee Stock Ownership Plan<sup>(6)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Peformance-Based Restricted Stock Units | <sup>(1)</sup> | 2023-02-19 |  | M |  |  | 709 | <sup>(7)</sup> | <sup>(7)</sup> | Common Stock | 709 | $0.00 | 0 | D |  |

---

### Footnotes:

(1) Performance-based restricted stock units convert into common stock on a one-for-one basis.

(2) Includes 3,150 shares held jointly with Ms. Keney's spouse.

(3) All 2,500 shares are shares of restricted stock.

(4) Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.

(5) Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.

(6) All shares are held by the Alerus Financial Corporation Employee Stock Ownership Plan in the name of Ms. Keney's spouse.

(7) On February 19, 2020 the reporting person was granted 709 performance-based restricted stock units, vesting on February 19, 2023, so long as Alerus Financial Corporation meets certain total stockholder return goals.

**Signature:** /s/ Scott Fenske, by power of attorney  
**Date:** 2023-02-22

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**