Alerus adopts LTIP, amends equity plan, and secures CEO severance

ALERUS FINANCIAL CORP

LTIP provides annual RSU awards (40% time-based, 60% performance-based) with 3-year vesting tied to KBW Regional Bank Index performance.
2019 Equity Plan amended to exclude certain awards from one-year vesting minimum and allow accelerated vesting for retirement, death, disability, or corporate transaction.
Severance agreement with CEO Katie Lorenson for 1x pay (non-CIC) or 2.99x lump sum (post-CIC) upon termination without cause or for good reason.

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