---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-065575"
form_type: "8-K"
ticker: "ALRS"
cik: "0000903419"
company_name: "ALERUS FINANCIAL CORP"
filed_at: "2024-05-28T23:59:59+00:00"
generated_at: "2026-06-01T08:28:52.504666+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-065575
- form_type: 8-K
- ticker: ALRS
- cik: 0000903419
- company_name: ALERUS FINANCIAL CORP
- filed_at: 2024-05-28T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/903419/000110465924065575/0001104659-24-065575-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/903419/000110465924065575/tm2415447d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-065575
- JSON: https://secwatch.observer/filing/0001104659-24-065575.json
- Plain text: https://secwatch.observer/filing/0001104659-24-065575.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.