secwatch.observer — SEC 8-K summary
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Issuer:     ALERUS FINANCIAL CORP (ALRS)
CIK:        0000903419
Form:       8-K
Filed at:   2024-05-28T23:59:59+00:00
Accession:  0001104659-24-065575
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/903419/000110465924065575/0001104659-24-065575-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/903419/000110465924065575/tm2415447d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-065575

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer