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			alrs_Current_Folio_8K
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			<font style="display:inline;font-weight:bold;font-size:10pt;">UNITED STATES</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">WASHINGTON, DC 20549</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">FORM&nbsp;8-K</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">CURRENT REPORT PURSUANT TO</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">SECTION&nbsp;13 OR 15(d)&nbsp;OF THE</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">SECURITIES EXCHANGE ACT OF 1934</font>
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			<font style="display:inline;font-size:10pt;">Date of report (Date of earliest event reported):&nbsp; </font><font style="display:inline;font-weight:bold;font-size:10pt;">March&nbsp;10, 2020</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">Alerus Financial Corporation</font>
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			<font style="display:inline;font-size:10pt;">&nbsp;(Exact Name of Registrant as Specified in Charter)</font>
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						<font style="display:inline;font-weight:bold;font-size:10pt;">Delaware</font></p>
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						<font style="display:inline;font-weight:bold;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font></p>
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						<font style="display:inline;font-weight:bold;font-size:10pt;">001&#8209;39036</font></p>
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						<font style="display:inline;font-weight:bold;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font></p>
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						<font style="display:inline;font-weight:bold;font-size:10pt;">45&#8209;0375407</font></p>
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						<font style="display:inline;font-size:10pt;">(State or Other Jurisdiction of </font></p>
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						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:10pt;">(Commission File Number)</font></p>
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						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:10pt;">(IRS Employer Identification No.)</font></p>
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						<font style="display:inline;font-size:10pt;">Incorporation)</font></p>
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						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">401 Demers Avenue</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">Grand Forks, North Dakota 58201</font>
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			<font style="display:inline;font-size:10pt;">&nbsp;(Address of Principal Executive Offices) (Zip Code)</font>
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			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">Registrant&#x2019;s telephone number, including area code: </font><font style="display:inline;font-weight:bold;font-size:10pt;">(701) 795&#8209;3200</font>
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			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">N/A</font>
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			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">&nbsp;(Former Name or Former Address, if Changed Since Last Report.)</font>
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			<font style="display:inline;font-size:10pt;">Check the appropriate box below if the Form&nbsp;8&#8209;K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><font style="display:inline;font-style:italic;font-size:10pt;">see</font><font style="display:inline;font-size:10pt;"> General Instruction A.2. below):</font>
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			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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			<font style="display:inline;font-size:9pt;">&#x2610;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font>
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			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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			<font style="display:inline;font-size:9pt;">&#x2610;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a&#8209;12 under the Exchange Act (17 CFR 240.14a&#8209;12)</font>
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			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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			<font style="display:inline;font-size:9pt;">&#x2610;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d&#8209;2(b)&nbsp;under the Exchange&nbsp;Act (17 CFR 240.14d&#8209;2(b))</font>
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			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e&#8209;4(c)&nbsp;under the Exchange Act (17 CFR 240.13e&#8209;4(c))</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">Securities registered pursuant to Section&nbsp;12(b)&nbsp;of the Act:</font>
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			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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						<font style="display:inline;font-weight:bold;font-size:10pt;">Title of each class</font></p>
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						<font style="display:inline;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font></p>
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				<td valign="top" style="width:16.52%;border-bottom:1pt solid #000000 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;font-size:10pt;">Trading symbol</font></p>
				</td>
				<td valign="top" style="width:02.00%;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:41.04%;border-bottom:1pt solid #000000 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;font-size:10pt;">Name of each exchange on which registered</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:37.18%;border-top:1pt solid #000000 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Common Stock, $1.00 par value per share</font></p>
				</td>
				<td valign="top" style="width:02.46%;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:16.52%;border-top:1pt solid #000000 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">ALRS</font></p>
				</td>
				<td valign="top" style="width:02.00%;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:41.04%;border-top:1pt solid #000000 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;text-indent:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">The Nasdaq Stock Market LLC</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&#xA7; 230.405 of this chapter) or Rule&nbsp;12b&#x2013;2 of the Securities Exchange Act of 1934 (&#xA7; 240.12b&#x2013;2 of this chapter).</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Emerging growth company&nbsp;&#x2612;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act.&nbsp;&#x2610;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt solid #000000 ;border-bottom:3pt solid #000000 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			&nbsp;
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-weight:bold;font-size: 11pt;">
			<font style="display:inline;">Item&nbsp;5.02.<font style="display:inline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">On March&nbsp;10, 2020, Alerus Financial Corporation (the &#x201C;Company&#x201D;) announced that Ryan Goldberg has been appointed to the position of Chief Revenue Officer of the Company, effective March&nbsp;31, 2020. Mr.&nbsp;Goldberg, age 48, previously served as executive vice president and director of retail banking at Flagstar Bancorp, a position he held since June 2018. Prior to working at Flagstar Bancorp, Mr.&nbsp;Goldberg served in various roles at Regions Bank for over two decades. These roles included executive vice president and head of priority banking (mass affluent) and branch small business; executive vice president and president of Southwest Florida; and consumer banking executive of Southwest Florida. Mr.&nbsp;Goldberg has extensive experience in sales and product management, client segmentation, and driving growth through client expansion and acquisition strategies. Mr.&nbsp;Goldberg will oversee all revenue-related functions at the Company, including sales and business development, product and services management, client segmentation, and client servicing.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">There are no family relationships between Mr.&nbsp;Goldberg and any of the Company&#x2019;s directors or executive officers. &nbsp;There is no arrangement or understanding between Mr.&nbsp;Goldberg and any other person pursuant to which he was selected as an officer, nor is the Company aware, after inquiry of Mr.&nbsp;Goldberg, of any related-party transaction or series of transactions required to be disclosed under Item&nbsp;404(a)&nbsp;of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">In connection with his employment, &nbsp;Mr.&nbsp;Goldberg will receive a compensation package that is consistent with the packages received by the Company&#x2019;s other executive officers. Mr.&nbsp;Goldberg received a signing bonus and will receive an annual base salary. He will be eligible to participate in the Company&#x2019;s established short and long-term incentive bonus programs and to receive certain employee and fringe benefits that are available to the Company&#x2019;s other executive officers. Mr.&nbsp;Goldberg also received a grant of restricted stock, which vests over five&nbsp;years starting on the effective date of his employment.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">In connection with the appointment of Mr.&nbsp;Goldberg as Chief Revenue Officer, the Company and Mr.&nbsp;Goldberg entered into an Executive Severance Agreement, the form of which is substantially similar to the severance agreements entered into with other executive officers of the Company. &nbsp;The Executive Severance Agreement sets forth the duties and obligations of each party in the event of a termination of employment and obligates Mr.&nbsp;Goldberg to abide by the terms of certain restrictive covenants during the term of his employment and thereafter for a specified period of time. &nbsp;The agreement provides for an initial term of two&nbsp;years, with automatic renewal for an additional day on each day after the effective date, such that the agreement term is two&nbsp;years at all times. Either party may elect nonrenewal upon notice of one hundred and twenty&nbsp;days prior to termination. In the event of a change in control, the agreement automatically terminates on the second anniversary of the change in control. &nbsp;In the event the Company terminates Mr.&nbsp;Goldberg for any reason other than for cause prior to a change in control, the Company must provide a severance payment, to be paid in accordance with the Company&#x2019;s regular payroll practices over 12&nbsp;months, &nbsp;equal to the sum of (i)&nbsp;100% of annual base salary; (ii)&nbsp;the average of his three most recent annual bonuses; and (iii)&nbsp;12&nbsp;months of the Company&#x2019;s portion of premiums for health, disability, and life insurance policies in which he was entitled to participate immediately prior to the termination. In the event of a termination within a 24&#8209;month period following a change in control by the Company without cause or by the named executive officer for a Good Reason, as defined in the agreement, the Company must provide a severance payment in a lump sum equal to twice the amount described above. All severance payments under the agreement are conditioned upon Mr.&nbsp;Goldberg&#x2019;s execution of a release of claims in favor of the Company. A copy of the Executive Severance Agreement between the Company and Mr.&nbsp;Goldberg is attached hereto as Exhibit&nbsp;10.1.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">A copy of the press release announcing the appointment of Mr.&nbsp;Goldberg to the position of Chief Revenue Officer is attached hereto as Exhibit&nbsp;99.1.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-weight:bold;font-size: 11pt;">
			<font style="display:inline;">Item&nbsp;9.01.<font style="display:inline;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Financial Statements and Exhibits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-weight:bold;font-size: 11pt;">
			<font style="display:inline;">(d)&nbsp;&nbsp;Exhibits</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:10.00%;border-bottom:1pt solid #000000 ;height:27.55pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">Exhibit&nbsp;<br>No.</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;height:27.55pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;border-bottom:1pt solid #000000 ;height:27.55pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">Description</font></p>
				</td>
			</tr>
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				<td valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;height:7.75pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;height:7.75pt;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;height:7.75pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;height:7.75pt;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;border-top:1pt solid #000000 ;height:7.75pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;height:7.75pt;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">10.1</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:88.00%;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="ex-10d1.htm"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Executive Severance Agreement by and between Alerus Financial Corporation and Ryan Goldberg, dated March&nbsp;4, 2020.</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:10.00%;height:6.40pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;height:6.40pt;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;height:6.40pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;height:6.40pt;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:88.00%;height:6.40pt;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;height:6.40pt;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">99.1</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:88.00%;padding:0pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="ex-99d1.htm"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Press Release of Alerus Financial Corporation, dated March&nbsp;10, 2020.</font></a></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-family:Times New Roman,Times,serif;font-weight:bold;font-size: 11pt;">
			<font style="display:inline;">SIGNATURES</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;font-family:Times New Roman,Times,serif;">
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">Date:&nbsp; March&nbsp;10, 2020</font></p>
				</td>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">Alerus Financial Corporation</font></p>
				</td>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.70%;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">By:</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:44.32%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">/s/ Randy L. Newman</font></p>
				</td>
			</tr>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:49.98%;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.70%;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">Name:</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:44.32%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">Randy L. Newman</font></p>
				</td>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.70%;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">Title:</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">Chairman, Chief Executive Officer and President</font></p>
				</td>
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						<font style="display:inline;">&nbsp;</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
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{"company-data": {"conformed-name": "ALERUS FINANCIAL CORP", "cik": "0000903419", "assigned-sic": "6021", "irs-number": "450375407", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-39036", "film-number": "20701761"}, "business-address": {"street1": "401 DEMERS AVE", "city": "GRAND FORKS", "state": "ND", "zip": "58201", "phone": "7017953200"}, "mail-address": {"street1": "PO BOX 6001", "street2": "401 DEMERS AVE", "city": "GRAND FORKS", "state": "ND", "zip": "58206-6001"}, "former-company": {"former-conformed-name": "FIRST NATIONAL CORP NORTH DAKOTA", "date-changed": "19980312"}}
alrs_Current_Folio_8K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
March 10, 2020
Alerus Financial Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware
001‑39036
45‑0375407
(State or Other Jurisdiction of
(Commission File Number)
(IRS Employer Identification No.)
Incorporation)
401 Demers Avenue
Grand Forks, North Dakota 58201
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(701) 795‑3200
N/A
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)
☐     Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
☐     Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common Stock, $1.00 par value per share
ALRS
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 10, 2020, Alerus Financial Corporation (the "Company") announced that Ryan Goldberg has been appointed to the position of Chief Revenue Officer of the Company, effective March 31, 2020. Mr. Goldberg, age 48, previously served as executive vice president and director of retail banking at Flagstar Bancorp, a position he held since June 2018. Prior to working at Flagstar Bancorp, Mr. Goldberg served in various roles at Regions Bank for over two decades. These roles included executive vice president and head of priority banking (mass affluent) and branch small business; executive vice president and president of Southwest Florida; and consumer banking executive of Southwest Florida. Mr. Goldberg has extensive experience in sales and product management, client segmentation, and driving growth through client expansion and acquisition strategies. Mr. Goldberg will oversee all revenue-related functions at the Company, including sales and business development, product and services management, client segmentation, and client servicing.
There are no family relationships between Mr. Goldberg and any of the Company's directors or executive officers.  There is no arrangement or understanding between Mr. Goldberg and any other person pursuant to which he was selected as an officer, nor is the Company aware, after inquiry of Mr. Goldberg, of any related-party transaction or series of transactions required to be disclosed under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.
In connection with his employment,  Mr. Goldberg will receive a compensation package that is consistent with the packages received by the Company's other executive officers. Mr. Goldberg received a signing bonus and will receive an annual base salary. He will be eligible to participate in the Company's established short and long-term incentive bonus programs and to receive certain employee and fringe benefits that are available to the Company's other executive officers. Mr. Goldberg also received a grant of restricted stock, which vests over five years starting on the effective date of his employment.
In connection with the appointment of Mr. Goldberg as Chief Revenue Officer, the Company and Mr. Goldberg entered into an Executive Severance Agreement, the form of which is substantially similar to the severance agreements entered into with other executive officers of the Company.  The Executive Severance Agreement sets forth the duties and obligations of each party in the event of a termination of employment and obligates Mr. Goldberg to abide by the terms of certain restrictive covenants during the term of his employment and thereafter for a specified period of time.  The agreement provides for an initial term of two years, with automatic renewal for an additional day on each day after the effective date, such that the agreement term is two years at all times. Either party may elect nonrenewal upon notice of one hundred and twenty days prior to termination. In the event of a change in control, the agreement automatically terminates on the second anniversary of the change in control.  In the event the Company terminates Mr. Goldberg for any reason other than for cause prior to a change in control, the Company must provide a severance payment, to be paid in accordance with the Company's regular payroll practices over 12 months,  equal to the sum of (i) 100% of annual base salary; (ii) the average of his three most recent annual bonuses; and (iii) 12 months of the Company's portion of premiums for health, disability, and life insurance policies in which he was entitled to participate immediately prior to the termination. In the event of a termination within a 24‑month period following a change in control by the Company without cause or by the named executive officer for a Good Reason, as defined in the agreement, the Company must provide a severance payment in a lump sum equal to twice the amount described above. All severance payments under the agreement are conditioned upon Mr. Goldberg's execution of a release of claims in favor of the Company. A copy of the Executive Severance Agreement between the Company and Mr. Goldberg is attached hereto as Exhibit 10.1.
A copy of the press release announcing the appointment of Mr. Goldberg to the position of Chief Revenue Officer is attached hereto as Exhibit 99.1.
Item 9.01.
Financial Statements and Exhibits.
(d)  Exhibits
Exhibit
No.
Description
10.1
Executive Severance Agreement by and between Alerus Financial Corporation and Ryan Goldberg, dated March 4, 2020.
99.1
Press Release of Alerus Financial Corporation, dated March 10, 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  March 10, 2020
Alerus Financial Corporation
By:
/s/ Randy L. Newman
Name:
Randy L. Newman
Title:
Chairman, Chief Executive Officer and President