X0508 4 2024-10-09 0000903419 ALERUS FINANCIAL CORP ALRS 0001925331 Bolton Jeffrey 401 DEMERS AVENUE GRAND FORKS ND 58201 1 0 Common Stock 2024-10-09 4 A 0 7729 A 7729 D Common Stock 2024-10-10 4 A 0 1309 0 A 9038 D Received in exchange for 6,183.611 shares of HMN Financial, Inc. ("HMNF") common stock in connection with merger (the "Merger") of HMN Financial, Inc. with and into Alerus Financial Corporation ("Alerus"), effective October 9, 2024 (the "Effective Time"). Pursuant to the terms of the Agreement and Plan of Merger, dated May 14, 2024, between Alerus and HMNF, as of the Effective Time, each issued and outstanding share of HMNF common stock converted into the right to receive 1.25 shares of Alerus common stock, with payment of cash in lieu of fractional shares of Alerus common stock. On the Effective Date, the closing price of HMNF's common stock was $27.99 per share, and the closing price of Alerus' common stock was $22.28 per share. All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan. Includes 1,309 shares of restricted stock. /s/ Nicholas Brenckman, by power of attorney 2024-10-10