Alerus Financial Reports Executive Compensation & Leadership Changes
Ticker: ALRS · Form: 8-K · Filed: Feb 22, 2024 · CIK: 903419
| Field | Detail |
|---|---|
| Company | Alerus Financial Corp (ALRS) |
| Form Type | 8-K |
| Filed Date | Feb 22, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: compensatory-arrangements, officer-changes, corporate-governance
TL;DR
**Alerus Financial just tweaked exec pay and leadership, watch for strategic shifts!**
AI Summary
Alerus Financial Corporation filed an 8-K on February 22, 2024, reporting events from February 16, 2024. The filing addresses changes in compensatory arrangements for certain officers and the departure or election of directors or officers. This indicates potential shifts in executive compensation or leadership within the company.
Why It Matters
Changes in executive compensation and leadership can signal strategic shifts or financial performance adjustments, impacting investor confidence and future company direction.
Risk Assessment
Risk Level: medium — Changes in executive compensation and leadership can introduce uncertainty regarding future company strategy and stability.
Key Players & Entities
- ALERUS FINANCIAL CORP (company) — Filing registrant
- Delaware (company) — State of incorporation
- Grand Forks (company) — City of business address
- North Dakota (company) — State of business address
- February 16, 2024 (date) — Date of earliest event reported
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 16, 2024.
What items were reported in this 8-K filing by Alerus Financial Corporation?
The 8-K filing reported information under 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers' and 'Financial Statements and Exhibits'.
What is the state of incorporation for Alerus Financial Corporation?
Alerus Financial Corporation is incorporated in Delaware.
What is the business address of Alerus Financial Corporation?
The business address of Alerus Financial Corporation is 401 Demers Avenue, Grand Forks, North Dakota 58201.
When was this 8-K filed with the SEC?
This 8-K was filed with the SEC on February 22, 2024.
Filing Stats: 1,171 words · 5 min read · ~4 pages · Grade level 11.9 · Accepted 2024-02-22 16:06:18
Key Financial Figures
- $1.00 — nge on which registered Common Stock, $1.00 par value per share ALRS The Nasdaq
Filing Documents
- tm246889d1_8k.htm (8-K) — 33KB
- tm246889d1_ex99-1.htm (EX-99.1) — 8KB
- tm246889d1_ex99-1img001.jpg (GRAPHIC) — 16KB
- 0001104659-24-026529.txt ( ) — 238KB
- alrs-20240216.xsd (EX-101.SCH) — 3KB
- alrs-20240216_lab.xml (EX-101.LAB) — 33KB
- alrs-20240216_pre.xml (EX-101.PRE) — 22KB
- tm246889d1_8k_htm.xml (XML) — 4KB
02(b). Departure of Certain Directors
Item 5.02(b). Departure of Certain Directors. On February 16, 2024, Kevin Lemke notified Alerus Financial Corporation (the "Company") of his decision not to stand for reelection to the Company's board of directors at the Company's 2024 annual meeting of stockholders. Mr. Lemke's decision not to stand for reelection did not result from a disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Lemke has been a valued presence on the Company's board of directors, and the Company thanks him for his service.
02(c). Appointment of Certain Officers
Item 5.02(c). Appointment of Certain Officers. On February 22, 2024, the Company announced that Forrest Wilson has been appointed to the position of Executive Vice President and Chief Retirement Services Officer of the Company, effective February 26, 2024. Mr. Wilson, age 54, previously served as the Senior Vice President of Retirement Plans Sales and Distribution at Ameritas Mutual Holding Company, a position he had held since December 2018. Prior to that, he served in various management and sales leadership roles with firms, including Allianz Global Investors, Aspire Financial Services, Empower, and Voya. Mr. Wilson will be responsible for the overall leadership and direction of the Company's Retirement and Benefits division, which serves thousands of third-party advisors, over 8,000 employer-sponsored retirement plans, and approximately 474,000 plan participants nationwide. There are no family relationships between Mr. Wilson and any of the Company's directors or executive officers. There is no arrangement or understanding between Mr. Wilson and any other person pursuant to which he was selected as an officer, nor is the Company aware, after inquiry of Mr. Wilson, 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. Mr. Wilson will receive a compensation package, including annual base salary and bonus potential, that is consistent with the packages received by the Company's other executive officers. He will be eligible to participate in the Company's established short and long-term incentive bonus programs, including equity incentive plans, and to receive certain employee and fringe benefits that are available to the Company's other executive officers. Mr. Wilson will receive a cash signing bonus and a sign-on grant of restricted stock. The sign-on grant vests over three years starting in December 2025 and continuing through De
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release of Alerus Financial Corporation, dated February 22, 2024 104 Cover Page Interactive Data File (embedded within the inline XBRL document)
SignatureS
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: February 22, 2024 Alerus Financial Corporation By: /s/ Katie A. Lorenson Name: Katie A. Lorenson Title: President and Chief Executive Officer