Item 8.01. Other Events.

On February 19, 2020, Alerus Financial Corporation (the "Company") declared a cash dividend of $0.15 per share of its common stock. The dividend is payable on April 10, 2020, to stockholders of record on March 20, 2020. A copy of the press release issued on February 19, 2020, announcing the dividend is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

On February 19, 2020, the Compensation Committee of the Board of Directors of the Company approved grants of performance-based restricted stock units to certain senior executive officers of the Company. The grants were made pursuant to a Performance-Based Restricted Stock Unit Award Agreement under the Alerus Financial Corporation 2019 Equity Incentive Plan. A form of the award agreement is attached as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.



(d)  Exhibits




Exhibit No.    Description

10.1             Form of Performance-Based Restricted Stock Unit Award Agreement under
               the Alerus Financial Corporation 2019 Equity Incentive Plan.

99.1             Press Release of Alerus Financial Corporation, dated February 19,
               2020.

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