Alerus Financial (ALRS) has issued an announcement.
Alerus Financial Corporation has adopted a new Long Term Incentive Plan (LTIP) to award restricted stock units (RSUs) to its executives, with vesting based on continued employment or company performance. Additionally, amendments to the 2019 Equity Incentive Plan now allow for certain awards to vest sooner than the previously required one-year minimum. In parallel, an Executive Severance Agreement has been established for the CEO, providing significant severance pay under specific termination conditions, including a Change in Control of the company.
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