Attached files
file | filename |
---|---|
EX-10.4 - EX-10.4 - ALERUS FINANCIAL CORP | alrs-20210217xex10d4.htm |
EX-99.1 - EX-99.1 - ALERUS FINANCIAL CORP | alrs-20210217xex99d1.htm |
EX-10.3 - EX-10.3 - ALERUS FINANCIAL CORP | alrs-20210217xex10d3.htm |
EX-10.2 - EX-10.2 - ALERUS FINANCIAL CORP | alrs-20210217xex10d2.htm |
EX-10.1 - EX-10.1 - ALERUS FINANCIAL CORP | alrs-20210217xex10d1.htm |
8-K - 8-K - ALERUS FINANCIAL CORP | alrs-20210217x8k.htm |
Exhibit 10.5
alerus financial corporation
2019 Equity Incentive Plan
TIMe-based Restricted Stock unit Award Agreement
The Participant specified below is hereby granted a restricted stock unit award (the “Award”) by Alerus Financial Corporation, a Delaware corporation (the “Company”), under the Alerus Financial Corporation 2019 Equity Incentive Plan (the “Plan”). The Award shall be subject to the terms of the Plan and the terms set forth in this Time-Based Restricted Stock Unit Award Agreement (“Award Agreement”).
Except for words and phrases otherwise defined in this Award Agreement, any capitalized word or phrase in this Award Agreement shall have the meaning ascribed to it in the Plan.
Installment | Restricted Period will end on: |
[100]% of RSUs | [Third Anniversary of the Grant Date] |
For the purposes of this Section 3(c), “Retirement” means the Participant’s voluntary Termination of Service following the Participant’s attainment of: (i) age sixty (60), provided that the Participant has been employed with the Company for at least five (5) years prior to such Termination of Service; or (ii) age sixty-two (62). “Disability” (1) has the meaning provided in the then-effective employment agreement, if any, between the Participant and the Company, or, in absence thereof, (2) means a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Participant to be unable to perform the duties of the Participant’s position of employment or any substantially similar position of employment.
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IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed in its name and on its behalf, and the Participant acknowledges understanding and acceptance of, and agrees to, the terms of the Plan and this Award Agreement, all as of the Grant Date.
Alerus Financial Corporation
By:
Name: Randy Newman
Title: Chairman, President & CEO
Participant
Name: