On January 29, 2021, Alerus Financial Corporation redeemed the entire aggregate $50,000,000 outstanding principal amount of the Company's 5.75% Fixed to Floating Rate Subordinated Notes due 2025 in accordance with the terms of the Subordinated Notes. The aggregate redemption price was 100% of the aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date. On and after the Redemption Date, interest ceased to accrue on all of the Subordinated Notes, and all rights with respect to the Subordinated Notes terminated, except only the right of the record holders to receive payment in connection with the redemption.