ALERUS FINANCIAL CORPORATION SAFE HARBOR 401K PLAN

Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.

Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.

Participant-directed brokerage accounts provided as an investment option under the plan.

A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.