ALERUS (ALRS) CEO corrects Form 4, 1,903 shares withheld for taxes

Rhea-AI Filing Summary

ALERUS FINANCIAL CORP Chief Executive Officer Katie A. Lorenson filed an amended insider report showing a tax-related share withholding rather than an open-market trade. On the vesting of restricted stock units on February 23, 2026, 1,903 shares of common stock were withheld at $25.45 per share to cover tax liabilities. The amendment corrects an earlier report that had stated 2,025 shares were withheld. After this tax-withholding disposition, Lorenson directly owned 52,034 common shares, which includes 3,263 shares of restricted stock and 11,626 shares held jointly with her spouse.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lorenson Katie A

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	1,903	$25.45	$48K

Holdings After Transaction: Common Stock — 52,034 shares (Direct)

Footnotes (1)

1. Shares withheld upon vesting of restricted stock units for payment of tax liability. The Form 4, as originally filed, incorrectly reported 2,025 shares withheld upon the vesting of restricted stock for the payment of tax liabilities. The total number of shares actually withheld was 1,903. Includes 3,263 shares of restricted stock and 11,626 shares held jointly with Ms. Lorenson's spouse.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lorenson Katie A

(Last) (First) (Middle)

401 DEMERS AVENUE

(Street)

GRAND FORKS ND 58201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ALERUS FINANCIAL CORP [ ALRS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)
02/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/23/2026		F		1,903(1)(2)	D	$25.45	52,034(2)(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares withheld upon vesting of restricted stock units for payment of tax liability.

2. The Form 4, as originally filed, incorrectly reported 2,025 shares withheld upon the vesting of restricted stock for the payment of tax liabilities. The total number of shares actually withheld was 1,903.

3. Includes 3,263 shares of restricted stock and 11,626 shares held jointly with Ms. Lorenson's spouse.

	/s/ Nicholas Brenckman, by power of attorney	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did ALRS CEO Katie Lorenson report on this amended Form 4?

Katie Lorenson reported a tax-withholding disposition related to restricted stock vesting. 1,903 ALRS common shares were withheld on February 23, 2026, to pay tax liabilities, rather than being sold on the open market. The filing clarifies this non-cash transaction.

Why was the ALRS Katie Lorenson Form 4 amended from the original filing?

The amended Form 4 corrects the number of shares withheld for taxes at vesting. The original report showed 2,025 shares withheld, but the accurate figure is 1,903 shares. This adjustment aligns reported insider activity with the actual tax-withholding amount.

Did ALRS CEO Katie Lorenson sell shares in the open market in this Form 4/A?

No, the filing describes a tax-withholding disposition, not an open-market sale. Shares were withheld by the company upon restricted stock vesting at $25.45 per share to satisfy tax obligations, so no market trade or discretionary selling occurred.

How many ALRS shares did Katie Lorenson beneficially own after the reported transaction?

After the tax-withholding disposition, Katie Lorenson beneficially owned 52,034 ALRS common shares. This figure includes 3,263 restricted shares and 11,626 shares held jointly with her spouse, as detailed in the filing’s ownership footnote.

What price per share was used for the ALRS restricted stock tax withholding?

The tax-withholding disposition used a value of $25.45 per ALRS common share. At this price, 1,903 shares were withheld upon vesting of restricted stock units to cover Katie Lorenson’s tax liability tied to that equity compensation event.

What does transaction code F mean in the ALRS Katie Lorenson Form 4/A?

Transaction code F denotes payment of tax liability or exercise price by delivering securities. In this case, ALRS shares from restricted stock vesting were withheld to satisfy taxes, which is recorded as a tax-withholding disposition rather than a conventional share sale.