Alerus Financial (NASDAQ: ALRS) EVP reports RSU vesting, new 9,058-unit award

Rhea-AI Filing Summary

Alerus Financial Corp EVP, CBO & CRO Jim Collins reported equity compensation changes involving restricted stock units and common shares. On February 26, 2026, 4,239 restricted stock units vested and converted into common stock, reflecting a 2023 performance-based grant certified at 112% of target. On the same date, Collins received a new grant of 9,058 restricted stock units, which includes both time-based and performance-based awards with vesting stretching to as late as March 15, 2029 depending on performance certification. To cover tax obligations upon vesting, 1,298 common shares were withheld at $25.45 per share. After these transactions, Collins directly held 16,108 common shares, plus an additional 725.3605 shares indirectly through the employee stock ownership program.

Insights

Equity Compensation Analyst

Routine equity vesting and new RSU grant with tax withholding.

The transactions show Jim Collins converting 4,239 performance-based restricted stock units into common stock after the compensation committee certified a 112% payout on a 2023 grant. This is typical of performance awards tied to profitability metrics like total net income.

He also received 9,058 new restricted stock units, split between time-based and performance-based components, extending potential vesting through 2029. The 1,298-share disposition at $25.45 per share is explicitly for tax withholding, not an open-market sale, so market impact is limited.

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

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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^*

Collins Jim

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CBO & CRO

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

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

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	02/26/2026		M		4,239(1)	A	$0(2)	17,406	D
Common Stock	02/26/2026		F		1,298(3)	D	$25.45	16,108	D
Common Stock								725.3605(4)	I	By the Alerus Financial Corporation Employee Stock Ownership Program

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
Restricted Stock Units	(2)	02/26/2026		M			4,239	(1)	(1)	Common Stock	4,239(1)	$0	0	D
Restricted Stock Units	(2)	02/26/2026		A		9,058(5)		(6)	(6)	Common Stock	9,058	$0	9,058	D

Explanation of Responses:

1. On February 21, 2023, the reporting person was granted 3,784 performance-based restricted stock units, vesting upon Alerus Financial Corporation Compensation Committee certification of established total net income goals. The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metric. The Alerus Financial Corporation Compensation Committee certified the payout at 112% and the performance-based restricted stock units vested on February 26, 2026.

2. Restricted stock units convert into common stock on a one-for-one basis.

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

4. Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.

5. Includes 3,623 restricted stock units that have time-based vesting components. Includes 5,435 restricted stock units that have performance-based vesting components.

6. The time-based restricted stock units vest on February 26, 2029. The performance-based restricted stock units vest upon Alerus Financial Corporation Compensation Committee certification of certain relative cumulative EPS and ROE performance period goals, provided that such certification date occurs no later than March 15, 2029. The payout for performance-based restricted stock units could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics.

	/s/ Nicholas Brenckman, by power of attorney	03/02/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did ALRS executive Jim Collins report on February 26, 2026?

Jim Collins reported vesting of 4,239 performance-based restricted stock units into common stock, receipt of 9,058 new restricted stock units, and withholding of 1,298 common shares at $25.45 per share to cover tax liabilities related to the vesting event.

How many Alerus Financial (ALRS) shares does Jim Collins hold after these transactions?

After the reported transactions, Jim Collins directly holds 16,108 shares of Alerus Financial common stock. He also has an indirect interest in 725.3605 additional shares through the Alerus Financial Corporation Employee Stock Ownership Program, reflecting ongoing allocations since his prior ownership report.

What new restricted stock units did ALRS grant to Jim Collins?

Jim Collins was granted 9,058 restricted stock units. Footnotes state this includes 3,623 time-based units and 5,435 performance-based units, with time-based awards vesting on February 26, 2029 and performance-based vesting contingent on EPS and ROE goals certified no later than March 15, 2029.

How were the performance-based restricted stock units for ALRS executive Jim Collins determined?

In February 2023, Collins received 3,784 performance-based restricted stock units tied to total net income goals. The compensation committee later certified achievement at 112% of target, resulting in 4,239 units vesting and converting one-for-one into common stock on February 26, 2026.

Did Jim Collins sell Alerus Financial (ALRS) shares in the open market?

The filing reports a disposition of 1,298 common shares at $25.45 per share coded as tax withholding. Footnotes clarify these shares were withheld upon vesting of restricted stock units to satisfy tax liabilities, rather than representing an open-market sale transaction.

What future vesting conditions apply to Jim Collins’ new ALRS restricted stock units?

The time-based restricted stock units vest on February 26, 2029. The performance-based units vest when the compensation committee certifies relative cumulative EPS and ROE goals, provided certification occurs by March 15, 2029, with payouts ranging from 0% to 150% of target.