Alerus Financial (ALRS) director granted 1,772 restricted shares as annual award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Vetter Galen G reported acquisition or exercise transactions in this Form 4 filing.

Alerus Financial Corp director Galen G. Vetter reported an equity compensation grant of common stock. On May 22, 2026, he received 1,772 shares of common stock at $0.00 per share as an annual director award under the Alerus Financial Corporation 2019 Equity Incentive Plan. These 1,772 shares are restricted stock and bring his directly held common stock to 27,311 shares.

The filing also shows indirect holdings of Alerus common stock through retirement accounts, including 1,318 shares held by a spouse IRA and 25,387 shares held by an IRA. This activity reflects a compensation-related award rather than an open-market purchase or sale.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Vetter Galen G

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,772	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 27,311 shares (Direct, null); Common Stock — 25,387 shares (Indirect, By IRA)

Footnotes (1)

All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan. Includes 1,772 shares of restricted stock. Shares previously reported as directly-held by the reporting person.

Key Figures

Director award shares: 1,772 shares Grant price per share: $0.00 per share Direct holdings after grant: 27,311 shares +2 more

5 metrics

Director award shares 1,772 shares Annual director award on May 22, 2026

Grant price per share $0.00 per share Equity incentive grant price

Direct holdings after grant 27,311 shares Common stock directly held after award

Spouse IRA indirect holdings 1,318 shares Common stock held via spouse IRA

IRA indirect holdings 25,387 shares Common stock held via IRA

Key Terms

restricted stock, Equity Incentive Plan, IRA, annual director award

4 terms

restricted stock financial

"Includes 1,772 shares of restricted stock."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Equity Incentive Plan financial

"issued under the Alerus Financial Corporation 2019 Equity Incentive Plan."

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

IRA financial

"nature_of_ownership: By IRA / By Spouse IRA"

An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.

annual director award financial

"acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan."

Form 4 Insider Transactions: What Each Field Means →

05/27/2026 - 04:16 PM

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
Estimated average burden
hours per response:			0.5

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^*

Vetter Galen G

(Last)

(First)

(Middle)

401 DEMERS AVENUE

(Street)

GRAND FORKS

NORTH DAKOTA

58201

(City)

(State)

(Zip)

UNITED STATES

(Country)

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
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/22/2026		A		1,772⁽¹⁾⁽²⁾	A	$0	27,311⁽²⁾	D
Common Stock								25,387⁽³⁾	I	By IRA
Common Stock								1,318	I	By Spouse IRA

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.

2. Includes 1,772 shares of restricted stock.

3. Shares previously reported as directly-held by the reporting person.

	/s/ Nicholas Brenckman, by power of attorney	05/27/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Galen G. Vetter report in this ALRS Form 4 filing?

Director Galen G. Vetter reported receiving 1,772 shares of Alerus Financial common stock as an annual director award. The shares were granted at $0.00 per share under the company’s 2019 Equity Incentive Plan and classified as restricted stock.

Is the ALRS Form 4 transaction a market purchase or sale?

The reported transaction is not a market purchase or sale. It is a grant of 1,772 shares of common stock as an annual director award, issued at $0.00 per share as part of Alerus Financial’s 2019 Equity Incentive Plan.

How many Alerus Financial shares does Galen G. Vetter hold directly after this Form 4?

After the grant, Galen G. Vetter directly holds 27,311 shares of Alerus Financial common stock. This total includes the 1,772 restricted shares received as an annual director award on May 22, 2026 under the 2019 Equity Incentive Plan.

What indirect Alerus Financial (ALRS) holdings are reported for Galen G. Vetter?

The filing reports 1,318 Alerus Financial common shares held through a spouse IRA and 25,387 shares held through an IRA. Both positions are reported as indirect ownership, in addition to Vetter’s directly held 27,311 common shares.

What is the nature of the 1,772 ALRS shares granted to Galen G. Vetter?

The 1,772 shares are restricted stock granted as an annual director award. They were issued at $0.00 per share under the Alerus Financial Corporation 2019 Equity Incentive Plan, reflecting compensation rather than a cash purchase on the open market.