RSU vesting reshapes Alerus (ALRS) EVP Collins’ direct and ESOP stakes

Rhea-AI Filing Summary

Alerus Financial Corp EVP, CBO & CRO Jim Collins reported equity transactions tied to a prior restricted stock unit (RSU) grant. On February 21, 2026, 2,523 RSUs granted in 2023 vested and converted into common stock on a one-for-one basis. On February 23, 2026, 917 common shares were withheld at $25.45 per share to cover tax liabilities, a non‑market disposition. Following these events, Collins directly owned 13,022 common shares and indirectly held 720.7194 common shares through the Alerus Financial Corporation Employee Stock Ownership Program, reflecting ESOP allocations since his last report.

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)
02/21/2026

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	02/21/2026		M		2,523(1)	A	(2)	13,939	D
Common Stock	02/23/2026		F		917(3)	D	$25.45	13,022	D
Common Stock								720.7194(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)	02/21/2026		M			2,523	(1)	(1)	Common Stock	2,523	$0	0	D

Explanation of Responses:

1. On February 21, 2023, the reporting person was granted 2,523 restricted stock units vesting on February 21, 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.

	/s/ Nicholas Brenckman, by power of attorney	02/24/2026
	** 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).
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FAQ

What insider transactions did ALRS executive Jim Collins report on this Form 4?

Jim Collins reported RSU vesting and related tax withholding transactions. 2,523 restricted stock units vested into common stock, and 917 shares were withheld at $25.45 per share to satisfy tax liabilities, rather than sold on the open market.

Did Jim Collins of ALERUS FINANCIAL CORP (ALRS) buy or sell shares in the open market?

The filing shows no open market buys or sells. Instead, 2,523 RSUs converted into common stock, and 917 shares were withheld to pay taxes. This tax-withholding disposition is an administrative transaction rather than a discretionary market trade.

How many ALRS shares does Jim Collins own after these reported transactions?

After the reported transactions, Jim Collins directly owned 13,022 common shares of Alerus Financial Corp and indirectly held 720.7194 common shares through the company’s Employee Stock Ownership Program, reflecting allocations since his prior ownership report.

What restricted stock unit (RSU) grant is referenced in the ALRS Form 4 for Jim Collins?

The Form 4 notes a grant of 2,523 restricted stock units awarded on February 21, 2023, which vested on February 21, 2026. These RSUs converted into common stock on a one-for-one basis, increasing Collins’ direct share ownership.

How are ESOP holdings for ALRS executive Jim Collins reflected in this Form 4?

The filing reports 720.7194 common shares held indirectly through the Alerus Financial Corporation Employee Stock Ownership Program. A footnote explains this amount reflects ESOP allocations that have occurred since Jim Collins’ last ownership report, rather than new market purchases.