Does this Alerus Financial (ALRS) Form 4 show insider share purchases or sales?

No. The Form 4 reports a grant of restricted stock units to SVP and Controller Kari Koob at a price of $0.00 per unit. It reflects stock-based compensation rather than open-market purchases or sales of ALRS shares.

Alerus Financial (ALRS) SVP and Controller awarded 1,298 restricted stock units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Koob Kari reported acquisition or exercise transactions in this Form 4 filing.

Alerus Financial Corp reported that SVP and Controller Kari Koob received a grant of 1,298 restricted stock units tied to the company’s common stock. This is a compensation-related award, not an open-market trade.

The grant consists of 519 time-based units that vest on February 26, 2029 and 779 performance-based units that vest after the compensation committee certifies relative cumulative EPS and ROE goals, with certification required by March 15, 2029. Depending on performance, the payout on the performance-based portion can range from 0% to 150% of the target amount. After this grant, Koob holds 1,298 restricted stock units directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Koob Kari

Role SVP, Controller

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	1,298	$0.00	--

Holdings After Transaction: Restricted Stock Units — 1,298 shares (Direct, null)

Footnotes (1)

Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock. Includes 519 restricted stock units that have time-based vesting components. Includes 779 restricted stock units that have performance-based vesting components. 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.

Key Figures

RSU grant size: 1,298 restricted stock units Time-based RSUs: 519 restricted stock units Performance-based RSUs: 779 restricted stock units +3 more

6 metrics

RSU grant size 1,298 restricted stock units Grant to SVP, Controller on February 26, 2026

Time-based RSUs 519 restricted stock units Vest on February 26, 2029

Performance-based RSUs 779 restricted stock units Vest upon certification of EPS and ROE goals by March 15, 2029

RSU payout range 0% to 150% of target Applies to performance-based restricted stock units

Post-transaction RSU holdings 1,298 restricted stock units Direct holdings after the grant

Grant price per unit $0.00 per unit Equity compensation award, not an open-market purchase

Key Terms

Restricted Stock Units, time-based vesting components, performance-based vesting components, relative cumulative EPS and ROE performance period goals, +1 more

5 terms

Restricted Stock Units financial

"Each restricted stock unit represents a contingent right to receive one share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

time-based vesting components financial

"Includes 519 restricted stock units that have time-based vesting components"

performance-based vesting components financial

"Includes 779 restricted stock units that have performance-based vesting components"

relative cumulative EPS and ROE performance period goals financial

"vest upon ... certification of certain relative cumulative EPS and ROE performance period goals"

payout for performance-based restricted stock units financial

"The payout for performance-based restricted stock units could be increased to 150% of target or reduced to 0%"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/29/2026 - 04:10 PM Accepted by SEC EDGAR 06/29/2026 - 04:09 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^*

Koob Kari

(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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP, Controller

2a. Foreign Trading Symbol

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

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)

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)
Restricted Stock Units	⁽¹⁾	02/26/2026		A		1,298⁽²⁾		⁽³⁾	⁽³⁾	Common Stock	1,298	$0	1,298	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Alerus Financial Corporation common stock.

2. Includes 519 restricted stock units that have time-based vesting components. Includes 779 restricted stock units that have performance-based vesting components.

3. 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	06/29/2026
	** 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 Alerus Financial (ALRS) disclose in this Form 4 filing?

Alerus Financial disclosed a grant of 1,298 restricted stock units to SVP and Controller Kari Koob. The award is part of equity compensation and does not involve any open-market buying or selling of ALRS common stock.

How many restricted stock units did Kari Koob receive from Alerus Financial (ALRS)?

Kari Koob received 1,298 restricted stock units linked to Alerus Financial common stock. These units represent a contingent right to receive the same number of ALRS shares if specified vesting and performance conditions are satisfied over time.

What are the vesting terms of Kari Koob’s Alerus Financial (ALRS) RSU grant?

The grant includes 519 time-based RSUs vesting on February 26, 2029 and 779 performance-based RSUs. Performance units vest when the compensation committee certifies relative cumulative EPS and ROE goals by March 15, 2029, subject to performance outcomes.

Are Kari Koob’s Alerus Financial (ALRS) RSUs tied to performance metrics?

Yes. Of the 1,298 units, 779 are performance-based and depend on relative cumulative EPS and ROE performance goals. The payout on these performance RSUs can range from 0% to 150% of target based on metric achievement.

How many Alerus Financial (ALRS) RSUs does Kari Koob hold after this transaction?

After the grant, Kari Koob holds 1,298 restricted stock units directly. Each unit represents a contingent right to receive one share of Alerus Financial common stock if the applicable vesting conditions are ultimately met.