ALERUS (ALRS) CEO Katie Lorenson reports RSU vesting and tax share withholding

Rhea-AI Filing Summary

ALERUS FINANCIAL CORP President & CEO Katie A. Lorenson reported equity award activity and related tax withholding. On February 21, 2026, 5,572 restricted stock units were exercised and converted into an equal number of common shares at $0.00 per share, increasing her direct common stock holdings to 53,937 shares. On February 23, 2026, 2,025 common shares valued at $25.45 per share were withheld to cover tax liabilities upon vesting, reducing her direct common stock holdings to 51,912 shares. She also has 2,635.5376 common shares held indirectly through the Alerus Financial Corporation Employee Stock Ownership Program, reflecting ESOP allocations since her last ownership 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^*

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)
	President & CEO

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		5,572(1)	A	(2)	53,937(3)	D
Common Stock	02/23/2026		F		2,025(4)	A	$25.45	51,912(3)	D
Common Stock								2,635.5376(5)	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			5,572	(1)	(1)	Common Stock	5,572	$0	0	D

Explanation of Responses:

1. On February 21, 2023, the reporting person was granted 5,572 restricted stock units vesting on February 21, 2026.

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

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

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

5. 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.
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FAQ

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

Katie Lorenson reported the vesting and conversion of 5,572 restricted stock units into common stock and the withholding of 2,025 common shares at $25.45 per share to cover tax liabilities, plus updated holdings in the employee stock ownership program.

How many ALRS common shares does CEO Katie Lorenson own after these transactions?

After the reported transactions, Katie Lorenson directly holds 51,912 common shares of ALERUS FINANCIAL CORP. This figure reflects the conversion of 5,572 restricted stock units into common stock and the withholding of 2,025 shares for tax payments related to the vesting.

What was the purpose of the 2,025 ALRS shares disposed of on February 23, 2026?

The 2,025 common shares disposed of at $25.45 per share were withheld to pay tax liabilities upon the vesting of restricted stock units. This is a tax-withholding disposition, not an open-market sale initiated as an investment decision by the CEO.

How did restricted stock units affect ALRS CEO Katie Lorenson’s shareholdings?

On February 21, 2026, 5,572 restricted stock units granted on February 21, 2023 vested and converted one-for-one into common stock. This increased Katie Lorenson’s direct common stock holdings to 53,937 shares before subsequent tax-withholding share reductions.

What does the ESOP holding in ALRS mean for Katie Lorenson?

Katie Lorenson indirectly holds 2,635.5376 ALRS common shares through the Alerus Financial Corporation Employee Stock Ownership Program. These shares reflect ESOP allocations that occurred since her last ownership report and represent an additional component of her overall equity exposure to the company.

Were the ALRS insider transactions open-market buys or sells?

The filing shows no open-market purchases or sales. Shares were acquired through the conversion of 5,572 restricted stock units and disposed of via 2,025 shares withheld for taxes, which is a standard administrative transaction rather than a discretionary market trade.