ALRS CFO converts 1,915 RSUs into common shares

Alerus Financial Corp executive Alan Villalon reported an equity award vesting and share issuance.

Rhea-AI Filing Summary

Alerus Financial Corp executive Alan Villalon reported an equity award vesting and share issuance. On February 21, 2026, 1,915 restricted stock units were exercised and converted into 1,915 shares of common stock at a stated price of $0.00 per share.

After this conversion, Villalon directly owned 12,502 shares of Alerus Financial common stock. He also had indirect ownership of 770.6404 shares through the Alerus Financial Corporation Employee Stock Ownership Program, reflecting allocations since his last ownership report. The footnotes note that the restricted stock units were originally granted on February 21, 2023 and convert to common stock on a one-for-one basis.

Insider Trade Summary

Net Buyer: 1,915 shares

Net Buy 3 txns

Insider Villalon Alan

Role EVP & Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	1,915	$0.00	$0.00
Exercise	Common Stock	1,915	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 12,502 shares (Direct); Common Stock — 770.6404 shares (Indirect, By the Alerus Financial Corporation Employee Stock Ownership Program)

Footnotes (3)

1. F1. On February 21, 2023, the reporting person was granted 1,915 restricted stock units vesting on February 21, 2026.
2. F2. Restricted stock units convert into common stock on a one-for-one basis.
3. F3. Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.

FAQ

What insider transaction did ALRS executive Alan Villalon report on this Form 4?

Alan Villalon reported the exercise and conversion of 1,915 restricted stock units into 1,915 shares of Alerus Financial common stock. The transaction was recorded at a stated price of $0.00 per share and reflects vesting of a prior equity grant.

How many Alerus Financial (ALRS) shares does Alan Villalon own after this Form 4 transaction?

After the transaction, Alan Villalon directly owned 12,502 shares of Alerus Financial common stock. In addition, he indirectly held 770.6404 shares through the Alerus Financial Corporation Employee Stock Ownership Program, reflecting allocations since his prior ownership report.

What was the origin and vesting schedule of the 1,915 restricted stock units for ALRS?

The 1,915 restricted stock units were granted to Alan Villalon on February 21, 2023 and vested on February 21, 2026. According to the footnotes, these restricted stock units convert into Alerus Financial common stock on a one-for-one basis upon vesting.

Does the ALRS Form 4 show a market purchase or sale by Alan Villalon?

The Form 4 does not report a market purchase or sale. It shows an exercise or conversion of 1,915 restricted stock units into common stock at a stated price of $0.00 per share, which is a non-cash equity award vesting event for the executive.

How are ALRS shares held indirectly by Alan Villalon through the ESOP described?

The filing shows 770.6404 Alerus Financial common shares held indirectly by Alan Villalon through the Alerus Financial Corporation Employee Stock Ownership Program. A footnote explains this amount reflects ESOP allocations that have occurred since his last ownership report filed previously.

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Accepted by SEC EDGAR 02/24/2026 - 04:03 PM Learn about SEC filing dates

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^*

Villalon Alan

(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 & Chief Financial Officer

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		1,915(1)	A	(2)	12,502	D
Common Stock								770.6404(3)	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			1,915	(1)	(1)	Common Stock	1,915(1)	$0	0	D

Explanation of Responses:

1. On February 21, 2023, the reporting person was granted 1,915 restricted stock units vesting on February 21, 2026.

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

3. 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).
** 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.