Alerus director granted 1,772 shares

ESTEP JANET O reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

ESTEP JANET O reported acquisition or exercise transactions in this Form 4 filing.

Alerus Financial Corp director Janet O. Estep received 1,772 shares of common stock as an annual director award under the 2019 Equity Incentive Plan. The stock was granted at no cost and includes 1,772 shares of restricted stock. After this award, she directly holds 14,841 shares.

Insider Trade Summary

Grant/Award: 1,772 shares

Grant/Award 1 txn

Insider ESTEP JANET O

Role Director

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

Holdings After Transaction: Common Stock — 14,841 shares (Direct)

Footnotes (2)

1. F1. All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan.
2. F2. Includes 1,772 shares of restricted stock.

Key Figures

Shares granted: 1,772 shares Grant price: $0.00 per share Total holdings after grant: 14,841 shares +1 more

4 metrics

Shares granted 1,772 shares Annual director award of common stock

Grant price $0.00 per share Equity compensation, not market purchase

Total holdings after grant 14,841 shares Director’s direct ALRS common stock ownership

Restricted shares included 1,772 shares Portion identified as restricted stock

Key Terms

restricted stock, annual director award, 2019 Equity Incentive Plan

3 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.

annual director award financial

"All shares were acquired pursuant to an annual director award issued"

2019 Equity Incentive Plan financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did ALRS director Janet O. Estep report?

Janet O. Estep reported receiving 1,772 ALRS common shares as an annual director award. The grant was compensation under the 2019 Equity Incentive Plan, not an open-market purchase, and was recorded at a price of $0.00 per share.

Was the ALRS insider transaction a stock purchase or a grant?

The ALRS insider transaction was a stock grant, not a market purchase. Director Janet O. Estep acquired 1,772 common shares at $0.00 per share as an annual director award under the company’s 2019 Equity Incentive Plan.

How many ALRS shares does Janet O. Estep hold after this Form 4?

After this Form 4 transaction, Janet O. Estep directly holds 14,841 ALRS common shares. This total includes the newly granted 1,772 restricted shares received as part of her annual director equity compensation award.

What type of ALRS shares were granted to Janet O. Estep?

The grant to Janet O. Estep consists of 1,772 shares of ALRS common stock designated as restricted stock. Restricted shares typically vest over time or upon meeting conditions, aligning director compensation with long-term shareholder interests.

Under which plan was the ALRS director equity award granted?

The director equity award was granted under the Alerus Financial Corporation 2019 Equity Incentive Plan. This plan authorizes stock-based compensation, including restricted stock, for directors and employees to align their incentives with company performance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/27/2026 - 04:16 PM EDT 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^*

ESTEP JANET O

(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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/22/2026		A		1,772(1)(2)	A	$0	14,841(2)	D

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

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.

	/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)