Alerus officer sells 597 shares at $33.13

ALERUS FINANCIAL CORP (ALRS) reports that officer Kari Koob, SVP and Controller, sold 597 shares of common stock on September 14, 2026 in a sale described as an open market or private transaction at $33.13 per share.

Rhea-AI Filing Summary

ALERUS FINANCIAL CORP (ALRS) reports that officer Kari Koob, SVP and Controller, sold 597 shares of common stock on September 14, 2026 in a sale described as an open market or private transaction at $33.13 per share. After this sale, Koob directly held 503.246 shares, which include 382 shares of restricted stock, and also had an indirect holding of 500.6112 shares through the Alerus Financial Corporation Employee Stock Ownership Plan, reflecting ESOP allocations since the prior ownership report.

Insider Trade Summary

Net Seller: 597 shares

Net Sell 2 txns

Insider Koob Kari

Role SVP, Controller

Sold 597 shs ($20K)

Type	Security	Shares	Price	Value
Sale	Common Stock F1	597	$33.13	$20K
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 503.246 shares (Direct); Common Stock — 500.6112 shares (Indirect, By the Alerus Financial Corporation Employee Stock Ownership Plan)

Footnotes (2)

1. F1. Includes 382 shares of restricted stock.
2. F2. Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.

Key Figures

Shares sold: 597 shares Sale price per share: $33.13 per share Direct holdings after transaction: 503.246 shares +2 more

5 metrics

Shares sold 597 shares Common stock sale reported for September 14, 2026

Sale price per share $33.13 per share Price for the 597 ALRS common shares sold on September 14, 2026

Direct holdings after transaction 503.246 shares Direct ALRS common stock held following the sale, including restricted stock

Restricted stock included 382 shares Restricted ALRS common shares included within direct post-transaction holdings

Indirect ESOP holdings after transaction 500.6112 shares ALRS common shares held indirectly via the Employee Stock Ownership Plan

Key Terms

restricted stock, Employee Stock Ownership Plan, open market or private transaction

3 terms

restricted stock financial

"Includes 382 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.

Employee Stock Ownership Plan financial

"By the Alerus Financial Corporation Employee Stock Ownership Plan"

An employee stock ownership plan (ESOP) is a company-run program that gives workers ownership stakes by allocating or letting them buy company shares, often through a retirement-style account. For investors, ESOPs matter because they align employees’ incentives with company performance—like turning staff into shareholders—which can boost productivity and long-term value but may also concentrate employee retirement savings in company stock, affecting financial risk and share demand.

open market or private transaction financial

"Sale in open market or private transaction"

FAQ

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

What insider transaction did ALRS executive Kari Koob report?

Kari Koob reported a sale of 597 ALRS common shares on September 14, 2026 at $33.13 per share in an open market or private transaction.

How many ALRS shares does Kari Koob hold directly after this Form 4?

After the reported transaction, Kari Koob directly held 503.246 ALRS common shares, which the filing states include 382 shares of restricted stock.

What indirect ALRS holdings does Kari Koob report?

The filing reports an indirect holding of 500.6112 ALRS common shares held by the Alerus Financial Corporation Employee Stock Ownership Plan, reflecting ESOP allocations since Koob’s prior ownership report.

Was Kari Koob’s ALRS share sale under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox is not marked as affirming a plan, and no footnote states that the September 14, 2026 sale was made pursuant to a Rule 10b5-1 trading plan.

What price did Kari Koob receive per ALRS share sold?

The reported transaction price is $33.13 per ALRS share for the 597 common shares sold on September 14, 2026.

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

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Available on EDGAR 09/15/2026 - 03:27 PM Accepted by SEC EDGAR 09/15/2026 - 03:26 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^*

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)
09/14/2026

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	09/14/2026		S		597	D	$33.13	503.246(1)	D
Common Stock								500.6112(2)	I	By the Alerus Financial Corporation Employee Stock Ownership Plan

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. Includes 382 shares of restricted stock.

2. Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.

	/s/ Nicholas Brenckman, by power of attorney	09/15/2026
	** 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)