Was Mary Zimmer’s ALRS share acquisition an open-market purchase?

No, the acquisition was not an open-market purchase. The Form 4 shows transaction code A and notes all 1,772 shares were granted as an annual director award under Alerus Financial Corporation’s 2019 Equity Incentive Plan, at a reported per-share price of $0.0000.

Does the Form 4 indicate any ALRS share sales or dispositions by Mary Zimmer?

The Form 4 does not report any sales or dispositions. It shows a single acquisition transaction coded A for 1,772 common shares as a grant or award, with transaction_summary fields indicating one acquire event and zero sell, gift, or tax-withholding entries.

Director Mary Zimmer receives 1,772-share equity award at Alerus (NASDAQ: ALRS)

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Zimmer Mary reported acquisition or exercise transactions in this Form 4 filing.

Alerus Financial Corp director Mary Zimmer received an annual equity award of 1,772 shares of common stock, issued at no cash cost to her under the Alerus Financial Corporation 2019 Equity Incentive Plan. Following this grant, she directly owns 12,374 shares, including 1,772 shares of restricted stock and 3,809 shares held jointly with her spouse.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Zimmer Mary

Role null

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

Holdings After Transaction: Common Stock — 12,374 shares (Direct, null)

Footnotes (1)

All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan. Includes 1,772 shares of restricted stock. Includes 3,809 shares held jointly with Ms. Zimmer's spouse.

Key Figures

Shares granted: 1,772 shares Grant price: $0.0000 per share Shares owned after: 12,374 shares +2 more

5 metrics

Shares granted 1,772 shares Annual director award under 2019 Equity Incentive Plan

Grant price $0.0000 per share Reported transaction price for awarded common stock

Shares owned after 12,374 shares Total common stock directly owned after transaction

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

Jointly held shares 3,809 shares Shares held jointly with Ms. Zimmer’s spouse

Key Terms

2019 Equity Incentive Plan, restricted stock, annual director award, Form 4

4 terms

2019 Equity Incentive Plan financial

"All shares were acquired pursuant to an annual director award issued under the Alerus Financial Corporation 2019 Equity Incentive Plan."

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 under the Alerus Financial Corporation 2019 Equity Incentive Plan."

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

05/27/2026 - 04:15 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^*

Zimmer Mary

(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)
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)
Common Stock	05/22/2026		A		1,772⁽¹⁾⁽²⁾	A	$0	12,374⁽²⁾⁽³⁾	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)
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)

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.

3. Includes 3,809 shares held jointly with Ms. Zimmer's spouse.

	/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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did ALRS director Mary Zimmer report on this Form 4?

Mary Zimmer reported acquiring 1,772 ALRS common shares as an annual director equity award. The shares were granted under the 2019 Equity Incentive Plan and carried a reported price of $0.0000 per share, indicating a compensation-related grant rather than a market purchase.

How many ALRS shares does Mary Zimmer hold after this reported grant?

After the grant, Mary Zimmer directly holds 12,374 ALRS common shares. This total includes 1,772 restricted shares from the recent award and 3,809 shares held jointly with her spouse, as disclosed in the Form 4 ownership footnotes.

What plan governed the ALRS equity award reported by Mary Zimmer?

The equity award was issued under the Alerus Financial Corporation 2019 Equity Incentive Plan. The Form 4 footnotes state that all 1,772 acquired shares came from this plan as an annual director award, classifying the transaction as compensation-related stock, not a market trade.