Alerus Financial (ALRS) director granted 1,772-share annual equity award

Rhea-AI Filing Summary

Alerus Financial Corp director Nikki Sorum received an equity grant. On May 22, 2026, Sorum acquired 1,772 shares of common stock at $0.00 per share as an annual director award under the 2019 Equity Incentive Plan, bringing her direct holdings to 7,352 shares, including restricted stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Sorum Nikki

Role null

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

Holdings After Transaction: Common Stock — 7,352 shares (Direct, null)

Footnotes (1)

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.

Key Figures

Shares granted: 1,772 shares Grant price: $0.00 per share Shares held after: 7,352 shares +1 more

4 metrics

Shares granted 1,772 shares Annual director award on May 22, 2026

Grant price $0.00 per share Director equity award under 2019 Equity Incentive Plan

Shares held after 7,352 shares Total direct common stock holdings after transaction

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

Key Terms

restricted stock, annual director award, 2019 Equity Incentive Plan, grant, award, or other acquisition

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

2019 Equity Incentive Plan financial

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

grant, award, or other acquisition financial

"transaction code description: Grant, award, or other acquisition"

Form 4 Insider Transactions: What Each Field Means →

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^*

Sorum Nikki

(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	7,352(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)

FAQ

What insider transaction did ALRS director Nikki Sorum report?

Nikki Sorum reported receiving 1,772 Alerus Financial Corp common shares as an annual director equity award. The grant was made at $0.00 per share under the company’s 2019 Equity Incentive Plan and includes restricted stock.

Was Nikki Sorum’s ALRS stock transaction a market purchase or sale?

The transaction was not a market purchase or sale. It was an equity grant classified as a grant, award, or other acquisition, with 1,772 shares of common stock awarded at $0.00 per share under the 2019 Equity Incentive Plan.

How many ALRS shares does Nikki Sorum hold after this Form 4 filing?

After the award, Nikki Sorum directly holds 7,352 shares of Alerus Financial Corp common stock. This total includes the 1,772-share annual director award and encompasses restricted stock as disclosed in the Form 4 footnotes.

What plan governed Nikki Sorum’s ALRS equity award?

The equity award was issued under the Alerus Financial Corporation 2019 Equity Incentive Plan. All 1,772 shares were granted as part of an annual director award, and the filing notes that this total includes 1,772 shares of restricted stock.

Are restricted shares included in Nikki Sorum’s reported ALRS holdings?

Yes. The Form 4 footnotes state that the total reported holdings include 1,772 shares of restricted stock. These restricted shares were acquired as part of the annual director award under the Alerus Financial Corporation 2019 Equity Incentive Plan.