Katie A. Lorenson - 21 Feb 2026 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: President & CEO, Director
Signature: /s/ Nicholas Brenckman, by power of attorney
Issuer symbol: ALRS
Transactions as of: 21 Feb 2026
Net transactions value: +$51,536
Form type: 4
Filing time: 24 Feb 2026, 16:04:05 UTC
Previous filing: 28 Feb 2025
Next filing: 02 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Lorenson Katie A	President & CEO, Director	401 DEMERS AVENUE, GRAND FORKS	/s/ Nicholas Brenckman, by power of attorney	24 Feb 2026	0001681474

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ALRS	Common Stock	Options Exercise		+5,572	+12%		53,937	21 Feb 2026	Direct	F1, F2, F3
transaction	ALRS	Common Stock	Tax liability	$51,536	+2,025	+4.1%	$25.45	51,912	23 Feb 2026	Direct	F3, F4
holding	ALRS	Common Stock						2,636	21 Feb 2026	By the Alerus Financial Corporation Employee Stock Ownership Program	F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ALRS	Restricted Stock Units	Options Exercise	$0	-5,572	-100%	$0.000000	0	21 Feb 2026	Common Stock	5,572		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On February 21, 2023, the reporting person was granted 5,572 restricted stock units vesting on February 21, 2026.
F2	Restricted stock units convert into common stock on a one-for-one basis.
F3	Includes 3,263 shares of restricted stock and 11,626 shares held jointly with Ms. Lorenson's spouse.
F4	Shares withheld upon vesting of restricted stock units for payment of tax liability.
F5	Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.