Missy Keney - 26 Feb 2026 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: Chief Engagement Officer
Signature: /s/ Nicholas Brenckman, by power of attorney
Issuer symbol: ALRS
Transactions as of: 26 Feb 2026
Net transactions value: -$15,474
Form type: 4
Filing time: 02 Mar 2026, 16:08:34 UTC
Previous filing: 24 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Keney Missy	Chief Engagement Officer	401 DEMERS AVENUE, GRAND FORKS	/s/ Nicholas Brenckman, by power of attorney	02 Mar 2026	0001941903

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ALRS	Common Stock	Options Exercise	$0	+2,349	+28%	$0.000000	10,814	26 Feb 2026	Direct	F1, F2, F3
transaction	ALRS	Common Stock	Tax liability	$15,474	-608	-5.6%	$25.45	10,206	26 Feb 2026	Direct	F3, F4
holding	ALRS	Common Stock						3,566	26 Feb 2026	By spouse
holding	ALRS	Common Stock						4,900	26 Feb 2026	By the Alerus Financial Corporation Employee Stock Ownership Program	F5
holding	ALRS	Common Stock						5,300	26 Feb 2026	By the Alerus Financial Corporation Employee Stock Ownership Program	F6

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	-2,349	-100%	$0.000000	0	26 Feb 2026	Common Stock	2,349		Direct	F1, F2
transaction	ALRS	Restricted Stock Units	Award	$0	+5,153		$0.000000	5,153	26 Feb 2026	Common Stock	5,153		Direct	F2, F7, F8

* 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 2,097 performance-based restricted stock units, vesting upon Alerus Financial Corporation Compensation Committee certification of established total net income goals. The payout could be increased to 150% of target or reduced to 0% based on achievement of the applicable metric. The Alerus Financial Corporation Compensation Committee certified the payout at 112% and the performance-based restricted stock units vested on February 26, 2026.
F2	Restricted stock units convert into common stock on a one-for-one basis.
F3	Includes 3,738 shares held jointly with Ms. Keney'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.
F6	All shares are held by the Alerus Financial Corporation Employee Stock Ownership Plan in the name of Ms. Keney's spouse.
F7	Includes 2,061 restricted stock units that have time-based vesting components. Includes 3,092 restricted stock units that have performance-based vesting components.
F8	The time-based restricted stock units vest on February 26, 2029. The performance-based restricted stock units vest upon Alerus Financial Corporation Compensation Committee certification of certain relative cumulative EPS and ROE performance period goals, provided that such certification date occurs no later than March 15, 2029. The payout for performance-based restricted stock units could be increased to 150% of target or reduced to 0% based on achievement of the applicable metrics.