Forrest Wilson - 26 Feb 2026 Form 4 Insider Report for ALERUS FINANCIAL CORP (ALRS)

Role: EVP & Chief Ret. Svcs. Officer
Signature: /s/ Nicholas Brenckman, by power of attorney
Issuer symbol: ALRS
Transactions as of: 26 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 02 Mar 2026, 16:10:07 UTC
Previous filing: 05 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Wilson Forrest	EVP & Chief Ret. Svcs. Officer	401 DEMERS AVENUE, GRAND FORKS	/s/ Nicholas Brenckman, by power of attorney	02 Mar 2026	0002012603

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	Award	$0	+6,602		$0.000000	6,602	26 Feb 2026	Common Stock	6,602		Direct	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	Restricted stock units convert into common stock on a one-for-one basis.
F2	Includes 2,641 restricted stock units that have time-based vesting components. Includes 3,961 restricted stock units that have performance-based vesting components.
F3	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.