Collins Jim 4

What Happened

• Jim Collins, EVP, Chief Banking Officer & Chief Risk Officer of ALERUS FINANCIAL CORP (ALRS), had 2,523 restricted stock units (RSUs) vest on February 21, 2026. The RSUs converted one-for-one into 2,523 shares of common stock.
• To cover tax withholding, 917 shares were surrendered on February 23, 2026 at an indicated withholding value of $25.45 per share (totaling approximately $23,338). After withholding, Collins received 1,606 net shares.
• This was not an open-market sale or purchase by the insider but a routine vesting and tax-withholding event.

Key Details

• Transaction dates: RSU conversion (vesting) recorded 2026-02-21; shares withheld for taxes on 2026-02-23. Filing date: 2026-02-24.
• Transaction codes: M = exercise/conversion of derivative (RSU conversion); F = payment of exercise price or tax liability (shares withheld).
• Price/value reported for withholding: $25.45 per share; total tax withholding value ≈ $23,338 for 917 shares.
• Net new shares delivered to the insider: 1,606 (2,523 vested − 917 withheld).
• Footnotes: RSUs were originally granted on 2023-02-21 and vest 2026-02-21 (F1); RSUs convert 1:1 to common stock (F2); shares were withheld to pay tax liability (F3); filing reflects ESOP allocations since last report (F4).
• Shares owned after the transaction were not specified in the provided extract of the filing.

Context

• This is a standard vesting/withholding event (not a market sale). Withholding shares to cover taxes is common and does not by itself signal a change in insider sentiment.
• The M code denotes conversion of a derivative (RSU) rather than an option exercise requiring cash; the F code indicates shares were surrendered to satisfy tax obligations (a cashless withholding).