Villalon Alan 4

What Happened

• Alan Villalon, Chief Financial Officer of Alerus Financial Corp., had 1,915 restricted stock units (RSUs) vest and convert into 1,915 common shares on February 21, 2026. The Form 4 shows an acquisition (conversion) of 1,915 shares (price N/A) and a corresponding derivative disposition of 1,915 shares at $0.00.
• This was a vesting/conversion of an award (not a market purchase or sale). No cash purchase price is reported for the acquired shares; the disposed shares are recorded at $0.00 on the filing.

Key Details

• Transaction date: 2026-02-21. Form filed: 2026-02-24 (timely filing).
• Transaction codes: M = exercise/conversion of derivative security. Acquired 1,915 shares (conversion); Disposed 1,915 shares at $0.00 (derivative).
• Shares owned after transaction: not specified in the excerpt provided (see full Form 4 for post-transaction ownership).
• Footnotes:
  • F1: RSUs were granted Feb 21, 2023 and vested on Feb 21, 2026.
  • F2: RSUs convert into common stock on a one-for-one basis.
  • F3: Reflects ESOP allocations since the reporting person's last ownership report.
• Filing timeliness: Filed within the required reporting window (no late filing flag shown).

Context

• The M-code indicates conversion of a derivative (here, RSUs) into common shares. The $0.00 disposition entry on Form 4 often represents administrative transfers (e.g., plan allocations or similar adjustments); footnote F3 specifically references ESOP allocations. This transaction reflects routine award vesting rather than an open-market buy or sell.