Collins Jim 4

4 · ALERUS FINANCIAL CORP · Filed Mar 2, 2026

AI-generated summary of this filing

Updated Mar 3, 2026

ALERUS (ALRS) EVP Jim Collins Receives RSUs; 1,298 Shares Withheld

What Happened

Jim Collins, EVP, Chief Banking Officer & Chief Risk Officer of Alerus Financial Corp (ALRS), had restricted stock units (RSUs) vest and convert into common stock on February 26, 2026. The filing shows a conversion/exercise of 4,239 performance-based RSUs (these came from a 2023 grant that paid out at 112% of target) and an additional RSU award/holding of 9,058 units recorded as derivative shares.
To satisfy tax withholding, 1,298 shares were surrendered/disposed at $25.45 per share, producing a withholding value of about $33,034. RSUs convert to common stock on a one-for-one basis; the conversion entries are recorded at $0 exercise price because they are compensation awards (not open-market purchases).

Key Details

Transaction date: February 26, 2026 (Form 4 filed March 2, 2026 — timely).
Prices/values: RSU conversions recorded at $0 (compensation); tax withholding shares valued at $25.45 each; total withheld ≈ $33,034.
Shares owned following transaction: not specified in the provided filing excerpt.
Footnotes of note:
- F1: A 2/21/2023 performance RSU grant of 3,784 units was certified at 112% and vested into 4,239 shares on 2/26/2026.
- F2/F3: RSUs convert 1-for-1 to common stock; shares can be withheld upon vesting to pay taxes.
- F5/F6: The filing references 3,623 time‑based and 5,435 performance‑based RSUs (9,058 total) with future vesting schedules (time‑based vesting in 2029; performance vesting subject to committee certification through 2029, payout 0–150%).
Transaction codes explained: M = exercise/conversion of derivative (RSU conversion here); F = shares withheld to cover tax liability.

Context

This was a compensation event (RSU vesting and conversion), not an open-market purchase or discretionary sale. The withholding of shares to pay taxes is routine and does not indicate an open-market sale intent. For retail investors, vesting awards increase insider share exposure but generally reflect previously granted compensation rather than new buying or selling decisions.

Form 4

Period: 2026-02-26

EVP, CBO & CRO

Transactions

Exercise/Conversion
Common Stock
[F1][F2]
2026-02-26+4,239→ 17,406 total
Tax Payment
Common Stock
[F3]
2026-02-26$25.45/sh−1,298$33,034→ 16,108 total
Exercise/Conversion
Restricted Stock Units
[F2][F1]
2026-02-26−4,239→ 0 total
→ Common Stock (4,239 underlying)
Award
Restricted Stock Units
[F2][F5][F6]
2026-02-26+9,058→ 9,058 total
→ Common Stock (9,058 underlying)

Holdings

Common Stock
[F4]
(indirect: By the Alerus Financial Corporation Employee Stock Ownership Program)
725.361

Footnotes (6)

[F1]On February 21, 2023, the reporting person was granted 3,784 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]Shares withheld upon vesting of restricted stock units for payment of tax liability.
[F4]Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.
[F5]Includes 3,623 restricted stock units that have time-based vesting components. Includes 5,435 restricted stock units that have performance-based vesting components.
[F6]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.

Signature

/s/ Nicholas Brenckman, by power of attorney|2026-03-02

1 file