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ALERUS FINANCIAL CORP·4

Mar 2, 4:08 PM ET

Collins Jim 4

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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.