Keney Missy 4
4 · ALERUS FINANCIAL CORP · Filed Mar 2, 2026
Research Summary
AI-generated summary of this filing
ALERUS (ALRS) Chief Engagement Officer Missy Keney Receives & Exercises RSUs
What Happened
- Missy Keney, Chief Engagement Officer of Alerus Financial Corp., had performance-based restricted stock units vest and converted/ exercised derivative awards on Feb 26, 2026, and also received a new award of restricted stock units. Specifically, 2,349 performance RSUs vested and converted to common shares; 608 of those shares were withheld to cover taxes (tax withholding valued at $25.45 per share, totaling $15,474). In addition, 5,153 RSUs were recorded as a grant/award on the same date (reported as derivative awards).
Key Details
- Transaction date: February 26, 2026.
- Actions and SEC codes: M = exercise/conversion of derivative (2,349 shares converted; a related M entry shows 2,349 shares as disposed in the filing context), F = shares withheld for taxes (608 shares withheld at $25.45/share = $15,474), A = grant/award of 5,153 RSUs.
- Net common shares issued from the vesting event: 2,349 vested − 608 withheld = 1,741 shares delivered to the reporting person (plus the 5,153 RSUs granted as derivative awards).
- Notable footnotes: the vested 2,349 shares came from a 2023 performance RSU grant (target 2,097 shares) certified at 112% payout (F1); RSUs convert one-for-one to common stock (F2); shares were withheld to satisfy tax withholding (F4). The 5,153 RSUs include time‑based and performance‑based components (2,061 time‑based; 3,092 performance-based) with later vesting dates/conditions (F7, F8).
- Filing timeliness: Form 4 filed March 2, 2026 for transactions on Feb 26, 2026 — reported within the typical two-business-day window (timely).
Context
- These transactions reflect vesting/conversion of RSUs and a contemporaneous RSU award rather than an open-market buy or sell. The tax withholding (F) is a routine withholding action upon vesting and does not indicate a discretionary sale. The newly granted 5,153 RSUs remain subject to their stated vesting schedules/conditions.
Insider Transaction Report
Form 4
Keney Missy
Chief Engagement Officer
Transactions
- Exercise/Conversion
Common Stock
[F1][F2][F3]2026-02-26+2,349→ 10,814 total - Tax Payment
Common Stock
[F4][F3]2026-02-26$25.45/sh−608$15,474→ 10,206 total - Exercise/Conversion
Restricted Stock Units
[F2][F1]2026-02-26−2,349→ 0 total→ Common Stock (2,349 underlying) - Award
Restricted Stock Units
[F2][F7][F8]2026-02-26+5,153→ 5,153 total→ Common Stock (5,153 underlying)
Holdings
- 3,566(indirect: By Spouse)
Common Stock
- 4,900.163(indirect: By the Alerus Financial Corporation Employee Stock Ownership Program)
Common Stock
[F5] - 5,299.891(indirect: By the Alerus Financial Corporation Employee Stock Ownership Program)
Common Stock
[F6]
Footnotes (8)
- [F1]On February 21, 2023, the reporting person was granted 2,097 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]Includes 3,738 shares held jointly with Ms. Keney's spouse.
- [F4]Shares withheld upon vesting of restricted stock units for payment of tax liability.
- [F5]Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.
- [F6]All shares are held by the Alerus Financial Corporation Employee Stock Ownership Plan in the name of Ms. Keney's spouse.
- [F7]Includes 2,061 restricted stock units that have time-based vesting components. Includes 3,092 restricted stock units that have performance-based vesting components.
- [F8]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