Keney Missy 4

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.