ESTEP JANET O 4

What Happened

• Janet O. Estep, a director of Alerus Financial Corp., was granted 1,772 shares as an award on May 22, 2026. The Form 4 reports the acquisition at $0.00 per share (total reported cash consideration $0), indicating these were issued as compensation rather than a market purchase.

Key Details

• Transaction date and type: 2026-05-22 — Award/Grant (code A) at $0.00 per share.
• Shares involved: 1,772 shares acquired; reported as restricted stock.
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: (F1) Shares issued under the Alerus Financial Corporation 2019 Equity Incentive Plan as the annual director award. (F2) The award consists of 1,772 restricted shares.
• Filing timing: Form filed 2026-05-27, five days after the transaction date (appears later than the typical two-business-day Form 4 deadline).

Context

• Director stock awards are a routine form of compensation and do not by themselves indicate the director is buying or selling based on inside views. Restricted shares typically vest over time under plan terms; consult company disclosures for vesting schedule and potential future sales.