ALERUS FINANCIAL CORP — Director's Dealing 2026

Mar 2, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALERUS FINANCIAL CORP (ALRS)
CIK: 0000903419
Period of Report: 2026-02-26

Reporting Person: Keney Missy (Chief Engagement Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-26	Common Stock	M	2349	—	Acquired	10814	Direct
2026-02-26	Common Stock	F	608	$25.45	Disposed	10206	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-26	Restricted Stock Units	$	M	2349	Disposed		Common Stock (2349)	Direct
2026-02-26	Restricted Stock Units	$	A	5153	Acquired		Common Stock (5153)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3566	Indirect
Common Stock	4900.1629	Indirect
Common Stock	5299.8914	Indirect

Footnotes

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.