COLLINS JIM (EVP, CBO & CRO) exercised options at ALERUS FINANCIAL CORP

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 1 exercise

COLLINS JIM

Filed: 3/2/2026ACC: 0001437749-26-006376

InsiderCOLLINS JIMCIK 1932201

→

IssuerALERUS FINANCIAL CORPCIK 903419

Officer· EVP, CBO & CRO

Since May 2022

+7.76K

Net shares

Net buyer

$33.0K

Total sold

Open market trades

0B · 0S

Total transactions

13.30K acquired · 5.54K disposed

Non-Derivative Transactions2

Common Stock

Direct

M · Option Exercise

+4.24K

Price / share

—

Trade value

—

% of position

32.2%

2/26/2026

13.17K→17.41K

Common Stock

Direct

F · Tax Withholding

−1.30K

Price / share

$25.45

Trade value

$33.03K

% of position

7.5%

2/26/2026

17.41K→16.11K

Total

Net shares

+2.94K

Net value

-$33.03K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	2/26/2026	M · Option Exercise	+4.24K	—	—	32.2%	13.17K	17.41K
Common Stock Direct	2/26/2026	F · Tax Withholding	−1.30K	$25.45	$33.03K	7.5%	17.41K	16.11K
Total			+2.94K		-$33.03K

Derivative Transactions2

Restricted Stock Units

Direct

M · Option Exercise

Converts to

Common Stock

4.24K shares

−4.24K

Strike price

Held after

0.00

Exercisable

—

2/26/2026

Restricted Stock Units

Direct

A · Award

Converts to

Common Stock

9.06K shares

+9.06K

Strike price

Held after

9.06K

Exercisable

—

2/26/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Restricted Stock Units Direct	Common Stock4.24K shares	2/26/2026	M · Option Exercise	−4.24K		—	0.00
Restricted Stock Units Direct	Common Stock9.06K shares	2/26/2026	A · Award	+9.06K		—	9.06K

Non-Derivative Holdings (Post-Transaction)1

Common Stock

Indirect

Shares owned725.36

Total

725.36 indirect725.36

Security Title	Shares Owned	Ownership Type
Common Stock	725.36	Indirect
Total	725.36	725.36 indirect

Derivative Holdings (Post-Transaction)0

No derivative holdings reported