# EDGAR Filing Document

**Accession Number:** 0000903419
**File Stem:** 0001437749-26-006377
**Filing Date:** 2026-3
**Character Count:** 8001
**Document Hash:** da244e93672a12b6aedb2572f131ea5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-006377.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001437749-26-006377

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260226

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Keney Missy
- **CENTRAL INDEX KEY:** 0001941903

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39036
- **FILM NUMBER:** 26707613

**MAIL ADDRESS:**
- **STREET 1:** 401 DEMERS AVENUE
- **CITY:** GRAND FORKS
- **STATE:** ND
- **ZIP:** 58201
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALERUS FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000903419
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 450375407
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 401 DEMERS AVE
- **CITY:** GRAND FORKS
- **STATE:** ND
- **ZIP:** 58201
- **BUSINESS PHONE:** 7017953200

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 6001
- **STREET 2:** 401 DEMERS AVE
- **CITY:** GRAND FORKS
- **STATE:** ND
- **ZIP:** 58206-6001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST NATIONAL CORP NORTH DAKOTA
- **DATE OF NAME CHANGE:** 19980312

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Keney Missy<br><sub>(Last) (First) (Middle)</sub><br>401 DEMERS AVENUE<br><sub>(Street)</sub><br>GRAND FORKS, ND 58201<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-02-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Engagement Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>ALERUS FINANCIAL CORP [ ALRS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2026-02-26 |  | M |  | 2349<sup>(1)</sup> | A | 0<sup>(2)</sup> | 10814<sup>(3)</sup> | D |  |
| Common Stock | 2026-02-26 |  | F |  | 608<sup>(4)</sup> | D | $25.45 | 10206<sup>(3)</sup> | D |  |
| Common Stock |  |  |  |  |  |  |  | 3566 | I | By spouse |
| Common Stock |  |  |  |  |  |  |  | 4900.1629<sup>(5)</sup> | I | By the Alerus Financial Corporation Employee Stock Ownership Program |
| Common Stock |  |  |  |  |  |  |  | 5299.8914 | I | By the Alerus Financial Corporation Employee Stock Ownership Program<sup>(6)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(2)</sup> | 2026-02-26 |  | M |  |  | 2349 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 2349<sup>(1)</sup> | $0 | 0 | D |  |
| Restricted Stock Units | <sup>(2)</sup> | 2026-02-26 |  | A |  | 5153<sup>(7)</sup> |  | <sup>(8)</sup> | <sup>(8)</sup> | Common Stock | 5153 | $0 | 5153 | D |  |

---

### Footnotes:

(1) 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.

(2) Restricted stock units convert into common stock on a one-for-one basis.

(3) Includes 3,738 shares held jointly with Ms. Keney's spouse.

(4) Shares withheld upon vesting of restricted stock units for payment of tax liability.

(5) Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.

(6) All shares are held by the Alerus Financial Corporation Employee Stock Ownership Plan in the name of Ms. Keney's spouse.

(7) Includes 2,061 restricted stock units that have time-based vesting components. Includes 3,092 restricted stock units that have performance-based vesting components.

(8) 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  
**Date:** 2026-03-02

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**