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ALERUS FINANCIAL CORP

For the period ended Dec 31, 2025. Filed Mar 4, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 4, 2026

ALRS$34.45+1.9%Stored close · as of Nov 9, 2026

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Item 11. Executive Compensation

Information required by this Item11 is set forth under the headings “Compensation Discussion and Analysis,” “Corporate Governance and the Board of Directors – Compensation Committee Interlocks and Insider Participation,” “Corporate Governance and the Board of Directors – Director Compensation,” “CEO Pay Ratio,” “Pay Versus Performance,” “Compensation Committee Report,” and “Executive Compensation” appearing in the Company’s Proxy Statement for the2026 annual meeting of stockholders to be filed with the SEC pursuant to Regulation 14A under the Exchange Act within120 days of the Company’s fiscal year end,* December 31, 2025*, which is incorporated herein by reference.

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