Midland States Bancorp CEO Ludwig disposes of shares

The report also lists two direct option positions and an indirect holding through JQ Properties.

Available on EDGAR 11/09/2026 - 02:30 PM EST Accepted by SEC EDGAR 11/09/2026 - 02:29 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Midland States Bancorp, Inc. President & CEO Jeffrey G. Ludwig reported 1,712 common shares delivered or withheld on November 6, 2026, and 1,473 on November 7, 2026, for payment of exercise price or tax liability; both transactions list $31.72 per share. No Rule 10b5-1 plan is reported. The report also lists direct options covering 16,800 and 52,291 common shares, at exercise prices of $23.00 and $28.43, and 11,569 shares indirectly held through JQ Properties; Ludwig disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

Exercise Price or Tax Liability: 3,185 shares

Exercise Price or Tax Liability 2 txns

Insider Ludwig Jeffrey G.

Role President & CEO

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	1,473	$31.72	$47K
Exercise Price or Tax Liability	Common Stock	1,712	$31.72	$54K
Holding	Option (right to buy) F2	--	--	--
Holding	Option (right to buy) F3	--	--	--
Holding	Common Stock F1	--	--	--

Holdings After Transaction: Common Stock — 399,435.432 shares (Direct); Option (right to buy) — 69,091 options (Direct); Common Stock — 11,569 shares (Indirect, JQ Properties)

Footnotes (3)

1. F1. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose
2. F2. These options vest in four equal annual installments beginning one year after the 11/03/2015 date of grant.
3. F3. These options vest in four equal annual installments beginning one year after the 10/31/2022 date of grant.

Key Figures

Common shares delivered or withheld: 1,712 shares Common shares delivered or withheld: 1,473 shares Reported price per share: $31.72 per share +3 more

6 metrics

Common shares delivered or withheld 1,712 shares November 6, 2026

Common shares delivered or withheld 1,473 shares November 7, 2026

Reported price per share $31.72 per share Both reported transactions

Underlying common shares in direct options 16,800 shares Exercise price $23.00; expiration November 3, 2025

Underlying common shares in direct options 52,291 shares Exercise price $28.43; expiration October 31, 2032

Shares indirectly listed through JQ Properties 11,569 shares Ludwig disclaims beneficial ownership except to the extent of his pecuniary interest

Key Terms

exercise price or tax liability, beneficial ownership, pecuniary interest, vest in four equal annual installments

4 terms

exercise price or tax liability financial

"for payment of exercise price or tax liability"

beneficial ownership regulatory

"disclaims beneficial ownership of these securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest therein"

vest in four equal annual installments financial

"options vest in four equal annual installments"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MSBI shares did President & CEO Jeffrey G. Ludwig deliver or withhold, and at what price?

He reported 1,712 shares on November 6, 2026, and 1,473 shares on November 7, 2026, each at $31.72 per share, delivered or withheld for payment of exercise price or tax liability. The transactions were reported directly, and no Rule 10b5-1 plan is reported.

What MSBI options did Jeffrey G. Ludwig report?

The report lists direct options covering 16,800 common shares at $23.00, expiring November 3, 2025, and 52,291 common shares at $28.43, expiring October 31, 2032. Each grant vests in four equal annual installments beginning one year after its November 3, 2015, or October 31, 2022, grant date, respectively.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Ludwig Jeffrey G.

(Last) (First) (Middle)

1201 NETWORK CENTRE DR.

(Street)

EFFINGHAM ILLINOIS 62401

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Midland States Bancorp, Inc. [ MSBI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/06/2026		F		1,712	D	$31.72	400,908.432	D
Common Stock	11/07/2026		F		1,473	D	$31.72	399,435.432	D
Common Stock								11,569(1)	I	JQ Properties

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (right to buy)	$23							(2)	11/03/2025	Common Stock	16,800		16,800	D
Option (right to buy)	$28.43							(3)	10/31/2032	Common Stock	52,291		52,291	D

Explanation of Responses:

1. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose

2. These options vest in four equal annual installments beginning one year after the 11/03/2015 date of grant.

3. These options vest in four equal annual installments beginning one year after the 10/31/2022 date of grant.

Remarks:

	/s/Ludwig Jeffrey G	11/09/2026
	/s/Nathan D. Sturycz, attorney-in-fact	11/09/2026
	** Signature of Reporting Person	Date
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.
* Form 4: SEC 1474 (03-26)