Midland States CEO: 2,814 shares delivered or withheld

JQ Properties is reported as holding 11,569 shares indirectly, alongside the President & CEO's direct stock and option positions.

Available on EDGAR 11/04/2026 - 10:36 AM EST Accepted by SEC EDGAR 11/04/2026 - 10:36 AM EST

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Form Type

Rhea-AI Filing Summary

Midland States Bancorp, Inc. (MSBI) President & CEO Jeffrey G. Ludwig had 2,814 shares delivered or withheld for payment of exercise price or tax liability on November 3, 2026, at $33.22 per share. His reported direct common-stock holdings afterward were 402,620 shares. JQ Properties was reported as holding 11,569 shares indirectly; Ludwig disclaims beneficial ownership of those securities except to the extent of his pecuniary interest. The report also lists direct options covering 16,800 shares at $23, expiring November 3, 2025, and 52,291 shares at $28.43, expiring October 31, 2032.

Insider Trade Summary

Exercise Price or Tax Liability: 2,814 shares

Exercise Price or Tax Liability 1 txn

Insider Ludwig Jeffrey G.

Role President & CEO

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	2,814	$33.22	$93K
Holding	Option (right to buy) ^F2	--	--	--
Holding	Option (right to buy) ^F3	--	--	--
Holding	Common Stock ^F1	--	--	--

Holdings After Transaction: Common Stock — 402,620.432 shares (Direct); Option (right to buy) — 69,091 contracts (Direct); Common Stock — 11,569 shares (Indirect, JQ Properties)

Footnotes (3)

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
F2. These options vest in four equal annual installments beginning one year after the 11/03/2015 date of grant.
F3. These options vest in four equal annual installments beginning one year after the 10/31/2022 date of grant.

Key Figures

Shares delivered or withheld: 2,814 shares Reported price per share: $33.22 per share Direct common-stock holdings after transaction: 402,620 shares +5 more

8 metrics

Shares delivered or withheld 2,814 shares November 3, 2026

Reported price per share $33.22 per share November 3, 2026 transaction

Direct common-stock holdings after transaction 402,620 shares Reported after the November 3, 2026 transaction

JQ Properties indirect common-stock holding 11,569 shares Reported holding

Shares underlying direct options 16,800 shares Exercise price $23; expiration November 3, 2025

Option exercise price $23 Options covering 16,800 shares

Shares underlying direct options 52,291 shares Exercise price $28.43; expiration October 31, 2032

Option exercise price $28.43 Options covering 52,291 shares

Key Terms

pecuniary interest, vest in four equal annual installments, payment of exercise price or tax liability

3 terms

pecuniary interest financial

"except to the extent of his pecuniary interest therein"

vest in four equal annual installments technical

"These options vest in four equal annual installments"

payment of exercise price or tax liability financial

"Payment of exercise price or tax liability by delivering or withholding securities"

FAQ

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

How many MSBI shares did the President & CEO have delivered or withheld?

On November 3, 2026, President & CEO Jeffrey G. Ludwig had 2,814 shares delivered or withheld for payment of exercise price or tax liability at $33.22 per share. His reported direct common-stock holdings afterward were 402,620 shares, and no Rule 10b5-1 plan is reported.

How do Jeffrey G. Ludwig's MSBI options vest?

Both option grants vest in four equal annual installments, beginning one year after their respective grant dates: November 3, 2015, for options covering 16,800 shares and October 31, 2022, for options covering 52,291 shares.

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

Form 4 Insider Transactions: What Each Field Means →

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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)
11/03/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/03/2026		F		2,814	D	$33.22	402,620.432	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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	11/04/2026
	/s/Nathan D. Sturycz, attorney-in-fact	11/04/2026
	** 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)

Source: View Original Filing on SEC EDGAR