Midland States director Carlson acquires 466 stock units

Dividend-reinvestment equivalents vested on September 30, 2026, and become payable upon termination of service as a director.

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Form Type

Rhea-AI Filing Summary

Midland States Bancorp, Inc. director Gerald Joseph Carlson acquired 133 common share equivalents through dividend reinvestments and 466 restricted stock units on September 30, 2026. The dividend-reinvestment equivalents vested on that date and become payable upon termination of service as a director; vested restricted stock units are delivered under the Directors Deferred Compensation Plan based on its terms and Carlson’s distribution elections. Carlson directly held 4,000 common shares as reported on September 30, 2026.

Insider Trade Summary

Grant/Award: 598.928 shares

Grant/Award 3 txns

Insider Carlson Gerald Joseph

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Share Equivalent ^{F1, F2, F3}	132.51	$33.38	$4K
Grant/Award	Common Share Equivalent ^{F1, F3}	466.418	$32.16	$15K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Share Equivalent — 14,002.5005 contracts (Direct); Common Stock — 4,000 shares (Direct)

Footnotes (3)

F1. Represents restricted stock units acquired by the reporting person under the 2019 Long-term incentive plan and deferred under the DDCP as of the date of this form. Each restricted stock unit is the contingent right to receive one share of Issuer common stock. Vested shares will be delivered to the reporting person based on the terms of the DDCP and the reporting persons distribution elections thereunder.
F2. Represents common share equivalents acquired by the reporting person in the DDCP pursuant to the reinvestment of dividends received during the quarter on common share equivalents held in the DDCP by the reporting person at the time such dividend was paid on the underlying shares. Common share equivalents received for dividend reinvestments fully vested on the transaction date listed above and become payable upon termination of service as a director.
F3. Represents common share equivalents held pursuant to Directors Deferred Compensation Plan as of the date of this form. Each common share equivalent is the economic equivalent of one share of common stock. Common stock equivalents become payable upon the reporting persons termination of service as a director.

Key Figures

Common share equivalents acquired: 133 equivalents Restricted stock units acquired: 466 units Reported per-share amount: $33.38 per share +2 more

5 metrics

Common share equivalents acquired 133 equivalents Dividend reinvestments on September 30, 2026

Restricted stock units acquired 466 units September 30, 2026

Reported per-share amount $33.38 per share 132.5100 common share equivalents acquired through dividend reinvestments

Reported per-share amount $32.16 per share 466.4180 common share equivalents acquired

Direct common shares held 4,000 shares As reported on September 30, 2026

Key Terms

restricted stock units, Directors Deferred Compensation Plan, dividend reinvestments, common share equivalents

4 terms

restricted stock units financial

"Represents restricted stock units acquired by the reporting person"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Directors Deferred Compensation Plan financial

"held pursuant to Directors Deferred Compensation Plan"

A directors deferred compensation plan lets a board member postpone receiving part or all of their cash fees or stock-based pay until a future date, often retirement, allowing taxes to be delayed and payouts to be structured over time. Investors care because these plans change a company’s future cash obligations and reveal how the board’s pay is aligned with long-term performance—like choosing to take a paycheck later to tie personal reward to the company’s future results.

dividend reinvestments financial

"pursuant to the reinvestment of dividends"

FAQ

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

What awards did MSBI director Gerald Joseph Carlson report?

Gerald Joseph Carlson acquired 133 common share equivalents through dividend reinvestments and 466 restricted stock units on September 30, 2026. The restricted stock units were acquired under the 2019 Long-term incentive plan and deferred under the Directors Deferred Compensation Plan.

When are Gerald Joseph Carlson’s MSBI deferred compensation units payable?

The common share equivalents acquired through dividend reinvestments become payable upon termination of service as a director. Vested restricted stock units are delivered based on the Directors Deferred Compensation Plan’s terms and Carlson’s distribution elections.

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

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Available on EDGAR 10/01/2026 - 09:04 AM Accepted by SEC EDGAR 10/01/2026 - 09:04 AM

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^*

Carlson Gerald Joseph

(Last)

(First)

(Middle)

1201 NETWORK CENTRE DRIVE

(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
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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								4,000	D

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)
Common Share Equivalent	⁽¹⁾	09/30/2026		A		132.51		⁽³⁾	⁽³⁾	Common Stock	132.51	$33.38⁽²⁾	13,536.0825	D
Common Share Equivalent	⁽¹⁾	09/30/2026		A		466.418		⁽³⁾	⁽³⁾	Common Stock	466.418	$32.16	14,002.5005	D

Explanation of Responses:

1. Represents restricted stock units acquired by the reporting person under the 2019 Long-term incentive plan and deferred under the DDCP as of the date of this form. Each restricted stock unit is the contingent right to receive one share of Issuer common stock. Vested shares will be delivered to the reporting person based on the terms of the DDCP and the reporting persons distribution elections thereunder.

2. Represents common share equivalents acquired by the reporting person in the DDCP pursuant to the reinvestment of dividends received during the quarter on common share equivalents held in the DDCP by the reporting person at the time such dividend was paid on the underlying shares. Common share equivalents received for dividend reinvestments fully vested on the transaction date listed above and become payable upon termination of service as a director.

3. Represents common share equivalents held pursuant to Directors Deferred Compensation Plan as of the date of this form. Each common share equivalent is the economic equivalent of one share of common stock. Common stock equivalents become payable upon the reporting persons termination of service as a director.

Remarks:

	/s/Gerald Carlson	10/01/2026
	/s/Nathan D. Sturycz, attorney-in-fact	10/01/2026
	** 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