Midland States Bancorp CEO receives 5,140 shares

MSBI's CEO's reported transactions accompany listed option positions and an indirect holding through JQ Properties.

Available on EDGAR 11/02/2026 - 04:38 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:38 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Midland States Bancorp, Inc. (MSBI) President & CEO Jeffrey G. Ludwig reported a direct award acquisition of 5,140 common shares on November 2, 2026, at a reported $32.81 per share. On October 31, 2026, 677 common shares were delivered or withheld for payment of exercise price or tax liability. The report lists an indirect holding of 11,569 common shares through JQ Properties; Ludwig disclaims beneficial ownership except to the extent of his pecuniary interest. It also lists option entries covering 16,800 and 52,291 underlying shares, with exercise prices of $23 and $28.43 and listed expiration dates of November 3, 2025, and October 31, 2032, respectively.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Ludwig Jeffrey G.

Role President & CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	5,140	$32.81	$169K
Exercise Price or Tax Liability	Common Stock	677	$32.81	$22K
Holding	Option (right to buy) F2	--	--	--
Holding	Option (right to buy) F3	--	--	--
Holding	Common Stock F1	--	--	--

Holdings After Transaction: Common Stock — 405,434.432 shares (Direct); Option (right to buy) — 69,091 contracts (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

Award acquisition: 5,140 common shares Award reported price: $32.81 per share Shares delivered or withheld: 677 common shares +3 more

6 metrics

Award acquisition 5,140 common shares Direct transaction on November 2, 2026

Award reported price $32.81 per share November 2, 2026 award acquisition

Shares delivered or withheld 677 common shares Payment of exercise price or tax liability on October 31, 2026

Option underlying shares and exercise price 16,800 shares at $23 per share Listed expiration date: November 3, 2025

Option underlying shares and exercise price 52,291 shares at $28.43 per share Listed expiration date: October 31, 2032

Indirect common shares through JQ Properties 11,569 shares Ludwig disclaims beneficial ownership except to the extent of his pecuniary interest

Key Terms

beneficial ownership, pecuniary interest, vest in four equal annual installments

3 terms

beneficial ownership financial

"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

"vest in four equal annual installments beginning one year after"

FAQ

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

How many shares did MSBI CEO Jeffrey G. Ludwig receive as an award?

Midland States Bancorp President & CEO Jeffrey G. Ludwig reported a direct award acquisition of 5,140 common shares on November 2, 2026, at a reported $32.81 per share.

What option positions are listed for MSBI CEO Jeffrey G. Ludwig?

The report lists option entries covering 16,800 underlying shares at a $23 exercise price, with a November 3, 2025 expiration date, and 52,291 underlying shares at a $28.43 exercise price, with an October 31, 2032 expiration date.

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

The options covering 16,800 underlying shares vest in four equal annual installments beginning one year after the November 3, 2015 grant date. The options covering 52,291 underlying shares vest in four equal annual installments beginning one year after the October 31, 2022 grant date.

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)
10/31/2026

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	10/31/2026		F		677	D	$32.81	400,294.432	D
Common Stock	11/02/2026		A		5,140	A	$32.81	405,434.432	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	11/02/2026
	/s/Nathan D. Sturycz, attorney-in-fact	11/02/2026
	** 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)