How many Midland States Bancorp (MSBI) common share equivalents did Franklin Travis acquire?

Franklin Travis acquired 128.518 common share equivalents at $22.97 and 537.875 common share equivalents at $22.31. Both positions are credited within the Directors Deferred Compensation Plan and are economically equivalent to the same number of Midland States Bancorp common shares.

When do Franklin Travis’s Midland States Bancorp (MSBI) common share equivalents become payable?

The filing states that common share equivalents in the Directors Deferred Compensation Plan become payable upon the reporting person’s termination of service as a director. At that point, the accumulated common share equivalents are settled based on the plan’s terms linked to Midland States Bancorp stock.

How many Midland States Bancorp (MSBI) common share equivalents does Franklin Travis hold after the transactions?

After the reported transactions, Franklin Travis directly holds 9,891.575 common share equivalents in the Directors Deferred Compensation Plan. Each equivalent represents the economic value of one Midland States Bancorp common share, payable after his board service ends under the plan’s terms.

Midland States Bancorp (MSBI) director adds 666 common share equivalents in plan

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Midland States Bancorp director Franklin Travis reported routine acquisitions of deferred stock-based compensation tied to his board service. On the transaction date, he received 128.518 common share equivalents at $22.97 and 537.875 common share equivalents at $22.31 under a Directors Deferred Compensation Plan.

Each common share equivalent is economically equal to one share of common stock and is credited through dividend reinvestments in the plan. These awards fully vested on the transaction date and become payable in common stock equivalents when Travis’s service as a director ends, bringing his total deferred common share equivalents in the plan to 9,891.575.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Franklin Travis

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Share Equivalent	128.518	$22.97	$3K
Grant/Award	Common Share Equivalent	537.875	$22.31	$12K

Holdings After Transaction: Common Share Equivalent — 9,353.7 shares (Direct)

Footnotes (1)

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. 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. Each common stock equivalent is the economic equivalent of one share of common stock.

Key Figures

First grant size: 128.518 common share equivalents Second grant size: 537.875 common share equivalents Total deferred equivalents after first transaction: 9,353.7000 common share equivalents +2 more

5 metrics

First grant size 128.518 common share equivalents Award at $22.97 per share equivalent on March 31, 2026

Second grant size 537.875 common share equivalents Award at $22.31 per share equivalent on March 31, 2026

Total deferred equivalents after first transaction 9,353.7000 common share equivalents Balance following the smaller grant on March 31, 2026

Total deferred equivalents after second transaction 9,891.5750 common share equivalents Final reported balance in Directors Deferred Compensation Plan

Conversion price $22.65 per share equivalent Conversion or exercise price for common share equivalents

Key Terms

Directors Deferred Compensation Plan, common share equivalents, dividend reinvestments

3 terms

Directors Deferred Compensation Plan financial

"Represents common share equivalents held pursuant to Directors Deferred Compensation Plan as of the date of this form."

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

"acquired by the reporting person in the DDCP pursuant to the reinvestment of dividends received during the quarter"

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 09:35 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^*

Franklin Travis

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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)
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)

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⁾	$22.65	03/31/2026		A		128.518		⁽¹⁾	⁽³⁾	Common Stock	128.518	$22.97⁽²⁾	9,353.7	D
Common Share Equivalent⁽¹⁾	$22.65	03/31/2026		A		537.875		⁽¹⁾	⁽³⁾	Common Stock	537.875	$22.31	9,891.575	D

Explanation of Responses:

1. 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.

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. Each common stock equivalent is the economic equivalent of one share of common stock.

Remarks:

	/s/TRAVIS FRANKLIN	04/01/2026
	/s/Nathan D. Sturycz, attorney-in-fact	04/01/2026
	** 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

FAQ

What insider transaction did Midland States Bancorp (MSBI) report for director Franklin Travis?

Midland States Bancorp reported that director Franklin Travis acquired additional common share equivalents in a deferred compensation plan. The Form 4 shows two grant-type entries credited on March 31, 2026, increasing his total deferred common share equivalents held under the plan to 9,891.575.

What is the nature of the Midland States Bancorp (MSBI) Directors Deferred Compensation Plan?

The Directors Deferred Compensation Plan holds common share equivalents for directors instead of immediate cash. Each common share equivalent matches one share of common stock in economic value, with balances typically growing through dividend reinvestments credited to the participating director’s account over time.

Were the Midland States Bancorp (MSBI) Form 4 transactions open-market trades?

No. The Form 4 describes grant or award acquisitions of common share equivalents within a deferred compensation plan. Footnotes explain these arose from dividend reinvestments on existing plan holdings, rather than open-market purchases or sales of Midland States Bancorp common stock.