MSBI director granted deferred stock equivalents

Midland States Bancorp director Franklin Travis reported routine compensation-related acquisitions of deferred stock equivalents rather than open-market trades.

Rhea-AI Filing Summary

Midland States Bancorp director Franklin Travis reported routine compensation-related acquisitions of deferred stock equivalents rather than open-market trades. He received 1,870.584 and 119.220 common share equivalents in the Directors Deferred Compensation Plan from reinvested dividends on previously held equivalents. Each common share equivalent is economically equal to one share of common stock and these awards were fully vested on the transaction date, becoming payable only when his service as a director ends. A separate holding entry shows he owns 9,400 shares of common stock directly.

Insider Trade Summary

Grant/Award: 1,989.804 shares

Grant/Award 3 txns

Insider Franklin Travis

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Share Equivalent	119.22	$26.55	$3K
Grant/Award	Common Share Equivalent	1,870.584	$31.14	$58K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Share Equivalent — 11,881.379 contracts (Direct); Common Stock — 9,400 shares (Direct)

Footnotes (3)

1. F1. 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. 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.
3. F3. Each common stock equivalent is the economic equivalent of one share of common stock.

Key Figures

Common share equivalents acquired: 1,870.584 equivalents Additional equivalents acquired: 119.220 equivalents Equivalent price: $31.1400 per equivalent +3 more

6 metrics

Common share equivalents acquired 1,870.584 equivalents Directors Deferred Compensation Plan, dividend reinvestment

Additional equivalents acquired 119.220 equivalents Directors Deferred Compensation Plan, dividend reinvestment

Equivalent price $31.1400 per equivalent Common share equivalent grant entry

Equivalent price $26.5500 per equivalent Second common share equivalent grant entry

Conversion price $22.6500 Common share equivalents underlying common stock

Direct common stock holdings 9,400 shares Common Stock, total shares following transaction

Key Terms

Directors Deferred Compensation Plan, common share equivalents, dividend reinvestments, fully vested, +1 more

5 terms

Directors Deferred Compensation Plan financial

"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.

common share equivalents financial

"Represents common share equivalents held pursuant to Directors Deferred Compensation Plan"

Securities and instruments that can be converted into or used to buy a company’s common stock, such as stock options, warrants, convertible preferred shares, and convertible debt. They matter because they represent potential future shares that can increase the company’s share count and change ownership percentages; thinking of them like coupons or tickets that could be exchanged for stock helps picture how they can dilute existing holders and alter per‑share metrics.

dividend reinvestments financial

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

fully vested financial

"Common share equivalents received for dividend reinvestments fully vested on the transaction date"

termination of service as a director financial

"Common stock equivalents become payable upon the reporting persons termination of service as a director"

FAQ

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

What did Midland States Bancorp (MSBI) director Franklin Travis report on this Form 4?

He reported of common share equivalents in a deferred compensation plan from dividend reinvestments, plus an updated direct holding of 9,400 common shares, with no open-market purchases or sales disclosed.

How many common share equivalents did Franklin Travis acquire in the MSBI deferred plan?

He acquired 1,870.584 and 119.220 common share equivalents in separate entries. These were credited through dividend reinvestments on existing plan balances rather than cash purchases in the open market.

What is a common share equivalent in the Midland States Bancorp DDCP?

A common share equivalent is the economic equivalent of one MSBI common share. In the Directors Deferred Compensation Plan, these equivalents track the stock’s value and become payable when the director’s service ends, not immediately as tradable shares.

Were Franklin Travis’s MSBI awards immediately vested or subject to future vesting?

The filing states these common share equivalents from dividend reinvestments fully vested on the transaction date. Although vested, they are payable only upon termination of service as a director under the deferred compensation arrangement.

Did Franklin Travis buy or sell Midland States Bancorp stock in the market?

No open-market buys or sells are shown. The Form 4 reports grants of deferred common share equivalents via dividend reinvestment and a holding entry of 9,400 directly owned common shares, indicating a routine compensation update.

What MSBI share price figures are associated with the common share equivalents?

The reported entries use $31.1400 and $26.5500 per common share equivalent, with a referenced $22.6500 conversion price. These figures relate to how the deferred equivalents are valued within the compensation plan framework.

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

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Accepted by SEC EDGAR 07/01/2026 - 12:28 PM Learn about SEC filing dates

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)
06/30/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock								9,400	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Share Equivalent(1)	$22.65(1)	06/30/2026		A		119.22		(1)	(3)	Common Stock	119.22	$26.55(2)	10,010.795	D
Common Share Equivalent(1)	$22.65(1)	06/30/2026		A		1,870.584		(1)	(3)	Common Stock	1,870.584	$31.14	11,881.379	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	07/01/2026
	/s/Nathan D. Sturycz, attorney-in-fact	07/01/2026
	** 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)