Midland States director acquires share equivalents

The common share equivalents become payable when the director's service ends.

Rhea-AI Filing Summary

Midland States Bancorp, Inc. director Travis Franklin acquired 117.4610 and 412.0020 common share equivalents on September 30, 2026. Both were held under the Directors Deferred Compensation Plan; each equivalent represents the economic equivalent of one common share and becomes payable upon termination of service as a director. Franklin reported 9,400 common shares held directly.

Insider Trade Summary

Grant/Award: 529.463 shares

Grant/Award 3 txns

Insider Franklin Travis

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Share Equivalent F1, F2	117.461	$33.38	$4K
Grant/Award	Common Share Equivalent F1, F2	412.002	$32.16	$13K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Share Equivalent — 12,410.842 contracts (Direct); Common Stock — 9,400 shares (Direct)

Footnotes (2)

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

Key Figures

Common share equivalents acquired: 117.4610 equivalents Common share equivalents acquired: 412.0020 equivalents Per-share amount: $33.3800 per share +3 more

6 metrics

Common share equivalents acquired 117.4610 equivalents September 30, 2026

Common share equivalents acquired 412.0020 equivalents September 30, 2026

Per-share amount $33.3800 per share For the acquisition of 117.4610 common share equivalents

Per-share amount $32.1600 per share For the acquisition of 412.0020 common share equivalents

Conversion or exercise price $22.6500 per share Reported for the common share equivalents

Common shares held directly 9,400 shares As of September 30, 2026

Key Terms

Common share equivalent, Directors Deferred Compensation Plan, economic equivalent

3 terms

Common share equivalent financial

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

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.

economic equivalent financial

"the economic equivalent of one share of common stock"

FAQ

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

How many common share equivalents did Midland States Bancorp director Travis Franklin acquire?

Travis Franklin reported acquiring 117.4610 and 412.0020 common share equivalents on September 30, 2026. Each is the economic equivalent of one common share, and the equivalents become payable upon his termination of service as a director.

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

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Available on EDGAR 10/01/2026 - 09:05 AM Accepted by SEC EDGAR 10/01/2026 - 09:05 AM 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)
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)
			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)	09/30/2026		A		117.461		(1)	(2)	Common Stock	117.461	$33.38	11,998.84	D
Common Share Equivalent(1)	$22.65(1)	09/30/2026		A		412.002		(1)	(2)	Common Stock	412.002	$32.16	12,410.842	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. Each common stock equivalent is the economic equivalent of one share of common stock.

Remarks:

	/s/TRAVIS FRANKLIN	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)