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  4. [Form 4] Midland States Bancorp, Inc. Insider Trading Activity

Midland States CAO files Form 4: A and F codes at $14.64

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Midland States Bancorp (MSBI) disclosed insider transactions by its Chief Accounting Officer on a Form 4. The report shows two tax-withholding disposals of common stock under code F: 114 shares on 10/31/2025 at $14.64 and 199 shares on 11/01/2025 at $14.64. It also records an acquisition under code A of 4,000 common shares on 11/03/2025 at $14.64. Following these transactions, direct beneficial ownership stands at 9,386 common shares. The filer also lists 1,600 Series A Preferred Depositary Shares and holds stock options for 1,403 shares at $28.59 (expiring 11/16/2026) and 5,198 shares at $28.43 (expiring 10/31/2032).

Positive

  • None.

Negative

  • None.
Insider Spring Donald J.
Role Chief Accounting Officer
Type Security Shares Price Value
Grant/Award Common Stock 4,000 $14.64 $59K
Tax Withholding Common Stock 199 $14.64 $3K
Tax Withholding Common Stock 114 $14.64 $2K
holding Option (right to buy) -- -- --
holding Option (right to buy) -- -- --
holding Series A Preferred Depositary Shares -- -- --
Holdings After Transaction: Common Stock — 9,386 shares (Direct); Option (right to buy) — 1,403 shares (Direct); Series A Preferred Depositary Shares — 1,600 shares (Direct)
Footnotes (1)
  1. RSA with 4yr - 25% vesting schedule These options vest in four equal annual installments beginning one year after the date of grant. These options vest in four equal annual installments beginning one year after the 10/31/2022 date of grant.
Form 4 Insider Transactions: What Each Field Means →
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*
Spring Donald J.
(Last) (First) (Middle)
1201 NETWORK CENTRE DRIVE
(Street)
EFFINGHAM IL 62401
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Midland States Bancorp, Inc. [ MSBI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Accounting Officer
3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
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 10/31/2025 F 114 D $14.64 5,585 D
Common Stock 11/01/2025 F 199 D $14.64 5,386 D
Common Stock(1) 11/03/2025 A 4,000 A $14.64 9,386 D
Series A Preferred Depositary Shares 1,600 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
Option (right to buy) $28.59 (2) 11/16/2026 Common Stock 1,403 1,403 D
Option (right to buy) $28.43 (3) 10/31/2032 Common Stock 5,198 5,198 D
Explanation of Responses:
1. RSA with 4yr - 25% vesting schedule
2. These options vest in four equal annual installments beginning one year after the 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/Spring Donald J 11/04/2025
/s/Nathan D. Sturycz, attorney-in-fact 11/04/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did MSBI report on Form 4?

The CAO reported two F-code disposals (114 and 199 shares at $14.64) and an A-code acquisition of 4,000 shares at $14.64.

How many MSBI common shares does the insider own after the transactions?

Direct beneficial ownership is 9,386 common shares.

What were the transaction dates and prices in the MSBI Form 4?

F-code disposals on 10/31/2025 and 11/01/2025 at $14.64; A-code acquisition on 11/03/2025 at $14.64.

Does the MSBI insider hold preferred or derivative securities?

Yes. Listed are 1,600 Series A Preferred Depositary Shares and stock options for 1,403 and 5,198 underlying common shares.

What are the terms of the MSBI stock options disclosed?

Options for 1,403 shares at $28.59 expiring 11/16/2026, and 5,198 shares at $28.43 expiring 10/31/2032.

What do the A and F transaction codes mean in this context?

Code A indicates an acquisition; code F reflects share disposals to cover tax withholding obligations.