How many common share equivalents did Robert F. Schultz acquire in this Midland States (MSBI) filing?

Schultz acquired 1,450.546 and 1,413.908 common share equivalents, each economically equal to one share of common stock. These were credited through dividend reinvestment within a deferred director compensation plan and fully vested on the transaction date stated in the Form 4.

How are the common share equivalents in the Midland States (MSBI) DDCP described?

Each common share equivalent is described as the economic equivalent of one share of common stock. They arise from dividend reinvestment within the DDCP, vest immediately on the transaction date, and become payable only upon Schultz’s termination of service as a director.

Midland States director gains share equivalents

Midland States Bancorp director Robert F. Schultz reported routine equity-based compensation activity.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

Midland States Bancorp director Robert F. Schultz reported routine equity-based compensation activity. He acquired 1,450.546 common share equivalents at $31.14 and 1,413.908 common share equivalents at $26.55, both credited under a deferred director compensation plan through dividend reinvestment.

After these grants, Schultz directly holds 34,715 shares of common stock, 9,146 restricted stock units tied to common stock, and 111,027.638 common share equivalents, which are economically equivalent to common shares and become payable upon termination of service as a director. He also reports indirect common stock holdings through J.M. Schultz Investment, LLC, Summit Investors, LLP and Red Bird Investors, LLC, while disclaiming beneficial ownership beyond his pecuniary interest.

Insider Trade Summary

Grant/Award: 2,864.454 shares

Grant/Award 7 txns

Insider Schultz Robert F.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Share Equivalent	1,413.908	$26.55	$38K
Grant/Award	Common Share Equivalent	1,450.546	$31.14	$45K
holding	Restricted Stock Unit	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common stock	--	--	--

Holdings After Transaction: Common Share Equivalent — 111,027.638 contracts (Direct); Restricted Stock Unit — 9,146 contracts (Direct); Common Stock — 34,715 shares (Direct); Common Stock — 30,153 shares (Indirect, Red Bird Investors, LLC); Common Stock — 37,845.688 shares (Indirect, Summit Investors, LLP); Common stock — 200,030 shares (Indirect, J.M. Schultz Investment, LLC)

Footnotes (4)

F1. Includes holdings through a self-directed IRA or revocable grantor trust
F2. 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
F3. Each common stock equivalent is the economic equivalent of one share of common stock.
F4. 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.

Key Figures

Common share equivalents acquired: 1,450.546 units Common share equivalents acquired: 1,413.908 units Common share equivalents after grants: 111,027.638 units +5 more

8 metrics

Common share equivalents acquired 1,450.546 units Credited at $31.14 per unit on common stock equivalents

Common share equivalents acquired 1,413.908 units Credited at $26.55 per unit on common stock equivalents

Common share equivalents after grants 111,027.638 units Deferred director compensation plan balance after transactions

Direct common stock 34,715 shares Directly held Midland States Bancorp common stock

Restricted stock units 9,146 units RSUs referencing Midland States Bancorp common stock

Indirect common stock (J.M. Schultz Investment, LLC) 200,030 shares Indirect ownership via J.M. Schultz Investment, LLC

Indirect common stock (Summit Investors, LLP) 37,845.688 shares Indirect ownership via Summit Investors, LLP

Indirect common stock (Red Bird Investors, LLC) 30,153 shares Indirect ownership via Red Bird Investors, LLC

Key Terms

Restricted Stock Unit, common share equivalents, DDCP, self-directed IRA, +2 more

6 terms

Restricted Stock Unit financial

"Restricted Stock Unit referencing common stock with 9,146.0000 underlying shares"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

DDCP financial

"Represents common share equivalents acquired by the reporting person in the DDCP pursuant to the reinvestment of dividends"

self-directed IRA financial

"Includes holdings through a self-directed IRA or revocable grantor trust"

revocable grantor trust financial

"Includes holdings through a self-directed IRA or revocable grantor trust"

pecuniary interest financial

"The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein"

FAQ

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

What did Midland States Bancorp (MSBI) director Robert F. Schultz report on this Form 4?

Director Robert F. Schultz reported updated equity holdings, including new common share equivalents granted under a deferred compensation plan. The filing details direct and indirect common stock ownership, restricted stock units, and deferred common share equivalents tied to Midland States Bancorp stock.

What are Robert F. Schultz’s direct equity holdings in Midland States Bancorp (MSBI)?

Schultz directly holds 34,715 shares of Midland States Bancorp common stock, 9,146 restricted stock units referencing common stock, and 111,027.638 common share equivalents. The common share equivalents become payable when his service as a director ends, according to the filing footnotes.

Which entities hold indirect Midland States (MSBI) shares associated with Robert F. Schultz?

Indirect holdings are reported through J.M. Schultz Investment, LLC, Summit Investors, LLP and Red Bird Investors, LLC. The filing notes these positions as indirect ownership, and Schultz disclaims beneficial ownership of these securities beyond his pecuniary interest in the referenced entities.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 07/01/2026 - 12:26 PM

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^*

Schultz Robert F.

(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)
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)
Common Stock								34,715⁽¹⁾	D
Common Stock								30,153⁽²⁾	I	Red Bird Investors, LLC
Common Stock								37,845.688⁽²⁾	I	Summit Investors, LLP
Common stock								200,030⁽²⁾	I	J.M. Schultz Investment, LLC

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	⁽³⁾	06/30/2026		A		1,413.908		⁽³⁾	⁽³⁾	Common Stock	1,413.908	$26.55⁽⁴⁾	109,577.092	D
Common Share Equivalent	⁽³⁾	06/30/2026		A		1,450.546		⁽³⁾	⁽³⁾	Common Stock	1,450.546	$31.14	111,027.638	D
Restricted Stock Unit	⁽³⁾							⁽³⁾	⁽³⁾	Common Stock	9,146		9,146	D

Explanation of Responses:

1. Includes holdings through a self-directed IRA or revocable grantor trust

2. 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

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

4. 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.

Remarks:

	/s/Schultz Robert F	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)

Source: View Original Filing on SEC EDGAR