Ludwig Jeffrey G. - 30 Jun 2025 Form 4 Insider Report for Midland States Bancorp, Inc. (MSBI)

Role: President & CEO, Director
Signature: /s/Ludwig Jeffrey G
Issuer symbol: MSBI
Transactions as of: 30 Jun 2025
Net transactions value: +$25,000
Form type: 4
Filing time: 01 Jul 2025, 12:43:26 UTC
Previous filing: 07 Nov 2024
Next filing: 04 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Ludwig Jeffrey G.	President & CEO, Director	1201 NETWORK CENTRE DR., EFFINGHAM	/s/Ludwig Jeffrey G	01 Jul 2025	0001526235

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MSBI	Common Stock	Award	$25,000	+1,615	+0.45%	$15.48	361,249	30 Jun 2025	Direct	F1
holding	MSBI	Common Stock						11,569	30 Jun 2025	JQ Properties	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	MSBI	Option (right to buy)						11,790	30 Jun 2025	Common Stock	11,790	$18.16	Direct	F3
holding	MSBI	Option (right to buy)						16,800	30 Jun 2025	Common Stock	16,800	$23.00	Direct	F4
holding	MSBI	Option (right to buy)						8,383	30 Jun 2025	Common Stock	8,383	$28.59	Direct	F5
holding	MSBI	Option (right to buy)						52,291	30 Jun 2025	Common Stock	52,291	$28.43	Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents shares acquired by the reporting person through contributions to the Employee Stock Purchase Plan of the Issuer (ESPP). for the calendar quarter. Pursuant to the ESPP, the price used for each quarterly purchase is the lower of 90% of the fair market of the Issuers shares on the first day of the calendar quarter or the closing price of the shares on the last day of the quarter.
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	These options vest in four equal annual installments beginning one year after the 12/06/2010 date of grant.
F4	These options vest in four equal annual installments beginning one year after the 11/03/2015 date of grant.
F5	These options vest in four equal annual installments beginning one year after the 11/16/2016 date of grant.
F6	These options vest in four equal annual installments beginning one year after the 10/31/2022 date of grant.