Form 4: Midland States Bancorp CEO Jeffrey Ludwig Reports Stock Acquisition and Beneficial Ownership
SEC Form 4 Filing
Midland States Bancorp's CEO, Jeffrey Ludwig, reports acquiring shares through the Employee Stock Purchase Plan and updates his beneficial ownership.
Summary
- Jeffrey G. Ludwig, President & CEO of Midland States Bancorp, Inc., filed a Form 4 on April 1, 2024, reporting changes in his beneficial ownership of the company's stock.
- On March 29, 2024, Ludwig acquired 1,008 shares of common stock at a price of $24.80 per share through contributions to the Employee Stock Purchase Plan (ESPP).
- Following the reported transaction, Ludwig directly owns 343,935.432 shares of common stock.
- Ludwig also indirectly owns 11,569 shares through JQ Properties, but disclaims beneficial ownership except to the extent of his pecuniary interest.
- The report also details Ludwig's ownership of options to buy common stock at various exercise prices and expiration dates.
- These options vest in four equal annual installments beginning one year after the grant date.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, so the sentiment is neutral. It simply reports transactions and holdings.
Positives
- The acquisition of shares through the ESPP demonstrates the CEO's investment in the company's stock.
Industry Context
Insider transactions are closely monitored as they can provide insights into management's perspective on the company's prospects. This filing is a routine disclosure required by Section 16 of the Securities Exchange Act.
Comparison to Industry Standards
- Comparing Ludwig's holdings and transactions to those of executives at peer banks like First Midwest Bancorp or Old National Bancorp would provide context on the scale of his investment.
- Analyzing the vesting schedules and exercise prices of his options against standard executive compensation packages in the banking industry would offer further insights.
Stakeholder Impact
- The reported transactions may influence investor sentiment regarding the company's stock.
Key Dates
| Date | Description |
|---|---|
| 02/02/2016 | Date of Power of Attorney execution. |
| 12/02/2014 | Grant date for options exercisable at $21. |
| 11/03/2015 | Grant date for options exercisable at $23. |
| 11/16/2016 | Grant date for options exercisable at $28.59. |
| 10/31/2022 | Grant date for options exercisable at $28.43. |
| 03/29/2024 | Date of common stock acquisition through ESPP. |
| 04/01/2024 | Date of Form 4 filing. |
| 12/02/2024 | Expiration date for options exercisable at $21. |
| 11/03/2025 | Expiration date for options exercisable at $23. |
| 11/16/2026 | Expiration date for options exercisable at $28.59. |
| 10/31/2032 | Expiration date for options exercisable at $28.43. |
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