Midland States Bancorp, Inc. — Form 10-Q
Filed October 29, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 28/100
What the filing says
On October 29, 2026, Midland States Bancorp amended Jeffrey Ludwig's employment agreement (originally dated November 5, 2020), increasing his severance from 100% to 200% of base compensation for terminations outside a change-of-control covered period. Separately, the company established a new change-of-control agreement effective the same date, providing severance of 100% of annual base salary plus average 3-year bonus outside a covered period, and 200% of base compensation (salary + average bonus) during the 6-month pre and 12-month post change-of-control window, plus 18 months of COBRA-equivalent health benefits and pro-rata bonus.
Why this rating
Administrative executive compensation restructuring. No dollar amounts specified in amendments; severance terms are standard for bank CEOs. Relative to ~$467M market cap, CEO severance is routine overhead, not material to operations or trajectory.
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