IES Holdings (NASDAQ: IESC) chair Gendell sells 47,156 shares, retains large stake

Rhea-AI Filing Summary

IES Holdings, Inc. insider Jeffrey L. Gendell reported open-market sales of the company’s common stock. Over May 6–8, he sold a total of 47,156 shares at prices generally in the $670–$687 range, using weighted-average prices for each trade grouping.

Following these sales, entities associated with Mr. Gendell reported ownership of 10,585,161 shares, and he also directly owns 131,325 shares plus 65,069 phantom stock units under the company’s equity incentive plan. The filing notes that several related Tontine entities may be deemed to beneficially own portions of these holdings and that various parties disclaim beneficial ownership except for their direct and proportional interests.

Insights

Equity analyst

Executive chairman reports a modest net sale versus a large remaining stake.

Jeffrey L. Gendell, executive chairman of IES Holdings, reported open-market sales totaling 47,156 shares over three days at prices around $670–$687. These are straightforward sales of common stock, with no derivative exercises or tax-withholding mechanics involved.

After the transactions, entities associated with him still report holding over 10.58 million shares, plus his direct and phantom unit positions. That scale suggests the sales represent a relatively small portion of the visible position. The filing also includes typical Section 16(a) beneficial-ownership disclaimers across the related Tontine entities.

Insider Trade Summary

Net Seller: 47,156 shares ($31,912,916)

Net Sell 16 txns

Insider GENDELL JEFFREY L ET AL, TONTINE ASSET ASSOCIATES, L.L.C., TONTINE CAPITAL MANAGEMENT LLC, TONTINE CAPITAL OVERSEAS MASTER FUND II, L.P., TONTINE CAPITAL PARTNERS L P, TONTINE MANAGEMENT LLC, Tontine Associates, LLC, Tontine Capital Overseas GP, LLC

Role Executive Chairman | null | null | null | null | null | null | null

Sold 47,156 shs ($31.91M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.01 per share	2,000	$672.45	$1.34M
Sale	Common Stock, par value $0.01 per share	52	$673.47	$35K
Sale	Common Stock, par value $0.01 per share	5,000	$674.98	$3.37M
Sale	Common Stock, par value $0.01 per share	1	$677.47	$677.47
Sale	Common Stock, par value $0.01 per share	2,000	$670.03	$1.34M
Sale	Common Stock, par value $0.01 per share	4,000	$671.22	$2.68M
Sale	Common Stock, par value $0.01 per share	7,000	$672.52	$4.71M
Sale	Common Stock, par value $0.01 per share	3,610	$673.74	$2.43M
Sale	Common Stock, par value $0.01 per share	390	$674.85	$263K
Sale	Common Stock, par value $0.01 per share	3,000	$675.62	$2.03M
Sale	Common Stock, par value $0.01 per share	5,000	$677.16	$3.39M
Sale	Common Stock, par value $0.01 per share	103	$678.29	$70K
Sale	Common Stock, par value $0.01 per share	2,788	$681.30	$1.90M
Sale	Common Stock, par value $0.01 per share	7,206	$682.71	$4.92M
Sale	Common Stock, par value $0.01 per share	4,000	$684.33	$2.74M
Sale	Common Stock, par value $0.01 per share	1,006	$686.41	$691K

Holdings After Transaction: Common Stock, par value $0.01 per share — 10,545,057 shares (Indirect, See footnotes)

Footnotes (1)

1. This report is filed jointly by Tontine Capital Partners, L.P., a Delaware limited partnership ("TCP"), Tontine Capital Management, L.L.C., a Delaware limited liability company ("TCM"), Tontine Management, L.L.C., a Delaware limited liability company ("TM"), Tontine Capital Overseas Master Fund II, L.P., a Delaware limited partnership ("TCP 2"), Tontine Asset Associates, L.L.C., a Delaware limited liability company ("TAA"), Tontine Associates, L.L.C., a Delaware limited liability company ("TA"), Tontine Capital Overseas GP, L.L.C., a Delaware limited liability company ("TCO"), and Jeffrey L. Gendell ("Mr. Gendell"). Mr. Gendell is the managing member of: (a) TCM, the general partner of TCP; (b) TM; (c) TAA, the general partner of TCP 2; (d) TA; and (e) TCO. TCP directly owns 5,524,391 shares of Common Stock, TCM directly owns 1,910,529 shares of Common Stock, TM directly owns 1,410,162 shares of Common Stock, TCP 2 directly owns 710,934 shares of Common Stock, TAA directly owns 96,891 shares of Common Stock, TA directly owns 640,057 shares of Common Stock, TCO directly owns 47,284 shares of Common Stock, Mr. Gendell directly owns 131,325 shares of Common Stock and 65,069 phantom stock units granted to him pursuant to the IES Holdings, Inc. 2006 Equity Incentive Plan, as amended and restated, and Mr. Gendell's adult children own 3,363 shares of Common Stock through trusts for which Mr. Gendell acts as trustee. All of the foregoing securities may be deemed to be beneficially owned by Mr. Gendell. The foregoing securities held by TCP may be deemed to be beneficially owned by TCM. The foregoing securities held by TCP 2 may be deemed to be beneficially owned by TAA. Mr. Gendell disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by Mr. Gendell or representing Mr. Gendell's pro rata interest in, and interest in the profits of, TCM, TCP, TM, TCP 2, TAA, TA and TCO. TCM disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TCM or representing TCM's pro rata interest in, and interest in the profits of, TCP. TAA disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TAA or representing TAA's pro rata interest in, and interest in the profits of, TCP 2. TA disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TA. TM disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TM. TCO disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TCO. All shares reported as sold in this Form 4 were shares directly held by Mr. Gendell. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $671.17 to $672.01, inclusive. The reporting person undertakes to provide IES Holdings, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $672.27 to $673.13, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $673.47 to $674.41, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $674.57 to $675.14, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $677.14 to $677.17, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. These shares were sold in multiple transactions each at a price of $678.29. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold in each separate transaction described in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $681.26 to $682.20, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $682.37 to $683.17, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $686.41 to $686.81, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $672.43 to $673.16, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $674.53 to $675.17, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Key Figures

Shares sold: 47,156 shares Price example: $672.45 per share Price range (footnotes): $671.17–$686.81 per share +5 more

8 metrics

Shares sold 47,156 shares Total open-market sales reported in this Form 4

Price example $672.45 per share One reported weighted-average sale price on May 8

Price range (footnotes) $671.17–$686.81 per share Ranges for multiple trade groupings

Shares after transactions 10,585,161 shares Total shares reported following the final sale

Direct common stock 131,325 shares Common stock directly owned by Jeffrey L. Gendell

Phantom stock units 65,069 units Awards under the IES Holdings 2006 Equity Incentive Plan

TCP holding 5,524,391 shares Common stock directly owned by Tontine Capital Partners, L.P.

TCM holding 1,910,529 shares Common stock directly owned by Tontine Capital Management, L.L.C.

Key Terms

phantom stock units, beneficially owned, Section 16(a), weighted average price, +2 more

6 terms

phantom stock units financial

"and 65,069 phantom stock units granted to him pursuant to the IES Holdings, Inc. 2006 Equity Incentive Plan"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

beneficially owned financial

"All of the foregoing securities may be deemed to be beneficially owned by Mr. Gendell."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Section 16(a) regulatory

"disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934"

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Equity Incentive Plan financial

"phantom stock units granted to him pursuant to the IES Holdings, Inc. 2006 Equity Incentive Plan, as amended and restated"

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

beneficial ownership disclaims regulatory

"TAA disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a)"

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^*

GENDELL JEFFREY L ET AL

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
IES Holdings, Inc. [ IESC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	05/06/2026		S		2,000	D	$670.03	10,585,161	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		4,000	D	$671.22(6)	10,581,161	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		7,000	D	$672.52(7)	10,574,161	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		3,610	D	$673.74(8)	10,570,551	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		390	D	$674.85(9)	10,570,161	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		3,000	D	$675.62	10,567,161	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		5,000	D	$677.16(10)	10,562,161	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		103	D	$678.29(11)	10,562,058	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		2,788	D	$681.3(12)	10,559,270	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		7,206	D	$682.71(13)	10,552,064	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		4,000	D	$684.33	10,548,064	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/06/2026		S		1,006	D	$686.41(14)	10,547,058	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/07/2026		S		1	D	$677.47	10,547,057	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/08/2026		S		2,000	D	$672.45(15)	10,545,057	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/08/2026		S		52	D	$673.47	10,545,005	I	See footnotes(1)(2)(3)(4)(5)
Common Stock, par value $0.01 per share	05/08/2026		S		5,000	D	$674.98(16)	10,540,005	I	See footnotes(1)(2)(3)(4)(5)

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

1. Name and Address of Reporting Person^*

GENDELL JEFFREY L ET AL

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

1. Name and Address of Reporting Person^*

TONTINE ASSET ASSOCIATES, L.L.C.

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TONTINE CAPITAL MANAGEMENT LLC

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TONTINE CAPITAL OVERSEAS MASTER FUND II, L.P.

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TONTINE CAPITAL PARTNERS L P

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TONTINE MANAGEMENT LLC

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Tontine Associates, LLC

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Tontine Capital Overseas GP, LLC

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CONNECTICUT 06830

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This report is filed jointly by Tontine Capital Partners, L.P., a Delaware limited partnership ("TCP"), Tontine Capital Management, L.L.C., a Delaware limited liability company ("TCM"), Tontine Management, L.L.C., a Delaware limited liability company ("TM"), Tontine Capital Overseas Master Fund II, L.P., a Delaware limited partnership ("TCP 2"), Tontine Asset Associates, L.L.C., a Delaware limited liability company ("TAA"), Tontine Associates, L.L.C., a Delaware limited liability company ("TA"), Tontine Capital Overseas GP, L.L.C., a Delaware limited liability company ("TCO"), and Jeffrey L. Gendell ("Mr. Gendell"). Mr. Gendell is the managing member of: (a) TCM, the general partner of TCP; (b) TM; (c) TAA, the general partner of TCP 2; (d) TA; and (e) TCO.

2. TCP directly owns 5,524,391 shares of Common Stock, TCM directly owns 1,910,529 shares of Common Stock, TM directly owns 1,410,162 shares of Common Stock, TCP 2 directly owns 710,934 shares of Common Stock, TAA directly owns 96,891 shares of Common Stock, TA directly owns 640,057 shares of Common Stock, TCO directly owns 47,284 shares of Common Stock, Mr. Gendell directly owns 131,325 shares of Common Stock and 65,069 phantom stock units granted to him pursuant to the IES Holdings, Inc. 2006 Equity Incentive Plan, as amended and restated, and Mr. Gendell's adult children own 3,363 shares of Common Stock through trusts for which Mr. Gendell acts as trustee.

3. All of the foregoing securities may be deemed to be beneficially owned by Mr. Gendell. The foregoing securities held by TCP may be deemed to be beneficially owned by TCM. The foregoing securities held by TCP 2 may be deemed to be beneficially owned by TAA.

4. Mr. Gendell disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by Mr. Gendell or representing Mr. Gendell's pro rata interest in, and interest in the profits of, TCM, TCP, TM, TCP 2, TAA, TA and TCO. TCM disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TCM or representing TCM's pro rata interest in, and interest in the profits of, TCP.

5. TAA disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TAA or representing TAA's pro rata interest in, and interest in the profits of, TCP 2. TA disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TA. TM disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TM. TCO disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TCO.

6. All shares reported as sold in this Form 4 were shares directly held by Mr. Gendell. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $671.17 to $672.01, inclusive. The reporting person undertakes to provide IES Holdings, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $672.27 to $673.13, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $673.47 to $674.41, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $674.57 to $675.14, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $677.14 to $677.17, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

11. These shares were sold in multiple transactions each at a price of $678.29. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold in each separate transaction described in this footnote.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $681.26 to $682.20, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $682.37 to $683.17, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $686.41 to $686.81, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $672.43 to $673.16, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $674.53 to $675.17, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	Tontine Capital Partners, L.P., By: its General Partner, Tontine Capital Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	05/08/2026
	Tontine Capital Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	05/08/2026
	Tontine Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	05/08/2026
	Tontine Capital Overseas Master Fund II, L.P., By: its General Partner, Tontine Asset Associates, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	05/08/2026
	Tontine Asset Associates, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	05/08/2026
	Tontine Associates, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	05/08/2026
	Tontine Capital Overseas GP, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	05/08/2026
	/s/ Jeffrey L. Gendell	05/08/2026
	** 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)

FAQ

How many IESC shares did Jeffrey L. Gendell sell in this Form 4?

Jeffrey L. Gendell reported selling a total of 47,156 shares of IES Holdings common stock. These open-market sales occurred over several transactions between May 6 and May 8, using weighted-average prices for trade groupings as described in the footnotes.

At what prices were the IESC shares sold in this insider transaction?

The reported IESC share sales used weighted-average prices, with individual trade ranges generally between $671.17 and $686.81 per share. Each transaction grouping discloses a specific price range, and the filer offers to provide detailed breakdowns upon request.

How many IES Holdings shares does Jeffrey L. Gendell still hold after these sales?

After the reported sales, entities associated with Jeffrey L. Gendell show ownership of 10,585,161 shares of IES Holdings common stock. He also directly owns 131,325 shares plus 65,069 phantom stock units granted under the company’s equity incentive plan.

Were derivatives or options involved in this IESC Form 4 filing?

No derivatives or options were reported in this Form 4. All transactions involve non-derivative common stock, coded as open-market sales, and the derivativeSummary section shows no remaining derivative positions tied to this particular filing.

Who are the Tontine entities mentioned in the IES Holdings Form 4 footnotes?

The footnotes list several affiliated Tontine entities, including Tontine Capital Partners, L.P., Tontine Capital Management, L.L.C., and related funds and general partners. They hold portions of the IESC stake, and various parties both may be deemed owners and also disclaim beneficial ownership.

What are phantom stock units mentioned in the IESC insider filing?

Phantom stock units are equity-linked awards that track the value of company shares without being actual stock. The filing states Jeffrey L. Gendell holds 65,069 phantom stock units granted under the IES Holdings 2006 Equity Incentive Plan, as amended and restated.