[Form 4] IES Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing for MGM Resorts International (MGM) dated 07/02/2025 discloses an insider transaction by Director Paul J. Salem.

• Transaction date: 06/30/2025
• Security acquired: 2,835.1265 Deferred Stock Units (DSUs) under the company’s Deferred Compensation Plan for Non-Employee Directors.
• Transaction code: A (acquisition).
• Economic equivalence: Each DSU equals one share of MGM common stock and becomes payable when the director ceases service.
• Stated value: DSUs priced at $34.39 per unit.
• Post-transaction holdings: 110,082.5134 DSUs and 1,702,500 shares of MGM common stock held directly.

No dispositions were reported. The filing therefore represents a modest increase in Mr. Salem’s economic exposure to MGM equity and indicates continued alignment of the director’s interests with shareholders.

Positive

• Insider acquisition: Director Paul J. Salem acquired 2,835.1265 DSUs, signalling continued equity alignment with shareholders.
• Significant ownership: Post-transaction holdings stand at 1,702,500 common shares plus 110,082.5134 DSUs, demonstrating substantial insider stake.

Negative

• Immaterial size: The DSU grant (~$98 k) is small relative to MGM’s market capitalization and unlikely to affect valuation.
• Routine transaction: Acquisition stems from a standard director compensation plan rather than discretionary open-market buying.

Insights

Equity Analyst

TL;DR: Small insider DSU award; alignment signal but unlikely to move valuation.

Director Paul J. Salem added 2,835 DSUs—roughly $98 k in value—via the standard non-employee director plan. His total direct share ownership remains substantial at 1.7 million shares, reinforcing long-term alignment. Because the award is routine, cash-less and immaterial relative to MGM’s $14 bn market cap, market impact should be minimal, though the absence of sales can be viewed modestly constructive.

Governance Specialist

TL;DR: Routine deferred compensation grant; positive governance optics.

The filing documents a scheduled DSU accrual under the board’s deferred plan. Such structures promote shareholder-friendly behavior by deferring remuneration into equity payable after board service, discouraging short-termism. The grant size is modest, yet combined holdings (shares + DSUs) show meaningful skin in the game. No red flags emerge from the disclosure.

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^*

Koshkin Joe D

(Last) (First) (Middle)

13131 DAIRY ASHFORD ROAD

SUITE 500

(Street)

SUGAR LAND TX 77478

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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(1)	07/01/2025		A		97	A	$0	49,651	D

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

Explanation of Responses:

1. Represents Phantom Stock Units ("PSUs") granted pursuant to the IES Holdings, Inc. ("IES") 2006 Equity Incentive Plan, as amended and restated (the "2006 Equity Incentive Plan") upon Mr. Koshkin electing to receive PSUs in lieu of cash or common stock for that portion of his retainer. Each unit converts to one share of IES common stock when either (i) Mr. Koshkin leaves the board of directors for any reason, or (ii) upon a change of control as defined in the 2006 Equity Incentive Plan.

Remarks:

	/s/ Mary K. Newman, Attorney-in-Fact	07/02/2025
	** 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.

FAQ

What did MGM Director Paul J. Salem acquire on 06/30/2025?

He received 2,835.1265 Deferred Stock Units under MGM’s non-employee director deferred compensation plan.

At what price were the DSUs recorded in the Form 4?

The DSUs were valued at $34.39 per unit.

How many MGM shares does Paul J. Salem hold after the filing?

He directly owns 1,702,500 common shares and 110,082.5134 DSUs.

When do the Deferred Stock Units become payable?

The DSUs are payable upon termination of Salem’s service as a director.

Were any MGM shares sold in this Form 4?

No. The filing reports only an acquisition; no dispositions were disclosed.