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

Rhea-AI Filing Summary

Form 4 filing summary for IES Holdings, Inc. (IESC)

Director David B. Gendell reported a routine equity grant dated 07/01/2025. He received 86 Phantom Stock Units (PSUs) under the company’s 2006 Equity Incentive Plan in lieu of cash or stock retainer compensation. Each PSU converts 1-for-1 into IESC common shares when Mr. Gendell departs the board or upon a defined change-of-control event.

Post-transaction ownership:

• 88,472 shares held directly
• 40,000 shares held indirectly in a family trust
• 6,000 shares held indirectly in an IRA

The reported acquisition was executed at $0.00 cost and represents a de minimis addition (< 0.1 % of Mr. Gendell’s total direct holdings). No derivative securities or dispositions were disclosed.

The filing signals continued alignment of the director’s incentives with shareholders but is unlikely to have a material impact on IESC’s valuation or trading dynamics.

Insights

Senior Securities Analyst

TL;DR: Small, compensation-related insider acquisition; negligible market impact.

The 86-unit PSU grant to Director David B. Gendell is a standard board retainer election rather than an opportunistic open-market purchase. At roughly 0.1% of his direct stake and well below 0.01% of IESC’s ~21 million shares outstanding, it has no valuation significance. Still, the filing confirms ongoing share-based compensation that modestly increases insider alignment. Absence of sales or derivative exercises removes any negative signal. Overall, the event is routine and should not influence investment theses or liquidity.

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 David B.

(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		86	A	$0	88,472	D
Common Stock								40,000	I	Held in Family Trust
Common Stock								6,000	I	Held in IRA

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. Gendell electing to receive PSUs in lieu of common stock or cash for that portion of his retainer. Each unit converts to one share of IES common stock when either (i) Mr. Gendell 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

How many IESC shares did Director David B. Gendell acquire on 07/01/2025?

He received 86 Phantom Stock Units, convertible into an equal number of common shares.

What is David B. Gendell’s total direct shareholding in IESC after the transaction?

He directly owns 88,472 IESC common shares.

Were any IESC shares sold by the insider in this Form 4 filing?

No. The filing discloses only an acquisition; no dispositions were reported.

At what price were the Phantom Stock Units granted to the director?

The units were issued at $0.00 as part of his board retainer compensation.

When do the Phantom Stock Units convert to IESC common stock?

They convert 1-for-1 when Mr. Gendell leaves the board or upon a defined change-of-control event.