Form 4: Director Todd M. Cleveland Acquires IES Holdings Shares

Director Todd M. Cleveland acquired 57 phantom stock units in IES Holdings, Inc. in lieu of his board retainer.

Summary

• Director Todd M. Cleveland received 57 phantom stock units (PSUs) on April 1, 2026.
• The units were granted under the IES Holdings, Inc. 2006 Equity Incentive Plan.
• The grant was made in lieu of cash or common stock for a portion of the director's retainer.
• Following this transaction, the director's total beneficial ownership is 78,374 shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine administrative filing reflecting standard director compensation practices with no material impact on company operations.

Positives

• Director demonstrates alignment with shareholder interests by electing to receive equity-based compensation in lieu of cash.

Future Outlook

The phantom stock units will convert to common stock upon the director's departure from the board or upon a change of control of the company.

Industry Context

StockSavvy.ai notes that director participation in equity-based compensation plans is a standard corporate governance practice intended to align board incentives with long-term shareholder value.

Comparison to Industry Standards

• The use of phantom stock units as a component of director compensation is consistent with standard practices for mid-cap companies to preserve cash while incentivizing board members.

Stakeholder Impact

• Minimal impact on shareholders as this is a routine compensation adjustment for a director.

Next Steps

• Conversion of phantom stock units to common stock upon the director's departure from the board or a change of control.

Key Dates

Keywords

IES Holdings, IESC, Form 4, Insider Trading, Director Compensation, Phantom Stock