Form 4: IES Holdings Director Acquires Phantom Stock Units

IES Holdings Director Todd M. Cleveland acquired 69 phantom stock units, increasing his beneficial ownership to 85,817 units.

Summary

• Todd M. Cleveland, a Director of IES Holdings, Inc. (IESC), acquired 69 Phantom Stock Units (PSUs).
• The transaction occurred on January 1, 2026, as an election to receive PSUs in lieu of common stock or cash for a portion of his retainer.
• These PSUs were granted pursuant to the IES Holdings, Inc. 2006 Equity Incentive Plan, as amended and restated.
• Each PSU converts to one share of IES common stock when Mr. Cleveland leaves the board of directors for any reason, or upon a change of control as defined in the 2006 Equity Incentive Plan.
• Following this transaction, Mr. Cleveland beneficially owns a total of 85,817 PSUs.

Sentiment

Score: 6

Explanation: A director increasing their beneficial ownership, even through compensation election, generally indicates a positive alignment of interests and confidence in the company's future, though the transaction itself is routine and not indicative of new fundamental performance.

Positives

• Director Todd M. Cleveland increased his beneficial ownership in the company, potentially signaling confidence in future performance.
• The acquisition of Phantom Stock Units aligns director compensation with long-term company performance and shareholder interests.

Future Outlook

NA

Industry Context

NA

Corporate Governance

Stakeholder Impact

• Shareholders: The transaction enhances the alignment of the director's long-term financial interests with those of the shareholders, as the value of the PSUs is tied to the company's stock performance.

Key Dates

Recommendation

This Form 4 reports a routine compensation-related acquisition of phantom stock units by a director. While it demonstrates continued alignment of interests between management and shareholders, it does not provide new fundamental information or significant operational changes to warrant a change in investment recommendation. The transaction is part of a pre-existing equity incentive plan.

Keywords

IES Holdings, IESC, Form 4, Insider Transaction, Phantom Stock Units, Director Compensation, Equity Incentive Plan, Beneficial Ownership