Form 4: IES Holdings Director Acquires Phantom Stock Units

IES Holdings Director Joe D Koshkin acquired 73 phantom stock units as part of his retainer, increasing his beneficial ownership to 44,796 units.

Summary

• Joe D Koshkin, a Director of IES Holdings, Inc. (IESC), acquired 73 Phantom Stock Units (PSUs).
• These PSUs were granted on January 1, 2026, under the IES Holdings, Inc. 2006 Equity Incentive Plan, as amended and restated.
• Mr. Koshkin elected to receive these PSUs in lieu of cash or common stock for a portion of his retainer.
• Each PSU converts to one share of IES common stock upon Mr. Koshkin's departure from the board or a change of control as defined in the 2006 Equity Incentive Plan.
• Following this transaction, Mr. Koshkin beneficially owns a total of 44,796 PSUs.

Sentiment

Score: 7

Explanation: The filing reports a routine insider transaction where a director received phantom stock units as part of his compensation, indicating continued alignment of interests with the company's performance. This is generally a neutral to slightly positive signal as it reinforces director commitment.

Positives

• Director Joe D Koshkin increased his beneficial ownership in the company by acquiring 73 Phantom Stock Units.
• The acquisition of PSUs in lieu of cash for a retainer demonstrates a director's continued alignment with shareholder interests and long-term company performance.

Future Outlook

Phantom Stock Units will convert to IES common stock upon Mr. Koshkin's departure from the board of directors for any reason, or upon a change of control as defined in the 2006 Equity Incentive Plan.

Industry Context

This Form 4 filing is a standard disclosure of an insider transaction, common for directors receiving equity-based compensation as part of their retainer. Phantom Stock Units are a typical mechanism used in corporate compensation plans to align director interests with long-term shareholder value without immediate share issuance, a practice prevalent across various industries.

Comparison to Industry Standards

• The use of Phantom Stock Units (PSUs) as part of director compensation is a common practice across various industries, including the industrial services sector where IES Holdings operates.
• This method aligns director incentives with company performance and shareholder value, similar to practices observed in comparable companies within the industrial and construction services sectors.

Related Party Transactions

• Director Joe D Koshkin received 73 Phantom Stock Units from IES Holdings, Inc. as part of his compensation retainer, which constitutes a transaction between a related party (director) and the company under the existing 2006 Equity Incentive Plan.

Stakeholder Impact

• Shareholders: The transaction demonstrates continued alignment of a director's interests with the company's long-term performance through equity-based compensation, potentially fostering greater confidence in governance.

Next Steps

• Conversion of Phantom Stock Units into IES common stock upon Mr. Koshkin's departure from the board of directors.
• Conversion of Phantom Stock Units into IES common stock upon a change of control of IES Holdings, Inc.

Key Dates

Recommendation

This Form 4 details a routine insider compensation event where a director received phantom stock units as part of his retainer. It does not provide new information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions based on broader company fundamentals.

Keywords

IES Holdings, IESC, Form 4, insider transaction, phantom stock units, director compensation, equity incentive plan