GENDELL JEFFREY L ET AL 4

What Happened

• Jeffrey L. Gendell, a 10% owner (and managing member of related Tontine entities), sold 54,361 shares of IES Holdings (IESC) in open-market transactions on May 13–14, 2026. The reported proceeds totaled approximately $37.7 million. Individual reported trades show weighted-average prices in the $692–$698 range.
• These were outright sales (code S) of shares directly held by Mr. Gendell rather than option exercises or gifts. Sales are often routine liquidity events and do not necessarily signal a change in company outlook.

Key Details

• Transaction dates: May 13, 2026 (15,000 shares @ weighted avg $692.71, $10,390,650) and May 14, 2026 (multiple trades totaling 39,361 shares at weighted averages between $683.09 and $698.03, aggregate ~$27.3M).
• Price range: filing footnotes indicate the multiple transactions were executed at prices ranging approximately from $692.27 to $698.12; the Form 4 reports weighted-average prices per line and offers to provide per-trade breakdowns on request.
• Shares owned after transaction: Mr. Gendell directly owned 76,964 shares before these sales; after selling 54,361 directly held shares he holds 22,603 direct shares (phantom stock units of 65,069 remain unchanged). Separate Tontine entities continue to hold large stakes (collectively ~10.34M shares across listed entities per the filing).
• Ownership/structure notes: The report is filed jointly with several Tontine entities; Mr. Gendell disclaims beneficial ownership of certain securities except as described in the footnotes (he is managing member of the related entities).
• Filing timeliness: Reported period trades occurred May 13–14 and the Form 4 was filed May 15, 2026, which appears to be timely under Section 16 reporting rules.

Context

• Because these were sales by a 10% owner and involved shares directly held by him (not exercises or awards), they primarily reflect disposition of existing stock rather than an acquisition signal. For investors, purchases are generally more informative about insider confidence; sales can be for many reasons (liquidity, diversification, estate planning), and the filing provides no explanation for the sales.