Cleveland Todd M 4

What Happened
Todd M. Cleveland, a director of IES Holdings, was granted 37 phantom stock units (PSUs) on 2026-07-01. The grant is recorded as an Award/Acquisition (code A) at $0.00 per unit (total reported value $0). The PSU grant reflects compensation (he elected PSUs in lieu of cash or common stock for part of his retainer).

Key Details

• Transaction date: 2026-07-01 (reported on Form 4 filed 2026-07-06).
• Transaction type/code: Award/Grant (A). Price: $0.00 per unit; total immediate value reported: $0.
• Units granted: 37 Phantom Stock Units (PSUs).
• Shares owned after transaction: Not reported in this filing.
• Footnote: The PSUs convert to one share of IES common stock upon (i) Mr. Cleveland leaving the board for any reason, or (ii) a change of control as defined in the company’s 2006 Equity Incentive Plan. The grant was made under the IES 2006 Equity Incentive Plan.
• Timeliness: Filing shows report period 2026-07-01 and was filed 2026-07-06; no late filing indicated.

Context
PSUs are a form of deferred/contingent compensation (a derivative-like award). They do not represent immediate common-stock ownership and only convert into shares upon specified events (departure or change of control), so this grant does not increase liquid stock available for sale today. Such awards are routine for board compensation and are informational rather than a direct bullish or bearish trading signal.