<SEC-DOCUMENT>0001193125-16-615339.txt : 20160607
<SEC-HEADER>0001193125-16-615339.hdr.sgml : 20160607
<ACCEPTANCE-DATETIME>20160607163106
ACCESSION NUMBER:		0001193125-16-615339
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20160606
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160607
DATE AS OF CHANGE:		20160607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IES Holdings, Inc.
		CENTRAL INDEX KEY:			0001048268
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL WORK [1731]
		IRS NUMBER:				760542208
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13783
		FILM NUMBER:		161701596

	BUSINESS ADDRESS:	
		STREET 1:		5433 WESTHEIMER
		STREET 2:		SUITE 500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		7138601500

	MAIL ADDRESS:	
		STREET 1:		5433 WESTHEIMER
		STREET 2:		SUITE 500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Integrated Electrical Services, Inc.
		DATE OF NAME CHANGE:	20150106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTEGRATED ELECTRICAL SERVICES INC
		DATE OF NAME CHANGE:	19971022
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d173606d8k.htm
<DESCRIPTION>8-K
<TEXT>
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<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Current Report </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): June&nbsp;6, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>IES Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-13783</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>76-0542208</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5433 Westheimer Road, Suite 500, Houston, Texas 77056 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (713)&nbsp;860-1500 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Effective June&nbsp;6, 2016, the Board of Directors (the &#147;<B>Board</B>&#148;) of IES Holdings, Inc. (&#147;<B>IES</B>&#148; or the
&#147;<B>Company</B>&#148;) appointed Thomas E. Santoni, age 54, as Senior Vice President, Operations of the Company. Mr.&nbsp;Santoni has served as President of IES Commercial&nbsp;&amp; Industrial since June 2011, having previously served the
Company in various other positions since 1995, including business unit President, Regional General Manager, Vice President of Sales and Central Division Vice President. Prior to joining IES, Mr.&nbsp;Santoni managed electrical contracting operations
in San Diego (President) and Chicago (Vice President). Mr.&nbsp;Santoni began his career in the electrical contracting industry approximately 30 years ago as a journeyman electrician. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">There are no relationships between Mr.&nbsp;Santoni and the Company or any other person that are required to be disclosed pursuant to Items
401 or 404 of Regulation S-K. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with Mr.&nbsp;Santoni&#146;s appointment, the Human Resources and Compensation Committee (the
&#147;<B>Committee</B>&#148;) of the Board recommended, and the Board approved, the continuation of Mr.&nbsp;Santoni&#146;s current base salary and a maximum target award under the Company&#146;s Annual Incentive Plan for fiscal year 2016, as
described in the Company&#146;s annual proxy statement filed with the Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;) on December&nbsp;28, 2015 (the &#147;<B>Proxy Statement</B>&#148;), of 50% of his base salary.
Mr.&nbsp;Santoni&#146;s incentive award for fiscal year 2016 will be based on the financial goals applicable to all NEOs, as described in the Proxy Statement, and the following business/personal goals and objectives, specific to Mr.&nbsp;Santoni:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I></I><I>Oversight of and guidance to the Commercial&nbsp;&amp; Industrial division </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I></I><I>Management of new business platforms similar to the Commercial&nbsp;&amp; Industrial division </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I></I><I>Operational expertise to divisions and on strategic acquisitions </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Committee
also approved, effective June&nbsp;6, 2016, the following grants for Mr.&nbsp;Santoni under the Company&#146;s Amended and Restated 2006 Equity Incentive Plan dated as of February&nbsp;9, 2016 (the &#147;<B>Equity Incentive Plan</B>&#148;): 20,000
performance-based phantom stock units (the &#147;<B>Phantom Units</B>&#148;) and 30,000 performance cash units (&#147;<B>Cash Units</B>&#148;), each as described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each Phantom Unit represents a contractual right in respect of one share of the Company&#146;s common stock, and each Cash Unit represents a
contractual right to receive $20 in cash. Each of the Phantom Units and the Cash Units will generally become vested, if at all, upon the achievement of certain specified performance objectives and Mr.&nbsp;Santoni&#146;s continued performance of
services through December&nbsp;19, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For Mr.&nbsp;Santoni to receive the full benefit of the Phantom Units and Cash Units
(collectively, the &#147;<B>Units</B>&#148;), the Company will have to achieve superior growth, over the applicable performance periods, in the Company&#146;s net income before taxes (&#147;<B>NIBT</B>&#148;) and in the market value of the
Company&#146;s common stock. The performance metrics and vesting schedules of the Units are substantially the same as those of the performance-based phantom stock units awarded to certain of the Company&#146;s officers, including each of its named
executive officers, and key employees in October 2015 (the &#147;<B>Prior Phantom Units</B>&#148;), the terms of which are described in the Company&#146;s Current Report on Form 8-K filed with the Securities and Exchange Commission on
October&nbsp;5, 2015. The only substantive differences between the Units and the Prior Phantom Units are that (1)&nbsp;the performance periods applicable to the Units began on June&nbsp;6, 2016 (the &#147;<B>Grant Date</B>&#148;), whereas the
performance periods applicable to the Prior Phantom Units began on October&nbsp;2, 2015; and (2)&nbsp;with respect to the twenty-five percent (25%)&nbsp;of the Cash Units that vest subject to the achievement of specified stock price levels the
(&#147;<B>Stock Price Cash Units</B>&#148;), such Stock Price Cash Units will vest if the highest average closing price of a share of the Company&#146;s common stock during any period of 20 consecutive trading days during the period beginning on the
Grant Date and ending on December&nbsp;15, 2018 (the &#147;<B>Average Price</B>&#148;) is at least $20.00; however, if the highest Average Price is below $20.00, none of the Stock Price Cash Units will vest. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Payment of any vested Units will be made within 30 days following the date as of which such Units
vest. Cash Units will be settled in cash. Phantom Units will be settled in shares of common stock, unless, following the occurrence of a Change in Control, the Committee determines in its discretion to settle the Phantom Units in cash based on the
fair market value of the stock underlying the Phantom Units at the date they become vested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As with the Prior Phantom Units, if the
Company&#146;s NIBT exceeds the maximum threshold during the applicable performance period, the Company will allocate 10% of the excess of the NIBT over the maximum NIBT threshold to a bonus pool that will be allocated and payable to eligible
officers and other key employees at the discretion of, and on such terms and conditions as shall be specified by, the Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In
addition to the awards described above, Mr.&nbsp;Santoni will also continue to participate in the IES Commercial&nbsp;&amp; Industrial division&#146;s management incentive plan (&#147;<B>MIP</B>&#148;) bonus pool, which is calculated based on the
operating income and cash flow of the division, through fiscal year 2018, with his participation at 30% of the bonus pool for fiscal year 2016, 25% of the bonus pool for fiscal year 2017 and 20% of the bonus pool for fiscal year 2018. His
participation in the IES Commercial&nbsp;&amp; Industrial MIP bonus pool correlates to the oversight that he will continue to provide IES Commercial&nbsp;&amp; Industrial over the next several years. For fiscal year 2016, Mr.&nbsp;Santoni will also
continue to participate in the STR Mechanical, LLC (&#147;<B>STR</B>&#148;) MIP bonus pool, with his participation set at 3.75%, as a result of his ongoing involvement in overseeing that business as a part of the IES Commercial &amp; Industrial
operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Effective as of the date of his appointment, Mr.&nbsp;Santoni will also begin participating in the Company&#146;s Executive
Officer Severance Benefit Plan, which provides severance benefits to certain executive officers of the Company, as described in the Proxy Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Performance-Based Phantom Stock Unit Award Agreement by and between the Company and Mr.&nbsp;Santoni (the &#147;<B>Phantom Stock Unit
Agreement</B>&#148;) and the Performance Cash Unit Award Agreement by and between the Company and Mr.&nbsp;Santoni (the &#147;<B>Performance Cash Unit Agreement</B>&#148;) are attached hereto as Exhibits 10.1 and 10.2, respectively, and are
incorporated herein by reference. The foregoing descriptions of the Phantom Stock Unit Agreement and the Performance Cash Unit Agreement do not purport to be complete and are qualified in their entirety by reference to the Phantom Stock Unit
Agreement and the Performance Cash Unit Agreement, respectively, filed herewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;6, 2016, the Company issued a press release
announcing Mr.&nbsp;Santoni&#146;s appointment. A copy of the press release is filed herewith as Exhibit 99.1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements
and Exhibits. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:55.75pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit&nbsp;Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>Exhibit 10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Performance-Based Phantom Stock Unit Award Agreement, dated as of June&nbsp;6, 2016, by and between the Company and Mr.&nbsp;Santoni, under the Company&#146;s Amended and Restated 2006 Equity Incentive Plan dated as of
February&nbsp;9, 2016 (the &#147;Plan&#148;).</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>Exhibit&nbsp;10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Performance Cash Unit Award Agreement, dated as of June 6, 2016, by and between the Company and Mr.&nbsp;Santoni, under the Plan.</TD></TR>
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<TD VALIGN="top" NOWRAP>Exhibit&nbsp;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press release dated June&nbsp;6, 2016.</TD></TR>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>IES HOLDINGS, INC.</B></TD></TR>
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<TD VALIGN="top">Date: June&nbsp;7, 2016</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">/s/ <I>Gail D. Makode</I></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Gail D. Makode</TD></TR>
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<TD VALIGN="top"><I>Senior Vice President and General Counsel</I></TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:55.75pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit&nbsp;Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>Exhibit 10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Performance-Based Phantom Stock Unit Award Agreement, dated as of June&nbsp;6, 2016, by and between the Company and Mr.&nbsp;Santoni, under the Company&#146;s Amended and Restated 2006 Equity Incentive Plan dated as of
February&nbsp;9, 2016 (the &#147;Plan&#148;).</TD></TR>
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<TD VALIGN="top" NOWRAP>Exhibit 10.2</TD>
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<TD VALIGN="top">Performance Cash Unit Award Agreement, dated as of June 6, 2016, by and between the Company and Mr.&nbsp;Santoni, under the Plan.</TD></TR>
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<TD VALIGN="top" NOWRAP>Exhibit&nbsp;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press release dated June&nbsp;6, 2016.</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IES HOLDINGS, INC. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED 2006 EQUITY INCENTIVE PLAN </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PERFORMANCE-BASED PHANTOM STOCK UNIT AWARD AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS PERFORMANCE-BASED PHANTOM STOCK UNIT AWARD AGREEMENT (&#147;<B>Agreement</B>&#148;) is made and entered into as of June&nbsp;6, 2016
(&#147;<B>Grant Date</B>&#148;) by and between IES Holdings, Inc. (f/k/a Integrated Electrical Services, Inc.), a Delaware corporation (&#147;Company&#148;), and Thomas Santoni (&#147;<B>Participant</B>&#148;) pursuant to the terms and conditions of
the Company&#146;s Amended and Restated 2006 Equity Incentive Plan dated as of February&nbsp;9, 2016 (&#147;<B>Plan</B>&#148;), in respect of 20,000 Phantom Stock Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U><B>Phantom Stock Unit Award</B>.</U> This Agreement governs an Award of Phantom Stock Units pursuant to the Plan. Each
Phantom Stock Unit represents a contractual right in respect of one share of Stock, subject to the satisfaction in full of the performance conditions specified herein and the other terms and conditions set forth in this Agreement. All capitalized
terms not defined herein without separate definition shall have the meaning set forth in the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <U><B>Vesting
Requirements</B>.</U> Except as otherwise provided below, the vesting of all (or, to the extent specified, any portion) of this Award shall be subject to the satisfaction of the performance conditions set forth in each of subsections A and B below,
as applicable, <B>and</B>, in each case, to the service condition set forth in subsection C of this Section&nbsp;2. The performance targets applicable to this Award are established to incent the Participant and other key executives or officers of
the Company to cause the Company to achieve superior growth, over the applicable performance periods, in the Company&#146;s net income and the market value of the Stock: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Net Income Before Taxes (&#147;NIBT&#148;) Target</U>.</B> <B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The vesting of
<U>seventy-five percent (75%)</U>&nbsp;of the Phantom Stock Units subject to this Award (the &#147;<B>NIBT Award Amount</B>&#148;) (or 15,000 of the total 20,000 Phantom Stock Units granted hereunder) shall be conditioned upon the satisfaction of a
performance vesting requirement relating to the Company&#146;s net income over a particular period: the amount by which the NIBT Award Amount vests shall be based on the Company achieving certain levels of cumulative net income before taxes for the
period beginning on the Grant Date and ending September&nbsp;30,&nbsp;2018, as reported in the Company&#146;s annual financial statements for each of fiscal years 2016, 2017 and 2018, adjusted to exclude the impact of the accounting charge for any
performance-based phantom stock units granted in Fiscal Year 2016 and the effect of any Extraordinary Items (the &#147;<B>Cumulative NIBT</B>&#148;). For purposes of the calculation of Cumulative NIBT, &#147;<B>Extraordinary Items</B>&#148; means,
as determined in sole discretion of the Committee, any item of income or expense that, taking into account the environment in which the Company operates, (i)&nbsp;possess a high degree of abnormality and are of a type unrelated (or only incidentally
related) to the Company&#146;s ordinary and typical activities and (ii)&nbsp;are not reasonably expected to recur in the foreseeable future. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The table set forth in Section I of Annex I sets forth the percentage, if any, of the NIBT Award Amount that shall be deemed vested based on
achievement of certain Cumulative NIBT levels, and as such the percentage as to which the Participant shall be deemed to have satisfied the applicable performance conditions at those Cumulative NIBT levels. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Any such vesting of the NIBT Award Amount shall remain subject to the satisfaction of the Service
Condition described in Section&nbsp;2.C. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Stock Price Target</U></B>. <B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The vesting of the remaining <U>twenty-five
(25%)&nbsp;percent</U> of the Phantom Stock Units subject to this Award (the &#147;<B>Stock Price Hurdle Amount</B>&#148;) (or 5,000 of the total 20,000 Phantom Stock Units granted hereunder) shall be conditioned upon the extent to which the Company
achieves certain Stock Price Hurdles (as defined below) during the period between the Grant Date and December&nbsp;15, 2018 (the &#147;<B>Measurement Period</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The performance conditions applicable with respect to the Stock Price Hurdle Amount shall be satisfied, at least in part, if the average
closing prices of the Stock during any period of 20 consecutive trading days beginning and ending during the Measurement Period (the &#147;<B>Average Stock Price</B>&#148;), at least equals the lowest Stock price set forth in the table in Section II
of <U>Annex I</U> (as the same may hereafter be adjusted pursuant to Section&nbsp;5). Such conditions will be satisfied in full if, during the Measurement Period, the Average Stock Price at least equals the highest Stock price specified in such
table. Subject to the satisfaction of the Service Condition described in Section&nbsp;2.C below, the percentage of the Stock Price Hurdle Amount that shall be payable will be based upon the highest Average Stock Price achieved in the Measurement
Period, regardless of the closing prices of the Stock at the end of the Measurement Period. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>C.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Service Vesting Requirement</U></B>. Except as otherwise expressly specified below, in addition to whichever of the performance vesting requirements of subsection A or B of this Section&nbsp;2 is applicable to a
stated portion of the Phantom Stock Units subject to this Award, the right of the Participant to receive payment of any portion of this Award shall become vested only if the Participant remains continuously employed by Company or any majority-owned
subsidiary thereof from the date hereof until the earlier of (i)&nbsp;December&nbsp;19, 2018 and (ii)&nbsp;the date that the Company files its Annual Report on Form 10-K for its fiscal year ended September&nbsp;30, 2018 (such earlier date, the
&#147;<B>Scheduled Vesting Date</B>&#148;). Notwithstanding the foregoing, if the Participant&#146;s employment shall terminate prior to the Scheduled Vesting Date due to the Participant&#146;s death or Disability, the Participant shall be deemed to
have become vested in a pro-rated portion of the Phantom Stock Units awarded hereunder, without regard to the achievement of the applicable performance conditions under Section&nbsp;2.A or 2.B, determined by multiplying such Phantom Stock Units by a
fraction, the numerator of which is the number of days of Participant&#146;s service from the Grant Date through and including the date of termination, and the denominator of which is the number of days from the Grant date through and including
December&nbsp;15, 2018. Except as otherwise provided in this Agreement, if the Participant does not remain continuously employed by Company or any majority-owned subsidiary thereof from the date hereof until the Scheduled Vesting Date, all of the
Phantom Stock Units subject to this Award shall be immediately forfeited for no consideration and the Participant&#146;s rights with respect thereto shall cease upon termination of the Participant&#146;s employment.<B> </B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U><B>Effect of a Change in Control</B>.</U> Notwithstanding the provisions of Section&nbsp;2
hereof, this Section&nbsp;3 shall apply to determine the vesting of the Phantom Stock Units in the event of the occurrence of a Change in Control prior to the Scheduled Vesting Date. If, immediately following the occurrence of the Change in Control,
the value of the Phantom Stock Units is determined by reference to a class of stock that is publicly traded on an established U.S. securities market (a &#147;<B>Publicly Traded Stock</B>&#148;), including by reason of an adjustment pursuant to
Section&nbsp;5 or the assumption of this Award by the corporation surviving any merger or other corporate transaction or the publicly traded parent corporation thereof (the &#147;<B>Successor Corporation</B>&#148;), the performance conditions with
respect to the NIBT Award Amount and the Stock Price Hurdle Amount shall be waived, and the Participant&#146;s rights with respect to such portions of the Award shall become vested subject only to satisfaction of the service conditions specified in
Section&nbsp;2.C. hereof. In such circumstance, in addition to provisions specified in Section&nbsp;2.C, the service conditions will be deemed satisfied in full upon any termination of the Participant&#146;s employment (<U>i</U>)&nbsp;by the Company
other than for Cause or (ii)&nbsp;by the Participant for Good Reason, in either case occurring on or after such a Change in Control. If the value of the Phantom Stock Units is not determined by reference to a Publicly Traded Stock immediately
following the occurrence of the Change in Control, whether because the Successor Corporation does not have Publicly Traded Stock or determines not to assume this Award, the Phantom Stock Units subject to this Award shall vest in full upon the
occurrence of such Change in Control. Any Phantom Stock Units that become vested pursuant to this Section&nbsp;3 shall be payable in accordance with Section&nbsp;4 hereof. Notwithstanding the foregoing, in any circumstance or transaction in which
compensation payable pursuant to this Agreement would be subject to the income tax under Section&nbsp;409A (as defined below) if the Plan&#146;s definition of &#147;Change in Control&#148; were to apply, but would not be so subject if the term
&#147;Change in Control&#148; were defined herein to mean a &#147;change in control event&#148; within the meaning of Treasury Regulation &#167; 1.409A-3(i)(5), then &#147;<B>Change in Control</B>&#148; means, but only to the extent necessary to
prevent such compensation from becoming subject to the income tax under Section&nbsp;409A, a transaction or circumstance that satisfies the requirements of both (1)&nbsp;a Change in Control as defined in the Plan, and (2)&nbsp;a &#147;change in
control event&#148; within the meaning of Treasury Regulation &#167; 1.409A-3(i)(5). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;3 of this Agreement, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Cause</B>&#148; means (i)&nbsp;the Participant&#146;s gross negligence in the performance or intentional nonperformance of any of the
Participant&#146;s material duties and responsibilities to the Company or any of its affiliates; (ii)&nbsp;the Participant&#146;s dishonesty, theft, embezzlement or fraud with respect to the business, property, reputation or affairs of the Company
or any of its affiliates, (iii)&nbsp;the Participant&#146;s conviction of, or a plea of other than not guilty to, a felony or a misdemeanor involving moral turpitude; (iv)&nbsp;the Participant&#146;s confirmed drug or alcohol abuse that materially
affects the Participant&#146;s service or violates the Company&#146;s drug or alcohol abuse policy; (v)&nbsp;the Participant&#146;s violation of a material Company personnel or similar policy, such policy having been made available to the
Participant; or (vi)&nbsp;the Participant&#146;s having committed any material violation of any federal or state law regulating securities (without having relied on the advice of the Company&#146;s attorney) or having been the subject of any final
order, judicial or administrative, obtained or issued by the Securities and Exchange Commission, for any securities violation involving fraud, including, without limitation, any such order consented to by the Participant in which findings of facts
or any legal conclusions establishing liability are neither admitted nor denied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Good Reason</B>&#148; shall mean the
Participant&#146;s termination of employment due to, and within thirty (30)&nbsp;days following, the occurrence of any of the following without the Participant&#146;s written consent: (i)&nbsp;a material reduction in the Participant&#146;s duties
and responsibilities; (ii)&nbsp;a material reduction in the Participant&#146;s annual rate of base cash compensation; or (iii)&nbsp;a change in the location of the Participant&#146;s principal place of employment to a location more than 50 miles
from that in effect immediately prior to the Change in Control. Notwithstanding the foregoing, to effect a termination for Good Reason, the Participant must provide the Company with written notice of the events alleged to constitute Good Reason
hereunder and may not terminate employment for Good Reason if the Company shall cure such conduct within 30 days of receiving such written notice from the Participant. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <B><U>Payment of Award</U></B>. Subject to the Participant&#146;s continuous employment with the
Company from the Grant Date through the applicable Payment Event (as defined below), payment in respect of Phantom Stock Units that become payable pursuant to this Agreement shall be made within 30 days following the earliest to occur of:
(i)&nbsp;the Scheduled Vesting Date, (ii)&nbsp;termination of Participant&#146;s employment due to his death, (iii)&nbsp;termination of Participant&#146;s employment due to his Disability, (iv)&nbsp;termination of Participant&#146;s employment by
the Company without Cause or by the Participant for Good Reason, in either case following a Change in Control after which the value of the Phantom Stock Units is determined by reference to a class of publicly-traded stock, or (v)&nbsp;a Change in
Control after which the value of the Phantom Stock Units is not determined by reference to a class of publicly-traded stock (each of (i)&nbsp;through (v), a &#147;<B>Payment Event</B>&#148;). Unless the Committee shall direct that the Company settle
any Phantom Stock Units that become payable following the occurrence of a Change in Control in cash, the Phantom Stock Units shall be settled in shares of Stock (or any other equity to which the Phantom Stock Units relate by reason of an adjustment
pursuant to Section&nbsp;5 or an assumption of this Award by a Successor Corporation). If the Committee determines to settle such Phantom Stock Units in cash, the amount of cash payable shall be based upon the Fair Market Value of a share of Stock
(or any other equity to which the Phantom Stock Units relate by reason of an adjustment pursuant to Section&nbsp;5) on the date of the applicable Payment Event. Any payment made in settlement of Phantom Stock Units shall be subject to any and all
applicable tax withholding requirements the Company, which may be effected from any shares issuable in respect thereof by withholding therefrom the greatest number of whole shares having a Fair Market Value not in excess of the lesser of
(i)&nbsp;the taxes payable in respect of the amount payable under this Section&nbsp;4 and (ii)&nbsp;the maximum amount that may be withheld from such payment without the Company having to apply liability accounting for financial accounting purposes.
All Phantom Stock Units that do not become payable upon the occurrence of the first Payment Event shall be immediately forfeited for no consideration and the Participant&#146;s rights with respect thereto shall cease as of such Payment Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <B><U>Adjustments for Corporate Transactions</U></B>. In the event that there shall occur any Recapitalization (<U>i</U>)&nbsp;the number of
(and, if applicable, securities related to) the Phantom Stock Units and (<U>ii</U>)&nbsp;the Stock Price Hurdles shall be adjusted by the Committee in such manner as the Committee determines is necessary or appropriate to prevent any enhancement or
diminution of the Participant&#146;s rights and opportunities hereunder. To the extent that the Phantom Stock Units awarded herein shall be deemed to relate to a different number of shares of Stock or different securities as a result of any such
adjustment, such additional number of shares or other securities shall be subject to the restrictions of the Plan and this Agreement and the vesting conditions specified herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <B><U>Golden Parachute Excise Tax</U></B>. Notwithstanding anything in this Agreement to the contrary, if the Participant is a
&#147;disqualified individual&#148; (as defined in section 280G(c) of the Code), and the payments and benefits to be provided to the Participant under this Agreement, together with any other payments and benefits to which the Participant has the
right to receive from the Company or any other person, would constitute a &#147;parachute payment&#148; (as defined in section 280G(b)(2) of the Code) (collectively, &#147;<B>Participant&#146;s Parachute Payment</B>&#148;), then the
Participant&#146;s Parachute Payments (a)&nbsp;shall be reduced (but not below zero) so that the present value of such total amounts and benefits received by the Participant will be $1.00 less than three times the Participant&#146;s &#147;base
amount&#148; (as defined in section 280G(b)(3) of the Code), so that no portion of the amounts to be received will be subject to the excise tax imposed by section 4999 of the Code or (b)&nbsp;shall be paid in full, whichever of (a)&nbsp;and
(b)&nbsp;produces the better &#147;net after-tax&#148; benefit to the Participant (taking into account all applicable taxes, including any excise tax imposed under section 4999 of the Code). To the extent that the Participant is party to any
arrangement with the Company that provides for the payment of cash severance benefits, the benefits payable thereunder shall be reduced (but not below zero) in accordance with the provisions of such arrangement prior to any reduction in the benefits
payable hereunder. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <U><B>Restrictions on Transfer</B>.</U> Neither this Award nor any Phantom Stock Units covered
hereby may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the Phantom Stock Units as provided herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <U><B>No Shareholder Rights</B>.</U> The Phantom Stock Units granted pursuant to this Award, whether or not vested, will not confer upon the
Participant any rights as a shareholder, including, without limitation, the right to receive or to be credited with any dividends or dividend equivalents or to vote any shares of Stock, unless and until the Award is paid in shares of Stock in
accordance with the terms hereof. Nothing in this Section&nbsp;8 shall be construed to override the right of a Participant to have the number of Phantom Stock Units adjusted in accordance with the provisions of Section&nbsp;5 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <U><B>Award Subject to Plan</B>.</U> This Phantom Stock Unit Award is subject to the terms of the Plan, the terms and provisions of which are
hereby incorporated by reference. Unless otherwise expressly provided herein, noting in this Agreement shall be construed to limit any authority afforded to the Committee pursuant to the terms of the Plan. In the event of a conflict or ambiguity
between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <U><B>No Right of
Employment</B>.</U> Nothing in this Agreement shall confer upon the Participant any right to continue as an employee of or other service provider to the Company or any of its subsidiaries, nor interfere in any way with the right of Company or any
such subsidiary to terminate the Participant&#146;s employment or other service at any time or to change the terms and conditions of such employment or other service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <B><U>No Guarantee of Tax Consequences.</U></B> None of the Board, the Committee, the Company or any affiliate of any of the foregoing makes
any commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to the Participant (or to any person claiming through or on behalf of the Participant) and shall have no liability or
responsibility with respect to taxes (and penalties and interest thereon) imposed on the Participant (or on any person claiming through or on behalf of the Participant) as a result of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <B><U>Section&nbsp;409A.</U></B> Notwithstanding the other provisions hereof, this Agreement is intended to comply with or otherwise be
exempt from the requirements of Section&nbsp;409A of the Code and the regulations and administrative guidance promulgated thereunder (&#147;<U>Section 409A</U>&#148;), to the extent applicable, and this Agreement shall be interpreted to avoid any
taxes or penalty sanctions under Section&nbsp;409A. Accordingly, all provisions herein, or incorporated by reference, shall be construed and interpreted to comply with or otherwise be exempt from Section&nbsp;409A. No interest will be payable with
respect to any amount paid within a time period permitted by, or delayed because of, Section&nbsp;409A. All payments to be made upon a termination of the Participant&#146;s employment under this Agreement that constitute deferred compensation for
purposes of Section&nbsp;409A may only be made upon a &#147;separation from service&#148; under Section&nbsp;409A. For purposes of Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Any amount payable
to the Participant pursuant to this Agreement during the six (6)&nbsp;month period immediately following the date of the Participant&#146;s termination of employment that is not otherwise exempt from Section&nbsp;409A, then such amount shall
hereinafter be referred to as the &#147;<U>Excess Amount</U>.&#148; If at the time of the Participant&#146;s separation from service, the Company&#146;s (or any entity required to be aggregated with the Company under Section&nbsp;409A) stock is
publicly-traded on an established securities market or otherwise and the Participant is a &#147;specified employee&#148; (as defined in Section&nbsp;409A), then the Company shall postpone the commencement of the payment of Excess Amount for six
(6)&nbsp;months following the date of the Participant&#146;s termination of employment. The delayed Excess Amount shall be paid in a lump sum to the Participant on the Company&#146;s first normal payroll date following the date that is six
(6)&nbsp;months following the date of the Participant&#146;s termination of employment. If the Participant dies during such six (6)&nbsp;month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on
account of Section&nbsp;409A, such Excess Amount shall be paid to the Participant&#146;s estate within sixty (60)&nbsp;days after the Participant&#146;s death. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section 13. <B><U>Clawback.</U></B> Notwithstanding any other provisions in the Plan or this Agreement, any
compensation payable pursuant to this Agreement that is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such
law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.<U><B> Data Privacy</B>.</U> The Participant expressly authorizes and consents to the collection, possession, use, retention and transfer of
personal data of the Participant, whether in electronic or other form, by and among Company, its Affiliates, third-party administrator(s) and other possible recipients, in each case for the exclusive purpose of implementing, administering,
facilitating and/or managing the Participant&#146;s Awards under, and participation in, the Plan. Such personal data may include, without limitation, the Participant&#146;s name, home address and telephone number, date of birth, Social Security
Number, social insurance number or other identification number, salary, nationality, job title and other job-related information, tax information, the number of Company shares held or sold by the Participant, and the details of all Awards (including
any information contained in this Award and all Award-related materials) granted to the Participant, whether exercised, unexercised, vested, unvested, cancelled or outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;15. <B><U>Entire Agreement.</U></B> This Agreement and the Plan constitute the entire contract between the parties hereto with regard to the
subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof. No waiver of any breach or condition of this Agreement
shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;16. <B><U>Successors and
Assigns.</U></B> The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Participant&#146;s, the Participant&#146;s assigns and the legal representatives, heirs and
legatees of the Participant&#146;s estate, whether or not any such person shall have become a party to this Agreement and have agreed in writing to be join herein and be bound by the terms hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;17. <B><U>Severability.</U></B> The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, and each provision of this Agreement shall be severable and enforceable to the extent permitted by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;18. <U><B>Counterparts</B>.</U> This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve
the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;19<U><B> Governing Law</B>.</U> This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without
giving effect to the choice of law principles thereof. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* &nbsp;&nbsp;&nbsp;&nbsp;* &nbsp;&nbsp;&nbsp;&nbsp;* &nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By signing below, the Participant accepts this Award, and acknowledges and agrees that this Award is granted under and governed by the terms and conditions of
the Plan and this Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>PARTICIPANT:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>IES HOLDINGS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas E. Santoni</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gail D. Makode</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Thomas E. Santoni</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gail D. Makode</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">SVP, General Counsel &amp; Corporate Secretary</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annex I </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>I.</TD>
<TD ALIGN="left" VALIGN="top"><B>Determination of Percentage of NIBT Award Amount Vested </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Cumulative NIBT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Percentage of NIBT Award Amount Vested</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Less than $70,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$70,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">33<SUP STYLE="font-size:85%; vertical-align:top">1/3</SUP>%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$73,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">66<SUP STYLE="font-size:85%; vertical-align:top">2/3</SUP>%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$76,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For achievement of Cumulative NIBT between any of the stated performance thresholds, the percentage of the
NIBT Award Amount that shall become vested shall be determined by mathematical interpolation between such thresholds (e.g., at Cumulative NIBT of $71,500,000, 50% of the NIBT Award Amount will be vested). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To illustrate the operation of the above table, if the total number of Phantom Stock Units subject to the Award is 6,000 Phantom Stock Units,
the NIBT Award Amount would be equal to 4,500 Phantom Stock Units. If Cumulative NIBT was exactly $70,000,000, the Participant would vest in 1,500 Phantom Stock Units (4,500 X 33<SUP STYLE="font-size:85%; vertical-align:top">1/3</SUP>%), which would
mean that the recipient would receive 1,500 shares of Stock (assuming that the applicable service condition is also satisfied) and 3,000 Phantom Stock Units constituting part of the NIBT Award Amount would not become vested or payable. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>II.<B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Determination of Percentage of Stock Price Hurdle Amount Vested </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Highest Average Stock Price During the<BR>Measurement
Period</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Percentage of Stock Price Hurdle <BR>Amount
Vested</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Less than $14.00</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$14.00</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">33<SUP STYLE="font-size:85%; vertical-align:top">1/3</SUP>%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$16.00</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">66<SUP STYLE="font-size:85%; vertical-align:top">2/3</SUP>%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$18.00</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If the Average Stock Price exceeds either the $14.00 or $16.00 Stock price hurdle stated in the table, but not
the next highest stated hurdle, during the Measurement Period, the percentage of the Stock Price Hurdle Amount that shall become vested shall be determined by mathematical interpolation between the highest stated hurdle achieved and the next highest
stated hurdle in the table (e.g., if the highest Average Stock Price equals $15.00 during the Measurement Period, the performance condition will be deemed satisfied as to 50% of the Stock Price Hurdle Amount; if the highest Average Stock Price
equals $17.00 during the Measurement Period, the performance condition will be deemed satisfied as to 75% of the Stock Price Hurdle Amount). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To illustrate the operation of the above table, if the total number of Phantom Stock Units
subject to the Award is 6,000 Phantom Stock Units, the Stock Hurdle Award Amount would be equal to 1,500 Phantom Stock Units. If the $14.00 Stock Price Hurdle is achieved, upon and subject to satisfaction of the applicable service vesting condition,
the recipient would vest in 500 Phantom Stock Units (1,500 X 33<SUP STYLE="font-size:85%; vertical-align:top">1/3</SUP>%), which would mean that the recipient would receive 500 shares of Stock. If the highest Average Stock Price achieved during the
Measurement Period is $15.00, upon and subject to satisfaction of the applicable service vesting condition, the recipient would vest in 750 Phantom Stock Units (1,500 X 50%), which would mean that the recipient would receive 750 shares of Stock . If
the highest Average Stock Price achieved during the Measurement Period is $16.00, upon and subject to satisfaction of the applicable service vesting condition, the recipient would vest in an aggregate of 1,000 Phantom Stock Units (1,500 X 66<SUP
STYLE="font-size:85%; vertical-align:top">2/3</SUP>%), which would mean that the Participant would receive an aggregate of 1,000 shares of Stock. </P>
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<FILENAME>d173606dex102.htm
<DESCRIPTION>EX-10.2
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<HTML><HEAD>
<TITLE>EX-10.2</TITLE>
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 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IES HOLDINGS, INC. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2006
EQUITY INCENTIVE PLAN </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PERFORMANCE CASH UNIT AWARD AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS PERFORMANCE-BASED PHANTOM CASH UNIT AWARD AGREEMENT (&#147;<B>Agreement</B>&#148;) is made and entered into as of June&nbsp;6, 2016
(&#147;<B>Grant Date</B>&#148;) by and between IES Holdings, Inc. (f/k/a Integrated Electrical Services, Inc.), a Delaware corporation (&#147;Company&#148;), and Thomas Santoni (&#147;<B>Participant</B>&#148;) pursuant to the terms and conditions of
the Company&#146;s Amended and Restated 2006 Equity Incentive Plan dated as of February&nbsp;9, 2016 (&#147;<B>Plan</B>&#148;), in respect of 30,000 Performance Cash Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U><B>Performance Cash Unit Award</B>.</U> This Agreement governs an Award of Performance Cash Units pursuant to the Plan as a
Performance Award under Section&nbsp;7(e) of the Plan. Each Performance Cash Unit represents a contractual right to receive $20 in cash, subject to the satisfaction in full of the performance conditions specified herein and the other terms and
conditions set forth in this Agreement. All capitalized terms not defined herein without separate definition shall have the meaning set forth in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <U><B>Vesting Requirements</B>.</U> Except as otherwise provided below, the vesting of all (or, to the extent specified, any
portion) of this Award shall be subject to the satisfaction of the performance conditions set forth in each of subsections A and B below, as applicable, <B>and</B>, in each case, to the service condition set forth in subsection C of this
Section&nbsp;2. The performance targets applicable to this Award are established to incent the Participant and other key executives or officers of the Company to cause the Company to achieve superior growth, over the applicable performance periods,
in the Company&#146;s net income and the market value of the Stock: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Net Income Before Taxes (&#147;NIBT&#148;) Target</U>.</B> <B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The vesting of
<U>seventy-five percent (75%)</U>&nbsp;of the Performance Cash Units subject to this Award (the &#147;<B>NIBT Award Amount</B>&#148;) (or 22,500 of the total 30,000 Performance Cash Units granted hereunder) shall be conditioned upon the satisfaction
of a performance vesting requirement relating to the Company&#146;s net income over a particular period: the amount by which the NIBT Award Amount vests shall be based on the Company achieving certain levels of cumulative net income before taxes for
the period beginning on the Grant Date and ending September&nbsp;30,&nbsp;2018, as reported in the Company&#146;s annual financial statements for each of fiscal years 2016, 2017 and 2018, adjusted to exclude the impact of the accounting charge for
any performance-based phantom stock units granted in Fiscal Year 2016 and the effect of any Extraordinary Items (the &#147;<B>Cumulative NIBT</B>&#148;). For purposes of the calculation of Cumulative NIBT, &#147;<B>Extraordinary Items</B>&#148;
means, as determined in sole discretion of the Committee, any item of income or expense that, taking into account the environment in which the Company operates, (i)&nbsp;possess a high degree of abnormality and are of a type unrelated (or only
incidentally related) to the Company&#146;s ordinary and typical activities and (ii)&nbsp;are not reasonably expected to recur in the foreseeable future. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The table set forth in Section I of Annex I sets forth the percentage, if any, of the NIBT Award Amount that shall be deemed vested based on
achievement of certain Cumulative NIBT levels, and as such the percentage as to which the Participant shall be deemed to have satisfied the applicable performance conditions at those Cumulative NIBT levels. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Any such vesting of the NIBT Award Amount shall remain subject to the satisfaction of the Service
Condition described in Section&nbsp;2.C. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Stock Price Target</U></B>. <B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The vesting of the remaining <U>twenty-five
(25%)&nbsp;percent</U> of the Performance Cash Units subject to this Award (the &#147;<B>Stock Price Hurdle Amount</B>&#148;) (or 7,500 of the total 30,000 Performance Cash Units granted hereunder) shall be conditioned upon the extent to which the
Company achieves a certain Stock Price Hurdle (as defined below) during the period between the Grant Date and December&nbsp;15, 2018 (the &#147;<B>Measurement Period</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The performance conditions applicable with respect to the Stock Price Hurdle Amount shall be satisfied if the average closing prices of the
Stock during any period of 20 consecutive trading days beginning and ending during the Measurement Period (the &#147;<B>Average Stock Price</B>&#148;), at least equals the Stock price set forth in the table in Section II of <U>Annex I</U> (as the
same may hereafter be adjusted pursuant to Section&nbsp;5). Subject to the satisfaction of the Service Condition described in Section&nbsp;2.C below, the percentage of the Stock Price Hurdle Amount that shall be payable will be based upon the
highest Average Stock Price achieved in the Measurement Period, regardless of the closing prices of the Stock at the end of the Measurement Period. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>C.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Service Vesting Requirement</U></B>. Except as otherwise expressly specified below, in addition to whichever of the performance vesting requirements of subsection A or B of this Section&nbsp;2 is applicable to a
stated portion of the Performance Cash Units subject to this Award, the right of the Participant to receive payment of any portion of this Award shall become vested only if the Participant remains continuously employed by Company or any
majority-owned subsidiary thereof from the date hereof until the earlier of (i)&nbsp;December&nbsp;19, 2018 and (ii)&nbsp;the date that the Company files its Annual Report on Form 10-K for its fiscal year ended September&nbsp;30, 2018 (such earlier
date, the &#147;<B>Scheduled Vesting Date</B>&#148;), provided, however, that the Scheduled Vesting Date shall occur, if at all, during the 2018 calendar year. Notwithstanding the foregoing, if the Participant&#146;s employment shall terminate prior
to the Scheduled Vesting Date due to the Participant&#146;s death or Disability, the Participant shall be deemed to have become vested in a pro-rated portion of the Performance Cash Units awarded hereunder, without regard to the achievement of the
applicable performance conditions under Section&nbsp;2.A or 2.B, determined by multiplying such Performance Cash Units by a fraction, the numerator of which is the number of days Participant&#146;s service from the Grant Date through and including
the date of termination, and the denominator of which is the number of days from the Grant Date through and including December&nbsp;15, 2018. Except as otherwise provided in this Agreement, if the Participant does not remain continuously employed by
Company or any majority-owned subsidiary thereof from the date hereof until the Scheduled Vesting Date, all of the Performance Cash Units subject to this Award shall be immediately forfeited for no consideration and the Participant&#146;s rights
with respect thereto shall cease upon termination of the Participant&#146;s employment. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U><B>Effect of a Change in
Control</B>.</U> Notwithstanding the provisions of Section&nbsp;2 hereof, this Section&nbsp;3 shall apply to determine the vesting of the Performance Cash Units in the event of the occurrence of a Change in Control prior to the Scheduled Vesting
Date. If, immediately following the occurrence of the Change in Control, the value of the Performance Cash Units is determined by reference </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to a class of stock that is publicly traded on an established U.S. securities market (a &#147;<B>Publicly Traded Stock</B>&#148;), including by reason of an adjustment pursuant to Section&nbsp;5
or the assumption of this Award by the corporation surviving any merger or other corporate transaction or the publicly traded parent corporation thereof (the &#147;<B>Successor Corporation</B>&#148;), the performance conditions with respect to the
NIBT Award Amount and the Stock Price Hurdle Amount shall be waived, and the Participant&#146;s rights with respect to such portions of the Award shall become vested subject only to satisfaction of the service conditions specified in
Section&nbsp;2.C. hereof. In such circumstance, in addition to provisions specified in Section&nbsp;2.C, the service conditions will be deemed satisfied in full upon any termination of the Participant&#146;s employment (<U>i</U>)&nbsp;by the Company
other than for Cause or (ii)&nbsp;by the Participant for Good Reason, in either case occurring on or after such a Change in Control. If the value of the Performance Cash Units is not determined by reference to a Publicly Traded Stock immediately
following the occurrence of the Change in Control, whether because the Successor Corporation does not have Publicly Traded Stock or determines not to assume this Award, the Performance Cash Units subject to this Award shall vest in full upon the
occurrence of such Change in Control. Any Performance Cash Units that become vested pursuant to this Section&nbsp;3 shall be payable in accordance with Section&nbsp;4 hereof. Notwithstanding the foregoing, in any circumstance or transaction in which
compensation payable pursuant to this Agreement would be subject to the income tax under Section&nbsp;409A (as defined below) if the Plan&#146;s definition of &#147;Change in Control&#148; were to apply, but would not be so subject if the term
&#147;Change in Control&#148; were defined herein to mean a &#147;change in control event&#148; within the meaning of Treasury Regulation &#167; 1.409A-3(i)(5), then &#147;<B>Change in Control</B>&#148; means, but only to the extent necessary to
prevent such compensation from becoming subject to the income tax under Section&nbsp;409A, a transaction or circumstance that satisfies the requirements of both (1)&nbsp;a Change in Control as defined in the Plan, and (2)&nbsp;a &#147;change in
control event&#148; within the meaning of Treasury Regulation &#167; 1.409A-3(i)(5). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;3 of this Agreement, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Cause</B>&#148; means (i)&nbsp;the Participant&#146;s gross negligence in the performance or intentional nonperformance of any of the
Participant&#146;s material duties and responsibilities to the Company or any of its affiliates; (ii)&nbsp;the Participant&#146;s dishonesty, theft, embezzlement or fraud with respect to the business, property, reputation or affairs of the Company
or any of its affiliates, (iii)&nbsp;the Participant&#146;s conviction of, or a plea of other than not guilty to, a felony or a misdemeanor involving moral turpitude; (iv)&nbsp;the Participant&#146;s confirmed drug or alcohol abuse that materially
affects the Participant&#146;s service or violates the Company&#146;s drug or alcohol abuse policy; (v)&nbsp;the Participant&#146;s violation of a material Company personnel or similar policy, such policy having been made available to the
Participant; or (vi)&nbsp;the Participant&#146;s having committed any material violation of any federal or state law regulating securities (without having relied on the advice of the Company&#146;s attorney) or having been the subject of any final
order, judicial or administrative, obtained or issued by the Securities and Exchange Commission, for any securities violation involving fraud, including, without limitation, any such order consented to by the Participant in which findings of facts
or any legal conclusions establishing liability are neither admitted nor denied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Good Reason</B>&#148; shall mean the
Participant&#146;s termination of employment due to, and within thirty (30)&nbsp;days following, the occurrence of any of the following without the Participant&#146;s written consent: (i)&nbsp;a material reduction in the Participant&#146;s duties
and responsibilities; (ii)&nbsp;a material reduction in the Participant&#146;s annual rate of base cash compensation; or (iii)&nbsp;a change in the location of the Participant&#146;s principal place of employment to a location more than 50 miles
from that in effect immediately prior to the Change in Control. Notwithstanding the foregoing, to effect a termination for Good Reason, the Participant must provide the Company with written notice of the events alleged to constitute Good Reason
hereunder and may not terminate employment for Good Reason if the Company shall cure such conduct within 30 days of receiving such written notice from the Participant. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <B><U>Payment of Award</U></B>. Subject to the Participant&#146;s continuous employment with the
Company from the Grant Date through the applicable Payment Event (as defined below), payment in respect of Performance Cash Units that become payable pursuant to this Agreement shall be made within 30 days following the earliest to occur of:
(i)&nbsp;the Scheduled Vesting Date, (ii)&nbsp;termination of Participant&#146;s employment due to his death, (iii)&nbsp;termination of Participant&#146;s employment due to his Disability, (iv)&nbsp;termination of Participant&#146;s employment by
the Company without Cause or by the Participant for Good Reason, in either case following a Change in Control after which the value of the Performance Cash Units is determined by reference to a class of publicly-traded stock, or (iv)&nbsp;a Change
in Control after which the value of the Performance Cash Units is not determined by reference to a class of publicly-traded stock (each of (i)&nbsp;through (iv), a &#147;<B>Payment Event</B>&#148;). The Company shall settle all Performance Cash
Units that become payable hereunder in cash. Any payment made in settlement of Performance Cash Units shall be subject to any and all applicable tax withholding requirements the Company, which may be effected from any shares issuable in respect
thereof by withholding therefrom the greatest number of whole shares having a Fair Market Value not in excess of the lesser of (i)&nbsp;the taxes payable in respect of the amount payable under this Section&nbsp;4 and (ii)&nbsp;the maximum amount
that may be withheld from such payment without the Company having to apply liability accounting for financial accounting purposes. All Performance Cash Units that do not become payable upon the occurrence of the first Payment Event shall be
immediately forfeited for no consideration and the Participant&#146;s rights with respect thereto shall cease as of such Payment Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.
<B><U>Adjustments for Corporate Transactions</U></B>. In the event that there shall occur any Recapitalization, then, to the extent applicable, (<U>i</U>)&nbsp;the number of (and, if applicable, securities related to) the Performance Cash Units and
(<U>ii</U>)&nbsp;the Stock Price Hurdles shall be adjusted by the Committee in such manner as the Committee determines is necessary or appropriate to prevent any enhancement or diminution of the Participant&#146;s rights and opportunities hereunder.
To the extent applicable and to the extent that the Performance Cash Units awarded herein shall be deemed to relate to a different number of shares of Stock or different securities as a result of any such adjustment, such additional number of shares
or other securities shall be subject to the restrictions of the Plan and this Agreement and the vesting conditions specified herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.
<B><U>Golden Parachute Excise Tax</U></B>. Notwithstanding anything in this Agreement to the contrary, if the Participant is a &#147;disqualified individual&#148; (as defined in section 280G(c) of the Code), and the payments and benefits to be
provided to the Participant under this Agreement, together with any other payments and benefits to which the Participant has the right to receive from the Company or any other person, would constitute a &#147;parachute payment&#148; (as defined in
section 280G(b)(2) of the Code) (collectively, &#147;<B>Participant&#146;s Parachute Payment</B>&#148;), then the Participant&#146;s Parachute Payments (a)&nbsp;shall be reduced (but not below zero) so that the present value of such total amounts
and benefits received by the Participant will be $1.00 less than three times the Participant&#146;s &#147;base amount&#148; (as defined in section 280G(b)(3) of the Code), so that no portion of the amounts to be received will be subject to the
excise tax imposed by section 4999 of the Code or (b)&nbsp;shall be paid in full, whichever of (a)&nbsp;and (b)&nbsp;produces the better &#147;net after-tax&#148; benefit to the Participant (taking into account all applicable taxes, including any
excise tax imposed under section 4999 of the Code). To the extent that the Participant is party to any arrangement with the Company that provides for the payment of cash severance benefits, the benefits payable thereunder shall be reduced (but not
below zero) in accordance with the provisions of such arrangement prior to any reduction in the benefits payable hereunder. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary
shall be made by the Company in good faith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <U><B>Restrictions on Transfer</B>.</U> Neither this Award nor any Performance Cash Units
covered hereby may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the Performance Cash Units as provided herein. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <U><B>No Shareholder Rights</B>.</U> The Performance Cash Units granted pursuant to this Award,
whether or not vested, will not confer upon the Participant any rights as a shareholder, including, without limitation, the right to receive or to be credited with any dividends or dividend equivalents or to vote any shares of Stock, unless and
until the Award is paid in shares of Stock in accordance with the terms hereof. Nothing in this Section&nbsp;8 shall be construed to override the right of a Participant to have the number of Performance Cash Units adjusted, to the extent applicable,
in accordance with the provisions of Section&nbsp;5 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <U><B>Award Subject to Plan</B>.</U> This Performance Cash Unit Award is
subject to the terms of the Plan, the terms and provisions of which are hereby incorporated by reference. Unless otherwise expressly provided herein, noting in this Agreement shall be construed to limit any authority afforded to the Committee
pursuant to the terms of the Plan. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <U><B>No Right of Employment</B>.</U> Nothing in this Agreement shall confer upon the Participant any right to continue as an employee of or
other service provider to the Company or any of its subsidiaries, nor interfere in any way with the right of Company or any such subsidiary to terminate the Participant&#146;s employment or other service at any time or to change the terms and
conditions of such employment or other service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. <B><U>No Guarantee of Tax Consequences.</U></B> None of the Board, the Committee, the
Company or any affiliate of any of the foregoing makes any commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to the Participant (or to any person claiming through or on behalf of
the Participant) and shall have no liability or responsibility with respect to taxes (and penalties and interest thereon) imposed on the Participant (or on any person claiming through or on behalf of the Participant) as a result of this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <B><U>Section&nbsp;409A.</U></B> Notwithstanding the other provisions hereof, this Agreement is intended to comply with or otherwise be
exempt from the requirements of Section&nbsp;409A of the Code and the regulations and administrative guidance promulgated thereunder (&#147;<U>Section 409A</U>&#148;), to the extent applicable, and this Agreement shall be interpreted to avoid any
taxes or penalty sanctions under Section&nbsp;409A. Accordingly, all provisions herein, or incorporated by reference, shall be construed and interpreted to comply with or otherwise be exempt from Section&nbsp;409A. No interest will be payable with
respect to any amount paid within a time period permitted by, or delayed because of, Section&nbsp;409A. All payments to be made upon a termination of the Participant&#146;s employment under this Agreement that constitute deferred compensation for
purposes of Section&nbsp;409A may only be made upon a &#147;separation from service&#148; under Section&nbsp;409A. For purposes of Section&nbsp;409A, each payment made under this Agreement shall be treated as a separate payment. Any amount payable
to the Participant pursuant to this Agreement during the six (6)&nbsp;month period immediately following the date of the Participant&#146;s termination of employment that is not otherwise exempt from Section&nbsp;409A, then such amount shall
hereinafter be referred to as the &#147;<U>Excess Amount</U>.&#148; If at the time of the Participant&#146;s separation from service, the Company&#146;s (or any entity required to be aggregated with the Company under Section&nbsp;409A) stock is
publicly-traded on an established securities market or otherwise and the Participant is a &#147;specified employee&#148; (as defined in Section&nbsp;409A), then the Company shall postpone the commencement of the payment of Excess Amount for six
(6)&nbsp;months following the date of the Participant&#146;s termination of employment. The delayed Excess Amount shall be paid in a lump sum to the Participant on the Company&#146;s first normal payroll date following the date that is six
(6)&nbsp;months following the date of the Participant&#146;s termination of employment. If the Participant dies during such six (6)&nbsp;month period and prior to the payment of the portion of the Excess Amount that is required to be delayed on
account of Section&nbsp;409A, such Excess Amount shall be paid to the Participant&#146;s estate within sixty (60)&nbsp;days after the Participant&#146;s death. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section 13. <B><U>Clawback.</U></B> Notwithstanding any other provisions in the Plan or this Agreement, any
compensation payable pursuant to this Agreement that is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such
law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.<U><B> Data Privacy</B>.</U> The Participant expressly authorizes and consents to the collection, possession, use, retention and transfer of
personal data of the Participant, whether in electronic or other form, by and among Company, its Affiliates, third-party administrator(s) and other possible recipients, in each case for the exclusive purpose of implementing, administering,
facilitating and/or managing the Participant&#146;s Awards under, and participation in, the Plan. Such personal data may include, without limitation, the Participant&#146;s name, home address and telephone number, date of birth, Social Security
Number, social insurance number or other identification number, salary, nationality, job title and other job-related information, tax information, the number of Company shares held or sold by the Participant, and the details of all Awards (including
any information contained in this Award and all Award-related materials) granted to the Participant, whether exercised, unexercised, vested, unvested, cancelled or outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;15. <B><U>Entire Agreement.</U></B> This Agreement and the Plan constitute the entire contract between the parties hereto with regard to the
subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof. No waiver of any breach or condition of this Agreement
shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;16. <B><U>Successors and
Assigns.</U></B> The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Participant&#146;s, the Participant&#146;s assigns and the legal representatives, heirs and
legatees of the Participant&#146;s estate, whether or not any such person shall have become a party to this Agreement and have agreed in writing to be join herein and be bound by the terms hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;17. <B><U>Severability.</U></B> The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, and each provision of this Agreement shall be severable and enforceable to the extent permitted by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;18. <U><B>Counterparts</B>.</U> This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve
the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;19<B> <U>Governing Law</U>.</B> This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without
giving effect to the choice of law principles thereof. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By signing below, the Participant accepts this Award, and acknowledges and agrees that this Award is granted under and governed by the terms and conditions of
the Plan and this Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>PARTICIPANT:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>IES HOLDINGS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Thomas E. Santoni</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">/s/ Gail D. Makode</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Thomas E. Santoni</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gail D. Makode</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">SVP, General Counsel &amp; Corporate Secretary</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annex I </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">I.</TD>
<TD ALIGN="left" VALIGN="top"><B>Determination of Percentage of NIBT Award Amount Vested </B> </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Cumulative NIBT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Percentage of NIBT Award Amount Vested</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Less than $70,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$70,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">33<SUP STYLE="font-size:85%; vertical-align:top">1/3</SUP>%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$73,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">66<SUP STYLE="font-size:85%; vertical-align:top">2/3</SUP>%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$76,000,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For achievement of Cumulative NIBT between any of the stated performance thresholds, the percentage of the
NIBT Award Amount that shall become vested shall be determined by mathematical interpolation between such thresholds (e.g., at Cumulative NIBT of $71,500,000, 50% of the NIBT Award Amount will be vested). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To illustrate the operation of the above table, if the total number of Performance Cash Units subject to the Award is 6,000 Performance Cash
Units, the NIBT Award Amount would be equal to 4,500 Performance Cash Units. If Cumulative NIBT was exactly $70,000,000, the Participant would vest in 1,500 Performance Cash Units (4,500 X
33<SUP STYLE="font-size:85%; vertical-align:top">1/3</SUP>%), which would mean that the recipient would receive 1,500 multiplied by $20 or $30,000 (assuming that the applicable service condition is also satisfied) and 3,000 Performance Cash Units
constituting part of the NIBT Award Amount would not become vested or payable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">II.</TD>
<TD ALIGN="left" VALIGN="top"><B>Determination of Percentage of Stock Price Hurdle Amount Vested </B> </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Highest Average Stock Price During the</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Measurement Period</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Percentage of Stock Price Hurdle <BR>Amount
Vested</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Less than $20.00</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$20.00 or greater</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>d173606dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g173606image002.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:65%; font-size:10pt; font-family:Times New Roman">Contact: Robert Lewey, President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:65%; font-size:10pt; font-family:Times New Roman">IES Holdings, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:65%; font-size:10pt; font-family:Times New Roman">713-860-1500 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOR IMMEDIATE RELEASE </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IES HOLDINGS ANNOUNCES MANAGEMENT APPOINTMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">HOUSTON &#151; June&nbsp;6, 2016 &#151; IES Holdings, Inc. (or &#147;IES&#148;) (NASDAQ: IESC) today announced that Thomas Santoni has been
appointed as Senior Vice President, Operations of the Company effective June&nbsp;6, 2016 and that John Werner has been appointed as President of IES Commercial&nbsp;&amp; Industrial. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Santoni has served as President of IES Commercial&nbsp;&amp; Industrial since June 2011, having previously served the Company in
various other positions since 1995, including business unit President, Regional General Manager, Vice President of Sales and Central Division Vice President. Prior to joining IES, Mr.&nbsp;Santoni managed electrical contracting operations in San
Diego (President) and Chicago (Vice President). Mr.&nbsp;Santoni began his career in the electrical contracting industry approximately 30 years ago as a journeyman electrician. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Werner has served as Vice President, Operations of IES Commercial&nbsp;&amp; Industrial since April 2015, having previously served
the Company in various other positions since 1999, including Senior Project Manager, VP of Construction, Southeast Operations Director and General Manager. Prior to joining IES, John worked as an Estimator and Project Manager with Watson Electric in
Chesapeake, Virginia. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ABOUT IES HOLDINGS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IES is a holding company that owns and manages diverse operating subsidiaries, comprised of providers of industrial infrastructure services to
a variety of end markets. Our over 3,100 employees serve clients in North America. For more information about IES, please visit <U>www.ies-co.com</U>. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ABOUT IES COMMERCIAL&nbsp;&amp; INDUSTRIAL </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IES&#146;s Commercial&nbsp;&amp; Industrial segment provides electrical design, construction, and maintenance services to the commercial and
industrial markets in various regional markets and nationwide in certain areas of expertise, such as the power infrastructure market. For more information about IES Commercial&nbsp;&amp; Industrial, please visit <U>www.iesci.net</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Certain statements in this release may be deemed &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of
1933 and Section&nbsp;21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. In some cases, you can identify forward-looking
statements by terminology such as &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;seek,&#148;
&#147;estimate,&#148; &#147;predict,&#148; &#147;potential,&#148; &#147;pursue,&#148; &#147;target,&#148; &#147;continue,&#148; the negative of such terms or other comparable terminology. These statements involve risks and uncertainties that could
cause the Company&#146;s actual future outcomes to differ materially from those set forth in such statements. Such risks and uncertainties include, but are not limited to, the ability of our controlling shareholder to take action not aligned with
other shareholders; the possibility that certain tax benefits of our net operating losses may be restricted or reduced in a change in ownership; the inability to carry out plans and strategies as expected, including our inability to identify and
complete acquisitions that meet our investment criteria in furtherance of our corporate strategy; competition in the industries in which we operate, both from third parties and former employees, which could result in the loss of one or more
customers or lead to lower margins on new projects; fluctuations in operating activity due to downturns in levels of construction, seasonality and differing regional economic conditions; and our ability to successfully manage projects., as well as
other risk factors discussed in this document and in the Company&#146;s annual report on Form 10-K for the year ended September&nbsp;30, 2015. You should understand that such risk factors could cause future outcomes to differ materially from those
experienced previously or those expressed in such forward-looking statements. The Company undertakes no obligation to publicly update or revise any information, including information concerning its controlling shareholder, net operating losses,
borrowing availability, or cash position, or any forward-looking statements to reflect events or circumstances that may arise after the date of this release. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Forward-looking statements are provided in this press release pursuant to the safe harbor established under the Private Securities Litigation Reform Act of
1995 and should be evaluated in the context of the estimates, assumptions, uncertainties, and risks described herein. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>General information about
IES Holdings, Inc. can be found at http://www.ies-co.com under &#147;Investors.&#148; The Company&#146;s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are
available free of charge through the Company&#146;s website as soon as reasonably practicable after they are filed with, or furnished to, the SEC. </I></P>
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