X0306 4 2017-04-03 0 0001048268 IES Holdings, Inc. IESC 0001297011 Dowling Joseph L III 5433 WESTHEIMER, SUITE 500 HOUSTON TX 77056 1 0 0 0 Common Stock 2017-04-03 4 A 0 552 0 A 44710 D Represents Phantom Stock Units ("PSUs") granted pursuant to the IES Holdings, Inc. ("IES") 2006 Equity Incentive Plan (as amended and restated through February 2016) upon Mr. Dowling electing to receive PSUs in lieu of common stock or cash for that portion of his retainer. Each unit converts to one share of IES common stock when Mr. Dowling leaves the board of directors for any reason. /s/Gail D. Makode, Attorney-in-Fact 2017-04-05