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  Exhibit 10.33    
    

  

INTEGRATED ELECTRICAL SERVICES, INC.

AMENDED AND RESTATED

2009 DEFERRED COMPENSATION PLAN  

Effective as of January 1, 2009 

 TABLE OF CONTENTS  

								
	 
	 	 
	 	 
	 	PAGE 
	
 	
 	

 	
 	

 	
 	

 
	I.	 	Definitions and Construction	 	1
	 	 	1.1	 	Definitions	 	1
	 	 	1.2	 	Number and Gender	 	2
	 	 	1.3	 	Headings	 	2
	
 II.	
 	
Selected Employees	
 	
2
	 	 	2.1	 	Participation	 	2
	 	 	2.2	 	Cessation of Active Participation	 	2
	
 III.	
 	
Account Credits and Allocations of Income or Loss	
 	
2
	 	 	3.1	 	Participant Deferrals	 	2
	 	 	3.2	 	Employer Deferrals	 	3
	 	 	3.3	 	Valuation of Accounts	 	3
	
 IV.	
 	
Deemed Investment of Funds	
 	
4
	 	 	4.1	 	Investment Funds	 	4
	 	 	4.2	 	Investment Elections	 	4
	
 V.	
 	
Vested Interest	
 	
4
	 	 	5.1	 	Employee Account	 	4
	 	 	5.2	 	Employer Account	 	4
	
 VI.	
 	
Elective Withdrawals	
 	
5
	 	 	6.1	 	No Elective Withdrawals	 	5
	 	 	6.2	 	Emergency Withdrawals	 	5
	
 VII.	
 	
Benefits	
 	
5
	 	 	7.1	 	Amount of Benefit	 	5
	 	 	7.2	 	Time of Payment	 	5
	 	 	7.3	 	Designation of Beneficiaries	 	6
	 	 	7.4	 	Payment of Benefits	 	6
	 	 	7.5	 	Unclaimed Benefits	 	7
	 	 	7.6	 	Employment Relationship	 	7
	 	 	7.7	 	Section 409A Distribution Limitations	 	7
	 	 	7.8	 	Disability	 	7
	
 VIII.	
 	
Administration of the Plan	
 	
7
	 	 	8.1	 	Appointment of Committee	 	7
	 	 	8.2	 	Committee Powers and Duties	 	7
	 	 	8.3	 	Claims Review	 	8
	 	 	8.4	 	Employer to Supply Information	 	8
	 	 	8.5	 	Indemnity	 	9
	
 IX.	
 	
Administration of Funds	
 	
9
	 	 	9.1	 	Payment of Expenses	 	9
	 	 	9.2	 	Trust Fund Property	 	9
	
 X.	
 	
Nature of the Plan	
 	
9
	
 XI.	
 	
Miscellaneous	
 	
10
	 	 	11.1	 	Not Contract of Employment	 	10
	 	 	11.2	 	Alienation of Interest Forbidden	 	10
	 	 	11.3	 	Tax Withholding	 	10
	 	 	11.4	 	Amendment and Termination	 	10
	 	 	11.5	 	Severability	 	10
	 	 	11.6	 	Governing Laws	 	10
	 	 	11.7	 	Compliance with Section 409A	 	11
	 	 	11.8	 	Change of Control	 	11

 INTEGRATED ELECTRICAL SERVICES, INC.  

 AMENDED AND RESTATED  

 2009 DEFERRED COMPENSATION PLAN  

 W I T N E S S E T H :  

        WHEREAS, Integrated Electrical Services, Inc. (the "Company") has heretofore adopted the Integrated
Electrical Services, Inc. 2009 Deferred Compensation Plan (the "Plan"), for the benefit of certain key employees of the Company and its Affiliates; and 

        WHEREAS, there is reserved to the Company in Section 11.4 of the Plan the right to amend the Plan; and 

        NOW, THEREFORE, the Company hereby amends and restates the Plan as follows, effective January 1, 2009: 

  I.

Definitions and Construction  

        1.1    Definitions.    Where the following words and phrases appear in the Plan, they
shall
have the respective meanings set forth below, unless their context clearly indicates to the contrary. 

        (1)    Account:    A Participant's Employee Account and/or Employer Account, as the context requires. 

        (2)    Affiliate:    Each corporation or unincorporated entity, directly or indirectly, through one or more
intermediaries, controlling, controlled by, or under common control with the Company. For this purpose, control shall be determined by a more than 50% ownership standard. 

        (3)    Base Salary:    The base salary payable by the Employer to a Selected Employee while a Participant, including
the base salary such Participant could have received in cash in lieu of elective deferrals made from such base salary pursuant to Section 3.1 or a cafeteria plan under Section 125 of the
Code. 

        (4)    Board:    The Board of Directors of the Company. 

        (5)    Bonus:    The amount payable to a Selected Employee, while a Participant in cash under a bonus plan maintained
by the Employer, including bonus amounts such Participant could have received in cash in lieu of elective deferrals made from such bonus pursuant to Section 3.1 or a cafeteria plan under
Section 125 of the Code. 

        (6)    Change of Control:    The occurrence of a "change of control event," as defined in the regulations and guidance
promulgated under Section 409A of the Code. 

        (7)    Code:    The Internal Revenue Code of 1986, as amended, and applicable Treasury Regulations thereunder. 

        (8)    Committee:    The committee appointed by the Board to administer this Plan, or, if no such committee is
appointed, the committee appointed by the Board to administer the Company's 401(k) plan. 

        (9)    Company:    Integrated Electrical Services, Inc. 

        (10)    Compensation:    Base Salary and Bonuses. 

        (11)    Election Date:    The first day of each Plan Year and, with respect to a Selected Employee who first becomes
eligible (determined in accordance with requirements concerning the required aggregation of plans under Section 409A) to become a Participant after the first day of a Plan Year, the first of
the month following the date of his initial eligibility. 

        (12)    Employee Account.    A Participant's notional Employee Account under the Plan, reflecting the Participant's
elective deferrals, if any, and any investment gains and losses allocated thereto. 

        (13)    Employer:    The Company and each Affiliate. 

        (14)    Employer Account:    A Participant's notional Employer Account under the Plan reflecting the Employer
Contributions, if any, credited with respect to such Participant, and any investment gains and losses allocated thereto. 

        (15)    Employer Contribution.    As defined in Section 3.2. 

        (16)    Fund:    An investment fund designated from time to time for the deemed investment of Accounts pursuant to
Article IV. 

        (17)    Participant:    Each Selected Participant who becomes a participant. 

        (18)    Plan:    Integrated Electrical Services, Inc. Amended and Restated 2009 Deferred Compensation Plan, as
it may be amended from time to time. 

 

        (19)    Plan Year:    The calendar year. 

        (20)    Selected Employees:    A key member of management or highly compensated employee of the Company and its
Affiliates selected to participate in the Plan pursuant to the provisions of Section 2.1. An employee must have a Base Salary of at least $150,000 or be the president of a subsidiary of the
Company or hold the title of "Director" or above at the Company's headquarters. 

        (21)    Termination of Employment:    A termination of service for purposes of Section 409A of the Code and the
regulations and guidance promulgated thereunder. 

        (22)    Trust:    The trust, if any, established under the Trust Agreement. 

        (23)    Trust Agreement:    The agreement, if any, entered into between the Company and the Trustee pursuant to
Article X. 

        (24)    Trust Fund:    The funds and properties, if any, held pursuant to the provisions of the Trust Agreement,
together with all income, profits and increments thereto. 

        (25)    Trustee:    The trustee or trustees qualified and acting under the Trust Agreement at any time. 

        1.2    Number and Gender.    Wherever appropriate herein, words used in the singular
shall be
considered to include the plural and words used in the plural shall be considered to include the singular. The masculine gender, where appearing in the Plan, shall be deemed to include the feminine
gender. 

        1.3    Headings.    The headings of Articles and Sections herein are included solely
for
convenience, and if there is any conflict between such headings and the text of the Plan, the text shall control. 

 II.
  Selected Employees  

        2.1    Participation.    The Board, in its sole discretion, shall designate the
Selected
Employees who shall become Participants. The Board shall notify such Selected Employees of their designation and the Election Date as of which their participation shall become effective. Subject to
the provisions of Section 2.2, a Selected Employee shall remain eligible to defer Compensation hereunder following his initial Election Date, except as otherwise provided in the Plan. 

        2.2    Cessation of Active Participation.    Notwithstanding any provision herein to
the
contrary, a Selected Employee shall cease to be entitled to defer Compensation hereunder or receive an Employer Contribution effective as of (i) the first of any Plan Year designated by the
Board, (ii) the date such person ceases to be a key member of management or a highly compensated employee for purposes of ERISA, or (iii) the date such person ceases to be employed by
the Employer. 

 III.
  Account Credits and Allocations of Income or Loss  

        3.1    Participant Deferrals.    

        (a)    A
Participant may elect to defer up to 75% of his Base Salary and/or Bonus for a Plan Year; provided, however, that no Participant may elect to defer less than $5,000
for a Plan Year. With respect to an individual who first becomes a Participant other than on the first day of a Plan Year, any such deferral election shall apply only for the portion of Compensation
for such Plan Year commencing after the date such individual first becomes a Participant. For purposes of determining whether an individual first becomes a Participant in the Plan after the beginning
of the Plan Year, all plans required to be 

2

 

aggregated
with this Plan for purposes of Section 409A shall be treated as one plan. Compensation for a Plan Year not so deferred by such an election shall be received by such Participant in
cash. For purposes of any Bonus that is based on a performance period that begins prior to the Participant's initial date of participation, the deferral election shall apply only to the portion of the
Bonus earned after the election, determined by the ratio of the number of days remaining in the performance period at the time of the election over the total number of days in the performance period,
as required by Section 409A of the Code. 

        (b)    A
Participant's election to defer an amount of his Compensation pursuant to this Section shall be made by executing a Compensation deferral election pursuant to which
the Participant authorizes the Employer to reduce his Compensation in the elected amount and the Employer agrees to credit an equal amount to such Participant's Employee Account maintained under the
Plan. Deferral elections may be made either in percentages, dollar amounts, or a combination of percentages and dollar amounts, as determined by the Committee. Compensation deferrals made by a
Participant shall be credited to such Participant's Employee Account as of a date determined in accordance with procedures established from time to time by the Committee. A new deferral election shall
be required for each subsequent Plan Year. 

        (c)    A
Participant's Compensation deferral election shall become effective as of the Election Date which is after the deferral election is executed by the Participant and
filed with the Employer and shall apply only to Compensation for services rendered after the Election Date. A Participant's Compensation deferral election shall be irrevocable and remain in force and
effect for the entire Plan Year (or remaining part thereof, if applicable) to which such election relates except that a Participant's Compensation deferral election shall be automatically suspended
during an unpaid leave of absence or, to the extent permitted by Section 409A of the Code and the regulations and guidance thereunder, upon the Participant's Disability. Further, in the event
that the Committee, upon written petition of a Participant, determines in its sole discretion that such Participant has suffered an unforeseeable emergency (as defined in Section 409A of the
Code) or that such Participant will, absent termination of such Participant's Compensation deferral election then in effect, suffer an unforeseeable emergency, then such Participant's Compensation
deferral then in effect, if any, shall be terminated as soon as administratively practicable after such determination if and to the extent permitted by Section 409A of the Code and the
regulations and guidance thereunder. A Participant whose Compensation deferral election has been so terminated may again elect to defer a portion of his Compensation, effective as of any subsequent
Election Date, by executing and delivering to the Employer a new Compensation deferral election prior to such Election Date. 

        (d)    The
Participant's deferral election shall specify the time of payment of his deferral, as provided in Section 7.2; provided, however, a deferral for any Plan Year
must be for a deferral period of a minimum of two years or until the Participant's Termination of Employment, if earlier. At no time may a Participant have more payment accounts then permitted by the
Committee. 

        3.2    Employer Deferrals.    With respect to any Plan Year, the Committee may, in
its sole
discretion, credit one or more Participants with an Employer deferral (contribution) in such amount as the Committee may choose ("Employer Contribution"). The Employer Contribution may be a fixed
dollar amount, a fixed percentage of the Participant's Compensation, Base Salary, or Bonus, or a "matching" amount with respect to all or part of the Participant's elective deferrals for such Plan
Year, and/or any combination of the foregoing as the Committee may choose. Which Participants, if any, and the amount and type of the Employer Contributions, if any, credited for any Plan Year shall
be determined by the Committee in its sole discretion. 

        3.3    Valuation of Accounts.    All amounts allocated to an Account shall be deemed
invested
among the Funds as provided in Article IV at such time or times determined in accordance with procedures 

3

 

established
from time to time by the Committee. The balances of such Account shall reflect, to the extent reasonably practical, the daily pricing of the assets in which such Account are deemed
invested. 

 IV.
  Deemed Investment of Funds

        4.1    Investment Funds.    The Committee, in its discretion, may provide for one or
more
Funds or may provide for a single Fund, including an interest crediting fund, in which the Accounts shall be deemed invested. Unless the Committee permits otherwise, an Employer Account shall be
invested in the same manner (and subject to change) as directed by the Participant with respect to his elective deferrals and his Employee Account balance. 

        4.2    Investment Elections.    If the Committee, in its discretion, permits
Participants to
choose how to invest all or part of their Accounts, each Participant shall designate, in accordance with the procedures established from time to time by the Committee, the manner in which the amounts
allocated to his Accounts shall be deemed to be invested from among the Funds made available from time to time for such purpose by the Committee. Such Participant may designate one of such Funds for
the deemed
investment of all the amounts allocated to his Accounts or he may split the deemed investment of the amounts allocated to his Accounts between such Funds in such increments as the Committee may
prescribe. If a Participant fails to make a proper designation, then his Account shall be deemed to be invested in the Fund or Funds designated by the Committee from time to time in a uniform and
nondiscriminatory manner. 

        A
Participant may change his deemed investment designation for future amounts to be allocated to his Account. Any such change shall be made in accordance with the procedures established
by the Committee, and the frequency of such changes may be limited by the Committee. 

        A
Participant may separately elect to convert his deemed investment designation from one Fund to another Fund or Funds with respect to amounts already allocated to his Account. Any such
conversion shall be made in accordance with the procedures established by the Committee, and the frequency of such conversions may be limited by the Committee. 

 V.
  Vested Interest  

        5.1    Employee Account.    A Participant shall have a 100% Vested Interest in his
Employee
Account at all times. 

        5.2    Employer Account.    A Participant's Employer Account shall be subject to such
vesting
terms as the Committee, in its sole discretion, may establish for such Employer Account. Different vesting terms may be provided for different Participants and also for Employer Contributions credited
for different Plan Years, as well as for "different" components of the Employer Contributions made for the same Plan Year, e.g., "matching" Employer Contributions versus
"non-matching" Employer Contributions made for the same Plan Year, all as the Committee, in its discretion, may specify with respect to the Employer Contributions credited. Such vesting
terms shall be announced to the Participants eligible to receive the applicable Employer Contributions. In all events, the Employer Account shall be fully vested (i) if a Participant ceases to
be an employee of the Company and its Affiliates due to his death or a disability that entitles him to benefits under the Company's long-term disability plan or (ii) upon a Change
of Control. 

4

 
 VI.

Elective Withdrawals  

        6.1    No Elective Withdrawals.    Except as provided in Section 6.2, no
elective
withdrawals may be made from any Account. 

        6.2    Emergency Withdrawals.    In the event that the Committee, upon written
request of a
Participant, determines in its sole discretion that such Participant has suffered an Unforeseeable Emergency (as defined in Section 409A of the Code), such Participant shall be entitled to a
withdrawal amount from his Employee Account not to exceed the lesser of (1) the amount determined by the Committee as necessary to satisfy such Unforeseeable Emergency plus such amount
determined by the Committee as necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through
reimbursement or compensation by insurance or otherwise or by liquidation of the Participant's assets (to the extent the liquidation of such assets would not itself cause severe financial hardship),
or (2) the then value of such Participant's Employee Account. Such amount shall be paid in a single cash payment as soon as administratively practicable after the Committee has made its
determinations with respect to such request. If a Participant's Employee Account is deemed to be invested in more than one Fund, such benefit shall be distributed prorata from each Fund in which such
Employee Account is deemed to be invested. In no event may the amount withdrawn exceed the amount determined by the Committee as necessary to satisfy the requirements of Section 409A of the
Code and avoid the 20% additional tax thereunder. 

 VII.

Benefits  

        7.1    Amount of Benefit.    A Participant or, in the event of the death of the
Participant,
the Participant's beneficiary, shall be entitled to a Plan benefit equal in value to the vested balance of the Participant's Account(s) as of the date preceding the date the payment of such benefit is
to be made pursuant to Section 7.2. 

        7.2    Time of Payment.    

        (a)    A
Participant's Accounts shall be paid in a lump sum on the first business day of the month following the Participant's Termination of Employment, unless the Participant
has elected installments as provided in paragraph (b) or (c) below. Notwithstanding anything in the Plan to the contrary however, payment of an Account due to the Termination of
Employment of a Participant who is a "specified employee," as defined in Section 409A of the Code, shall be made in a lump sum (adjusted for interim Fund performance) on the first business day
that is six months after the date of his Termination of Employment, or, if earlier, the date of death of the specified employee; provided, however, if such Participant had elected for the Account to
be paid in installments beginning on his Termination of Employment, the installments otherwise payable during such six-month period shall be paid in a lump sum (adjusted for interim Fund
performance) on the first business day that is six months after his Termination of Employment. 

        (b)    A
Participant may elect, in his deferral election for a Plan Year, for all or a designated part of his Employee Account that is attributable to that Plan Year's deferral
(including any Fund earnings thereon) to be paid either in a lump sum on, or in annual installments (not to exceed ten) beginning on, the date and year specified in such deferral election, but any
Account balance remaining on his Termination of Employment shall be paid in a lump sum not later than the first business day of the month following his Termination of Employment. A Participant may not
have more than five annual installments scheduled to be paid at any time. The amount of each installment will equal the balance of 

5

 

the
Employer Account on its payment date, divided by the number of installments remaining to be paid (including the installment being paid on such date). 

        (c)    A
Participant may elect, prior to a Plan Year, for the portion of his Employer Account that is attributable to the Employer contribution credited to his Employer Account
(if any) for that Plan Year, to be payable upon the Participant's Termination of Employment in annual installments (not to exceed ten); provided, however, the installment period initially elected
under this paragraph (c) shall apply to any installment elected under this paragraph (c) with respect to subsequent Plan Years. 

        (d)    If
the value of the Participant's Accounts on his Termination of Employment does not exceed the applicable dollar amount under Code Section 402(g)(1)(B) in effect
on his Termination of Employment date, payment of the Participant's Accounts shall be paid in a lump sum as provided in Section 7.2(a),
including the six month delay proviso applicable to "specified employees," notwithstanding any installment election(s) to the contrary. 

        (e)    With
the consent of the Committee, a Participant may irrevocably elect to change the time and form of all or a specified portion of the payment(s) to be made with
respect to his Accounts, provided that no such change shall be effective unless (1) it is made more than 12 months prior to the date of such Participant's Termination of Employment,
(2) the change defers the date of a lump sum payment (or beginning of installment payments) for a period of five years following his Termination of Employment, and (3) the change is made
at least 12 months prior to the date of the first scheduled payment affected. 

        (f)    In
the event of a Participant's death prior to the end of any installment period elected, the unpaid balance of his affected Accounts shall be paid in a lump sum to his
Beneficiary as soon as practicable after his death and not later than (i) the end of the year of the Participant's death or (ii) 21/2 months after his death, whichever is
later. 

        7.3    Designation of Beneficiaries.    

        (a)    Each
Participant shall have the right to designate the beneficiary or beneficiaries to receive payment of his benefit in the event of his death. Each such designation
shall be made by executing the beneficiary designation form prescribed by the Committee and filing the same with the Committee. Any such designation may be changed in such manner as the Committee may
prescribe. Notwithstanding the foregoing, if a Participant who is married on the date of his death has designated an individual or entity other than his surviving spouse as his beneficiary, such
designation shall not be effective unless such surviving spouse has consented thereto in writing in such manner as the Committee may prescribe. 

        (b)    If
no such designation is on file with the Committee at the time of the death of the Participant or such designation is not effective for any reason as determined by the
Committee, then the designated beneficiary or beneficiaries to receive such benefit shall be as follows: 

      (1)    if
a Participant leaves a surviving spouse, his benefit shall be paid to such surviving spouse; or 

      (2)    if
a Participant leaves no surviving spouse, his benefit shall be paid to such Participant's executor or administrator, or to his heirs at law if there is no
administration of such Participant's estate. 

        (c)    Notwithstanding
the preceding provisions of this Section or any designation to the contrary, a divorce shall automatically terminate the designation of such former
spouse as the Participant's beneficiary, unless provided otherwise by a qualified domestic relations order. 

        7.4    Payment of Benefits.    To the extent the Trust Fund (if one exists) has
sufficient
assets, the Trustee shall pay benefits to Participants or their beneficiaries from such assets, except to the extent the Employer pays the benefits directly and provides adequate evidence of such
payment to the Trustee. To 

6

 

the
extent the Trustee does not or cannot pay benefits out of the Trust Fund, the benefits shall be paid by the Employer. Any benefit payments made to a Participant or for his benefit pursuant to any
provision of the Plan shall be debited to such Participant's Accounts. All benefit payments shall be made in cash. 

        7.5    Unclaimed Benefits.    In the case of a benefit payable on behalf of a
Participant, if
the Committee is unable to locate the Participant or beneficiary to whom such benefit is payable, upon the Committee's determination thereof, such benefit shall be forfeited to the Employer and used
to reduce Employer Deferrals otherwise to be credited to the Plan that year and/or to pay reasonable expenses of administering the Plan. Notwithstanding the foregoing, if subsequent to any such
forfeiture the Participant or beneficiary to whom such benefit is payable makes a valid claim for such benefit, such forfeited benefit (unadjusted for any subsequent fund earnings or losses) shall be
restored to the Plan by the Employer. 

        7.6    Employment Relationship.    For purposes of this Article VII, a
Participant
shall be considered to be in the employment of the Employer as long as such Participant remains an employee (for purposes of Section 409A of the Code) of either the Company or an Affiliate, and
transfers among the Company and its Affiliates shall not be considered a termination of employment. Notwithstanding the preceding sentence, it is expressly provided that a Participant shall be
considered to have terminated employment at the time of the termination of the Affiliate status of the entity or other organization that employs such Participant, provided a distribution upon such
termination shall be made only to the extent permitted by Section 409A. Any question as to whether and when there has been a termination of employment, and the cause of such termination, shall
be determined by the Committee and its determination shall be final. 

        7.7    Section 409A Distribution Limitations.    Notwithstanding anything in the Plan
to the
contrary, Compensation deferred under the Plan may not be distributed earlier than (i) a Termination of Employment, (ii) as permitted by applicable Treasury Regulations or IRS guidance
under Section 409A of the Code, with respect to a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company,
(iii) the termination of the Plan in accordance with Section 409A or (iv) on a specified date or pursuant to a specified schedule elected prior to the deferral, in conformance
with the requirements of Section 409A. 

        7.8    Disability.    If, prior to a Participant's Termination of Employment, the
Participant
becomes "disabled," within the meaning of Section 409A of the Code and the regulations thereunder, such Participant's Accounts shall be paid to the Participant in a lump sum, or if installments
had been elected by the
Participant, such installments shall begin, on the first business day of the month following the date such Participant became disabled, notwithstanding any election(s) of the Participant to the
contrary. 

 VIII.

Administration of the Plan  

        8.1    Appointment of Committee.    The general administration of the Plan shall be
vested in
the Committee. 

        8.2    Committee Powers and Duties.    The Committee shall supervise the
administration and
enforcement of the Plan according to the terms and provisions hereof and shall have all powers necessary to accomplish these purposes, including, but not by way of limitation, the right, power,
authority, and duty: 

        (a)    To
make rules, regulations, and bylaws for the administration of the Plan that are not inconsistent with the terms and provisions hereof, and to enforce the terms of the
Plan and the rules and regulations promulgated thereunder by the Committee; 

7

 

        (b)    To
construe in its discretion all terms, provisions, conditions, and limitations of the Plan; 

        (c)    To
correct any defect or to supply any omission or to reconcile any inconsistency that may appear in the Plan in such manner and to such extent as it shall deem in its
discretion expedient to effectuate the purposes of the Plan; 

        (d)    To
employ and compensate such accountants, attorneys, investment advisors, and other agents, employees, and independent contractors as the Committee may deem necessary
or advisable for the proper and efficient administration of the Plan; 

        (e)    To
determine in its discretion all questions relating to eligibility; 

        (f)    To
determine whether and when there has been a termination of a Participant's employment with the Employer, and the reason for such termination; 

        (g)    To
make a determination in its discretion as to the right of any person to a benefit under the Plan and to prescribe procedures to be followed by distributees in
obtaining benefits hereunder; 

        (h)    To
receive and review reports from the Trustee as to the financial condition of the Trust Fund, including its receipts and disbursements; and 

        (i)    To
establish or designate Funds as investment options as provided in Article IV. 

        8.3    Claims Review.    In any case in which a claim for Plan benefits of a
Participant or
beneficiary is denied or modified, the Committee shall furnish written notice to the claimant within 90 days (or within 180 days if additional information requested by the Committee
necessitates an extension of the 90-day period), which notice shall: 

        (a)    State
the specific reason or reasons for the denial or modification; 

        (b)  Provide
specific reference to pertinent Plan provisions on which the denial or modification is based; 

        (c)    Provide
a description of any additional material or information necessary for the Participant, his beneficiary, or representative to perfect the claim and an explanation
of why such material or information is necessary; and 

        (d)    Explain
the Plan's claim review procedure as contained herein. 

In
the event a claim for Plan benefits is denied or modified, if the Participant, his beneficiary, or a representative of such Participant or beneficiary desires to have such denial or modification
reviewed, he must, within 60 days following receipt of the notice of such denial or modification, submit a written request for review of such initial decision by the Committee. In connection
with such request, the Participant, his beneficiary, or the representative of such Participant or beneficiary may review any
pertinent documents upon which such denial or modification was based and may submit issues and comments in writing. Within 60 days following such request for review the Committee shall, after
providing a full and fair review, render its final decision in writing to the Participant, his beneficiary or the representative of such Participant or beneficiary stating specific reasons for such
decision and making specific references to pertinent Plan provisions upon which the decision is based. If special circumstances require an extension of such 60 day period, the Committee's
decision shall be rendered as soon as possible, but not later than 120 days after receipt of the request for review. If an extension of time for review is required, written notice of the
extension shall be furnished to the Participant, beneficiary, or the representative of such Participant or beneficiary prior to the commencement of the extension period. 

        8.4    Employer to Supply Information.    The Employer shall supply full and timely
information to the Committee, including, but not limited to, information relating to each Participant's Compensation, Termination of Employment and such other pertinent facts as the Committee may
require. When 

8

 

making
a determination in connection with the Plan, the Committee shall be entitled to rely upon the aforesaid information furnished by the Employer. 

        8.5    Indemnity.    The Employers shall indemnify and hold harmless each member of
the
Committee, and each employee of the Employer who is a delegate of the Committee, against any and all expenses and liabilities arising out of his administrative functions or fiduciary responsibilities
with respect to the Plan, including any expenses and liabilities that are caused by or result from an act or omission constituting the negligence of such individual in the performance of such
functions or responsibilities, but excluding expenses and liabilities that are caused by or result from such individual's own gross negligence or willful misconduct. Expenses against which such
individual shall be indemnified hereunder shall include, without limitation, the amounts of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with
a claim asserted or a proceeding brought or settlement thereof. 

 IX.

Administration of Funds  

        9.1    Payment of Expenses.    All expenses incident to the administration of the
Plan and
Trust, including but not limited to, legal, accounting, Trustee fees, and expenses of the Committee, may be paid by the Employer and, if not paid by the Employer, shall be paid upon direction of the
Committee by the Trustee from the Trust Fund, if any. 

        9.2    Trust Fund Property.    All income, profits, recoveries, contributions,
forfeitures and
any and all moneys, securities and properties of any kind at any time received or held by the Trustee (if any) shall be held for investment purposes as a commingled Trust Fund pursuant to the terms of
the Trust Agreement. The Committee may maintain one or more Accounts in the name of each Participant, but the maintenance of an Account designated as the Account of a Participant shall not mean that
such Participant shall have a greater or lesser interest than that due him by operation of the Plan and shall not be considered as segregating any funds or property from any other funds or property
contained in the commingled fund. No Participant shall have any title to any specific asset in the Trust Fund, if any. 

 X.

Nature of the Plan  

        The Employers intend for the provisions of the Plan and the Trust Agreement to apply equally to the Company and each other Employer.
However, it shall not be necessary for Employers other than the Company to execute the Plan and Trust Agreement or any amendments thereto. Each such Employer shall be conclusively presumed to have
consented to its participation under the Plan and Trust Agreement, including any and all amendments thereto, upon its submission of information to the Committee required by the terms of or with
respect to the Plan or upon making a contribution to the Trust Fund pursuant to the terms of the Plan. 

        The
Plan is intended to constitute an unfunded, unsecured plan of deferred compensation for a select group of management or highly compensated employees of the Employer and shall be
construed and operated in such manner. Plan benefits herein provided are to be paid out of each Employer's general assets. Nevertheless, subject to the terms hereof and of the Trust Agreement, each
Employer may transfer money or other property to the Trustee, and the Trustee shall pay Plan benefits to Participants and their beneficiaries out of the Trust Fund. 

9

 
 XI.

Miscellaneous  

        11.1    Not Contract of Employment.    The adoption and maintenance of the Plan shall
not be
deemed to be a contract between the Employer and any person or to be consideration for the employment of any person. Nothing herein contained shall be deemed to give any person the right to be
retained in the employ of the Employer or to restrict the right of the Employer to discharge any person at any time nor shall the Plan be deemed to give the Employer the right to require any person to
remain in the employ of the Employer or to restrict any person's right to terminate his employment at any time. 

        11.2    Alienation of Interest Forbidden.    The interest of a Participant or his
beneficiary
or beneficiaries hereunder may not be sold, transferred, assigned, or encumbered in any manner, either voluntarily or involuntarily, and any attempt so to anticipate, alienate, sell, transfer, assign,
pledge, encumber, or charge the same shall be null and void; neither shall the benefits hereunder be liable for or subject to the debts, contracts, liabilities, engagements or torts of any person to
whom such benefits or funds are payable, nor shall they be an asset in bankruptcy or subject to garnishment, attachment or other legal or equitable proceedings. Plan provisions to the contrary
notwithstanding, the Committee shall comply with the terms and provisions of an order that satisfies the requirements for a "qualified domestic relations order" as such term is defined in
section 206(d)(3)(B) of the Employee Retirement Income Security Act of 1974, as amended, including an order that requires distributions to an alternate payee prior to a Participant's "earliest
retirement age" as such term is defined in section 206(d)(3)(E)(ii) of such Act. 

        11.3    Tax Withholding.    All deferrals, credits and payments provided for
hereunder shall
be subject to applicable tax withholding and other deductions as shall be required of the Employer under any applicable law. Such withholdings may, in the Employer's discretion, be made by reducing a
Participant's Account, withholding from his Compensation or in any other manner the Employer deems appropriate. 

        11.4    Amendment and Termination.    The Committee may from time to time, in its
discretion,
amend, in whole or in part, any or all of the provisions of the Plan; provided, however, that no amendment may be made that would materially adversely affect the rights of a Participant with respect
to amounts already allocated to his Accounts. The Committee may also terminate the Plan at any time. In the event that the Plan is terminated, each Participant's Account shall be paid to such
Participant (or his beneficiary as the case may be) in a lump sum as soon as permitted by Section 409A, provided that (1) all arrangements that are required to be aggregated with the
Plan for purposes of Section 409A if the same Participant participated in all arrangements are terminated, (2) no payments other than payments that would be payable under the terms of
the arrangements if the termination had not occurred are made within 12 months of the termination of the arrangements, (3) all payments are made within 24 months of the
termination of the arrangements, and (4) the Company and its affiliates (for purposes of Section 409A) do not adopt a new arrangement that would be aggregated with any terminated
arrangement under Treasury Regulation §1.409A-1(c) if the same service provider participated in both arrangements, at any time within five years following the date of
termination of the arrangement. 

        11.5    Severability.    If any provision of this Plan shall be held illegal or
invalid for
any reason, said illegality or invalidity shall not affect the remaining provisions hereof; instead, each provision shall be fully
severable and the Plan shall be construed and enforced as if said illegal or invalid provision had never been included herein. 

        11.6    Governing Laws.    All provisions of the Plan shall be construed in
accordance with
the laws of Texas except to the extent preempted by federal law. 

10

 

        11.7    Compliance with Section 409A.    The Plan shall be operated and
construed in a
manner necessary to comply with Section 409A of the Code and any provision of the Plan that would cause the Plan to fail to comply with Section 409A of the Code is void and of no force
or effect. 

        11.8    Change of Control.    Within the 30 days preceding or 12 months
following a Change of Control event, the Committee, in its discretion, may terminate the Plan and pay each Participant his Account in a lump sum, provided all participants under all substantially
similar plans of the Employers and Affiliates are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of termination of the
arrangements. 

        EXECUTED this December 9, 2008, effective for all purposes as of January 1, 2009. 

					
	 	 	 INTEGRATED ELECTRICAL SERVICES, INC.
	

 	
 	
By:	
 	
/s/ ROBERT B. CALLAHAN

 
	 	 	Name:	 	Robert B. Callahan

 
	 	 	Title:	 	Senior Vice President—Human Resources

 

11

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Exhibit 10.33QuickLinks
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  Exhibit 10.34    
    

  

 APPENDIX B  

 ANNUAL INCENTIVE PLAN

FISCAL 2008 PERFORMANCE CRITERIA

GROUP VICE PRESIDENTS  

        This document sets forth the Performance Criteria established for Group Vice Presidents participating in the Integrated Electrical
Services' Annual Management Incentive Plan (hereinafter "Plan") for Fiscal 2008. 

I.     PERFORMANCE CRITERIA  

        The following Performance Criteria for Fiscal 2008 from which Awards under this Plan shall be made pursuant to the Annual Management Incentive Plan
Document: 

	•
	Group Annual Operating Income   

	•
	Group Annual Operating Cash Flow   

	•
	Corporate Annual Operating Income   

	•
	Corporate Annual Operating Cash Flow 

        Under
the Plan, Group Vice President shall have an incentive award target equal to 100% of the annual base salary. Based upon performance against the above Performance Criteria, Group
Vice Presidents may earn a range of incentive award payouts relative to their target. Each Performance Criteria shall represent one-fourth of the annual incentive opportunity and
contribute separately to the annual incentive award payout. 

        A
minimum threshold performance of 90% against the pre-determined Performance Criteria target must be achieved before any incentive is payable under the Plan. 

II.    INCENTIVE AWARD CALUCLATIONS  

        Awards under the Plan will be calculated based upon three factors: 

	1.
	Corporate/Group Performance.    Achievement of the Company and Group's annual operating plan target
for each Performance Criteria. There will be a Threshold Performance level for each Performance Criteria below which no award will be earned, and Maximum Performance level in all categories beyond
which no additional award will be earned. A participant's annual incentive award will be increased or decreased based on corporate performance against predetermined performance criteria (refer to
Exhibit A).

	a)
	Threshold Award:    The lowest award level paid, 50% of a Participant's annual incentive target, is
paid for the lowest performance level (90%) eligible for an award under the Plan.

	b)
	Target Award:    The award to be paid for 100% attainment of the Performance Goal.

	c)
	Maximum Award:    The Maximum award under the plan is 200% of a Participant's annual incentive
target.

	2.
	Individual Performance.    Attainment of individual goals and objectives established for the
Participant during the plan year. Two to three individual goals will be set and weighted for each Participant during the plan year. The CEO will establish individual goals and weightings for
Participants subject to review and ratification by the Committee. 

The
Committee may in its sole discretion make downward or upwards adjustments to Awards based on "Individual Performance" considerations. The amount of the adjustment may not be increased or decreased
by an amount exceeding 25% of the proposed incentive award. Discretionary adjustments may also be made for leadership behaviors that significantly impact strategic and operational initiatives of the
Company; people development, and other factors as determined by the Company. Discretionary adjustments made to Plan participants, excluding the CEO, may not result in a net increase in Plan funding.
The Board shall have sole discretion to increase or decrease the annual incentive award made to the CEO.  

	3.
	Safety Modifier.    The final component in determining individual incentive awards under the Plan
is the safety performance of the Company. Incentive awards will be modified based on the Company's annual Safety Performance Index ("SPI") score (refer to Exhibit B). 

III.  PAYMENT OF AWARDS  

        Participants will receive an annual cash incentive award paid as soon as administratively possible after the Committee determines the amount of any such bonus to
be awarded under the Plan. 

 EXHIBIT A  

 THRESHOLD, TARGET & MAXIMUM AWARD LEVELS  

					
	Percent of

Performance Goal

Achieved

 
	 	Percent of

Target Award

Received 	 
	  90%	 	 	50.00	%
	  91%	 	 	55.00	%
	  92%	 	 	60.00	%
	  93%	 	 	65.00	%
	  94%	 	 	70.00	%
	  95%	 	 	75.00	%
	  96%	 	 	80.00	%
	  97%	 	 	85.00	%
	  98%	 	 	90.00	%
	  99%	 	 	95.00	%
	100%	 	 	100.00	%
	101%	 	 	105.00	%
	102%	 	 	110.00	%
	103%	 	 	115.00	%
	104%	 	 	120.00	%
	105%	 	 	125.00	%
	106%	 	 	130.00	%
	107%	 	 	135.00	%
	108%	 	 	140.00	%
	109%	 	 	145.00	%
	110%	 	 	150.00	%
	111%	 	 	155.00	%
	112%	 	 	160.00	%
	113%	 	 	165.00	%
	114%	 	 	170.00	%
	115%	 	 	175.00	%
	116%	 	 	180.00	%
	117%	 	 	185.00	%
	118%	 	 	190.00	%
	119%	 	 	195.00	%
	120%	 	 	200.00	%

 EXHIBIT B  

 SAFETY MODIFIER  

					
	Safety Performance

Index (SPI) Score

 
	 	Incentive

Award

Modifier 	 
	9.51 - 10.00	 	 	120	%
	9.01 - 9.50	 	 	115	%
	8.51 - 9.00	 	 	110	%
	8.01 - 8.50	 	 	105	%
	7.00 - 8.00	 	 	100	%
	6.50 - 6.99	 	 	90	%
	6.00 - 6.49	 	 	80	%
	5.50 - 5.99	 	 	70	%
	5.00 - 5.49	 	 	60	%
	0.00 - 4.99	 	 	0	%

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Exhibit 10.34

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