Document:

EX-10.9

 Exhibit 10.9 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of February 28, 2019 by and between IES Holdings, Inc. a
Delaware corporation (the “Company”), and Gary S. Matthews (the “Executive”). 
 WHEREAS, the
parties hereto desire to enter into this Agreement, pursuant to which, among other matters, the Company will employ the Executive, subject to the terms and conditions hereof. 

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1.    POSITION AND DUTIES. 

During the Employment Term (as defined in Section 2 hereof), the Executive shall serve as the Chief Executive
Officer of the Company. In this capacity, the Executive shall have the duties, authorities and responsibilities as shall be determined by the Company’s Board of Directors (the “Board”) from time to time, which shall include
serving as the Principal Executive Officer of the Company for purposes of the Company’s filings with the U.S. Securities and Exchange Commission. To the extent the Board of Directors of the Company (the “Board”) nominates or
appoints the Executive to serve as a director of the Company, which, subject to the exercise of the Board’s duties in connection therewith, the Board intends to do effective as of the Effective Date, the Executive agrees that he shall serve in
such capacity. 
 During the Employment Term, the Executive shall devote all of the Executive’s business time, energy, business
judgment, knowledge and skill and the Executive’s best efforts to the performance of the Executive’s duties with the Company, provided that the foregoing shall not prevent the Executive from (i) with the prior written approval of the
Board, provided that such approval shall not be unreasonably withheld, serving on the boards of directors of other business organizations, (ii) participating in charitable, civic, educational, professional, community or industry affairs or
serving on the boards of directors of charitable organizations, or (iii) managing the Executive’s passive personal investments, in each case so long as such activities in the aggregate do not interfere or conflict with the Executive’s
duties hereunder or create a potential business or fiduciary conflict of interest that violates the Company’s code of conduct or other Company or, to the extent Executive serves as a director of the Company, Board policies in effect from time
to time, including the Board’s Corporate Governance Practices. 
 2.    EMPLOYMENT TERM. The Company
agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be so employed, for a term commencing March 4, 2019 (the “Effective Date”) and ending September 30, 2022.
Notwithstanding the foregoing, the Executive’s employment hereunder may be earlier terminated at any time and for any lawful reasons consistent with Section 6 hereof. The period of time between the Effective Date and
the termination of the Executive’s employment hereunder shall be referred to herein as the “Employment Term.” 

3.    BASE SALARY. The Company agrees to pay the Executive a base salary at an annual rate of $650,000 (pro-rated for any partial years of employment) (“Base Salary”), payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Executive’s
Base Salary shall be subject to annual review by the Board (or a committee thereof), and may be adjusted annually at the discretion of the Board (or a committee thereof). The base salary as determined herein and adjusted annually shall constitute
the Base Salary for purposes of this Agreement. 

 4.    PRINCIPAL WORK LOCATIONS. Executive shall provide
services to the Company at its principal offices in Houston, Texas and Greenwich, Connecticut, as well as any other principal offices that the Company shall establish or acquire during the Employment Term. Executive shall also travel to the
Company’s branch locations as required. 
 5.    EMPLOYEE BENEFITS. 

A.    SHORT-TERM INCENTIVE PLAN. The Executive shall be entitled to participate in the Company’s annual
short-term incentive plan (“STIP”), attached as Exhibit A hereto, for each fiscal year during the Employment Term. Consistent with the terms and conditions of the STIP, Executive shall be eligible for a total cash award (the
“Cash Award”), a portion of which shall be based on actual Company performance relative to predetermined measures of Company financial performance (the “Company Measures”) (the “Company Component”)
and a portion of which shall be based on actual Executive performance relative to predetermined individual performance objectives (the “Individual Objectives”) (the “Individual Component”). 

Each year, the Company’s Human Resources and Compensation Committee (the “Committee”) shall designate certain items in
connection with the STIP, including the following as they pertain to the Executive’s Cash Award: (i) the Company Measures and the corresponding Company performance levels that constitute “target” performance (“Company
Target Performance”) and “threshold” performance (“Company Threshold Performance”) for such measures to be used in determining the Company Component, (ii) the Individual Objectives and the corresponding
Executive performance levels that constitute “target” performance (“Individual Target Performance”) and “threshold” performance (“Individual Threshold Performance”) for such objectives to be used
in determining the Individual Component, and (iii) the relative weightings of the Company Component (the “Company Weighting”) and the Individual Component (the “Individual Weighting”). 

The Company Measures, Company Target Performance, Company Threshold Performance, Individual Objectives, Individual Target Performance,
Individual Threshold Performance, Company Weighting and Individual Weighting shall be communicated to Executive in writing within thirty (30) days of their designation by the Committee or the Board, but by no later than January 31 of each
performance year (other than for Fiscal Year 1 (as defined below)). 
 For each fiscal year during the Employment Term, Executive’s
maximum Cash Award opportunity shall be equal to one hundred percent (100%) of Executive’s Base Salary for such fiscal year, pro-rated for the number of full and partial months this Agreement is effective
during such fiscal year (the “Target Cash Award”). 
 For Executive’s Cash Award during the first fiscal year in which
this Agreement is effective (“Fiscal Year 1”), the Individual Weighting shall be one hundred percent (100%) and the Company Weighting shall be zero percent (0%) such that the Cash Award for Fiscal Year 1 hereunder shall be
determined solely by Executive performance relative to Individual Objectives. The Individual Objectives for Fiscal Year 1 shall be designated by the Committee or the Board and communicated to Executive within thirty (30) days of the Effective
Date. The Cash Award for Fiscal Year 1 shall be earned as follows: 
  

	 	1.	 In the event actual Executive performance equals or exceeds Individual Target Performance, Executive shall be
entitled to a Cash Award of one hundred percent (100%) of the Target Cash Award; 

	 	2.	 In the event actual Executive performance equals Individual Threshold Performance, Executive shall be entitled
to a Cash Award of fifty percent (50%) of the Target Cash Award; 

  

	 	3.	 In the event actual Executive performance exceeds Individual Threshold Performance but is less than Individual
Target Performance, Executive shall be entitled to a Cash Award equal to the product of (i) the Target Cash Award and (ii) a percentage calculated as a linear interpolation between fifty percent (50%) and one hundred percent (100%), based
on actual Executive performance relative to Individual Threshold Performance and Individual Target Performance; and 

  

	 	4.	 In the event actual Executive performance is less than Individual Threshold Performance, Executive shall not be
entitled to any Cash Award. 

 In all fiscal years other than Fiscal Year 1 during the Employment Term, Executive’s
Cash Award shall be the sum of (i) the Company Component, based on actual Company performance compared to Company Target Performance and Company Threshold Performance, and (ii) the Individual Component, based on actual Executive
performance compared to Individual Target Performance and Individual Threshold Performance. 
  

	 	1.	 The Company Component shall be earned as follows: 

 

	 	(a)	 In the event actual Company performance equals or exceeds Company Target Performance, the Company Component
shall be the product of (i) the Target Cash Award and (ii) the Company Weighting; 

  

	 	(b)	 In the event actual Company performance equals Company Threshold Performance, the Company Component shall be
the product of (i) fifty percent (50%) of the Target Cash Award and (ii) the Company Weighting; 

  

	 	(c)	 In the event actual Company performance exceeds Company Threshold Performance but is less than Company Target
Performance, the Company Component shall be the product of (i) the Target Cash Award, (ii) a percentage calculated as a linear interpolation between fifty percent (50%) and one hundred percent (100%), based on actual Company performance
relative to Company Threshold Performance and Company Target Performance, and (iii) the Company Weighting; and 

  

	 	(d)	 In the event actual Company performance is less than Company Threshold Performance, the Company Component shall
be zero. 

 provided that, if actual Individual performance is less than Individual Threshold Performance, then the
Company Component shall be zero regardless of the actual Company performance achieved under 1(a), 1(b) or 1(c) above. 
  

	 	2.	 The Individual Component shall be earned as follows: 

 

	 	(a)	 In the event actual Executive performance equals or exceeds Individual Target Performance, the Individual
Component shall be the product of (i) the Target Cash Award and (ii) the Individual Weighting; 

	 	(b)	 In the event actual Executive performance equals Individual Threshold Performance, the Individual Component
shall be the product of (i) fifty percent (50%) of the Target Cash Award and (ii) the Individual Weighting; 

  

	 	(c)	 In the event actual Executive performance exceeds Individual Threshold Performance but is less than Individual
Target Performance, the Individual Component shall be the product of (i) the Target Cash Award, (ii) a percentage calculated as a linear interpolation between fifty percent (50%) and one hundred percent (100%), based on actual Executive
performance relative to Individual Threshold Performance and Individual Target Performance, and (iii) the Individual Weighting; and 

  

	 	(d)	 In the event actual Individual performance is less than Individual Threshold Performance, the Individual
Component shall be zero. 

 The Executive’s participation will be subject to the terms of the applicable STIP plan
document, a copy of which is attached hereto as Exhibit A. 
 B.    LONG-TERM INCENTIVE PLAN.
During the Employment Term, the Executive shall be entitled to participate in the Company’s LTIP Annual Grant Program (“LTIP”), subject to the terms and conditions of the Company’s Amended and Restated 2006 Equity
Incentive Plan (the “Plan”), for each fiscal year during the Employment Term. Consistent with the terms and conditions of the Plan and the LTIP, Executive shall be eligible for an
annual grant of restricted stock, with vesting based on actual Company performance relative to predetermined cumulative measures of Company financial performance (the “Company LTI Measures”) during the three (3) fiscal year
period commencing with the year of grant (the “Performance Period”). 
 Each year, the Committee or Board shall designate
certain items in connection with the LTIP, including the following as they pertain to the Executive’s LTIP restricted stock grant: the Company LTI Measures and the corresponding Company cumulative performance levels for the Performance Period
that constitute “target” performance (“LTI Target Performance”) and “threshold” performance (“LTI Threshold Performance”) for such measures. The Company LTI Measures, LTI Target Performance and
LTI Threshold Performance shall be communicated to Executive in writing within thirty (30) days of their designation by the Committee or the Board in the form of an award agreement, but by no later than January 31 immediately following the
commencement of each Performance Period. 
 Executive’s LTIP restricted stock grant for any fiscal year shall equal the number of
shares of common stock calculated by dividing (i) Executive’s Base Salary for such fiscal year (pro-rated for the number of full and partial months this Agreement is effective during such fiscal
year; provided that for Fiscal Year 1 the pro-rating percentage shall equal 66 2/3%) by (ii) the average closing price per share of the Company’s common stock for the five (5) trading days
immediately preceding the grant date (“Target Stock Grant”). Vesting of Executive’s LTIP restricted stock grant for any fiscal year shall be based on actual Company cumulative financial performance for the Performance Period
compared to LTI Target Performance and LTI Threshold Performance for the Performance Period. Executive’s LTIP restricted stock grants shall vest as follows: 
  

	 	1.	 In the event actual Company performance equals or exceeds LTI Target Performance, the Target Stock Grant shall
vest in full; 

	 	2.	 In the event actual Company performance equals LTI Threshold Performance, fifty percent (50%) of the Target
Stock Grant shall vest; 

  

	 	3.	 In the event actual Company performance exceeds LTI Threshold Performance but is less than LTI Target
Performance, a portion of the Target Stock Grant shall vest, calculated as the product of (a) the Target Stock Grant and (b) a percentage calculated as a linear interpolation between fifty percent (50%) and one hundred percent (100%),
based on actual Company performance relative to LTI Threshold Performance and LTI Target Performance; and 

  

	 	4.	 In the event actual Company performance is less than LTI Threshold Performance, none of the Target Stock Grant
shall vest. 

 The Executive’s participation will be subject to the terms of the Plan, a copy of which is attached
hereto as Exhibit B, and the LTIP, a copy of which is attached hereto as Exhibit C. The first grant under the LTIP will be evidenced by an award agreement, in substantially the form attached hereto as Exhibit D. 

C.    EFFECTIVE DATE EQUITY INCENTIVE AWARD. 

On the Effective Date, Executive shall be granted an equity incentive award of 260,000 restricted shares of the Company’s common stock,
subject to the terms and conditions of the Plan. The shares granted under this Section shall vest as described in the following paragraphs: 
  

	 	1.	 Time-Based Award: 80,000 shares shall vest over a four (4) year period based on continued
employment with the Company, with 20,000 shares vesting on each of the first, second, third and fourth anniversaries of the Effective Date (the “Time-Based Award” and such shares, the “Time-Based Shares”), evidenced
by an award agreement, in substantially the form attached hereto as Exhibit E. Notwithstanding anything in the Integrated Electrical Services, Inc. (n/k/a IES Holdings, Inc.) Amended And Restated Executive Officer Severance Benefit Plan dated
as of January 12, 2016 (“Severance Plan”) or in any other benefit plan or agreement to the contrary, if Executive’s employment is terminated by the Company without Cause, by Executive for Good Reason, or due to
Executive’s death or Disability (“Cause,” “Good Reason” and “Disability” are as defined in Section 14 of the Severance Plan), the unvested Time-Based Shares shall automatically vest in full as of the
Executive’s date of termination. 

 If, immediately following the occurrence of a Change in Control (as defined in
Section 4.03 of the Severance Plan), the value of the unvested Time-Based Shares is determined by reference to a class of stock that is publicly traded on an established U.S. securities market (a “Publicly Traded Stock”),
including by reason of an adjustment due to recapitalization or the assumption of the Time-Based Award by the corporation surviving any merger or other corporate transaction or the publicly traded parent corporation thereof (the “Successor
Corporation”), the unvested Time-Based Shares shall become vested subject only to satisfying the relevant service condition described in this Section 5(C)(1). In such circumstance, the service condition will be deemed satisfied in full
upon any termination of Executive’s employment (i) by the Company without Cause, (ii) by Executive for Good Reason, or (iii) due to Executive’s death or Disability, in any case occurring on or after such a Change in Control.

 If, immediately following the occurrence of the Change in Control, the value of the unvested Time-Based Shares is not determined by
reference to a Publicly Traded Stock, whether because the Successor Corporation does not have Publicly Traded Stock or determines not to assume the Time-Based Award, the unvested Time-Based Shares shall vest in full upon the occurrence of such
Change in Control. 

 Upon any termination of Executive’s employment at any time for any reason other than by
the Company without Cause, by Executive for Good Reason or due to Executive’s death or Disability, any unvested Time-Based Shares shall be forfeited. 
  

	 	2.	 First Stock Price-Based Award: 20,000 shares shall vest when the closing price per share of
Company’s common stock equals or exceeds $35 per share for any twenty (20) trading days out of twenty-five (25) consecutive trading days at any time during the five (5) years following the Effective Date, provided that Executive
remains employed by the Company on the second anniversary of the Effective Date (the “First Stock Price-Based Award” and such shares, the “First Stock Price-Based Shares”). The First Stock Price-Based Award shall be
evidenced by an award agreement, in substantially the form attached hereto as Exhibit F. Notwithstanding anything in the Severance Plan or in any other benefit plan or agreement to the contrary, if Executive’s employment is terminated
(i) by the Company without Cause, (ii) by Executive for Good Reason, or (iii) due to Executive’s death or Disability, the unvested First Stock Price-Based Shares shall automatically vest in full as of the Executive’s date of
termination, without regard to the $35 per share stock price requirement. 

 If, immediately following the occurrence of a
Change in Control, the value of the unvested First Stock Price-Based Shares is determined by reference to a Publicly Traded Stock, including by reason of an adjustment due to recapitalization or the assumption of the First Stock Price-Based Award by
the Successor Corporation, the unvested First Stock Price-Based Shares shall become vested subject to satisfying both the service condition and the stock price requirement described in this Section 5(C)(2), where the stock price requirement
shall be adjusted, if necessary, by the Committee in accordance with the Plan. In such circumstance, such service condition and such stock price requirement, as adjusted, will be deemed satisfied in full upon any termination of Executive’s
employment (i) by the Company without Cause, (ii) by Executive for Good Reason, or (iii) due to Executive’s death or Disability, in any case occurring on or after such a Change in Control. 

If, immediately following the occurrence of the Change in Control, the value of the unvested First Stock Price-Based Shares is not determined
by reference to a Publicly Traded Stock, whether because the Successor Corporation does not have Publicly Traded Stock or determines not to assume the First Stock Price-Based Award, the unvested First Stock Price-Based Shares shall automatically
vest in full upon the occurrence of such Change in Control, without regard to the $35 per share stock price requirement. 
 Upon any
termination of Executive’s employment at any time for any reason other than by the Company without Cause, by Executive for Good Reason or due to Executive’s death or Disability, any unvested First Stock Price-Based Shares shall be
forfeited. 
  

	 	3.	 Second Stock Price-Based Award: 160,000 shares, divided into four (4) tranches of 40,000 shares
each (the “Second Stock Price-Based Award” and such shares, the “Second Stock Price-Based Shares”) shall vest based on the terms below and shall be evidenced by an award agreement, in substantially the form attached
hereto as Exhibit G. The Second Stock Price-Based Shares in each tranche shall vest when the closing price per 

	 	
share of Company’s common stock equals or exceeds the price specified below for such tranche for any twenty (20) trading days out of twenty-five (25) consecutive trading days (the
“Vesting Stock Price”) at any time during the five (5) years following the Effective Date: 

  

	 	•	 	 Tranche 1: 40,000 shares with a Vesting Stock Price of $35 per share; 

 

	 	•	 	 Tranche 2: 40,000 shares with a Vesting Stock Price of $40 per share; 

 

	 	•	 	 Tranche 3: 40,000 shares with a Vesting Stock Price of $45 per share; 

 

	 	•	 	 Tranche 4: 40,000 shares with a Vesting Stock Price of $50 per share. 

Notwithstanding anything in the Severance Plan or in any other benefit plan or agreement to the contrary, if Executive’s employment with
the Company is terminated before the third anniversary of the Effective Date by the Company without Cause, by Executive for Good Reason or due to Executive’s death or Disability, (i) Executive shall forfeit a portion of the Second Stock
Price-Based Shares in each unvested tranche equal to the product of (x) a fraction with a numerator equal to the number of full years remaining until the third anniversary of the Effective Date and a denominator equal to three (3) and (y)
the number of shares in such unvested tranche and (ii) any unvested Second Stock Price-Based Shares not forfeited pursuant to clause (i) shall become vested subject to satisfying the relevant stock price requirement for such tranche
described in this Section 5(C)(3). 
 If, immediately following the occurrence of a Change in Control, the value of the unvested Second
Stock Price-Based Shares is determined by reference to a Publicly Traded Stock, including by reason of an adjustment due to recapitalization or the assumption of the Second Stock Price-Based Award by the Successor Corporation, the unvested Second
Stock Price-Based Shares shall become vested subject to satisfying both the service condition and the relevant stock price requirement for such tranche described in this Section 5(C)(3), where the stock price requirement shall be adjusted by
the Committee in accordance with the Plan. In such circumstance, the vesting requirements for unvested Second Stock Price-Based Shares described in the previous sentence are not altered in any way by a termination of Executive’s employment
occurring on or after such Change in Control (i) by the Company without Cause, (ii) by Executive for Good Reason, or (iii) due to Executive’s death or Disability. 

If, immediately following the occurrence of the Change in Control, the value of the unvested Second Stock Price-Based Shares is not determined
by reference to a Publicly Traded Stock, whether because the Successor Corporation does not have Publicly Traded Stock or determines not to assume the Second Stock Price-Based Award, the unvested Second Stock Price-Based Shares shall be forfeited
upon the occurrence of such Change in Control, unless the price of a share of the Company’s common stock in connection with and at the time of such Change in Control (the “Deal Price”) equals or exceeds one or more of the
Vesting Stock Prices set forth in the first paragraph of this Section 5(C)(3) (in each case, without regard to the trading day requirement set forth in such paragraph), in which case the applicable tranche(s) of unvested Second Stock
Price-Based Shares shall automatically vest in full upon the occurrence of such Change in Control as follows: (i) if the Deal Price equals or exceeds $35 per share, Tranche 1 shall vest; (ii) if the Deal Price equals or exceeds $40 per
share, Tranches 1 and 2 shall vest; (iii) if the Deal Price equals or exceeds $45 per share, Tranches 1, 2, and 3 shall vest; and (iv) if the Deal Price equals or exceeds $50 per share, Tranches 1, 2, 3, and 4 shall vest. 

 Upon any termination of Executive’s employment at any time for any reason other than by
the Company without Cause, by Executive for Good Reason or due to Executive’s death or Disability, any unvested Second Stock Price-Based Shares shall be forfeited. 

D.    BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as the Company may
specify from time to time, the Executive shall be reimbursed in accordance with the Company’s expense reimbursement policy for all reasonable out-of-pocket business
expenses incurred and paid by the Executive during the Employment Term and in connection with the performance of the Executive’s duties hereunder. 

E.    PAID TIME OFF. Executive shall also be eligible for
paid-time-off in accordance with the Company’s policies applicable to its senior executives, as in effect from time to time. 

F.    MEDICAL BENEFITS. Executive shall be eligible to participate in such health, welfare, retirement and
other benefit and perquisite programs as the Company may make available generally to its senior executive team from time to time, on the terms and conditions set forth in the applicable plans or programs.  

6.    TERMINATION. Except as otherwise expressly specified herein, in the event Executive’s employment
is terminated prior to the expiration of the Employment Term, Executive’s termination shall be governed by the Severance Plan attached hereto as Exhibit H, and any benefits due upon such termination shall be limited to those
provided therein, except in respect of the vesting of any LTIP restricted stock award, Time-Based Shares, First Stock Price-Based Shares or Second Stock Price-Based Shares hereunder, where the vesting provisions of the respective equity award
agreement shall supersede the vesting provisions of the Severance Plan in the event of a termination of Executive’s employment. In addition, in the event of any termination of Executive’s employment, Executive shall be bound by the Non-Competition and Non-Solicitation obligations contained in Section 9 of the Severance Plan, provided that if the Executive is terminated for Cause, Executive shall be
subject to the Non-Competition and Non-Solicitation obligations contained therein to the same extent as though Executive had resigned his employment without Good Reason,
provided further, that if the Executive is terminated for Cause or resigns his employment without Good Reason, the Restricted Period (as defined in Section 14 of the Severance Plan) for purposes of such
Non-Competition and Non-Solicitation obligations shall be two years. Notwithstanding anything to the contrary in the Severance Plan, the Company shall not change the
benefits applicable to the Executive under the terms of the Severance Plan, as attached hereto as Exhibit H, in any way that is adverse to the Executive without the Executive’s prior written consent. 

The payment of any benefits as the result of a termination entitling Executive to benefits under the Severance Plan or this Agreement
(including the vesting of any Time-Based Shares, First Stock Price-Based Shares or Second Stock Price-Based Shares) shall be contingent on Executive executing and delivering an enforceable Release as described in Section 3.02 of the Severance
Plan and defined in Section 14 of the Severance Plan and complying with the obligations contained in Section 9 of the Severance Plan. 

7.    REPRESENTATIONS. The Executive understands and acknowledges that the Company (a) respects
the confidential and proprietary information, and trade secrets, of other persons and entities and (b) does not want, and will not willingly use, confidential or proprietary information, and/or trade secrets that are the property of a third
party. Accordingly, the Executive will not (i) disclose to the Company any confidential, proprietary or trade secret information of other entities, (ii) bring or provide to 

 
the Company copies of any documents, electronic media or tangible things that contain or refer to confidential, proprietary or trade secret information that is the property of any other party
that is now or hereafter in the Executive’s possession. The Executive’s acknowledgement of the Company’s respect for third party confidential information includes, but is not limited to, the following representations: the Executive
has not provided and will not provide any information to the Company that belonged to any prior employer, regardless of whether such information was (A) in the Executive’s possession as a hard copy document or on a computer, smart phone,
PDA or cell phone or on an external hard drive, thumb drive, or any other piece of external media that permits the storage of electronic or (B) in the Executive’s mind prior to his employment with the Company. 

8.    CONFIDENTIALITY. During the course of the Executive’s employment and/or service with the Company,
the Executive will have access to Confidential Information. For purposes of this Agreement, “Confidential Information” means all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable
or reduced to practice), innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and
strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising
from the past, current or potential business, activities and/or operations, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers,
suppliers, vendors, raw partners and/or competitors. The Executive agrees that the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the
Executive’s assigned duties and for the benefit of the Company, either during the period of the Executive’s employment or at any time thereafter, any Confidential Information or other confidential or proprietary information received from
third parties subject to a duty on the part of the Company to maintain the confidentiality of such information, and to use such information only for certain limited purposes, in each case, which shall have been obtained by the Executive during the
Executive’s employment by the Company. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes generally known to the public subsequent to disclosure to the
Executive through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to disclose by applicable law, regulation or legal process (provided that the Executive provides the Company with
prior notice of the contemplated disclosure and cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information). 

Notwithstanding the foregoing, the confidentiality provisions of this Agreement will not be breached in the event the Executive discloses
Company information to the U.S. Securities and Exchange Commission, to the extent necessary to report suspected or actual violations of U.S. securities laws, or where the Executive’s disclosure of Company information is protected under the
whistleblower provisions of any applicable law or regulation. The Executive is not required to inform the Company, in advance or otherwise, that such disclosure(s) has been made. If the Executive discloses Company information that constitutes a
trade secret to which the Defend Trade Secrets Act (18 USC Section 1833(b)) applies, then the Executive will not be held criminally or civilly liable under any federal or state trade secret law, or considered to be in violation of the
confidentiality provisions of this Agreement if the Executive’s disclosure is made solely for the purpose of reporting or investigating a suspected violation of law and in confidence to a federal, state, or local government official, whether
directly or indirectly, or to an attorney; or where the Executive’s disclosure is made in a complaint or other document filed in a lawsuit or other proceeding against the Company, and such filing is made under seal. 

9.    NONDISPARAGEMENT. The Executive agrees not to make negative comments about or otherwise disparage the
Company or any of its respective affiliates or any of their officers, directors, 

 
employees, shareholders, agents or products other than in the good faith performance of the Executive’s duties hereunder or in truthful testimony given in response to a lawful subpoena or
similar court or governmental order or in any report protected under the whistleblower provisions of any applicable law or regulation. The members of the Board and the officers of the Company agree not to make negative comments about or otherwise
disparage the Executive other than in truthful testimony given in response to a lawful subpoena or similar court or governmental order. 

10.    INVENTIONS. 

(i)    The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work
products, developments or works of authorship, whether patentable or unpatentable, (A) that relate to the Executive’s work with the Company, made or conceived by the Executive, solely or jointly with others, during or prior to the
Employment Term, or (B) suggested by any work that the Executive performs in connection with the Company (clause (A) and (B) collectively, “Inventions”), either while performing the Executive’s duties with the Company
or on the Executive’s own time, shall belong exclusively to the Company (or its designee), regardless of whether patent applications are filed thereon. The Executive will keep full and complete written records (the “Records”),
in the manner prescribed by the Company, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the sole and exclusive property of the Company, and the Executive will surrender
them upon the termination of the Employment Term or upon the Company’s request. The Executive hereby irrevocably conveys, transfers and assigns to the Company the Inventions and all patents that may issue thereon in any and all countries,
whether during or subsequent to the Employment Term, together with the right to file, in the Executive’s name or in the name of the Company (or its designee), applications for patents and equivalent rights (the “Applications”).
The Executive will, at any time during and subsequent to the Employment Term, make such applications, sign such papers, take all rightful oaths, and perform all acts as may be requested from time to time by the Company with respect to the Inventions
at the Company’s expense. The Executive will also execute assignments to the Company (or its designee) of the Applications, and give the Company and its attorneys all reasonable assistance (including the giving of testimony) to obtain the
Inventions for the Company’s benefit, all without additional compensation to the Executive from the Company, but entirely at the Company’s expense. If the Company is unable for any other reason to secure the Executive’s signature on
any document for this purpose, then the Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Executive’s agent and attorney in fact, to act for and on the Executive’s behalf
and in the Executive’s stead to execute any documents and to do all other lawfully permitted acts in connection with the foregoing. 

(ii)    Additionally, the Inventions will be deemed “Work for Hire,” as such term is defined under the copyright
laws of the United States, on behalf of the Company, and the Executive agrees that the Company will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in
perpetuity without any further obligations to the Executive. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, the Executive hereby irrevocably conveys, transfers and assigns to the Company all rights, in all media now
known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of the Executive’s right, title and interest in the copyrights (and all renewals, revivals and extensions
thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to
exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without
limitation, the right to receive all proceeds and damages therefrom. In addition, the Executive hereby waives any so-called “moral rights” with respect to the Inventions. To the extent that the
Executive has 

 
any rights in the results and proceeds of the Executive’s service to the Company that cannot be assigned in the manner described herein, the Executive agrees to unconditionally waive the
enforcement of such rights. The Executive hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents that may issue thereon, including, without limitation, any rights that would otherwise accrue
to the Executive’s benefit by virtue of the Executive being an employee of or other service provider to the Company. 

(iii)    The Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose,
communicate, reveal, transfer or provide access to, or share with, the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third
party without the prior written permission of such third party. The Executive represents and warrants that he does not possess or own any rights in or to any confidential, proprietary or non-public information
or intellectual property related to the business of the Company or any of its affiliates. The Executive shall comply with all relevant policies and guidelines of the Company regarding the protection of confidential information and intellectual
property and potential conflicts of interest; provided that such policies and guidelines are consistent with the terms of this Agreement. The Executive acknowledges that the Company may amend any such policies and guidelines from time to time, and
that the Executive remains at all times bound by their most current version. 
 11.    EQUITABLE RELIEF AND
OTHER REMEDIES. The Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the Non-Competition and
Non-Solicitation obligations referenced in Section 6 hereof or the provisions of Sections 7-10 hereof would be inadequate and, in
recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific
performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages or the posting of a bond or other security. 

12.    RETURN OF COMPANY PROPERTY. On the date of the Executive’s termination of employment with the
Company for any reason (or at any time prior thereto at the Company’s request), the Executive shall return all property belonging to the Company (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless
electronic mail devices or other equipment, or documents and property belonging to the Company). 

13.    COOPERATION. Upon the receipt of reasonable notice from the Company (including outside counsel), the
Executive agrees that while employed by the Company and thereafter, the Executive will respond and provide information, as promptly as reasonably practicable, with regard to matters in which the Executive has knowledge as a result of the
Executive’s employment with the Company, and will provide reasonable assistance to the Company and its respective representatives in defense of any claims that may be made against the Company, and will reasonably assist the Company in the
prosecution of any claims that may be made by the Company, to the extent that such claims may relate to the period of the Executive’s employment with the Company (collectively, the “Claims”). The Executive agrees to promptly
inform the Company if the Executive becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company. The Executive also agrees to promptly inform the Company (to the extent that the Executive is legally permitted
to do so) if the Executive is asked to assist in any investigation of the Company (or its actions) or another party attempts to obtain information or documents from the Executive (other than in connection with any litigation or other proceeding in
which the Executive is a party-in-opposition) with respect to matters the Executive believes in good faith to relate to any investigation of the Company, in each case,
regardless of whether a lawsuit or other proceeding has then been filed against the Company with respect to such investigation, and shall not do 

 
so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the Executive shall not communicate with anyone (other than the Executive’s attorneys
and tax and/or financial advisors and except to the extent that the Executive determines in good faith is necessary in connection with the performance of the Executive’s duties hereunder) with respect to the facts or subject matter of any
pending or potential litigation or regulatory or administrative proceeding involving the Company without giving prior written notice to the Company or the Company’s counsel. 

14.    NO ASSIGNMENTS. This Agreement is personal to each of the parties hereto. Except as provided
in this Section 14, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or
substantially all of the business and/or assets of the Company, provided that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. 
 15.    NOTICE. For purposes of this
Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered
by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date of deposit, if delivered by
United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

	
	 If to the Executive:
  

Gary S. Matthews
 130 Lower Cross Road

Greenwich, CT 06831
  

If to the Company:
  

IES Holdings, Inc.
 5433 Westheimer Road

Suite 500
 Houston, TX 77056

United States
 Attn: Board of Directors

 
 with copies (which shall not constitute notice) to:

 
 IES Holdings, Inc.

One Sound Shore Drive
 Suite 304

Greenwich, CT 06830
 United States

Attn: General Counsel
 Email:
gail.makode@ies-co.com

 or to such other address as either party may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt. 

 16.    SECTION HEADINGS; INCONSISTENCY. The
section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any
form, award, plan or policy of the Company, the terms of this Agreement shall govern and control. 

17.    SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 

18.    COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the same instrument. 

19.    GOVERNING LAW. This Agreement, the rights and obligations of the parties hereto, any claims or
disputes relating thereto, or any proceeding relating to the Executive’s employment by the Company or any affiliate shall (a) be governed by and construed in accordance with the laws of the State of Texas without regard to its choice of
law provisions). 
 20.    ARBITRATION. Any dispute or controversy arising under or in connection with
this Agreement shall be settled exclusively by arbitration, conducted before one arbitrator in Houston, Texas (or such other location as the parties shall mutually agree upon). Said arbitration shall be administered through the American Arbitration
Association (“AAA”) in accordance with the applicable rules and regulations of AAA then in effect as long as AAA continues to maintain an office within Houston, Texas. If AAA does not maintain an office within Houston, Texas, at the
time that arbitration under this Agreement is demanded, the arbitration under this Agreement shall be administered through JAMS in accordance with the labor arbitration rules of JAMS then in effect. Judgment may be entered on the arbitrator’s
award in any court having jurisdiction. Notwithstanding the foregoing, however, should adequate grounds exist for seeking immediate injunctive or immediate equitable relief, any party may seek and obtain such relief from a court of competent
jurisdiction; provided that, upon obtaining such relief, such injunctive or equitable action shall be stayed pending the resolution of the arbitration proceedings called for herein. Furthermore, the Executive consents and agrees that the Company
shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of Non-Competition and
Non-Solicitation obligations referenced in Section 6 hereof or the provisions of Sections 7-10 hereof. The parties hereby consent to the
exclusive jurisdiction in the state and federal courts of or in the State of Texas for purposes of seeking such injunctive or equitable relief as set forth above. In any dispute between the parties hereto concerning any provision of this Agreement
or the rights and duties of any person or entity hereunder, the party prevailing in such dispute shall be entitled, in addition to such other relief as may be granted, to the reasonable attorneys’ fees and court costs incurred by reason of such
dispute to the extent permitted by applicable law. 
 21.    MISCELLANEOUS. No provision of this Agreement
may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or director as may be designated by the Board. No waiver by either party hereto at any time of
any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. This Agreement together with all exhibits hereto, set forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the
Executive and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which is not expressly set forth
in this Agreement. 

 22.    REPRESENTATIONS. The Executive represents and
warrants to the Company that (a) the Executive has the legal right to enter into this Agreement and to perform all of the obligations on the Executive’s part to be performed hereunder in accordance with its terms, and (b) the
Executive is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Executive from entering into this Agreement or performing all of the Executive’s duties
and obligations hereunder. 
 23.    TAX MATTERS. 

(a)    WITHHOLDING. The Company may withhold from any and all amounts payable under this Agreement or otherwise such
federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

(b)    SECTION 280G MATTERS. The determination as to whether any reduction in the amount of the payments and
benefits provided to Executive hereunder or pursuant to the Severance Plan is necessary, in accordance with Section 4.05 of the Severance Plan, shall be made applying principles, assumptions and procedures consistent with Internal Revenue Code
Section 280G and the regulations and guidance promulgated thereunder (collectively, “Code Section 280G”), including considering any value attributable to restrictive covenants that is treated as reasonable
compensation under Code Section 280G(b)(4), by an accounting firm or law firm of national reputation that is selected for this purpose by the Company (the “280G Firm”). Nothing in this Section 23(b) shall require the
Company to be responsible for, or have any liability or obligation with respect to, the Executive’s excise tax liabilities under Code Section 4999. 

(c)    SECTION 409A COMPLIANCE. The intent of the parties is that payments and benefits under this Agreement
are either exempt from, or comply with, Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, to the maximum extent permitted, this
Agreement shall be interpreted in accordance with this intent. The Company does not guarantee any particular tax consequences. 
 A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a
“separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean
“separation from service.” Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code
Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit
shall not be made or provided until the date which is the earlier of (A) the expiration of the six-month period measured from the date of such “separation from service” of the Executive, and
(B) the date of the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section (whether they would have otherwise
been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with
the normal payment dates specified for them herein. 

 To the extent that reimbursements or other in-kind
benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all such expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable
year following the taxable year in which such expenses were incurred by the Executive, (B) any right to such reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 
 For purposes of Code Section 409A, the
Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with
reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company. 

Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes
“nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A. 

24.    INDEMNIFICATION; D&O INSURANCE. If, at any time during the Employment Term or thereafter,
Executive is made or threatened to be made a party to or a participant in any actual, threatened, pending, or completed action, claim, or proceeding of any type, the Company shall indemnify, defend, and hold Executive harmless to the maximum extent
authorized or permitted by Delaware law, and by its certificate of incorporation, by-laws, and all other organizational documents, as the foregoing may be amended from time to time to provide broader
protection, and including, any and all expenses (including advancement and payment of attorneys’ fees) and losses arising out of or relating to any of Executive’s actual or alleged acts, omissions, negligence or active or passive
wrongdoing, including, the advancement of expenses Executive incurs. In all events, without limiting the foregoing, the Company shall provide Executive with indemnification on terms no less favorable than provided to any other executive officer or
director of the Company. Such indemnification shall continue even if Executive has ceased to be a director, officer, equityholder, or employee of the Company and its affiliates and shall inure to the benefit of Executive’s heirs, executors and
administrators. In addition, during Executive’s employment with the Company and while potential liability exists (but in no event for a coverage period of less than six years thereafter, to the extent permitted by law), the Company or any
successor to the Company shall purchase and maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to Executive on terms that are no less favorable than the coverage provided to other directors and
officers of Company. The provisions of this Section 24 shall survive the termination of this Agreement and Executive’s employment with the Company. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

			
	
	COMPANY:
	
	IES HOLDINGS, INC.

 
			
		
	By:	 	 /s/ Gail D. Makode

			
	Name:	 	 Gail D. Makode

 

			
	Title:	 	 SVP & General Counsel

  

			
	EXECUTIVE:
	
	 /s/ Gary S. Matthews

	GARY S. MATTHEWS

 EXHIBIT A 

Company STIP 
 [Filed Separately.] 

 EXHIBIT B 

Amended and Restated Equity Incentive Plan 

[Filed Separately.] 

 EXHIBIT C 

LTIP Annual Grant Program 
 [Filed
Separately.] 

 EXHIBIT D 

LTIP Annual Grant Program Award Agreement 

[Filed Separately.] 

 EXHIBIT E 

Time-Based Award Agreement 
 [Filed
Separately.] 

 EXHIBIT F 

First Stock Price-Based Award Agreement 

[Filed Separately.] 

 EXHIBIT G 

Second Stock Price-Based Award Agreement 

[Filed Separately.] 

 EXHIBIT H 

Company Severance Plan 
 [Filed
Separately.]EX-10.10

 Exhibit 10.10 

TRANSITION AGREEMENT AND RELEASE 

This Transition Agreement and Release (“Agreement”) is entered into by and between IES Holdings, Inc., f/k/a Integrated Electrical
Services, Inc. (the “Company”), and Robert W. Lewey (“Employee”), as follows: 

1.    Employee Transition. 

(a)    Effective Transition Date. The Company and Employee acknowledge and agree that Employee’s position as
an officer and director of the Company and all of its subsidiaries, affiliates, joint ventures, partnerships or any other business enterprises, as well as any office or position as a fiduciary or with any trade group or other industry organization
which he holds on behalf of the Company or its subsidiaries or affiliates, was automatically terminated effective at 5:00 pm on March 4, 2019 (the “Effective Transition Date”). 

(b)    Employment by Corporate Division. From the Effective Transition Date and until approximately April 30,
2019 (the “Corporate Termination Date”) (such period, the “Transition Period”), Employee shall remain employed by the Corporate Division of the Company in a non-officer role at the base
salary in effect on the Effective Transition Date and reporting to the Company’s Chief Executive Officer. During the Transition Period, Employee will be entitled to participate in all employee benefits plans of the Corporate Division on the
same terms as similarly situated employees of the Company, including for the avoidance of doubt, the Corporate Division’s health, welfare and retirement benefit plans available to all employees of the Corporate Division. During the Transition
Period, (i) Employee shall have no authority to bind the Company or any of its officers or employees to any agreement or to make managerial decisions that are binding on the Company and (ii) Employee shall refrain from contacting Company
employees, officers, directors, contractors, or customers, without prior authorization from an executive officer of the Company. 

(c)    Employment by Residential Division. Following the completion of the Transition Period, it is expected that
Employee shall commence employment with Company’s Residential Division (the “Residential Division”) upon such terms and conditions as Employee and the Residential Division shall mutually agree. 

2.    Bonus Amounts. In consideration for Employee’s promises contained herein, and
provided that Employee executes this Agreement and returns it to the Company prior to expiration of the twenty-one (21) day review period, by mutual agreement of the parties, and does not challenge or
revoke any portion of this Agreement, including, the General Release of Claims in Section 3 or the ADEA Release in Section 4 (collectively, the “Releases”), Employee shall be entitled to receive the following (referred to
collectively as the “Bonus Amounts”): 
 (a)    Bonus Pay. Subject to lawful deduction, the gross sum
of $522,750, equal to twelve (12) months of Employee’s Base Pay as of the Effective Transition Date (“Bonus Pay”). Employee acknowledges and agrees that payment of the Bonus Pay shall be made semi-monthly, pursuant to the
Company’s regular payroll practices, provided that the Company may elect, in its sole discretion, to pay such amount in the form of a lump sum payment in lieu of semi-monthly installments. For the avoidance of doubt, unless the Company notifies
Employee prior to the Effective Transition 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 
Date that it has elected to pay the Bonus Pay in the form of a lump sum payment at or around the Effective Transition Date, Company shall pay Employee 1/26th of his base pay two (2) times
per month for the one-year period commencing on the first regular payroll date following the later of (a) the Corporate Termination Date and (b) the day the Releases become effective and non-revocable; specifically, on the eighth (8th) day following Employee’s unrevoked execution of this Agreement (the “Release Effective Date”). 

(b)    Annual Bonus. Subject to lawful deduction, the annual incentive compensation for the current fiscal year
(“Annual Bonus”). Pursuant to the Company’s Fiscal Year 2019 Annual Incentive Plan, as described in the Company’s Proxy Statement filed on December 27, 2018 with the U.S. Securities and Exchange Commission, the amount
of the Annual Bonus payable to Employee for the current year shall be determined by the Human Resources and Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”), based on the achievement of certain
goals and objectives, after the close of the current fiscal year, which ends on September 30, 2019. The Company and Employee acknowledge and agree that the Annual Bonus shall be pro-rated based on the
percentage of the current fiscal year that has elapsed through the Effective Transition Date, or approximately 42.47% based on 155 days elapsed out of 365 days. The Annual Bonus shall be paid to Employee at the same time and in the same manner as
annual bonuses are paid to other similar executives of the Company. For avoidance of doubt, Employee shall be paid the Annual Bonus on or before December 31, 2019. Employee acknowledges and agrees that no amount is owed to him for any Annual
Bonus for FY 2018 or any other prior fiscal year of the Company. 
 (c)    Incentive/Equity Awards. A pro-rated amount of outstanding unvested Phantom Stock Units (“PSUs”) awarded pursuant to that certain Phantom Stock Unit Award Agreement, dated February 6, 2019, between Employee and the Company
(“PSU Agreement”) shall vest in accordance with this Section 2(c). The 69,444 PSUs granted pursuant to the PSU Agreement are comprised of 17,361 Time-Vesting Phantom Stock Units and 52,083 Performance-Based Phantom Stock Units. Any
capitalized term in this Section 2(c) not otherwise defined herein shall have the meaning set forth in the PSU Agreement. The Company and Employee agree and acknowledge that the PSUs that shall vest under the PSU Agreement shall be calculated
as follows: 
 (i)    Of the Time-Vesting Phantom Stock Units, 1,843.12 Tranche 1 Time-Vesting Phantom
Stock Units, 920.30 Tranche 2 Time-Vesting Phantom Stock Units, and 1,227.63 Tranche 3 Time-Vesting Phantom Stock Units shall vest, if at all, on the Release Effective Date. The applicable prorated vested percentage for the Time-Vesting Phantom
Stock Units shall be approximately 42.47%, 21.20%, and 14.14% for the Tranche 1 Time-Vesting Phantom Stock Units, Tranche 2 Time-Vesting Phantom Stock Units, and Tranche 3 Time-Vesting Phantom Stock Units, respectively, based on the number of days
that have elapsed of the applicable service period set forth in the PSU Agreement from and including October 1, 2018 through the Effective Transition Date, or 155 days out of 365 days, 731 days and 1,096 days, respectively. 

(ii)    None of the Tranche 2 Performance-Based Phantom Stock Units or Tranche 3 Performance-Based Phantom
Stock Units shall vest. The Tranche 1 Performance-Based Phantom Stock Units that shall vest shall equal the number of Target Tranche 1 Performance-Based Phantom Stock Units, or 13,020.75, multiplied by (a) a fraction (x) the numerator of
which is 155, which is the number of days that have elapsed 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 
from and including October 1, 2018 through the Effective Transition Date and (y) the denominator of which is 365 (which is equal to approximately 42.47%) and (b) the Vesting
Percentage, if any. For the avoidance of doubt, based on the foregoing, a Vesting Percentage of a maximum of one hundred and twenty percent (120%) and a minimum of zero percent (0%) shall be multiplied by 5,529.36 Target Tranche 1 Performance-Based
Phantom Stock Units to determine the number of Tranche 1 Performance-Based Phantom Stock Units that shall vest, if at all, on the Tranche 1 Scheduled Vesting Date, with the Vesting Percentage determined by reference to Cumulative Income earned by
the Company during the Company’s 2019 fiscal year, as determined by the Compensation Committee. 

(d)    COBRA. On the Release Effective Date, Employee shall receive a lump sum cash amount equal to (a) 100% of the
applicable monthly COBRA premium under the Company’s group health plan for coverage, multiplied by (b) (12). For purposes of this Agreement, “COBRA” means Section 4980B of the Code. 

(e)    Outplacement. Upon Employee’s termination of employment with the Company and any entity, directly or
indirectly, controlled by, controlling or under common control with the Company (an “Affiliate”) for any reason other than for Cause or due to Employee’s death, Employee shall be entitled to receive a reimbursement not to exceed
$20,000 for outplacement services for a period of twelve (12) months following such termination. Employee agrees to contact Sarah Kerrigan at sarah.kerrigan@ies-co.com, with a copy to Gail Makode at gail.makode@ies-co.com, or any successor to such person, to coordinate his participation in this outplacement service benefit, if any. For the purposes of this Agreement, “Cause” means
(i) Employee’s gross negligence in the performance or intentional nonperformance of any of Employee’s material duties and responsibilities to the Company or an Affiliate; (ii) Employee’s dishonesty, theft, embezzlement or
fraud with respect to the business, property, reputation or affairs of the Company or an Affiliate; (iii) Employee’s conviction of, or a plea of other than not guilty to, a felony or a misdemeanor involving moral turpitude;
(iv) Employee’s confirmed drug or alcohol abuse that materially affects Employee’s service or violates the Company’s or an Affiliate’s drug or alcohol abuse policy; (v) Employee’s violation of a material Company or
an Affiliate’s personnel or similar policy, such policy having been made available to Employee by the Company or an Affiliate; or (vi) Employee’s having committed any material violation of any federal or state law regulating
securities (without having relied on the advice of the Company’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 Employee in which findings of facts or any legal conclusions establishing liability are neither admitted nor denied. 

Employee acknowledges and agrees that notwithstanding anything to the contrary in any other agreement, Employee is not entitled to any amounts
as of the date hereof other than the Bonus Amounts detailed above, any accrued, but unpaid base salary and the reimbursement of any unreimbursed business expenses. Employee acknowledges and agrees that he has zero (0) days of accrued, but
untaken vacation time or paid-time off. Employee further acknowledges and agrees he shall submit for reimbursement any unreimbursed, reasonable business expenses relating to his employment with the Company with appropriate supporting documentation
to the Company in accordance with Company policy, but in no event, later than by May 7, 2019. Employee specifically acknowledges that from and following the Effective Transition Date, Employee is no longer eligible to participate in the Amended
and Restated Executive Officer 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 
Severance Benefit Plan, as amended (the “Severance Plan”), which is attached hereto as Exhibit A, and will no longer continue to vest in any incentive compensation awards,
including, but not limited to, the Annual Bonus and the PSUs. 
 3.    General Release of
Claims. In exchange for the Company’s promises and covenants contained herein, as well as Employee’s receipt of the Bonus Amounts, and subject to the provisions contained within this Agreement, Employee promises and agrees
to release, hold harmless, and forever discharge the Company, as well as its respective current and former officers, directors, attorneys, agents, employees, predecessors, successors, affiliates, and assigns, in their individual or business
capacities (otherwise referenced, collectively, as “the Released Parties” in this Agreement), jointly and severally, from any personal injuries, claims, damages, fees, costs, or other equitable, statutory, or common law relief for any
causes of action, obligations, contracts, torts, claims, demands, or suits, of whatever character, known or unknown, fixed or contingent, liquidated or unliquidated, whether asserted or unasserted, through the date this Agreement is executed,
including, but not limited to, any such liabilities, claims, actions, demands, and/or causes of action arising out of or in any way relating to his employment, the Severance Plan, the Amended and Restated 2006 Equity Incentive Plan, the PSU
Agreement and any other equity incentive award, with the Company and/or any of the Released Parties, including the tax consequences thereof, and any other actions or inactions of the Company and/or any of the Released Parties through the date this
Agreement is executed. Employee’s release of claims shall apply specifically, but not be limited to, claims under the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Americans With Disabilities Act, the Texas Labor Code, the Texas
Commission on Human Rights Act, the Fair Labor Standards Act, the Family and Medical Leave Act, Title VII, the Employee Retirement Income Security Act, and any other federal, state, or local statute(s) or other law(s) prohibiting discrimination or
harassment in employment or granting rights to an employee arising out of an employment relationship, as well as any claims for wages, employee benefits, vacation pay, severance pay, health or welfare benefits, bonus compensation, or other
remuneration, damages, fees, costs or other relief for any obligations, contracts, claims for defamation, invasion of privacy, intentional or negligent infliction of emotional distress, negligence, gross negligence, estoppel, misrepresentation,
express or implied duties of good faith and fair dealing, refusal to perform an illegal act, wrongful discharge, and/or torts for any and all alleged acts, omissions, or events through the date this Agreement is executed by Employee. This General
Release of Claims does not include a release of claims under the Age Discrimination in Employment Act or the Older Workers’ Benefit Protection Act, and nothing herein is intended to or shall be construed to release any vested benefits Employee
may have earned or accrued as a result of his employment with the Company. Employee further waives and releases the Company and the Released Parties from any claims that this Agreement was procured by fraud or signed under duress or coercion so as
to make the releases in this Agreement not binding. 
 4.    ADEA Release. Employee hereby
fully, finally, and completely releases the Company and the Released Parties of and from any and all claims, charges, or causes of action arising on or before the date this Agreement is executed under the Age Discrimination in Employment Act and the
Older Workers’ Benefit Protection Act, 42 U.S.C. §§ 1981, 1983, 1985 (“ADEA”), which prohibit age discrimination in employment (the “ADEA Release”), and hereby acknowledges and agrees that: 

(a)    this Agreement, which includes the ADEA Release, was negotiated at arms-length; 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 (b)    this Agreement, which includes the ADEA Release, is worded in a
manner that Employee fully understands; 
 (c)    Employee specifically waives any rights or claims under the ADEA; 

(d)    Employee knowingly and voluntarily agrees to all of the terms set forth in this Agreement, which includes the ADEA
Release; 
 (e)    Employee acknowledges and understands that any claims under the ADEA that may arise after the
Effective Transition Date are not waived; 
 (f)    the rights and claims waived in this Agreement, which includes the
ADEA Release, are in exchange for consideration over and above anything to which Employee was already undisputedly entitled; 

(g)    Employee has been and hereby is advised in writing to consult with an attorney prior to executing this Agreement,
including the ADEA Release; 
 (h)    Employee understands that he has been given a period of at least twenty-one (21) calendar days to consider the ADEA Release prior to executing it; and 

(i)    Employee understands that he has been given a period of seven (7) days from the date of the execution of the
ADEA Release to revoke the ADEA Release, and understands and acknowledges that the ADEA Release will not become effective or enforceable until the revocation period has expired. 

If Employee elects to revoke this release of age discrimination claims, revocation must be in writing and presented to Gail Makode at gail.makode@ies-co.com, with a copy to Sarah Kerrigan at sarah.kerrigan@ies-co.com within seven (7) days from the date of his execution of this Agreement that
contains the ADEA Release. Employee further agrees that only material changes in the terms of this Agreement shall affect or restart the above-referenced 21-day consideration period. 

Employee understands that nothing in this Agreement is intended to interfere with or deter Employee’s right to challenge the waiver of a
claim under the ADEA or state law age discrimination claim or the filing of an ADEA charge or ADEA complaint or state law age discrimination complaint or charge with the EEOC or any state discrimination agency or commission or to participate in any
investigation or proceeding conducted by those agencies. Further, Employee understands that nothing in this Agreement would require Employee to tender back the money received under this Agreement if Employee seeks to challenge the validity of
the ADEA or state law age discrimination waiver, nor does Employee agree to ratify any ADEA or state law age discrimination waiver that fails to comply with the Older Workers’ Benefit Protection Act by retaining the money received under this
Agreement. Further, nothing in this Agreement is intended to require the payment of damages, attorneys’ fees, or costs to the Company should Employee challenge the waiver of an ADEA or state law age discrimination claim or file an ADEA or
state law age discrimination suit except as authorized by federal or state law. 
 5.    Rights not
Waived. Employee represents that he has not filed any charges, complaints, or other proceedings against the Company or any of the Released Parties that are presently pending with any federal, state, or local court or administrative or
governmental agency. Notwithstanding this release 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 
of liability, this Agreement does not waive, release or discharge: (i) any right to file an administrative charge or complaint with, or testify, assist or participate in an investigation,
hearing, or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”), National Labor Relations Board (“NLRB”), the Texas Workforce Commission or comparable state or local agency; however, Employee understands
and agrees that Employee is waiving any and all rights to recover any monetary or personal relief or recovery as a result of such filed charge or administrative complaint; (ii) claims that cannot be waived by law, such as claims for
unemployment benefit rights and workers’ compensation; (iii) claims for indemnity under any indemnification agreement with the Company or under its organizational documents, as provided by applicable state law or under any applicable
insurance policy with respect to Employee’s liability as an employee, director or officer of the Company or its affiliates; (iv) claims Employee may have as an employee participating in the Company’s qualified retirement plan; and
(v) Employee’s right to receive award or monetary recovery pursuant to the Securities and Exchange Commission’s whistleblower program. Employee does not need prior authorization to make such reports or disclosures and is not required
to notify the Company that he has made any such report or disclosure. 
 6.    Acknowledgements and Obligations of
Employee. 
 (a) Employee represents and warrants that, with respect to the Company’s equity securities, any and all
transactions reportable under Section 16 of the Securities Exchange Act of 1934, as amended, that occurred on or prior to the Effective Transition Date have been timely and properly reported by Employee to the Company in accordance with the
Company’s policies and procedures. 
 (b) Employee agrees to reasonably cooperate with the Company and use Employee’s best efforts
in responding to all reasonable requests by the Company for assistance and advice relating to matters and procedures in which Employee was involved. Employee also covenants to cooperate in defending or prosecuting any claim or other action which
arises, whether civil, criminal, administrative or investigative, in which Employee participation is required in the best judgment of the Company by reason of Employee’s former employment with the Company. Upon the Company’s request,
Employee will use Employee’s best efforts to attend hearings and trials, to assist in effectuating settlements, and to assist in the procuring of witnesses, producing evidence, and in the defense or prosecution of said claims or other actions.
The Company agrees to pay or reimburse Employee for his reasonable and necessary travel and other direct expenses incurred to comply with Employee’s obligations under this Section. 

7.    Return of Company Property and Proprietary Information. Employee agrees and acknowledges that
he shall, prior to or immediately following the Transition Period end, return all property belonging to the Company (other than his Company computer and otherwise as permitted in writing by the Company), including but not limited to: USB drives,
external hard drives, and/or software; telephones or personal data assistants; other equipment; keys and/or access cards or devices; credit cards; books or other publications; board materials; current or prospective client and/or customer lists or
information; all company-related emails, files, or folders on Employee’s personal computers or communication devices, including training materials, acquisition diligence materials and integration plans; and other business records such as
memoranda, letters, email communications, lists of fees, personnel data, employee lists, salary and benefits information (other than relating to Employee), lists of suppliers and vendors, financial data, training materials, marketing plans, notes,
records, reports, manuals, handbooks, forms, formulas, contracts, catalogs, instructions, and all other documentation (whether in draft or final and electronic or hard copy form) relating to the Company’s business, and any

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 
and all other documents containing Proprietary Information (as defined below) furnished to Employee by any representative of the Company or otherwise acquired or developed by Employee in
connection with his employment with the Company, regardless of the manner in which Employee acquired possession of the documents or property (collectively, “Recipient Materials”). The Recipient Materials shall at all times be the property
of the Company. Within 48 hours of the completion of the Transition Period, Employee shall return to the Company any Recipient Materials and any copies thereof which are in his possession, custody, or control, including Recipient Materials retained
by Employee in his office, automobile, personal electronic devices, or at his home. Employee further agrees that within 48 hours of the completion of the Transition Period, Employee shall provide Company with a sworn Affidavit attesting that he has
not retained possession of any Recipient Materials, and copies thereof, in any format, including on Employee’s personal computer, smart phone, and other personal electronic devices. 

8.    Confidentiality. As part of this Agreement, and except as required by law, Employee
agrees to keep the terms and conditions of this Agreement strictly confidential and may not disclose such terms and conditions to anyone except Employee’s spouse or domestic partner, attorneys, accountants, and/or tax preparers, provided that
such persons have agreed to keep such information confidential. Employee further expressly understands that he shall not disclose the existence or content of this Agreement to any third party, such as a press organization, an internet site or chat
room, or employees and former employees of the Company. Notwithstanding the foregoing, nothing in this Agreement prevents Employee from participating in any investigation or proceeding conducted by the EEOC, NLRB, or comparable state or local
agency. 
 In addition, Employee acknowledges that he will keep confidential all proprietary information of the Company, its clients, and
vendors that he has had access to while an employee of the Company (collectively, the “Proprietary Information”), and agrees not to use or disclose such Proprietary Information to others without the prior written permission of the Company.
Further, Employee agrees not to divulge to any other person or entity any information that the Company has previously indicated to Employee should be kept confidential either through oral or written communications, agreements, and/or handbooks,
including the Company’s Legal Compliance and Corporate Policy. Notwithstanding the foregoing, nothing in this Agreement prohibits Employee from reporting possible violations of federal law or regulation to any government agency or entity or
making other disclosures that are protected under whistleblower provisions of laws. Employee does not need prior authorization to make such reports or disclosures and is not required to notify the Company that he has made any such report or
disclosure. 
 9.    Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend
Trade Secrets Act of 2016 (“DTSA”). Employee will not be held criminally or civilly liable under any federal or state law for any disclosure of a trade secret that: (i) is made in
confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other
document that is filed under seal in a lawsuit or other proceeding. If Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Employee may disclose the Company’s trade secrets to his attorney
and use the trade secret information in the court proceeding if Employee files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 10.    Non-Disparagement. Employee agrees
not to directly or indirectly disparage (whether orally or in writing, and in any forum, including in print media or on social media) the Company or any of the Released Parties, or do anything that will, or is intended to, disparage or damage the
Company or the Released Parties. Notwithstanding the foregoing, nothing in this Agreement shall be construed as prohibiting Employee from engaging in concerted activity protected by the National Labor Relations Act, or from participating in any
investigation or proceeding conducted by the EEOC, NLRB, or comparable state or local agency, or from providing truthful testimony given in response to a lawful subpoena or similar court or governmental order or in any report protected under the
whistleblower provisions of any applicable law or regulation. 
 11.    Assignment of Work Product/Works
for Hire. Employee acknowledges and agrees that any work product prepared, conceived, or developed by Employee during the term of his employment with the Company, including but not limited to all written documents and electronic data
pertaining thereto, is and shall remain the exclusive property of the Company, and will be considered Proprietary Information subject to the terms of this Agreement. Employee agrees that when appropriate, and upon written request of the Company,
Employee will acknowledge that his work product constitutes “works for hire” and will cooperate in the filing for patents or copyrights with regard to any or all such work product and will sign documentation necessary to evidence ownership
of such work product in the Company. 
 12.    Authority to Execute. Employee represents and
warrants that he has the authority to execute this Agreement, and that he has not assigned, sold, transferred, or otherwise granted to any person any right related to his employment by, or his separation from his employment with, the Company,
including any claims or demands in respect thereof. 
 13.    Restrictive Covenants. 

(a)     Employee’s eligibility to receive the Bonus Amounts and the Company’s obligation to remit or convey the
Bonus Amounts are expressly conditioned on Employee’s consent to be bound by, and compliance with, the restrictions and covenants set forth in this Section 13. 

(b)    During the term of Employee’s employment with the Company or an Affiliate and for a period of six
(6) months following the date of a termination of employment with the Company and its Affiliates (the “Termination”) for any reason (the “Restricted Period”), Employee will not, whether on Employee’s own behalf or on
behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly solicit or assist in soliciting in
competition with the Company, the business of any client or prospective client: 
 (i)    with whom
Employee had personal contact or dealings on behalf of the Company during the one year period preceding the Termination; 

(ii)    with whom employees reporting to Employee have had personal contact or dealings on behalf of the
Company during the one year period immediately preceding the Termination; or 
 (iii)    for whom
Employee had direct or indirect responsibility during the one year period immediately preceding the Termination. 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 (c)    During the Restricted Period, Employee will not directly or
indirectly: 
 (i)    engage in any business that materially competes with any business of the Company or
its Affiliates (including, without limitation, businesses which the Company or its Affiliates have specific plans to conduct within twelve (12) months from the effective date of the Termination and as to which Employee is personally aware of
such planning) in any geographical area that is within 100 miles of any geographical area where the Company or its Affiliates manufactures, produces, sells, leases, rents, licenses or otherwise provides its products or services and over which
Employee had substantive responsibilities (a “Competitive Business”); 
 (ii)    enter the
employ of, or render any services to, any Person (or any division or controlled or controlling affiliate of any Person) who or which engages in a Competitive Business; 

(iii)    acquire a financial interest in, or otherwise become actively involved with, any Competitive
Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 

(iv)    interfere with, or attempt to interfere with, business relationships between the Company or any of
its Affiliates and customers, clients, suppliers, partners, members or investors of the Company or its Affiliates. 

(d)    Notwithstanding anything to the contrary in this Section 13, Employee may, directly or indirectly, own, solely
as an investment, securities of any Person engaged in the business of the Company or its Affiliates that is publicly traded on a national stock exchange or on the
over-the-counter market if Employee (i) is not a controlling person of, or a member of a group which controls, such person or (ii) does not, directly or
indirectly, own 5% or more of any class of securities of such Person. 
 (e)    During the Restricted Period, Employee
will not, whether on Employee’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly: 

(i)    solicit or encourage any employee of the Company or its Affiliates to leave the employment of the
Company or its Affiliates; or 
 (ii)    hire any such employee who was employed by the Company or its
affiliates as of the date of the Termination or who left the employment of the Company or its affiliates coincident with, or within six (6) months prior to or after, Employee’s Termination. 

(f)    During the Restricted Period, Employee will not, directly or indirectly, solicit or encourage to cease to work with
the Company or its Affiliates any consultant then under contract with the Company or its Affiliates. 
 (g)    If a
final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Section 13 is an unenforceable restriction against Employee, the provisions of this Section 13
shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine to be enforceable. 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 (h)    Employee agrees and acknowledges that his fulfillment of the
obligations contained in this Section 13 are necessary to protect the Company’s value and goodwill. Employee further acknowledges the time, geography and scope limitations of his obligations not to compete and not to interfere pursuant to
this Section 13 are reasonable, especially in light of the Company’s desire to protect its Proprietary Information, and that Employee will not be precluded from gainful employment if Employee is obligated not to compete or interfere with
the Company pursuant to the terms of this Section 13. 
 14.    Entire Agreement/Oral
Modification/Severability. This Agreement cannot be modified orally and can only be modified through a written document signed by both parties. If any provision contained in this Agreement is determined to be void, illegal, or
unenforceable, in whole or in part, then the other provisions contained herein shall remain in full force and effect as if the provision which was determined to be void, illegal, or unenforceable had not been contained herein. This Agreement, the
PSU Agreement and the Consulting Fee Agreement (effective as of March 4, 2019) constitute the entire agreement among the parties with respect to the subject matters covered herein, and supersedes and extinguishes all prior negotiations,
promises, contracts, and agreements, whether written or oral, except that nothing in this Agreement shall be deemed to affect or relieve Employee or the Company from any continuing obligations contained in the Company’s code of conduct or
Employee Handbook, which survive the termination of Employee’s employment, including, without limitation, any confidentiality, non-competition, non-solicitation, non-disclosure, or other protective covenant, entered into between Employee and the Company or any of the Released Parties. Employee’s entitlement to the Bonus Amounts is expressly contingent on Employee’s
strict compliance with any such contractual provisions. 
 15.    No Guarantee of Tax
Consequences. The Company makes no commitment or guarantee to Employee (or anyone claiming through or on behalf of Employee) that any federal, state, local or other tax treatment will (or will not) apply or be available to any person
eligible for compensation, benefits or other remuneration under this Agreement and assumes no liability or responsibility whatsoever for the tax consequences to Employee or to any other person eligible for compensation, benefits or remuneration
under this Agreement. 
 16.    Section 409A. This Agreement and the payments and benefits
provided hereunder are intended to comply with or otherwise be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and shall be construed, interpreted, and administered
in a manner consistent with such intent. Each payment made under this Agreement will be treated as a separate payment and the right to a series of installment payments under this Agreement will be treated as a right to a series of separate payments.
If Employee is a “specified employee” (within the meaning of Section 409A), any payments or benefits that are treated as nonqualified deferred compensation for purposes of Section 409A, subject to any applicable exceptions, and
that are payable or provided as a result of Employee’s “separation from service” (within the meaning of Section 409A) that would otherwise be paid or provided prior to the earliest of the dates set forth in this sentence shall
instead be deferred, accumulated and paid in a lump sum or provided on the earliest of (i) the first day of the seventh month following Employee’s separation from service, (ii) the date of Employee’s death, or (iii) any date
that otherwise complies with Section 409A. Any reimbursement of any costs and expenses by the Company to Employee under this Agreement shall be made by the Company in no event later 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 
than the close of the Executive’s taxable year following the taxable year in which the cost or expense is incurred by Employee. The expenses incurred by Employee in any calendar year that
are eligible for reimbursement under this Agreement shall not affect the expenses incurred by Employee in any other calendar year that are eligible for reimbursement hereunder and Employee’s right to receive any reimbursement hereunder shall
not be subject to liquidation or exchange for any other benefit. 
 17.    Withholding
Taxes. The Company may withhold from any amounts payable with respect to this Agreement such federal, state, local and other taxes as may be required to be withheld pursuant to any applicable law or regulation. 

18.    Notices. The person designated to receive any legal notices concerning this Agreement
is: 
 Gail D. Makode 

SVP & General Counsel 

IES Holdings, Inc. 
 One Sound
Shore Drive, Suite 304 
 Greenwich, CT 06830 

Phone: (203) 992-1113 

Email: gail.makode@ies-co.com 

19.    Choice of Law. This Agreement shall be interpreted under and governed by, construed and
enforced in accordance with, and subject to, the laws of the State of Texas, without giving effect to any principles of conflicts of law. 

20.    Injunctive Relief. Employee agrees and acknowledges that the Company and/or the
Released Parties would suffer irreparable harm, incur substantial damage, and would not have an adequate remedy at law for money damages if Employee breached this Agreement. Accordingly, Employee acknowledges that, without the necessity of proving
actual damages or posting bond or other security, the Company and/or the Released Parties are entitled to temporary or permanent injunction or injunctions to prevent breaches of performance and to specific enforcement of applicable covenants in
addition to any other remedy to which the Company and/or the Released Parties may be entitled, at law or in equity. The Company shall also be entitled to the recovery of all attorneys’ fees and costs incurred by the Company in obtaining such
relief. In such a situation, the Company and/or the Released Parties may pursue any remedy available, including declaratory relief, concurrently or consecutively in any order as to any breach, violation, or threatened breach or violation of any of
the provisions set forth in this Agreement, and the pursuit of any particular remedy is not to be deemed an election of remedies or waiver of the right to pursue any other remedy. The Company may seek injunctive relief in federal or state court in
Harris County, Texas. 
 21.    Arbitration of Disputes. Aside from the Company’s
ability to seek injunctive relief, as set forth in Section 20, any controversy, dispute or claim arising out of or relating in any way, to this Agreement or a purported breach of this Agreement shall be settled through arbitration proceedings
conducted in Houston, Texas in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The matter shall be heard and decided, and awards rendered by, a panel of three arbitrators. The Company and Employee
shall each select one arbitrator and the American Arbitration Association shall select the third arbitrator, each of whom shall be on the American 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 
Arbitration Association’s national panel of commercial arbitrators. The award rendered by this arbitration panel shall be final and binding as between the parties hereto and their
heirs, executors, administrators, successors and assigns, and judgment on the award may be entered by any court having jurisdiction. The cost of the arbitrator and all reasonable and necessary attorneys’ fees that are a result of the
claims or defenses asserted in the arbitration shall be awarded to the prevailing party. The prevailing party is either the party who is awarded legal or equitable relief on its claims by the arbitration panel OR is a party who successfully defends
against and defeats claims that were asserted against it in the arbitration proceeding. If there is no prevailing party, each party will pay its own attorneys’ fees, costs, and expenses. The decision as to which party is the prevailing party
and the amount of fees and costs to be awarded to the prevailing party shall be determined by the arbitration panel. This fee-shifting provision shall not apply to claims or disputes arising from federal or
state laws prohibiting discrimination and retaliation, wage and hour laws, or other employment laws that provide only for recovery of attorneys’ fees and costs to prevailing plaintiffs or where otherwise prohibited by law. 

22.    Fully Understood Agreement, Time Limits and Payments Received. Employee further
acknowledges and affirms that he has read and understands the foregoing Agreement and has agreed to its terms. Employee also hereby acknowledges and affirms the sufficiency of the payments recited herein, and receipt of the funds recited herein.
Employee additionally represents, warrants, and agrees that as of the Effective Transition Date Employee has received full and timely payment of all wages, salary, overtime pay, commissions, bonuses, other compensation, remuneration and benefits
that may have been due and payable by the Company or the Released Parties and that he has been appropriately paid for all time worked. 

23.    Construction. Captions and headings used herein are for convenience only, do not
constitute a part of this Agreement, and shall not be considered in construing this Agreement. Unless the context otherwise requires, all article, section or subsection cross-references are to articles, sections or subsections within this Agreement.

 24.    Counterparts. This Agreement may be executed in separate counterparts, each of
which shall be deemed to be an original and both of which taken together shall constitute one and the same agreement. 

25.    Voluntary Agreement. Employee hereby represents and warrants that, prior to signing
below, he has had the opportunity to consult with independent legal counsel of his choice, has read this document in its entirety and fully or satisfactorily understands its content and effect, and that he has not been subject to any form of duress
or coercion in connection with this Agreement, is completely satisfied with the terms reflected in this Agreement, and, accordingly, knowingly makes this Agreement and agrees to be bound as described in this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed and delivered
as of the date indicated below: 
  

			
	IES HOLDINGS, INC.
		
	By:	 	/s/ Gail D. Makode
	Title:	 	SVP & General Counsel
	Date:	 	March 9, 2019
	
	 EMPLOYEE

		
	By:	 	/s/ Robert W. Lewey
	Name:	 	Robert W. Lewey
	Date:	 	March 9, 2019

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY 

 EXHIBIT A 

Amended and Restated Executive Officer Severance Benefit Plan 

[Filed Separately.] 

  
 TRANSITION
AGREEMENT AND RELEASE – ROBERT W. LEWEY

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