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                                                                   EXHIBIT 10.50


                               FIRST AMENDMENT TO

                     AGREEMENT REGARDING SUPPORT AGREEMENT


     THIS FIRST AMENDMENT to a certain Agreement Regarding Support Agreement is
made and entered into this 14th day of May, 1996, by and between McLeod, Inc.
("McLeod"), a Delaware corporation, and IES Diversified Inc. ("IES"), a
Delaware corporation, and IES Investments, Inc., a Delaware Corporation
("Investments").

     WHEREAS, McLeod and IES entered into a certain Agreement Regarding Support
Agreement as of December 1, 1994 (the "Agreement"), pursuant to which McLeod
granted certain options to Investments in order to induce Diversified to enter
into a certain Support Agreement, also dated December 1, 1994; and

     WHEREAS, the rights of Investments with respect to such options are set
forth in a Nonqualified Stock Option Plan adopted December 1, 1994 (the "Stock
Option Plan"), and are also specifically referred to in the Agreement; and

     WHEREAS, the Stock Option Plan has been amended to clarify the meaning of
the term "calendar quarter" and the Agreement contains various references to
"calendar quarter" and the McLeod and IES and Investments wish to clarify their
original agreements and understandings as to the meaning of that term so that
the Agreement conforms to the terms of the Stock Option Plan and their original
intentions.

     NOW, THEREFORE, in further consideration of the covenants and agreements
and undertakings reflected therein, the Agreement is amended, effective from
its execution on December 1, 1994, as follows:

     1.   All references to the term "calendar quarter" shall mean any one of
          the periods beginning January 2 of any calendar year and ending on
          the immediately succeeding April 1 of the same calendar year or
          beginning April 2 of any calendar year and ending on the immediately
          succeeding July 1 of the same calendar year or beginning July 2 of
          any calendar year and ending on the immediately following October 1
          of the same calendar year or beginning October 2 of any calendar year
          and ending on January 1 of the immediately following calendar year.

     2.   Except as expressly provided above, and in all other respects, the
Agreement Regarding Support Agreement entered into as of December 1, 1994, is
approved, ratified and confirmed.
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     IN WITNESS WHEREOF, the parties hereto have entered into this First
Amendment to Agreement Regarding Support Agreement on the date and year first
above written.

                                 McLeod, Inc.


                                 By:   /s/ JAMES L. CRAM
                                    ------------------------------------


                                 IES Diversified Inc.


                                 By:  /s/  DENNIS B. VASS
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                                 IES Investments Inc.


                                 By:  /s/  DENNIS B. VASS
                                    ------------------------------------