Perma-Pipe (PPIH) CFO Adds 8.8K Shares via Time-Vested RSU Grant

Rhea-AI Filing Summary

Perma-Pipe International Holdings, Inc. (PPIH) – Form 4 insider transaction

Chief Financial Officer Matthew E. Lewicki reported the grant of 8,829 restricted common shares on 06/25/2025 under transaction code “A(1).” The award was received at a price of $0 and will vest one-third on each of the first three anniversaries of the grant date. After the grant, Lewicki’s direct beneficial ownership increased to 20,783 common shares. No derivative securities were involved, and no sales or disposals were reported.

The filing does not provide additional financial metrics or indicate material changes to the company’s capital structure. The transaction represents routine executive equity compensation designed to align management interests with shareholders.

Positive

• CFO increased direct ownership by 8,829 shares, signalling continued alignment with shareholder interests.
• No insider sales accompanied the grant, avoiding negative perception.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine CFO stock grant; minor ownership increase; neutral impact.

The grant of 8,829 restricted shares to CFO Lewicki is standard equity compensation. At roughly 0.3–0.5 % of PPIH’s 3 – 4 million share float (precise float not disclosed here), the dilution effect is negligible. Vesting over three years ties management incentives to medium-term performance, which is governance-friendly but not transformative. No insider sales occurred, so there is no bearish signal. Overall, the event is immaterial for valuation and should not affect near-term trading dynamics.

Corporate Governance Specialist

TL;DR: Standard time-based RSU award supports alignment; low market significance.

Time-vested restricted stock aligns the CFO’s interests with shareholders by requiring continued service. The absence of performance conditions limits the incentive power, but the staggered vesting promotes retention. Because the award was granted at no cost and represents a small percentage of outstanding shares, it poses minimal dilution risk. No red flags or unusual structures are evident. The disclosure fulfills Section 16 obligations and signals ordinary-course governance practices.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lewicki Matthew Earl

(Last) (First) (Middle)

25025 INTERSTATE 45

SUITE 200

(Street)

THE WOODLANDS TX 77380

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Perma-Pipe International Holdings, Inc. [ PPIH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/25/2025		A(1)		8,829	A	$0	20,783	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Restricted shares that vest 1/3 on each of the first three anniversaries of the grant date.

	/s/ Matthew E. Lewicki	06/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many PPIH shares did CFO Matthew E. Lewicki acquire on 06/25/2025?

He received 8,829 restricted common shares.

What is the vesting schedule of the newly granted PPIH shares?

The shares vest one-third on each of the first three anniversaries of the 06/25/2025 grant date.

What is Matthew Lewicki’s total PPIH share ownership after this grant?

His direct beneficial ownership rose to 20,783 common shares.

Were any derivative securities or stock options reported in this Form 4?

No, the filing shows no derivative securities acquired or disposed during the period.

Does this Form 4 indicate any insider selling at PPIH?

No insider sales were disclosed; the transaction solely reflects a grant of restricted stock.