PPIH CFO Withholds 601 Shares for Taxes; Retains 18,816 Shares

Rhea-AI Filing Summary

Perma-Pipe International Holdings (PPIH) – Form 4 filing, 28 Jul 2025. Chief Financial Officer Matthew E. Lewicki reported an automatic share disposition on 25 Jul 2025 coded “F”. The transaction reflects 601 common shares withheld at $24.02 to cover taxes triggered by the vesting of previously granted restricted stock. No open-market sale occurred. After the withholding, Lewicki’s direct ownership stands at 18,816 PPIH shares. No derivative securities were involved and no additional purchases or sales were reported.

The event is routine compensation-related and does not alter executive ownership materially. Investors typically view “F”-code transactions as neutral because the insider neither increases nor deliberately sells down his economic stake.

Insights

Securities Analyst

TL;DR: Routine tax withholding; CFO still holds 18.8k shares; neutral impact.

This Form 4 shows a standard payroll-tax settlement: 601 shares (≈3% of Lewicki’s holdings) were surrendered to the issuer at the $24.02 closing price when restricted stock vested. Because the shares never hit the market and the executive’s residual stake remains meaningful, the filing does not signal a change in sentiment or liquidity needs. Volume is immaterial relative to PPIH’s float, so price impact is expected to be negligible.

Insider Trade Summary

Net Seller: 601 shares

Net Sell 1 txn

Insider Lewicki Matthew Earl

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	601	$24.02	$14K

Holdings After Transaction: Common Stock — 18,816 shares (Direct)

Footnotes (1)

1. F1. The shares of common stock underlying the restricted stock reported as disposed herein were withheld by the issuer in satisfaction of tax withholding obligations associated with the vesting of restricted stock.

FAQ

What insider transaction did PPIH report on Form 4 dated 28 Jul 2025?

CFO Matthew E. Lewicki had 601 common shares withheld on 25 Jul 2025 to satisfy tax obligations from restricted-stock vesting.

Was the transaction an open-market sale by the CFO of PPIH?

No. It was coded “F”, indicating issuer-withheld shares for taxes, not an intentional market sale.

At what price were the 601 shares valued for withholding?

The shares were valued at $24.02 per share.

How many PPIH shares does the CFO own after the transaction?

Lewicki directly owns 18,816 common shares following the withholding.

Does this Form 4 suggest a change in insider sentiment toward PPIH?

The filing is considered neutral; tax-related withholdings typically do not reflect sentiment changes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/29/2025 - 03:16 PM Learn about SEC filing dates

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
Estimated average burden
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).

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)
07/25/2025

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	07/25/2025		F(1)		601	D	$24.02	18,816	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. The shares of common stock underlying the restricted stock reported as disposed herein were withheld by the issuer in satisfaction of tax withholding obligations associated with the vesting of restricted stock.

	/s/ Matthew E. Lewicki	07/28/2025
	** Signature of Reporting Person	Date
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