[Form 4] Perma-Pipe International Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 highlights: On 07/25/2025 Lamb Weston (LW) Chief Human Resources Officer Steven J. Younes reported routine equity compensation grants with no share sales.

• Restricted stock units: 6,243 RSUs granted at $0; vest 33 % / 33 % / 34 % on 08/04/26, 08/03/27 and 08/01/28. Each unit converts into one common share.
• Stock options: 13,109 options granted with a $60.86 strike; become 100 % exercisable 08/01/28 and expire 07/25/32.
• Post-grant ownership: 25,871 directly held common shares plus the new unexercised option grant.

The filing reflects standard incentive compensation and does not involve any dispositions, implying limited immediate market impact.

Positive

• Insider acquired additional RSUs and options, increasing personal stake and aligning management with shareholder interests.
• No shares were sold, avoiding negative signaling often associated with insider dispositions.

Negative

• None.

Insights

Financial Analyst

Equity grants to LW CHRO; no insider selling disclosed; alignment with shareholders strengthened but dilution minimal; overall neutral-to-positive signal, limited immediate price impact.

The award of 6,243 RSUs and 13,109 options to the CHRO is a customary component of executive pay at Lamb Weston. Because the awards were granted at zero cash cost (RSUs) and with an exercise price close to recent trading levels, they create future incentive alignment without generating an immediate cash expense. Direct ownership rises to 25,871 shares, increasing insider exposure but not triggering open-market buying. From a dilution standpoint, the incremental 19,352 potential shares (RSUs + options) represent a negligible fraction of LW’s ~144 million shares outstanding. No sales or hedging transactions were recorded, so the filing is generally neutral; investors typically view equity grants more favorably than insider dispositions.

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

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X

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^*

Mansfield David J

(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
	Officer (give title below)	X	Other (specify below)
			Former President & CEO

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)		5,846	D	$24.02	271,448	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/ David J. Mansfield	07/28/2025
	** 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).
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FAQ

What did LW’s Form 4 disclose on 07/25/2025?

The CHRO received 6,243 RSUs and 13,109 stock options at a $60.86 strike; no shares were sold.

When do the newly granted RSUs to LW’s CHRO vest?

RSUs vest 33 % on 08/04/2026, 33 % on 08/03/2027 and 34 % on 08/01/2028.

What is the exercise price and term of the new LW stock options?

Options are priced at $60.86, become fully exercisable 08/01/2028 and expire 07/25/2032.

How many LW shares does Steven Younes own after the transaction?

He directly owns 25,871 common shares plus the new option grant.

Did the Form 4 indicate any insider selling of LW stock?

No. The filing only reports grants; no dispositions were recorded.