Perma-Pipe Board Member Shows Long-term Commitment with New Stock Grant

Rhea-AI Filing Summary

Director Ibrahim Alkuwari of Perma-Pipe International Holdings (PPIH) reported acquiring 4,877 restricted shares of common stock on June 25, 2025. The shares were granted at $0 cost and are subject to a one-year vesting period from the grant date.

Key details of the transaction:

• Following the transaction, Alkuwari now beneficially owns 7,317 shares directly
• The shares were acquired as restricted stock that will vest on the first anniversary of the grant date
• The transaction was reported via Form 4 within the required reporting timeline
• The filing indicates Alkuwari serves as a Director but is not a 10% owner of the company

This equity grant appears to be part of the company's director compensation program, representing a standard practice of aligning director interests with shareholders through stock-based compensation.

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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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^*

Alkuwari Ibrahim

(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)

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

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		4,877(1)	A	$0	7,317	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 on the first anniversary of the grant date.

	/s/ Ibrahim Alkuwari	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 shares of PPIH stock did Director Ibrahim Alkuwari acquire on June 25, 2025?

Director Ibrahim Alkuwari acquired 4,877 restricted shares of PPIH common stock on June 25, 2025. These shares were granted at $0 and will vest on the first anniversary of the grant date.

What is the total number of PPIH shares owned by Ibrahim Alkuwari after the June 2025 transaction?

Following the reported transaction, Ibrahim Alkuwari directly owned 7,317 shares of PPIH common stock.

What type of shares did PPIH director Alkuwari receive in the Form 4 filing?

According to the Form 4 filing, Director Alkuwari received restricted shares that vest on the first anniversary of the grant date. These were non-derivative securities granted at $0 per share.

When will Ibrahim Alkuwari's PPIH restricted shares vest?

The 4,877 restricted shares granted to Ibrahim Alkuwari will vest on the first anniversary of the grant date, which would be June 25, 2026.

What is Ibrahim Alkuwari's role at PPIH according to the Form 4?

According to the Form 4 filing, Ibrahim Alkuwari serves as a Director of Perma-Pipe International Holdings, Inc. (PPIH). This is indicated by the 'X' marked in the Director box under the relationship section.