Companies Perma-Pipe International Holdings
Perma-Pipe International (PPIH): executive pay, fiscal 2025
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CEO pay, last three years
- $685,797FY2024
- $1,747,437FY2025
CEO total pay was $1,747,437 in fiscal 2025, up from $685,797 in fiscal 2024.
FY2025: salary $424,502 · bonus $0 · stock awards $450,003 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Saleh Sagr | $424,502 | $0 | $450,003 | $0 | $649,970 | $0 | $222,962 | $1,747,437 |
| President and Chief Executive Officer | ||||||||
| David Mansfield | 200,173 | 0 | 0 | 0 | 723,374 | 0 | 210,315 | 1,133,862 |
| former Chief Executive Officer | ||||||||
| Matthew Lewicki | 301,509 | 0 | 135,790 | 0 | 284,637 | 0 | 13,755 | 735,691 |
| Vice President | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Saleh Sagr | $1,747,437 | $685,797 | — | ↑ +1,061,640 |
| David Mansfield | 1,133,862 | 1,723,244 | — | ↓ −589,382 |
| Matthew Lewicki | 735,691 | 530,911 | — | ↑ +204,780 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
No outstanding equity awards are on file for this fiscal year.
Director compensation
No director compensation table is on file for fiscal year 2025.
Board fee structure and ownership guideline
| Annual cash retainer | $45,000 |
|---|---|
| Annual equity retainer | $80,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 10,000 / 7,500 / 5,000 |
| Stock ownership guideline | $3 |
Peer group, and who names Perma-Pipe International as a peer
Companies that benchmark against PPIH
4 companies name PPIH as a compensation peer
- BROADWIND, INC.BWENFY2025
- GRAHAM CORPGHMFY2026
- LUXFER HOLDINGS PLCLXFRFY2025
- MAMMOTH ENERGY SERVICES, INC.TUSKFY2025
Each company listed discloses PPIH in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PPIH in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies Perma-Pipe International Holdings names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Nwpx Infrastructure, Inc. | 2025 | Scott Montross | $732,182 | $1,280,061 | $0 | $1,464,364 | $3,492,930 |
| 2 | Energy Recovery, Inc. | 2025 | David Moon | 614,231 | 2,599,996 | 0 | 0 | 3,222,147 |
| 3 | Natural Gas Services Group, Inc. | 2025 | Justin Jacobs | 581,250 | 1,631,862 | 0 | 711,706 | 2,968,713 |
| 4 | L.B. Foster Company | 2025 | John Kasel | 790,417 | 1,319,357 | 0 | 654,400 | 2,920,512 |
| 5 | Luxfer Holdings PLC | 2025 | Andy Butcher | 660,600 | 1,144,077 | 0 | 795,362 | 2,662,967 |
| 6 | Twin Disc, Incorporated | 2026 | John Batten | 712,071 | 1,002,767 | 0 | 440,060 | 2,345,850 |
| 7 | Ampco-Pittsburgh Corporation | 2025 | J. Brett McBrayer | 718,750 | 701,782 | 0 | 600,953 | 2,065,460 |
| 8 | FreightCar America, Inc. | 2025 | Nicholas Randall | 605,000 | 453,746 | 449,219 | 503,736 | 2,032,701 |
| 9 | Hurco Companies, Inc. | 2025 | Gregory Volovic | 675,800 | 1,249,991 | 0 | 0 | 2,023,603 |
| 10 | NCS Multistage Holdings, Inc. | 2025 | Ryan Hummer | 470,833 | 707,034 | 0 | 688,991 | 1,893,018 |
| 11 | Graham Corporation | 2026 | Matthew Malone | 462,769 | 600,004 | 0 | 636,308 | 1,809,120 |
| 12 | Perma-Pipe International Holdings | 2025 | Saleh Sagr | 424,502 | 450,003 | 0 | 649,970 | 1,747,437 |
| 13 | Core Molding Technologies, Inc. | 2025 | David Duvall | 787,350 | 761,016 | 0 | 0 | 1,571,116 |
| 14 | Broadwind, Inc | 2025 | Eric Blashford | 447,501 | 259,877 | 0 | 0 | 757,549 |
| — | Gulf Island Fabrication, Inc. | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Perma-Pipe International Holdings | not disclosed | not disclosed | not disclosed | Willis Towers Watson |
| Ampco-Pittsburgh Corporation | not disclosed | PSU 67 · RSU 33 | not disclosed | Pay Governance LLC |
| Broadwind, Inc | not disclosed | not disclosed | not disclosed | Frederic W. Cook & Co., Inc. |
| Core Molding Technologies, Inc. | not disclosed | not disclosed | not disclosed | Pearl Meyer & Partners LLC |
| Energy Recovery, Inc. | not disclosed | RSU 50 · PSU 50 | No | Compensia, Inc. |
| FreightCar America, Inc. | not disclosed | Restricted Shares 50 · Option 50 | not disclosed | Meridian Compensation Partners, LLC |
| Graham Corporation | not disclosed | RSU 50 · PSU 50 | not disclosed | Frederic W. Cook & Co., Inc. |
| Gulf Island Fabrication, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Hurco Companies, Inc. | not disclosed | PSU 55 · RSU 45 | No | Pay Governance, LLC |
| L.B. Foster Company | not disclosed | PSU 60 · Restricted Stock 40 | not disclosed | Pay Governance |
| Luxfer Holdings PLC | not disclosed | PRSU 60 · RSU 40 | not disclosed | Meridian Compensation Partners LLC |
| Natural Gas Services Group, Inc. | not disclosed | RSU 50 · PSU 50 | not disclosed | Frederic W. Cook & Co., Inc. (FW Cook) |
| NCS Multistage Holdings, Inc. | not disclosed | not disclosed | not disclosed | Mercer LLC |
| Nwpx Infrastructure, Inc. | not disclosed | PSU 75 · RSU 25 | not disclosed | Willis Towers Watson |
| Twin Disc, Incorporated | not disclosed | not disclosed | not disclosed | Pay Governance, LLC |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-24 | 3,132,799 | 119,471 | 28,656 | 96.33% | Passed |
| 2025 | 2025-06-25 | 4,288,981 | 240,764 | 196,949 | 94.68% | Passed |
| 2024 | 2024-07-25 | 4,729,291 | 50,312 | 26,449 | 98.95% | Passed |
| 2023 | 2023-06-22 | 3,747,801 | 18,567 | 12,536 | 99.51% | Passed |
| 2022 | 2022-06-22 | 3,252,385 | 75,541 | 7,050 | 97.73% | Passed |
| 2021 | 2021-05-26 | 5,221,200 | 43,098 | 116,248 | 99.18% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-24 | 96.33%a |
| 2025 | 2025-06-25 | 94.68%b |
| 2024 | 2024-07-25 | 98.95%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not affect the voting results for this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not affect the voting results for this proposal.”.
c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not affect the voting results for this proposal.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (24 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Saleh Sagr. DEF 14A, filed 2026-05-13. Section “Executive Compensation” · page 27. As printed: 1,747,437. View filing ↗
- Section 01, David Mansfield. DEF 14A, filed 2026-05-13. Section “Executive Compensation”. As printed: 1,133,862. View filing ↗
- Section 01, Matthew Lewicki. DEF 14A, filed 2026-05-13. Section “Executive Compensation”. As printed: 735,691. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-29. Item 5.07 · say-on-pay result. As reported: 96.33% (votes for as printed: 3,132,799). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-07-01. Item 5.07 · say-on-pay result. As reported: 94.68% (votes for as printed: 4,288,981). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-07-29. Item 5.07 · say-on-pay result. As reported: 98.95% (votes for as printed: 4,729,291). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Nwpx Infrastructure, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Nwpx Infrastructure, Inc.'s own proxy. As printed: 3,492,930. View filing ↗
- Energy Recovery, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Energy Recovery, Inc.'s own proxy. As printed: 3,222,147. View filing ↗
- Natural Gas Services Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Natural Gas Services Group, Inc.'s own proxy. As printed: 2,968,713. View filing ↗
- L.B. Foster Company, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in L.B. Foster Company's own proxy. As printed: 2,920,512. View filing ↗
- Luxfer Holdings PLC, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Luxfer Holdings PLC's own proxy. As printed: 2,662,967. View filing ↗
- Twin Disc, Incorporated, Section 10b CEO total. DEF 14A, filed 2026-09-14. CEO total compensation as printed in Twin Disc, Incorporated's own proxy. As printed: 2,345,850. View filing ↗
- Ampco-Pittsburgh Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Ampco-Pittsburgh Corporation's own proxy. As printed: 2,065,460. View filing ↗
- FreightCar America, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in FreightCar America, Inc.'s own proxy. As printed: 2,032,701. View filing ↗
- Hurco Companies, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-28. CEO total compensation as printed in Hurco Companies, Inc.'s own proxy. As printed: 2,023,603. View filing ↗
- NCS Multistage Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in NCS Multistage Holdings, Inc.'s own proxy. As printed: 1,893,018. View filing ↗
- Graham Corporation, Section 10b CEO total. DEF 14A, filed 2026-07-14. CEO total compensation as printed in Graham Corporation's own proxy. As printed: 1,809,120. View filing ↗
- Perma-Pipe International Holdings (subject), Section 10b CEO total. DEF 14A, filed 2026-05-13. CEO total compensation as printed in Perma-Pipe International Holdings's own proxy. As printed: 1,747,437. View filing ↗
- Core Molding Technologies, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Core Molding Technologies, Inc.'s own proxy. As printed: 1,571,116. View filing ↗
- Broadwind, Inc, Section 10b CEO total. DEF 14A, filed 2026-04-14. CEO total compensation as printed in Broadwind, Inc's own proxy. As printed: 757,549. View filing ↗
- Section 10a, Luxfer Holdings PLC reciprocity. DEF 14A. Luxfer Holdings PLC names Perma-Pipe International Holdings in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Broadwind, Inc reciprocity. DEF 14A. Broadwind, Inc names Perma-Pipe International Holdings in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Graham Corporation reciprocity. DEF 14A. Graham Corporation names Perma-Pipe International Holdings in its own disclosed peer group (read from its most recent proxy). View filing ↗