Another coat down. That little divet showed up again, but not as large. This time I covered it with mesh tape then filled it. I'm thinking there's a sap spot on the plywood that is preventing it from bonding there. It doesn't make me the least bit happy, but it is what it is. My gf thinks that the Permadri is too thick right there and is coming up because of that. I'm thinking she may be right in a way. I think the extra thickness there is causing it to adhere to the ladder and/or my shoes. The stretch with my step is obviously more than 850% so it break free. No other places have demonstrated this trouble, so we'll just have to watch it.