Pure Cycle CFO granted 30,000 stock options

PURE CYCLE CORP granted its Chief Financial Officer 30,000 stock options vesting in three annual tranches through 2029.

Rhea-AI Filing Summary

PURE CYCLE CORP (PCYO) reported that Chief Financial Officer Marc Stephen Spezialy received a grant of stock options on September 16, 2026. The award covers 30,000 options to buy common shares at an exercise price of $11.13 per share, expiring September 16, 2036. The options vest in three equal installments of 10,000 on September 16, 2027, 2028, and 2029, and following this grant he holds 60,000 options directly. No Rule 10b5-1 trading plan is reported for this award.

Insider Trade Summary

Grant/Award: 30,000 shares

Grant/Award 1 txn

Insider Spezialy Marc Stephen

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Non-Statutory Stock Option (Right to Buy) F1	30,000	$0.00	$0.00

Holdings After Transaction: Non-Statutory Stock Option (Right to Buy) — 60,000 contracts (Direct)

Footnotes (1)

1. F1. The option vests as follows: 10,000 shares on September 16, 2027, 10,000 shares on September 16, 2028, and 10,000 shares on September 16, 2029.

Key Figures

Options granted: 30,000 options Exercise price: $11.13 per share Expiration date: September 16, 2036 +4 more

7 metrics

Options granted 30,000 options Non-statutory stock options granted to the CFO on September 16, 2026

Exercise price $11.13 per share Exercise price of options granted on September 16, 2026

Expiration date September 16, 2036 Expiration of the newly granted stock options

Vesting 2027 10,000 options Portion of grant vesting on September 16, 2027

Vesting 2028 10,000 options Portion of grant vesting on September 16, 2028

Vesting 2029 10,000 options Portion of grant vesting on September 16, 2029

Options held after transaction 60,000 options Total options directly held by the CFO after this grant

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did PURE CYCLE CORP (PCYO) report for the CFO?

PURE CYCLE CORP reported that its Chief Financial Officer, Marc Stephen Spezialy, received a grant of 30,000 stock options on September 16, 2026. These options give him the right to purchase common shares at a fixed exercise price in the future, subject to vesting.

What is the exercise price of the new stock options granted by PCYO?

The new stock options granted to the Chief Financial Officer by PCYO have an exercise price of $11.13 per share. This is the price at which he can buy common shares upon exercising the options once they have vested and before they expire.

How do the 30,000 PCYO stock options granted to the CFO vest over time?

The 30,000 stock options vest in three equal tranches: 10,000 options on September 16, 2027, 10,000 on September 16, 2028, and 10,000 on September 16, 2029. Each portion becomes exercisable on its respective vesting date.

When do the new PCYO stock options granted to the CFO expire?

The stock options granted to the Chief Financial Officer expire on September 16, 2036. He can exercise vested options any time up to that expiration date, subject to the terms of the company’s equity plan and his award agreement.

How many PURE CYCLE CORP options does the CFO hold after this grant?

After this grant, Chief Financial Officer Marc Stephen Spezialy holds 60,000 stock options directly. This figure includes the newly awarded 30,000 options and reflects his total option holdings reported as of the grant date.

Were the PCYO CFO’s option grants made under a Rule 10b5-1 trading plan?

No. The filing states that no Rule 10b5-1 trading plan is reported for this option grant. The award is described as a grant of options, not a transaction executed under a pre-arranged trading plan.

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

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Available on EDGAR 09/17/2026 - 01:27 PM Accepted by SEC EDGAR 09/17/2026 - 01:27 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).

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^*

Spezialy Marc Stephen

(Last) (First) (Middle)

C/O PURE CYCLE CORPORATION

34501 E QUINCY AVE BLDG 1 STE D

(Street)

WATKINS COLORADO 80137

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
PURE CYCLE CORP [ PCYO ]

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

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
Non-Statutory Stock Option (Right to Buy)	$11.13	09/16/2026		A		30,000		(1)	09/16/2036	Common Stock	30,000	$0	60,000	D

Explanation of Responses:

1. The option vests as follows: 10,000 shares on September 16, 2027, 10,000 shares on September 16, 2028, and 10,000 shares on September 16, 2029.

	/s/ Marc Spezialy	09/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)