Pure Cycle CEO Harding exercises 50,000 options

The exercise also involved withholding 25,271 shares to pay the exercise price, based on Pure Cycle common stock’s market price that day.

Available on EDGAR 09/23/2026 - 04:17 PM EDT Accepted by SEC EDGAR 09/23/2026 - 04:15 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Pure Cycle Corp. CEO and director Mark W. Harding exercised options for 50,000 common shares on September 22, 2026, at a $5.61 exercise price. Pure Cycle withheld 25,271 shares for payment of the exercise price, based on a market price of $11.10 per share. His reported remaining option position was 255,000 options, expiring October 12, 2026.

Insider Trade Summary

50,000 shares exercised/converted

Exercise 3 txns

Insider HARDING MARK W

Role CHIEF EXECUTIVE OFFICER

Type	Security	Shares	Price	Value
Exercise	Option (Right to Buy)	50,000	$0.00	$0.00
Exercise	Common Stock	50,000	$5.61	$281K
Exercise Price Payment	Common Stock F1	25,271	$11.10	$281K

Holdings After Transaction: Option (Right to Buy) — 255,000 options (Direct); Common Stock — 164,818 shares (Direct)

Footnotes (1)

1. F1. Represents a "net exercise" of outstanding stock options. These shares were withheld by Pure Cycle Corporation for payment of the exercise price, based on the market price of Pure Cycle Corporation's common stock at the time of the option exercise on September 22, 2026.

Key Figures

Options exercised: 50,000 options Exercise price: $5.61 per share Common shares acquired: 50,000 shares +3 more

6 metrics

Options exercised 50,000 options September 22, 2026

Exercise price $5.61 per share Options exercised September 22, 2026

Common shares acquired 50,000 shares September 22, 2026

Shares withheld 25,271 shares For payment of the exercise price

Market price $11.10 per share At the time of the September 22, 2026 option exercise

Options following transaction 255,000 options Reported following the September 22, 2026 transaction

Key Terms

net exercise, exercise price, derivative security

3 terms

net exercise financial

"Represents a "net exercise" of outstanding stock options"

A net exercise is a way to convert stock options into shares without paying cash up front: instead of handing over money to buy the optioned shares, the holder receives only the number of shares equal to the option’s value after the company withholds a portion of shares to cover the exercise price and taxes. It matters to investors because it changes how many new shares are issued, affects dilution of existing shareholders, and alters company cash flow compared with a cash exercise.

exercise price financial

"for payment of the exercise price"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

derivative security technical

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

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

What did PCYO CEO Mark W. Harding report exercising?

Harding exercised options for 50,000 common shares on September 22, 2026, at a $5.61 exercise price. Pure Cycle withheld 25,271 shares for payment of the exercise price, based on a market price of $11.10 per share.

Was Mark W. Harding’s PCYO transaction under a Rule 10b5-1 plan?

No Rule 10b5-1 plan is reported for these transactions.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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^*

HARDING MARK W

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2026

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
Common Stock	09/22/2026		M		50,000	A	$5.61	190,089	D
Common Stock	09/22/2026		F(1)		25,271	D	$11.1	164,818	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
Option (Right to Buy)	$5.61	09/22/2026		M			50,000	10/12/2016	10/12/2026	Common Stock	50,000	$0	255,000	D

Explanation of Responses:

1. Represents a "net exercise" of outstanding stock options. These shares were withheld by Pure Cycle Corporation for payment of the exercise price, based on the market price of Pure Cycle Corporation's common stock at the time of the option exercise on September 22, 2026.

	/s/ Mark W. Harding	09/23/2026
	** 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)