PURE CYCLE CORP — Director's Dealing 2018

Jan 17, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2018-01-15

Reporting Person: Epker Arthur G III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-01-15	Common Stock	M	2500	$7.50	Acquired	2500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-01-15	Non-Statutory Stock Option (Right to Buy)	$7.50	M	2500	Disposed	2018-01-15	Common Stock (2500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5982970	Indirect

Footnotes

F1: 5,982,970 shares noted in Table I of this Form 4 are held directly by PAR Investment Partners, L.P. ("PIP"). PAR Capital Management, Inc. ("PCM"), as the general partner of PAR Group II, L.P., which is the general partner of PIP, has investment discretion and voting control over shares held by PIP. Mr. Epker is an officer of PCM and in his capacity as an officer of PCM has sole voting and dispositive power with respect to the shares held by PIP. Mr. Epker disclaims beneficial ownership of the shares held directly by PIP, except to the extent of his pecuniary interest, if any, therein by virtue of his equity ownership interest in PIP.