PURE CYCLE CORP — Director's Dealing 2025

Nov 24, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2025-11-20

Reporting Person: Spezialy Marc Stephen (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-20	Non-Statutory Stock Option (Right to Buy)	$10.75	A	30000	Acquired	2035-11-20	Common Stock (30000)	Direct

Footnotes

F1: The option vests as follows: 10,000 shares on November 20, 2026, 10,000 shares on November 20, 2027, and 10,000 shares on November 20, 2028.