Pure Cycle (PCYO) CEO Mark W. Harding Exercises Options, Nets 24,729

What Happened
Mark W. Harding, Chief Executive Officer of Pure Cycle Corp (PCYO), exercised stock options on September 22, 2026. The filing reports a 50,000-share option exercise at $5.61 per share (total exercise cost $280,500). To cover the exercise price/tax liabilities, 25,271 shares were withheld/disposed (valued at $11.10 each, $280,508). After the withholding, Harding netted 24,729 shares. The filing also lists a separate 50,000-share derivative conversion recorded with a $0.00 exercise price and no cash exchanged.

Key Details

• Transaction date: September 22, 2026 (Form 4 filed Sept 23, 2026) — appears timely.
• Option exercise: 50,000 shares at $5.61 → $280,500 paid. (Transaction code M)
• Withholding/tax/payment: 25,271 shares disposed at $11.10 → $280,508 withheld. (Transaction code F)
• Net shares received: 24,729 (50,000 − 25,271).
• Additional reported item: 50,000-share derivative conversion shown at $0.00 with no cash proceeds (listed as disposed).
• Footnote: The 25,271-share disposition reflects a "net exercise" where shares were withheld by Pure Cycle to cover exercise price/taxes (per filer footnote).
• Shares owned after transaction: not specified in the summary portion of this data — see the Form 4 for full holdings and voting-power details.

Context

• This was an option exercise (M) with a net or "cashless" style result due to share withholding for taxes/payment (F). Exercising options is not the same as an open-market purchase or sale; the net receipt of shares increases the insider’s equity position by the net amount received.
• The withholding of shares to cover tax/exercise costs is a routine administrative step and does not necessarily indicate a change in sentiment.
• For full context on total holdings, voting power, or any 10% owner status, consult the complete Form 4 filing (accession 0000940763-26-000004).