<SEC-DOCUMENT>0001140361-21-001285.txt : 20210115
<SEC-HEADER>0001140361-21-001285.hdr.sgml : 20210115
<ACCEPTANCE-DATETIME>20210115150014
ACCESSION NUMBER:		0001140361-21-001285
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210113
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210115
DATE AS OF CHANGE:		20210115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURE CYCLE CORP
		CENTRAL INDEX KEY:			0000276720
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				840705083
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		21531658

	BUSINESS ADDRESS:	
		STREET 1:		34501 E. QUINCY AVE
		STREET 2:		BLDG. 34
		CITY:			WATKINS
		STATE:			CO
		ZIP:			80137
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		34501 E. QUINCY AVE
		STREET 2:		BLDG. 34
		CITY:			WATKINS
		STATE:			CO
		ZIP:			80137
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>brhc10018993_8k.htm
<DESCRIPTION>8-K
<TEXT>
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      <div style="text-align: center; margin-right: 0.9pt; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; margin-right: 0.9pt; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; margin-right: 0.9pt; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
      <div><br>
      </div>
      <div style="text-align: center;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
      <div><br>
      </div>
      <div style="text-align: center;">Date of Report (Date of earliest event reported):&#160; <font style="font-weight: bold;">January 13, 2021</font></div>
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            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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                  <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-size: 24pt; font-weight: bold;">PURE CYCLE CORPORATION</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 100%; text-align: center;" rowspan="1">&#160;(Exact name of registrant as specified in its charter)</td>
                </tr>

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          </div>
          <div style="font-weight: bold;"> <br>
          </div>
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            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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                  <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-weight: bold;">Colorado</div>
                  </td>
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                  <td style="width: 100.00%;">
                    <div>
                      <div style="text-align: center;">(State or other jurisdiction of incorporation)</div>
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                  </td>
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          <div style="font-weight: bold;"> <br>
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                  <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-weight: bold;">0-8814</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; font-weight: bold;">84-0705083</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;">(Commission File Number)</div>
                  </td>
                  <td style="width: 2%; vertical-align: top;">&#160;</td>
                  <td style="width: 49%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center;">(IRS Employer Identification No.)</div>
                  </td>
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            <div> <br>
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              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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                    <td style="border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="3">
                      <div style="text-align: center; font-weight: bold;">34501 East Quincy Avenue, Building 34, Watkins, CO 80137</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 54%;" colspan="1">
                      <div style="text-align: right;">(Address of principal executive offices)</div>
                    </td>
                    <td style="width: 4%;" colspan="1">&#160;</td>
                    <td style="width: 42%;" colspan="1">
                      <div style="text-align: left;">(Zip Code)</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div> <br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                  <tr>
                    <td style="width: 29%; vertical-align: top; padding-bottom: 2px;">
                      <div style="margin-right: 0.9pt;">Registrant&#8217;s telephone, including area code</div>
                    </td>
                    <td style="width: 71%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                      <div style="margin-right: 0.9pt; font-weight: bold; text-align: center;">(303) 292-3456</div>
                    </td>
                  </tr>

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            <div> <br>
            </div>
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              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                  <tr>
                    <td style="width: 100%; text-align: center; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">N/A</td>
                  </tr>
                  <tr>
                    <td style="width: 100.00%;">
                      <div style="text-align: center; margin-right: 0.9pt;">(Former name or former address, if changed since last report.)</div>
                    </td>
                  </tr>

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            </div>
            <div> <br>
            </div>
            <div>
              <div style="color: rgb(0, 0, 0); font-weight: normal;">Securities registered pursuant to Section 12(b) of the Act:</div>
              <div><br>
              </div>
            </div>
            <div>
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                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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                      <td style="width: 36%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div style="font-weight: bold;">
                          <div style="text-align: center;">Common Stock 1/3 of $.01 par value</div>
                        </div>
                      </td>
                      <td style="width: 26.68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div style="font-weight: bold;">
                          <div style="text-align: center;">PCYO</div>
                        </div>
                      </td>
                      <td style="width: 36.66%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                        <div style="font-weight: bold;">
                          <div style="text-align: center;">The NASDAQ Stock Market</div>
                        </div>
                      </td>
                    </tr>
                    <tr>
                      <td style="width: 36%; vertical-align: top;">
                        <div style="text-align: center;">(Title of each class)</div>
                      </td>
                      <td style="width: 26.68%; vertical-align: top;">
                        <div style="text-align: center;">&#160;(Trading Symbol(s))</div>
                      </td>
                      <td style="width: 36.66%; vertical-align: top;">
                        <div style="text-align: center;">(Name of each exchange on which registered)</div>
                      </td>
                    </tr>

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                <div> <br>
                </div>
                <div> </div>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions <font style="font-style: italic;">(see </font>General Instruction A.2.
        below):</div>
      <div><br>
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                <td style="vertical-align: top; width: 18pt;">&#9744;</td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
                </td>
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              <td style="vertical-align: top; width: 18pt;">&#9744;</td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
              </td>
            </tr>

        </table>
      </div>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcb17c10df1ac427ca60c86b1db75a300" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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              <td style="vertical-align: top; width: 18pt;">&#9744;</td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3b9af54d8baf45c8b607b27c511ff389" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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              <td style="vertical-align: top; width: 18pt;">&#9744;</td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Emerging growth company &#9744;</div>
      <div><br>
      </div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
        Act. &#9744;</div>
      <div> <br>
      </div>
      <div>
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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      <div style="text-align: justify; text-indent: 36pt;"><a name="z_Toc88280570"></a> This current report on Form 8-K is filed by Pure Cycle Corporation (the &#8220;Registrant&#8221;), a Colorado corporation, in connection with the matters described herein.</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 5.02</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">On January 13, 2021, the Registrant held its annual shareholders&#8217; meeting, during which Frederick Fendel III and Daniel Kozlowski were elected to serve on the Registrant&#8217;s board of directors (the
        &#8220;Board&#8221;). Messrs. Fendel and Kozlowski are replacing two long-term directors, Harrison Augur and Richard Guido, who did not stand for re-election. Messrs. Augur&#8217;s and Guido&#8217;s decision not to stand for re-election was not the result of a
        disagreement with the Registrant on any matter relating to the Registrant&#8217;s operations, policies or practices.&#160; The Registrant is excited to welcome Messrs. Fendel and Kozlowski to its board and is thankful for the years of service provided by
        Messrs. Augur and Guido, their valuable guidance and knowledge will be missed.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Board has determined that Messrs. Fendel and Kozlowski are independent under the rules of The NASDAQ Stock Market.&#160; There is no arrangement or understanding between Messrs. Fendel and Kozlowski
        and any other person pursuant to which they were selected to serve as a director.&#160; Additionally, there are no related party transactions involving the Registrant and Messrs. Fendel and Kozlowski that the Registrant would be required to report
        pursuant to Item 404(a) of Regulation S-K.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Following the annual meeting the Board updated the membership and chairmanship of its Board committees:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z06c87556e3034a32be96a586ce33a824">

          <tr>
            <td colspan="4" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Fiscal 2021 Board and Committee Membership</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Director</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Audit </div>
              <div style="text-align: center; font-weight: bold;">Committee</div>
            </td>
            <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Compensation </div>
              <div style="text-align: center; font-weight: bold;">Committee</div>
            </td>
            <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 20%;">
              <div style="text-align: center; font-weight: bold;">Nominating </div>
              <div style="text-align: center; font-weight: bold;">Committee</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>Patrick Beirne (1)</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">X</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">&#8212;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">&#8212;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom;">
              <div>Peter Howell</div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">Chair</div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">&#8212;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">&#8212;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>Arthur Epker III</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">X</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">Chair</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">&#8212;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom;">
              <div>
                <div>Jeffrey Sheets</div>
              </div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">&#8212;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">X</div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">Chair</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>Frederick Fendel III</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">&#8212;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">&#8212;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">X</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom;">
              <div>
                <div>Daniel Kozlowski</div>
              </div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">&#8212;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">X</div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center;">X</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79b7cf3359a649058afe2564d87cdac7">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Mr. Beirne was elected chairperson of the Board</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Board members receive compensation for their service as non-employee directors pursuant to the Registrant&#8217;s non-employee director compensation policy, as amended.&#160; In accordance with this policy,
        on January 13, 2020, each Board member, including Messrs. Fendel and Kozlowski, were issued 2,000 unrestricted shares of the Registrant&#8217;s common stock.&#160; In addition, each Board member will be paid $12,000 per year, $1,000 for each committee on
        which the Board member serves, $1,000 for attendance at each Board meeting, and $1,000 for attendance at each committee meeting held separately from the Board meetings.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">A copy of the news release announcing the Board appointment is attached hereto as Exhibit 99.1.</div>
      <div>&#160;</div>
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              <td style="width: 72pt; vertical-align: top; font-weight: bold;">Item 5.07</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Submission of Matters to a Vote of Security Holders.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 27pt; margin-right: 0.9pt;">The Registrant held its annual meeting of shareholders on January 13, 2021.&#160; Holders of 23,868,216 shares of common stock outstanding on November 16, 2020, were entitled to
          vote at the meeting, of which 21,637,970 shares, or 90.65% of those entitled to vote, were present in person or by proxy at the meeting.&#160; The results of the matters voted upon and approved at the meeting are as follows:</div>
        <div>&#160;</div>
      </div>
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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Election of directors.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z9aaeb0aaad58485087e29de852d34801">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">For</div>
            </td>
            <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Withheld</div>
            </td>
            <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Broker</div>
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Non-Votes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; margin-right: 0.9pt;">Mark W. Harding</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">16,348,932</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">150,236</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">5,138,802</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 0.9pt;">Patrick J. Beirne</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center; margin-right: 0.9pt;">16,357,900</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center; margin-right: 0.9pt;">141,268</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center;">5,138,802</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; margin-right: 0.9pt;">Arthur G. Epker III</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">11,167,441</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">5,331,727</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">5,138,802</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 0.9pt;">Frederick A. Fendel III</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center; margin-right: 0.9pt;">16,402,031</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center; margin-right: 0.9pt;">97,137</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center;">5,138,802</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; margin-right: 0.9pt;">Peter C. Howell</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">16,321,277</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">177,891</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">5,138,802</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 0.9pt;">Daniel R. Kozlowski</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center; margin-right: 0.9pt;">16,401,041</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center; margin-right: 0.9pt;">98,127</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center;">5,138,802</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; margin-right: 0.9pt;">Jeffrey G. Sheets</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">13,182,196</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">3,316,972</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">5,138,802</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35acc23adf5540938c1732977ffff372">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>For the ratification of the appointment of Plante &amp; Moran PLLC as the Registrant&#8217;s independent registered public accounting firm for the 2021 fiscal year.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="ze04fb85ef0124883aa9c12074a5eacb4">

          <tr>
            <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">For</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Against</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Abstain</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Broker</div>
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Non-Votes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">21,533,377</div>
            </td>
            <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">9,693</div>
            </td>
            <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">94,900</div>
            </td>
            <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">0</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb3cde88e2641482498a3078d4fc17850">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>For the approval, on an advisory basis, of executive compensation.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z5d7e6522bffa4d7089a368bfafa589c6">

          <tr>
            <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">For</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Against</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Abstain</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Broker</div>
              <div style="text-align: center; margin-right: 0.9pt; font-weight: bold;">Non-Votes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">16,316,601</div>
            </td>
            <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">95,971</div>
            </td>
            <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">86,596</div>
            </td>
            <td style="width: 25%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center; margin-right: 0.9pt;">5,138,802</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5fce186c37b84dd9bb571519d1ab1a1a" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 72pt;">
                <div style="font-weight: bold;">Item 7.01</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">Regulation FD Disclosure</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">On January 15, 2021, the Registrant issued a press release announcing the appointment of Frederick Fendel and Daniel Kozlowski to the Board of Directors. A copy of the press release is attached to this Current Report
        on Form 8-K as Exhibit 99.1.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The information contained in this Item 7.01 of Form 8-K, including the accompanying Exhibit 99.1 is being furnished, and shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of
        1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section. The information contained in the press release shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or
        the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.</div>
      <div><br>
      </div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 9.01</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8f482431c3ed4c94979514c47a6cfcee" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify;">(d)</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify;"><u>Exhibits</u>.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z51dcbaf9bb5342ae99dbed6382548999">

          <tr>
            <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Exhibit No.</div>
            </td>
            <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>
            <td style="width: 89%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Description</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: center;"><a href="brhc10018993_ex99-1.htm#z_DV_C5">99.1</a></div>
            </td>
            <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="text-align: justify;">Press Release dated January 15, 2021 announcing the appointment of Frederick Fendel and Daniel Kozlowski to the Board of Directors</div>
            </td>
          </tr>

      </table>
      <div><br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div>
        <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
        <div style="text-align: center; font-weight: bold;"> <br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
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          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">
              <div>
                <div style="text-align: justify; text-indent: 36pt;">Date: January<a name="z_GoBack"></a> 15, 2021</div>
              </div>
            </td>
            <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top;">
              <div style="font-weight: bold;">PURE CYCLE CORPORATION</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;"><br>
            </td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
            </td>
            <td style="width: 37%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Kevin B. McNeill</div>
            </td>
            <td style="width: 10%; vertical-align: top; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div>Kevin B. McNeill</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div>Chief Financial Officer</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10018993_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit, a Broadridge Company
         Document created using EDGARfilings PROfile 7.3.2.0
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    <div style="font-weight: bold; text-align: right;"> Exhibit 99.1<br>
    </div>
    <div> <br>
    </div>
    <div>
      <div>
        <div style="text-align: center; color: #000000; font-weight: bold;">Pure Cycle Corporation Announces Board of Directors Changes and Results of Annual Meeting</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">
          <div>
            <div style="color: #000000;">Denver, Colorado &#8211; January 15, 2021 &#8211; Pure Cycle Corporation (NASDAQ Capital Market: PCYO) held its annual shareholders&#8217; meeting on January 13, 2021. During the meeting Patrick Beirne, Arthur Epker III, Peter
              Howell, Jeffrey Sheets, Frederick Fendel III, Daniel Kozlowski, and Mark Harding were elected to the Pure Cycle board of directors and will serve until the next annual shareholders&#8217; meeting in January 2022. Mr. Fendel and Mr. Kozlowski are
              filling board seats that were vacant due to the retirement of two long-standing board members, Mr. Harry Augur and Mr. Richard Guido.</div>
          </div>
        </div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">&#8220;We are extremely pleased to have Rick and Dan join our talented board of directors. Rick has served as water law counsel to us for the last 18 years and brings a wealth of knowledge and experience
          in Colorado water law. Dan has extensive experience in finance and investment management that will be invaluable to our continued growth,&#8221; commented Mark Harding, President of Pure Cycle. &#8220;Not to diminish from the excitement of Rick and Dan
          joining the board, we will greatly miss Harry and Dick who served the Company and our shareholders with their decades of dedicated service and wish them well in their retirement. Their wealth of knowledge, understanding of Pure Cycle, and
          guidance were invaluable to Pure Cycle, but more so to me personally and I will forever value the friendship that came from their involvement with our company,&#8221; continued Mr. Harding.</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000; font-weight: bold;"><u>About Mr. Fendel</u></div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Mr. Fendel was an associate and then a partner at the Denver, Colorado law firm of Petrock Fendel Poznanovic, P.C. from 1980 through December 31, 2020. He served as water law counsel to Pure Cycle
          and the Rangeview Metropolitan District from 2002 through retirement. In addition, he has represented many local governments, water utilities, special districts, developers, corporations, ditch companies, farmers and ranchers in water rights
          litigation; land and water acquisitions; development, zoning and subdivision approvals; real estate transactions and disputes; easement and right-of-way matters; water quality regulatory matters; and monitoring and supporting or opposing state
          legislation and rule-making. Mr. Fendel received a Bachelor of Arts degree from the University of Colorado and a Juris Doctor degree from the University of Michigan Law School. In determining Mr. Fendel&#8217;s qualifications to serve on the board of
          directors, the board has considered, among other things, his extensive experience and expertise in Colorado water law and special district law, particularly with respect to the water rights we own or control.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000; font-weight: bold;"><u>About Mr. Kozlowski</u></div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Mr. Kozlowski is the founder and managing member of Plaisance Capital, LLC, which serves as the general partner of the Plaisance Midway Fund LP, the Plaisance Fund LP and Plaisance SPV I, LLC, a
          holder of Pure Cycle common stock. Mr. Kozlowski founded Plaisance Capital, LLC in 2017. From 2000 until founding Plaisance Capital, LLC, Mr. Kozlowski worked at Janus Capital Corporation (now part of Janus Henderson Group PLC). While at Janus,
          Mr. Kozlowski was the sole portfolio manager of Janus Capital&#8217;s Opportunistic Alpha strategies, including the $4 billion Janus Contrarian Fund. Mr. Kozlowski also managed a long-short equity account in addition to long-only strategies. Mr.
          Kozlowski earned a Bachelor of Business Administration from the University of Miami and a Master of Business Administration from the University of Chicago&#8217;s Booth School of Business. In determining Mr. Kozlowski&#8217;s qualifications to serve on the
          board of directors, the board of directors considered, among other things, his extensive experience in finance and investment management.</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="color: #000000; font-weight: bold;"><u>Other Annual Meeting Results</u></div>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; margin-right: 0.9pt;">Pure Cycle shareholders were asked to vote on three items at the meeting, (1) election of directors, (2) ratification of our auditor for fiscal 2021, and (3) an advisory vote on executive
        compensation. Holders of approximately 23.9 million shares of PCYO common stock were entitled to vote at the meeting and approximately 21.6 million shares, or 90.65% of those entitled to vote did so.&#160; All directors were nominated, our fiscal 2021
        auditor was ratified, and the advisory vote on the executive compensation plan passed.</div>
      <div>&#160;</div>
      <div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
      </div>
      <div>
        <p class="MsoNormal" style="background:white"><font style="mso-bidi-font-size: 10.0pt;color:black">With the addition of Mr. Frederick Fendel and Mr. Daniel Kozlowski and the retirement of Mr. Harrison Augur and Mr. Richard Guido, the board
            appointed Mr. Patrick Beirne as its Chairperson and appointed the following board members to its three committees:</font></p>
        <table cellspacing="0" cellpadding="0" align="center" style="font-family: 'Times New Roman'; font-size: 10pt; width: 80%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z728d5cc3dccc4a7aa00a8d0dd568c3d4">

            <tr>
              <td colspan="4" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Fiscal 2021 Board and Committee Membership</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Director</div>
              </td>
              <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Audit Committee</div>
              </td>
              <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Compensation Committee</div>
              </td>
              <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; font-weight: bold;">Nominating Committee</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Patrick Beirne</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">X</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">-&#8212;</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">&#8212;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: bottom;">
                <div>Peter Howell</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">Chair</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">-&#8212;</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">&#8212;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Arthur Epker III</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">X</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">Chair</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">&#8212;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: bottom;">
                <div>Jeffrey Sheets</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">-&#8212;</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">X</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">&#160;&#160;&#160;&#160;&#160;&#160;Chair</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div>Frederick Fendel III</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">-&#8212;</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">&#8212;</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">X</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: bottom;">
                <div>Daniel Kozlowski</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">-&#8212;</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">X</div>
              </td>
              <td style="width: 20%; vertical-align: bottom;">
                <div style="text-align: center;">X</div>
              </td>
            </tr>

        </table>
        <p class="MsoNormal" style="background:white"><font style="mso-bidi-font-size: 10.0pt;color:black"> </font></p>
      </div>
      <div style="text-align: justify; margin-right: 0.7pt;">&#8220;We would like the thank the shareholders that voted and have continued to show their support and dedication to the mission and goals of Pure Cycle,&#8221; commented Mr. Harding, &#8220;w<font style="color: #000000;">e are looking forward to another great year, the continued development of Sky Ranch as we break ground on the second phase, and the continued expansion of our water and wastewater system guided by the tremendous board we have
          assembled,&#8221; concluded Mr. Harding.</font></div>
      <div style="text-align: justify; margin-right: 0.7pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div>
        <div style="color: #000000; font-weight: bold;"><u>Company Information</u></div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Pure Cycle is a diversified land and water resource development company. At our core we are an innovative and vertically integrated wholesale water and wastewater service provider that, in addition
          to developing wholesale water and wastewater resources, also develops master planned communities to which we provide water and wastewater services.</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify; color: #000000;">Additional information, including our recent press releases and SEC filings are available at <u>www.purecyclewater.com</u>, or you may contact our President, Mark W. Harding, or our CFO, Kevin B.
          McNeill, at 303-292-3456 or at <u>info@purecyclewater.com</u>.</div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
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