FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * AUGUR HARRISON H 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
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
PO BOX 4389
3. Date of Earliest Transaction (MM/DD/YYYY)
1/7/2021
(Street)
ASPEN, CO 81611
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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  1/7/2021    M    6500  A $6.08  67657  D   
Common Stock  1/7/2021    F    3341  D $11.83  64316  D   
Common Stock                 10000  I  By Patience Partners, LLC 
Common Stock                 46111  I  By Auginco (1)
Common Stock                 9940  I  By 401(k) Plan 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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
Non-Statutory Stock Option (Right to Buy)  $6.08  1/7/2021    M        6500   1/16/2015  1/15/2024  Common Stock  6500  $0  0  D   

Explanation of Responses:
(1)  Auginco is a Colorado general partnership that is owned 50% by Mr. Augur and 50% by his wife.

Remarks:
Pursuant to a power of attorney filed as Exhibit 24 to a Form 4 filed with the Commission on December 14, 2005.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
AUGUR HARRISON H
PO BOX 4389
ASPEN, CO 81611
X



Signatures
/s/ Harrison H. Augur, by Mark W. Harding as attorney-in-fact (see remarks) 1/7/2021
**Signature of Reporting Person Date
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