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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
276720	Pure Cycle Corp	PCYO	Water Supply (4941)	840705083

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1409045	Iii G Arthur Epker	C/O Pure Cycle Corporation 500 E. 8Th Ave, Suite 201 Denver CO 80203		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2010-09-30	930,633	$3.00	4,000,871	No	4	P	Indirect	footnote 1

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	footnote 1

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Convertible Negotiable Promissory Note (common stock)	Acquisiton	2010-09-28	0	$2.70	1,925,925	$2.70

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
1,925,925		2012-01-15	No	4	P	Indirect

Footnotes

All the shares noted in 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, L.P., which is the general partner of PIP, has investment discretion and voting control over shares held by PIP. No shareholder, director, officer or employee of PCM has beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of any shares held by PIP. The shares held by PIP are part of a portfolio managed by Mr. Epker. As an employee of PCM, Mr. Epker has the authority to trade the securities held by PIP.
The Issuer issued PIP a $5.2 million Convertible Negotiable Promissory Note (the "Note") on September 28, 2010. The terms of the Note are described in a Form 8-K filed with the Commission on September 29, 2010. Upon approval by the Issuer's shareholders, which the Issuer plans to seek at its January 2011 annual meeting of shareholders, the Note, plus interest, will convert to unregistered common stock of the Issuer at a conversion price of $2.70 per share. The 1,925,925 noted in this Form 4 does not include the conversion of the interest which will be determined at the date of conversion, if so approved by the Issuer's shareholders. If the Issuer's shareholders do not approve the conversion to common stock, the Note will mature on January 15, 2012.