Form 4 Pike Electric CORP For: Sep 24 Filed by: Simmons Audie G (10K)

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Simmons Audie G

(Last)

(First)

(Middle)

PIKE ELECTRIC CORPORATION, 100 PIKE WAY

(Street)

MT. AIRY

27030

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Pike Electric CORP [PEC]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
SVP of Operations

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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	09/24/2008		A		12,631 ⁽¹⁾	A	$ 0	115,481 ⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option to buy

$ 15.7

⁽³⁾

12/01/2015

Common Stock

30,000

Option to buy

$ 3.8

⁽⁴⁾

04/18/2012

Common Stock

231,378

Option to buy

$ 6.51

⁽⁵⁾

10/21/2014

Common Stock

61,904

Option to buy

$ 14

⁽⁶⁾

08/01/2015

Common Stock

38,690

Option to buy

$ 18.41

⁽⁷⁾

11/01/2016

Common Stock

10,000

Explanation of Responses:

1. These shares were issued pursuant to the Restricted Share Award Agreement dated September 24, 2008 between the Issuer and Mr. Simmons.

2. 26,080 of these shares are restricted common stock, 6,449 of which vest in full on July 27, 2010, 2,000 of which vest in full on October 4, 2009, 5,000 of which vest in full on November 27, 2011 and 12,631 of which vest in equal annual installments on September 24 of each of 2009, 2010 and 2011.

3. These options will vest in equal annual installments on December 1 of each of 2007, 2008, 2009, 2010 and 2011.

4. All of these options are vested and exercisable.

5. Of the 61,904 options held, 31,374 are currently vested and exercisable, 15,265 will vest October 21, 2007 and 15,265 will vest October 21, 2008.

6. These options will vest in equal annual installments on August 1 of each of 2007, 2008, 2009, 2010 and 2011.

7. These options will vest in equal annual installments on November 1 of each of 2007, 2008, and 2009.

	/s/ James R. Wyche by power of attorney for Audie Simmons	09/26/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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