Form 4 Pike J Eric For: Oct 01 (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^*

Pike J Eric

(Last)

(First)

(Middle)

PIKE ELECTRIC CORPORATION, 100 PIKE WAY

(Street)

MOUNT 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)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Chairman, CEO and President

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2008

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								297,751 ⁽¹⁾	D
Common Stock								67,467	I	See footnote ⁽²⁾
Common Stock								1,549,253	I	See footnote ⁽³⁾

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

$ 14.25

10/01/2008

98,475

⁽⁴⁾

10/01/2018

Common Stock

98,475

$ 0

98,475

Option to buy

$ 18.41

⁽⁵⁾

11/01/2016

Common Stock

27,159

Option to buy

$ 14

⁽⁶⁾

07/27/2015

Common Stock

428,571

Option to buy

$ 3.8

⁽⁷⁾

04/18/2012

Common Stock

424,217

Option to buy

$ 6.51

⁽⁸⁾

10/21/2014

Common Stock

343,746

Explanation of Responses:

1. Includes 108,384 shares of restricted common stock, 71,429 of which vest in their entirety on July 27, 2010 and 36,955 of which vest in equal annual installments on September 24 of each of 2009, 2010 and 2011.

2. These shares are owned directly by the Joe B./Anne A. Pike Generation Skipping Trust, of which Mr. Pike is a trustee. Mr. Pike expressly disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

3. These shares are owned directly by Takuan LLC, an entity controlled by Mr. Pike.

4. These options vest in equal annual installments on October 1 of each of 2009, 2010 and 2011.

5. All such options are fully vested.

6. These options vest in equal annual installments on July 27 of each of 2006, 2007, 2008, 2009 and 2010.

7. All such options are vested and exercisable.

8. Of the 343,746 options held, 258,970 are currently vested and exercisable and 84,776 will vest on October 21, 2008.

	/s/ James R. Wyche by power of attorney for J. Eric Pike	10/03/2008
	** 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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