Sec Form 4 Filing - MORELAND JAMES N @ HICKOK INC - 2008-05-23

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 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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1. Name and Address of Reporting Person MORELAND JAMES N 2. Issuer Name and Ticker or Trading Symbol HICKOK INC [ HICKA.OB] 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) C/O HICKOK INCORPORATED, 10514 DUPONT AVE 3. Date of Earliest Transaction (MM/DD/YY) 05/23/2008 (Street) CLEVELAND, OH44108 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Class A Common Stock, $1.00 par value 05/23/2008 M 800 A $ 6.45 800 D Class A Common Stock, $1.00 par value 05/23/2008 S 200 D $ 10.2 600 D Class A Common Stock, $1.00 par value 05/23/2008 S 200 D $ 10.05 400 D Class A Common Stock, $1.00 par value 05/23/2008 S 200 D $ 10.02 200 D Class A Common Stock, $1.00 par value 05/23/2008 S 200 D $ 10 0 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securitie s (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 Stock Option (Right to Buy) $ 6.45 05/23/2008 M 800 ( 1 ) 02/24/2015 Class A Common Stock 800 $ 0 5,000 ( 2 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other MORELAND JAMES N C/O HICKOK INCORPORATED 10514 DUPONT AVE CLEVELAND, OH44108 X Signatures /s/ Jim N. Moreland 05/27/2008 Signature of Reporting Person Date

Explanation of Responses:

( 1 )These options became exercisable in equal 33% increments over three years beginning on the first anniversary of the date of the grant. ( 2 )The reporting person still holds previously reported options to buy 5,000 Class A Common Shares granted pursuant to the Hickok Incorporated 1997 Outside Directors Stock Option Plan, the Hickok Incorporated 2003 Outside Directors Stock Option Plan and the Hickok Incorporated 2007 Outside Directors Stock Option Plan. All these plans comply with Rule 16b-3. These options were granted between February 25, 2000 and February 21, 2008 at exercise prices ranging from $5.25 to $11.00, become or became exercisable between February 25, 2001 and February 21, 2011, and will expire between February 25, 2010 and February 21, 2018.

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).

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