ALICO, INC. — Director's Dealing 2006

May 24, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALICO INC (alco)
CIK: 0000003545
Period of Report: 2006-05-22

Reporting Person: GRIGSBY B WADE (Vice President Ranch)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-22	Alico, Inc., Common Stock, Par Value $1.00	M	1500	$15.68	Acquired	1500	Direct
2006-05-22	Alico, Inc., Common Stock, Par Value $1.00	S	300	$54.61	Disposed	1200	Direct
2006-05-22	Alico, Inc., Common Stock, Par Value $1.00	S	200	$55	Disposed	1000	Direct
2006-05-22	Alico, Inc., Common Stock, Par Value $1.00	S	1000	$54.88	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-22	Option for Common Stock	$15.68	M	1500	Acquired	2013-09-09	Common Stock (1500)	Direct
2006-05-22	Option for Common Stock	$15.68	S	1500	Disposed	2013-09-09	Common Stock (1500)	Direct