Douglas K. Hall - 13 May 2022 Form 4 Insider Report for DAVEY TREE EXPERT CO

Role: Director
Signature: /s/Douglas K. Hall/Christopher J. Bast, By Power of Attorney
Issuer symbol: N/A
Transactions as of: 13 May 2022
Net transactions value: +$118,200
Form type: 4
Filing time: 16 May 2022, 11:14:24 UTC
Previous filing: 26 Apr 2022
Next filing: 25 Oct 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction		Common Stock	Options Exercise	$118,200	+12,000	+5.4%	$9.85	233,898	13 May 2022	Direct	F1, F2
transaction		Common Stock	Options Exercise	$0	-3,269	-1.4%	$0.000000	230,629	13 May 2022	Direct	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction		Stock Appreciation Rights (2012)	Options Exercise	$0	-12,000	-100%	$0.000000^*	0	13 May 2022	Common Stock	12,000	$4.93	Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Exercise of SARs.
F2	All share totals and prices reflect a 2-for-1 stock split effective October 1, 2021.
F3	Deemed disposition back to the company upon exercise of Stock Settled Appreciation Rights (SARs).
F4	These Stock Appreciation Rights (SARs) were granted on May 15, 2012 and became exercisable in five equal annual installments beginning on the first anniversary of the grant date.