Douglas K. Hall - May 13, 2022 Form 4 Insider Report for DAVEY TREE EXPERT CO (NONE)

Role: Director
Signature: /s/Douglas K. Hall/Christopher J. Bast, By Power of Attorney
Stock symbol: NONE
Transactions as of: May 13, 2022
Transactions value $: $118,200
Form type: 4
Date filed: 5/16/2022, 11:14 AM
Previous filing: Apr 26, 2022
Next filing: Oct 25, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NONE	Common Stock	Options Exercise	$118K	+12K	+5.41%	$9.85	234K	May 13, 2022	Direct	F1, F2
transaction	NONE	Common Stock	Options Exercise	$0	-3.27K	-1.4%	$0.00	231K	May 13, 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	NONE	Stock Appreciation Rights (2012)	Options Exercise	$0	-12K	-100%	$0.00^*	0	May 13, 2022	Common Stock	12K	$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.