Patrick M. Covey - Mar 3, 2023 Form 4 Insider Report for DAVEY TREE EXPERT CO (NONE)

Role: Chairman, President & CEO, Director
Signature: /s/Patrick M. Covey/Christopher J. Bast, by Power of Attorney
Stock symbol: NONE
Transactions as of: Mar 3, 2023
Transactions value $: $379,158
Form type: 4
Date filed: 3/6/2023, 01:48 PM
Previous filing: Jan 18, 2023
Next filing: Apr 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NONE	Common Stock	Award	$379K	+20.5K	+4.79%	$18.50	448K	Mar 3, 2023	Direct	F1
holding	NONE	Common Stock						500	Mar 3, 2023	By son
holding	NONE	Common Stock						500	Mar 3, 2023	By son
holding	NONE	Common Stock						27K	Mar 3, 2023	By 401(k) Plan	F2

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

Explanation of Responses:

Id	Content
F1	Upon the achievement of certain performance criteria, performance restricted stock units (PRSUs) were granted pursuant to the Company's performance restricted stock unit program, are payable in common shares, will be fully vested on the earlier of (a) the third anniversary of the grant date (the transaction date herein), (b) retirement (provided that the participant has attained the age of 55 years and has had at least five years of service with the Company), (c) total or permanent disability or death, or (d) certain events of termination, and will be paid no later than March 15 following the year in which the participant retires.
F2	This total reflects routine accumulation of 27,042.1890 common shares acquired through the Company's 401(K) benefit plan as of March 3, 2023, based on internal records. The number of shares in the reporting person's 401(K) plan account has decreased due to administrative fees withheld by the plan administrator.

Content

Upon the achievement of certain performance criteria, performance restricted stock units (PRSUs) were granted pursuant to the Company's performance restricted stock unit program, are payable in common shares, will be fully vested on the earlier of (a) the third anniversary of the grant date (the transaction date herein), (b) retirement (provided that the participant has attained the age of 55 years and has had at least five years of service with the Company), (c) total or permanent disability or death, or (d) certain events of termination, and will be paid no later than March 15 following the year in which the participant retires.

This total reflects routine accumulation of 27,042.1890 common shares acquired through the Company's 401(K) benefit plan as of March 3, 2023, based on internal records. The number of shares in the reporting person's 401(K) plan account has decreased due to administrative fees withheld by the plan administrator.