James F. Stief - 07 May 2021 Form 4 Insider Report for DAVEY TREE EXPERT CO

Role: Exec VP, U.S. Residential Ops
Signature: /s/James F. Stief/Christopher J. Bast, by Power of Attorney
Issuer symbol: N/A
Transactions as of: 07 May 2021
Net transactions value: +$69,592
Form type: 4
Filing time: 07 May 2021, 12:31:48 UTC
Next filing: 20 Jul 2021
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	$69,600	+6,000	+2.4%	$11.60^*	251,688	07 May 2021	Direct	F1
transaction		Common Stock	Options Exercise	$37,324	+2,480	+0.99%	$15.05^*	254,168	07 May 2021	Direct	F2
transaction		Common Stock	Options Exercise	$81,096	+4,960	+2%	$16.35^*	259,128	07 May 2021	Direct	F2
transaction		Common Stock	Options Exercise	$52,378	+2,976	+1.1%	$17.60^*	262,104	07 May 2021	Direct	F2
transaction		Common Stock	Options Exercise	$58,484	+3,062	+1.2%	$19.10^*	265,166	07 May 2021	Direct	F2
transaction		Common Stock	Disposed to Issuer	$229,290	-7,643	-2.9%	$30.00^*	257,523	07 May 2021	Direct	F2
transaction		Common Stock	Tax liability	$0	-2,690	-1%	$0.000000	254,833	07 May 2021	Direct	F3
holding		Common Stock						16	07 May 2021	By Son
holding		Common Stock						53,763	07 May 2021	By 401(k) Plan	F4

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		Non-Qualified Stock Option (Right to Buy)	Options Exercise	$0	-6,000	-100%	$0.000000^*	0	07 May 2021	Common Stock	6,000	$11.60	Direct	F1
transaction		Stock Appreciation Rights (2015)	Options Exercise	$0	-2,480	-100%	$0.000000^*	0	07 May 2021	Common Stock	2,480	$15.05	Direct
transaction		Stock Appreciation Rights (2016)	Options Exercise	$0	-4,960	-100%	$0.000000^*	0	07 May 2021	Common Stock	4,960	$16.35	Direct
transaction		Stock Appreciation Rights (2017)	Options Exercise	$0	-2,976	-80%	$0.000000	744	07 May 2021	Common Stock	2,976	$17.60	Direct
transaction		Stock Appreciation Rights	Options Exercise	$0	-3,062	-60%	$0.000000	2,041	07 May 2021	Common Stock	3,062	$19.10	Direct

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

Explanation of Responses:

Id	Content
F1	These options become exercisable in 20% installments on each anniversary of the grant date beginning June 24, 2014.
F2	Stock Appreciation Rights (SARs)become exercisable in five equal annual installments beginning on the first anniversary of the grant date.
F3	Payment of taxes in connection with SARs pay-out.
F4	This total reflects routine accumulation of 53,763.1967 common shares acquired through the Company's 401(K) benefit plan as of May 7, 2021, based on internal records.