Brent R. Repenning - May 12, 2023 Form 4 Insider Report for DAVEY TREE EXPERT CO (NONE)

Role: EVP, U.S. Utility & DRG
Signature: /s/Brent R. Repenning/Christopher J. Bast, by Power of Attorney
Stock symbol: NONE
Transactions as of: May 12, 2023
Transactions value $: -$102,877
Form type: 4
Date filed: 5/12/2023, 12:25 PM
Previous filing: Apr 3, 2023
Next filing: Jul 13, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NONE	Common Stock	Options Exercise	$46.4K	+8K	+6.22%	$5.80^*	137K	May 12, 2023	Direct	F1
transaction	NONE	Common Stock	Sale	-$149K	-8.07K	-5.91%	$18.50^*	128K	May 12, 2023	Direct
holding	NONE	Common Stock						13.8K	May 12, 2023	By 401(k) Plan	F2

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	Non-Qualified Stock Option (Right to Buy)	Options Exercise	$0	-8K	-100%	$0.00^*	0	May 12, 2023	Common Stock	8K	$5.80	Direct	F1

* 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	This total reflects routine accumulation of 13,785.4201 common shares acquired through the Company's 401(K) benefit plan as of May 12, 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.