James Edgar Doyle - Mar 31, 2023 Form 4 Insider Report for DAVEY TREE EXPERT CO (NONE)

Role: EVP & GM, Canada Operations
Signature: /s/James Edgar Doyle/Christopher J. Bast, by Power of Attorney
Stock symbol: NONE
Transactions as of: Mar 31, 2023
Transactions value $: -$80,990
Form type: 4
Date filed: 4/3/2023, 03:24 PM
Previous filing: Mar 6, 2023
Next filing: Apr 28, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NONE	Common Stock	Options Exercise	$69.6K	+12K	+8.2%	$5.80^*	158K	Mar 31, 2023	Direct	F1
transaction	NONE	Common Stock	Disposed to Issuer	-$69.6K	-3.76K	-2.38%	$18.50^*	155K	Mar 31, 2023	Direct	F1
transaction	NONE	Common Stock	Options Exercise	-$81K	-4.38K	-2.83%	$18.50^*	150K	Mar 31, 2023	Direct	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	Stock Appreciation Rights (2013)	Options Exercise	$0	-12K	-100%	$0.00^*	0	Mar 31, 2023	Common Stock	12K	$5.80	Direct	F1

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

Explanation of Responses:

Id	Content
F1	Pursuant to their terms, Stock Appreciation Rights (SARs) were automatically exercised on March 7, 2023, which was the tenth anniversary of the grant date. March 31, 2023 is the earliest date on which the Company was able to complete SARs calculations, based on the availability of its stock price valuation.
F2	Payment of taxes in connection with SARs pay-out.