Joseph R. Paul - 19 Sep 2025 Form 4 Insider Report for DAVEY TREE EXPERT CO

Role: EVP & CFO, Director
Signature: /s/Joseph R. Paul/Christopher J. Bast, By Power of Attorney
Issuer symbol: N/A
Transactions as of: 19 Sep 2025
Net transactions value: +$1,014
Form type: 4
Filing time: 19 Sep 2025, 11:27:05 UTC
Previous filing: 14 Jul 2025
Next filing: 20 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
PAUL JOSEPH R	EVP & CFO, Director	1500 NORTH MANTUA STREET, KENT	/s/Joseph R. Paul/Christopher J. Bast, By Power of Attorney	19 Sep 2025	0001362786

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction		Common Stock	Options Exercise	$1,014	+56	+0.02%	$18.10	342,230	19 Sep 2025	Direct
holding		Common Stock						23,876	19 Sep 2025	By 401(k) Plan	F1

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		Stock Subscription Rights (Right to Buy)	Options Exercise	$0	-56	-56%	$0.000000	44	19 Sep 2025	Common Stock	56	$18.10	Direct	F2

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

Explanation of Responses:

Id	Content
F1	This total reflects routine accumulation of 23,875.7732 common shares acquired through the Company's 401(K) benefit plan as of September 19, 2025, based on internal records.
F2	The reported stock subscription rights to purchase shares of the Company's common stock were acquired in the Company's stock subscription offering to employees and non-employee directors in accordance with the provisions of The Davey Tree Expert Company 2014 Omnibus Stock Plan (the "Plan"). All participants in the offering purchasing in excess of $5,000 of common stock were granted a "right" to purchase one additional share of common stock, at a price of $18.10 per share, for every three shares of common stock purchased under the Plan. Each "right" may be exercised at the rate of 1/7 per year beginning on August 1, 2022 and will expire on July 31, 2029.

Content

This total reflects routine accumulation of 23,875.7732 common shares acquired through the Company's 401(K) benefit plan as of September 19, 2025, based on internal records.

The reported stock subscription rights to purchase shares of the Company's common stock were acquired in the Company's stock subscription offering to employees and non-employee directors in accordance with the provisions of The Davey Tree Expert Company 2014 Omnibus Stock Plan (the "Plan"). All participants in the offering purchasing in excess of $5,000 of common stock were granted a "right" to purchase one additional share of common stock, at a price of $18.10 per share, for every three shares of common stock purchased under the Plan. Each "right" may be exercised at the rate of 1/7 per year beginning on August 1, 2022 and will expire on July 31, 2029.