Gregory M. Ina - 31 Mar 2023 Form 4 Insider Report for DAVEY TREE EXPERT CO

Role: EVP, Institute & Employee Dev.
Signature: /s/Gregory M. Ina/Christopher J. Bast, by Power of Attorney
Issuer symbol: N/A
Transactions as of: 31 Mar 2023
Net transactions value: -$30,578
Form type: 4
Filing time: 03 Apr 2023, 14:48:54 UTC
Previous filing: 06 Mar 2023
Next filing: 13 Jul 2023
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	$46,400	+8,000	+5.9%	$5.80^*	142,951	31 Mar 2023	Direct	F1
transaction		Common Stock	Disposed to Issuer	$46,398	-2,508	-1.8%	$18.50^*	140,443	31 Mar 2023	Direct	F1
transaction		Common Stock	Options Exercise	$30,580	-1,653	-1.2%	$18.50^*	138,790	31 Mar 2023	Direct	F2
holding		Common Stock						27,667	31 Mar 2023	By 401(K) Plan	F3

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 Appreciation Rights (2013)	Options Exercise	$0	-8,000	-100%	$0.000000^*	0	31 Mar 2023	Common Stock	8,000	$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.
F3	This total reflects routine accumulation of 27,667.3925 common shares acquired through the Company's 401(K) benefit plan as of March 31, 2023, based on internal records.