Joseph Edward Day III - 24 May 2023 Form 4 Insider Report for DAVEY TREE EXPERT CO

Role: EVP, US Residential Operations
Signature: /s Joseph Edward Day/Christopher J. Bast, by Power of Attorney
Issuer symbol: N/A
Transactions as of: 24 May 2023
Net transactions value: +$23,200
Form type: 4
Filing time: 24 May 2023, 15:32:02 UTC
Previous filing: 03 Apr 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	$23,200	+4,000	+1.2%	$5.80^*	325,706	24 May 2023	Direct
holding		Common Stock						64	24 May 2023	By Daughter
holding		Common Stock						69,345	24 May 2023	By 401KSOP	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		Non-Qualified Stock Option (Right to Buy)	Options Exercise	$0	-4,000	-100%	$0.000000^*	0	24 May 2023	Common Stock	4,000	$5.80	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 69,345.0728 common shares acquired through the Company's 401(K) benefit plan as of May 24, 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.
F2	These options become exercisable in 20% installments on each anniversary of the grant date beginning June 24, 2014.