James F. Stief - May 7, 2021 Form 4 Insider Report for DAVEY TREE EXPERT CO (NONE)

Role: Exec VP, U.S. Residential Ops
Signature: /s/James F. Stief/Christopher J. Bast, by Power of Attorney
Stock symbol: NONE
Transactions as of: May 7, 2021
Transactions value $: $69,592
Form type: 4
Date filed: 5/7/2021, 12:31 PM
Next filing: Jul 20, 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NONE	Common Stock	Options Exercise	$69.6K	+6K	+2.44%	$11.60^*	252K	May 7, 2021	Direct	F1
transaction	NONE	Common Stock	Options Exercise	$37.3K	+2.48K	+0.99%	$15.05^*	254K	May 7, 2021	Direct	F2
transaction	NONE	Common Stock	Options Exercise	$81.1K	+4.96K	+1.95%	$16.35^*	259K	May 7, 2021	Direct	F2
transaction	NONE	Common Stock	Options Exercise	$52.4K	+2.98K	+1.15%	$17.60^*	262K	May 7, 2021	Direct	F2
transaction	NONE	Common Stock	Options Exercise	$58.5K	+3.06K	+1.17%	$19.10^*	265K	May 7, 2021	Direct	F2
transaction	NONE	Common Stock	Disposed to Issuer	-$229K	-7.64K	-2.88%	$30.00	258K	May 7, 2021	Direct	F2
transaction	NONE	Common Stock	Tax liability	$0	-2.69K	-1.04%	$0.00	255K	May 7, 2021	Direct	F3
holding	NONE	Common Stock						16	May 7, 2021	By Son
holding	NONE	Common Stock						53.8K	May 7, 2021	By 401(k) Plan	F4

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	-6K	-100%	$0.00^*	0	May 7, 2021	Common Stock	6K	$11.60	Direct	F1
transaction	NONE	Stock Appreciation Rights (2015)	Options Exercise	$0	-2.48K	-100%	$0.00^*	0	May 7, 2021	Common Stock	2.48K	$15.05	Direct
transaction	NONE	Stock Appreciation Rights (2016)	Options Exercise	$0	-4.96K	-100%	$0.00^*	0	May 7, 2021	Common Stock	4.96K	$16.35	Direct
transaction	NONE	Stock Appreciation Rights (2017)	Options Exercise	$0	-2.98K	-80%	$0.00	744	May 7, 2021	Common Stock	2.98K	$17.60	Direct
transaction	NONE	Stock Appreciation Rights	Options Exercise	$0	-3.06K	-60%	$0.00	2.04K	May 7, 2021	Common Stock	3.06K	$19.10	Direct

* 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	Stock Appreciation Rights (SARs)become exercisable in five equal annual installments beginning on the first anniversary of the grant date.
F3	Payment of taxes in connection with SARs pay-out.
F4	This total reflects routine accumulation of 53,763.1967 common shares acquired through the Company's 401(K) benefit plan as of May 7, 2021, based on internal records.