Joseph Edward Day - Mar 20, 2025 Form 4 Insider Report for DAVEY TREE EXPERT CO (NONE)

Role: EVP, US Residential Operations
Signature: /s Joseph Edward Day/Christopher J. Bast, by Power of Attorney
Stock symbol: NONE
Transactions as of: Mar 20, 2025
Transactions value $: -$11
Form type: 4
Date filed: 3/24/2025, 02:55 PM
Previous filing: Mar 11, 2025
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	$63.3K	+8.4K	+2.38%	$7.53	361K	Mar 20, 2025	Direct	F1
transaction	NONE	Common Stock	Disposed to Issuer	-$63.3K	-2.63K	-0.73%	$24.10	359K	Mar 20, 2025	Direct	F1
holding	NONE	Common Stock						64	Mar 20, 2025	By Daughter
holding	NONE	Common Stock						71.1K	Mar 20, 2025	By 401KSOP	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 (2015)	Options Exercise	$0	-8.4K	-100%	$0.00	0	Mar 20, 2025	Common Stock	8.4K	$7.53	Direct

* 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 6, 2025, which was the tenth anniversary of the grant date. March 20, 2025 is the earliest date on which the Company was able to complete SARs calculations, based on the availability of its stock price valuation.
F2	This total reflects routine accumulation of 71,119.5757 common shares acquired through the Company's 401(K) benefit plan as of March 20, 2025, based on internal records.