JAMES C. HOUSTON - 24 May 2023 Form 4 Insider Report for DAVEY TREE EXPERT CO (NONE)

Role: VP & GM, Residential & Commerc
Signature: /s/James C. Houston, Christopher J. Bast, by Power of Attorney
Issuer symbol: NONE
Transactions as of: 24 May 2023
Net transactions value: +$23,200
Form type: 4
Filing time: 24 May 2023, 15:35:23 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	NONE	Common Stock	Options Exercise	$23,200	+4,000	+4.7%	$5.80^*	89,408	24 May 2023	Direct
holding	NONE	Common Stock						27,660	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	NONE	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 27,659.8150 common shares acquired through the Company's 401(K) benefit plan as of May 24, 2023, based on internal records.
F2	These options become exercisable in 20% installments on each anniversary of the grant date beginning June 24, 2014.