Repenning Brent R Form 4 DAVEY TREE EXPERT / Brent R Repenning ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Repenning Brent R

(Last) (First) (Middle)

1500 NORTH MANTUA STREET

P.O. BOX 5193

(Street)

KENT OH 44240-5193

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DAVEY TREE EXPERT CO [ NONE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Ex VP US Utility/Davey Resourc

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/31/2021		M		4,000(1)	A	$9.2	53,044	D
Common Stock	03/31/2021		D		1,227(1)	D	$30	51,817	D
Common Stock	03/31/2021		F		835(2)	D	$30	50,982	D
Common Stock								6,135.8732(3)	I	By 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Rights (2011)	$9.2	03/31/2021		M			4,000(1)	03/09/2012	03/09/2021	Common Stock	4,000	$0	0	D

Explanation of Responses:

1. Pursuant to their terms, Stock Appreciation Rights (SARs) were automatically exercised on March 9, 2021, which was the tenth anniversary of the grant date. March 31, 2021 is the earliest date on which the Company was able to complete SARs calculations, based on the availability of its stock valuation.

2. Payment of taxes in connection with SARs pay-out.

3. This total reflects routine accumulation of 6,135.8732 common shares acquired through the Company's 401(K) benefit plan as of March 31, 2021, based on internal records.

Remarks:

	/s/Brent R. Repenning/Christopher J. Bast, by Power of Attorney	04/01/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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