Davey Tree Expert Form 4 DAVEY TREE EXPERT / James F Stief 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^*

Stief James F

(Last) (First) (Middle)

1500 NORTH MANTUA STREET

(Street)

KENT OH 44240

(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)
Exec VP, U.S. Residential Ops

3. Date of Earliest Transaction (Month/Day/Year)
04/25/2019

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	04/25/2019		M	V	6,000(1)	A	$8.3	326,001	D
Common Stock	04/25/2019		D	V	2,360(1)	D	$21.1	323,641	D
Common Stock	04/25/2019		M	V	6,000(1)	A	$9.2	329,641	D
Common Stock	04/25/2019		D	V	2,616(1)	D	$21.1	327,025	D
Common Stock	04/25/2019		M	V	10,000(1)	A	$9.85	337,025	D
Common Stock	04/25/2019		D	V	4,668(1)	D	$21.1	332,357	D
Common Stock	04/25/2019		M	V	10,960(1)	A	$11.6	343,317	D
Common Stock	04/25/2019		D	V	6,025(1)	D	$21.1	337,292	D
Common Stock	04/25/2019		M	V	11,500(1)	A	$13.2	348,792	D
Common Stock	04/25/2019		D	V	7,194(1)	D	$21.1	341,598	D
Common Stock								16	I	By Son
Common Stock								52,748.5534(2)	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 (2010)(1)	$8.3	04/25/2019		M	V		6,000	03/09/2011	12/31/2019	Common Stock	6,000	$0	0	D
Stock Appreciation Rights (2012)(1)	$9.2	04/25/2019		M	V		6,000	03/10/2012	12/31/2020	Common Stock	6,000	$0	0	D
Stock Appreciation Rights (2013)(1)	$9.85	04/25/2019		M	V		10,000	03/07/2013	12/31/2021	Common Stock	10,000	$0	0	D
Stock Appreciation Rights (2014)(1)	$11.6	04/25/2019		M	V		10,960	03/07/2014	12/31/2022	Common Stock	10,960	$0	0	D
Stock Appreciation Rights (2015)	$13.2	04/25/2019		M	V		11,500	03/07/2015	12/31/2023	Common Stock	11,500	$0	0	D

Explanation of Responses:

1. Exercise of SARs.

2. This total reflects routine accumulation of 52,748.5534 common shares acquired through the Company's 401(K) benefit plan as of April 25, 2019, 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.

Remarks:

	/s/James F. Stief/Christopher J. Bast, by Power of Attorney	04/25/2019
	** 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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