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)
05/21/2019

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	05/21/2019		M		9,920(1)	A	$15.05	351,518	D
Common Stock	05/21/2019		D		7,076(1)	D	$21.1	344,442	D
Common Stock	05/21/2019		M		7,440(1)	A	$16.35	351,882	D
Common Stock	05/21/2019		D		5,765(1)	D	$21.1	346,117	D
Common Stock	05/21/2019		M		2,480(1)	A	$17.6	348,597	D
Common Stock	05/21/2019		D		2,069(1)	D	$21.1	346,528	D
Common Stock	05/21/2019		M		1,276(1)	A	$19.1	347,804	D
Common Stock	05/21/2019		D		1,154(1)	D	$0	346,650	D
Common Stock								16	I	By Son
Common Stock								52,742.012(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 (2015)	$15.05	05/21/2019		M			9,920	03/07/2016	12/31/2024	Common Stock	9,920	$0	2,480	D
Stock Appreciation Rights (2016)	$16.35	05/21/2019		M			7,440	03/04/2017	12/31/2025	Common Stock	7,440	$0	4,960	D
Stock Appreciation Rights (2017)	$17.6	05/21/2019		M			2,480	03/14/2018	12/31/2026	Common Stock	2,480	$0	3,720	D
Stock Appreciation Rights	$19.1	05/21/2019		M			1,276	03/09/2018	12/31/2027	Common Stock	1,276	$0	5,103	D

Explanation of Responses:

1. Exercise of SARs.

2. This total reflects routine accumulation of 52,742.0120 common shares acquired through the Company's 401(K) benefit plan as of May 21, 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	05/21/2019
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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