Davey Tree Expert Form 4 DAVEY TREE EXPERT / Dan A Joy 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^*

Joy Dan A

(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 Comm Lndsp/Op Supp Srvcs

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2022

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	05/13/2022		S/K		2,640	D	$18.1	114,844	D
Common Stock	05/13/2022		M		2,000	A	$7.53	116,844	D
Common Stock	05/13/2022		M		4,000	A	$8.18	120,844	D
Common Stock	05/13/2022		M		4,800(1)	A	$5.8	125,644	D
Common Stock	05/13/2022		M		1,538(2)	D	$0	124,106	D
Common Stock	05/13/2022		M		990(3)	D	$0	123,116	D
Common Stock	05/13/2022		S		8,360	D	$18.1	114,756	D
Common Stock								8,000	I	By Sons
Common Stock								181,735.9465(4)	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
Non-Qualified Stock Option (Right to Buy)	$7.53	05/13/2022		M/K			2,000	06/29/2016(5)	06/29/2025	Common Stock	2,000	$0	0	D
Non-Qualified Stock Option (Right to Buy)	$8.18	05/13/2022		M/K			4,000	06/28/2017(6)	06/28/2026	Common Stock	4,000	$0	0	D
Stock Appreciation Rights (2013)(7)	$5.8	05/13/2022		M			4,800	03/07/2014	03/07/2023	Common Stock	4,800	$0	0	D

Explanation of Responses:

1. Exercise of SARs.

2. Deemed disposition back to the company upon exercise of Stock Settled Appreciation Rights (SARs).

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

4. This total reflects routine accumulation of 181,735.9465 common shares acquired through the Company's 401(K) benefit plan as of May 13, 2022, based on internal records.

5. These options become exercisable in 20% installments on each anniversary of the grant date beginning June 29, 2016.

6. These options become exercisable in 20% installments on each anniversary of the grant date beginning June 28, 2017.

7. These stock appreciation rights become exercisable in five equal annual installments beginning on the first anniversary of the grant date.

Remarks:

	/s/Dan A. Joy/Christopher J. Bast, By Power of Attorney	05/16/2022
	** 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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