Reid Sandra Lynne 4

4 · DAVEY TREE EXPERT CO · Filed Mar 30, 2026

AI-generated summary of this filing

Updated Mar 30, 2026

Davey Tree Exec VP Sandra Reid Exercises SARs, Shares Withheld

What Happened

Sandra Lynne Reid, Executive Vice President of Corporate Communications at Davey Tree, had Stock Appreciation Rights (SARs) exercised. The filing shows acquisition of 5,000 common shares valued at $8.18 each (total $40,900).
To satisfy tax withholding, a total of 2,820 shares were surrendered (1,482 shares and 1,338 shares) at $27.60 per share (total withheld ~$77,832). The filing also records the conversion/disposition of the SAR derivative instrument in connection with the payout.

Key Details

Transaction date(s): Reported for March 27, 2026 (footnote states SARs automatically exercised on March 4, 2026; March 27 was the earliest date the company could complete payout calculations).
Prices and amounts: Acquired 5,000 shares @ $8.18 = $40,900. Withheld/disposed 1,482 shares @ $27.60 = $40,903 and 1,338 shares @ $27.60 = $36,929.
Shares owned after transaction: The filing notes a total reflecting routine accumulation of 33,144.0615 common shares via the company 401(k) plan as of March 30, 2026 (internal records).
Footnotes: F1 — SARs automatically exercised on the 10th anniversary (Mar 4); company completed calculations Mar 27. F2 — share dispositions were to pay taxes on the SAR payout. F3 — total reflects 401(k) accumulation.
Timeliness: Filing dated March 30, 2026, reporting March 27 transactions. The filing does not flag a late report.

Context

This was not an open-market purchase or sale; it was an SAR payout (a derivative exercise). SARs payout can be settled in cash or shares; here shares were issued and a portion immediately surrendered to cover tax obligations (a common, routine step).
Such tax-withholding dispositions are administrative and do not necessarily indicate a change in the insider’s view of the company.

Form 4

Period: 2026-03-27

Exec VP Corp Communications

Transactions

Exercise/Conversion
Common Stock
[F1]
2026-03-27$8.18/sh+5,000$40,900→ 187,818 total
Tax Payment
Common Stock
[F1]
2026-03-27$27.60/sh−1,482$40,903→ 186,336 total
Tax Payment
Common Stock
[F2]
2026-03-27$27.60/sh−1,338$36,929→ 184,998 total
Exercise/Conversion
Stock Appreciation Rights (2016)
2026-03-27−5,000→ 0 total
Exercise: $8.18From: 2017-03-04Exp: 2026-03-04→ Common Stock (5,000 underlying)

Holdings

Footnotes (3)

[F1]Pursuant to their terms, Stock Appreciation Rights (SARs) were automatically exercised on March 4, 2026, which was the tenth anniversary of the grant date. March 27, 2026 is the earliest date on which the Company was able to complete SARs calculations, based on the availability of its stock price valuation.
[F2]Payment of taxes in connection with SARs pay-out.
[F3]This total reflects routine accumulation of 33,144.0615 common shares acquired through the Company's 401(K) benefit plan as of March 30, 2026, based on internal records.

Signature

/s/Sandra Lynne Reid/Christopher J. Bast, by Power of Attorney|2026-03-30

1 file