Reid Sandra Lynne 4

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.