Davis Anna Christine 4

What Happened

• Anna Christine Davis, Senior Vice President of Human Resources at Davey Tree, had Stock Appreciation Rights (SARs) automatically exercised and settled in shares. The filing reports 3,200 shares acquired at an effective price of $8.18 per share (total $26,176).
• To cover tax withholding on the SARs payout, the company withheld 948 shares (valued at $27.60 each, $26,165) and 1,005 shares (valued at $27.60 each, $27,738) — a total of 1,953 shares withheld (~$53,903). After withholding, Davis retained roughly 1,247 shares from this settlement (3,200 − 1,953 = 1,247).
• The filing also notes routine accumulation of 7,870.1602 common shares through the company 401(k) plan as of March 30, 2026.

Key Details

• Transaction dates: SAR exercise calculations completed/recorded on March 27, 2026; filing date March 30, 2026.
• Exercise/settlement: 3,200 shares @ $8.18 (acquired) = $26,176.
• Tax withholding: 948 shares @ $27.60 = $26,165 (disposed); 1,005 shares @ $27.60 = $27,738 (disposed); total withheld value ≈ $53,903.
• Net shares retained from this SAR settlement: ~1,247 shares (3,200 exercised − 1,953 withheld).
• Shares reported from 401(k): 7,870.1602 common shares accumulated as of March 30, 2026 (per footnote).
• Footnotes: F1 notes SARs were automatically exercised on the 10th anniversary; F2 confirms share withholding for taxes; F3 explains the 401(k) total. The filing appears timely (filed March 30 for a March 27 transaction).

Context

• This was a derivative settlement of SARs (not an open-market purchase or voluntary sale). The use of withheld shares to pay taxes is a routine, cashless/net settlement method and does not necessarily indicate a view on the company’s stock.
• For retail investors: purchases or exercises that leave the insider with more shares can be a mildly bullish sign; in this case Davis retained a modest number of shares (≈1,247) after taxes and also shows routine 401(k) share accumulation.