PAUL JOSEPH R 4

What Happened

• Paul Joseph R, EVP, CFO and Director of Davey Tree Expert Co., exercised derivative awards and acquired 50,000 shares at $8.18 per share (total $409,000) on March 27, 2026. Related tax-withholding/share-withdrawals disposed of 36,849 shares at $27.60 per share (three withholding transactions totaling about $1,017,032). A separate 50,000-share derivative entry (reported at $0) relates to the automatic exercise/settlement of Stock Appreciation Rights (SARs). The filing also notes routine acquisition of 24,173.09 shares through the company 401(k) plan.

Key Details

• Filing date: March 30, 2026; Reported transaction date: March 27, 2026.
• Acquisitions:
  • 50,000 shares acquired via exercise at $8.18 each = $409,000.
  • 24,173.09376 shares added via 401(k) plan (routine accumulation).
• Disposals for tax withholding:
  • 6,163 shares @ $27.60 = $170,099.
  • 14,819 shares @ $27.60 = $409,004.
  • 15,867 shares @ $27.60 = $437,929.
  • Total withheld ≈ 36,849 shares ≈ $1,017,032.
• Derivative/SAR note: 50,000-share derivative entry reported at $0 relates to SARs automatically exercised on their 10th anniversary; March 27 was the earliest date the company completed valuation calculations.
• Footnotes: tax withholdings relate to PRSU/RSU and SARs payouts; RSU/PRSU distributions occur over three years per plan terms.
• Shares owned after the transactions are not specified in the summary table of the filing.

Context

• This filing reflects exercises/settlements and routine tax-withholding, not an open-market sale or buy decision. The SARs were automatically exercised under plan terms (not an opportunistic market sell); shares were withheld to satisfy tax obligations (common practice).
• Purchases (the 50,000-share exercise and 401(k) accumulation) signal the insider received stock through compensation mechanisms rather than a discretionary market purchase. No late-filing flag is indicated on the disclosed report.