Ina Gregory M 4

What Happened

• Ina M. Gregory, EVP, Institute & Employee Development at Davey Tree Expert Co., exercised derivative awards (8,400 shares; exercise cost $8.18/sh — $68,712) and shortly thereafter sold shares and surrendered shares for tax withholding. She sold 7,234 shares in an open‑market transaction at $27.60/sh for $199,658. Separately, 5,606 shares were surrendered/withheld at $27.60/sh to cover tax liabilities (total ~$154,725).
• The transactions reflect an exercise/settlement of stock appreciation rights or similar derivatives followed by routine tax withholding and an open‑market sale — not an obvious net purchase (the exercise required paying the $8.18 exercise price).

Key Details

• Transaction date: March 27, 2026. Open‑market sale and tax withholding prices: $27.60 per share. Exercise price paid: $8.18 per share for 8,400 shares (total $68,712).
• Shares sold in market: 7,234 shares for $199,658. Shares surrendered for taxes: 1,337 + 2,490 + 1,779 = 5,606 shares (combined value ~$154,725).
• Shares owned after transaction: 30,814.9618 common shares (per filing footnote).
• Notable footnotes:
  • F1: Tax payments related to PRSU/RSU payouts; distribution is staggered over three years.
  • F2: Stock Appreciation Rights (SARs) were automatically exercised on March 4, 2026; calculations were completed by the company on March 27, 2026.
  • F3: Some share disposals were to satisfy SARs tax withholding.
  • F4: The shares‑owned total reflects routine accumulation through the company 401(k) plan as of March 30, 2026.
• Filing timeliness: Form 4 filed March 30, 2026 for transactions on March 27, 2026 — timely under Form 4 rules (filed within required business-day window).

Context

• This was primarily an exercise of derivatives followed by share dispositions. Gregory paid the exercise price ($8.18/sh) to obtain shares and then used some shares to cover taxes and sold others on the open market — a common pattern for option/SAR settlements and tax withholding.
• Tax‑withholding disposals and plan distributions are routine and do not necessarily signal management sentiment about the company’s stock.