COVEY PATRICK M 4

What Happened

• Patrick M. Covey, Chairman, President & CEO (also a Director) of Davey Tree Expert Co., was granted 21,030 performance restricted stock units (PRSUs) on 2026-03-25. The grant is reported at an implied value of $27.60 per share, totaling approximately $580,428. This was an award/grant (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-03-25; 21,030 PRSUs valued at $27.60 each (total ≈ $580,428).
• Vesting/payment: PRSUs are payable in common shares and will fully vest on the earlier of (a) the third anniversary of the grant, (b) retirement (if age ≥62 and ≥10 years’ service), (c) total/permanent disability or death, or (d) certain termination events. Payment will be no later than March 15 following the year of retirement. (See footnote F1.)
• Shares held: Filing notes routine accumulation of 29,239.6402 common shares held through the Company 401(k) plan as of March 25, 2026. The PRSUs are payable upon vesting; the filing does not show immediate additional owned common shares from this grant. (See footnote F2.)
• Timeliness: Reported on Form 4 filed 2026-03-26 for a 2026-03-25 transaction—appears timely (no late filing flag).

Context

• These PRSUs are a compensation award tied to performance and/or tenure; they do not represent an immediate open-market purchase (which some investors view as a stronger near-term bullish signal). Because they are conditioned on future vesting events, they reflect anticipated long-term incentive rather than an instant change in insider stock exposure.