X0304 4 2012-03-07 0 0000277638 DAVEY TREE EXPERT CO NONE 0001492919 Sears Thea R. 1500 NORTH MANTUA STREET KENT OH 44240-5193 0 1 0 0 Assistant Controller Common Stock 2012-03-07 4 A 0 189 0.00 A 20688 D Common Stock 1963.2851 I By 401(k) Plan Stock Appreciation Rights (2012) 19.70 2012-03-07 4 A 0 1000 0.00 A 2013-03-07 2021-12-31 Common Stock 1000 1000 D Upon the achievement of certain performance criteria, performance restricted stock units (PRSUs) were granted pursuant to the Company's performance restricted stock unit program, are payable in common shares, will be fully vested on the earlier of (a) the fifth anniversary of the grant date (the transaction date herein), (b) retirement (provided that the participant has attained the age of 55 years and has had at least five years of service with the Company), (c) total or permanent disability or death, or (d) certain events of termination, and will be paid no later than March 15 following the year in which the participant retires. This total reflects routine accumulation of 1,963.2851 common shares acquired through the Company's 401(k) benefit plan as of March 7, 2012, based on internal records. Stock Appreciation Rights become exercisable in five equal annual installments beginning on the first anniversary of the grant date. /s/Thea R. Sears/David E. Adante, by Power of Attorney 2012-03-09