Davey Tree Flipbooks

Davey Bulletin Nov-Dec 2020

The Davey Tree Expert Company provides residential and commercial tree service and landscape service throughout North America. Read our Flipbooks for helpful tips and information on proper tree and lawn care.

Issue link: http://daveytree.uberflip.com/i/1329892

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Page 3 of 27

4 THE DAVEY BULLETIN | November/December 2020 ASK THE CEO ASK THE CEO: Q. HOW CAN WE AS A COMPANY BUILD EMPLOYEE-OWNERSHIP? on the strong foundation earlier generations of employee-owners set down before us in the past 41 years. To sustain our employee-ownership culture, it is imperative that we foster new employee-owners by getting Davey stock into the hands of our active employees. There are many ways employees can buy Davey stock. But over the years, our stock subscription programs have proven one of the most popular methods of obtaining Davey stock. Our last stock subscription occurred in 2012. Our next stock subscription will occur in 2022. Initially, the company had considered introducing our next stock subscription in 2021. Due to the impacts of the COVID-19 pandemic, our senior leadership determined a delay would give our employees and their families more time to plan financially for the subscription. The stock subscription makes it possible for employees to buy shares, to obtain a low-interest loan from the company to purchase them, and to collect dividends on those shares over the life of the seven-year loan commitment. The loan can be repaid via payroll deduction if you choose. Employees are only responsible up front for 10 percent of their total share purchase, which is made at A. Over our 41-year history as an employee-owned company, Davey has proven time and again how employee ownership is essential to our collective success. Employee-ownership allows us to control our own destiny, and we have performed exceptionally well under this ownership model. Quite often, companies that have outside investors or majority shareholders get forced into making short term decisions for reasons that are not beneficial to the long-term success of its employees or clients. Employee-ownership, with participation from the majority of our employees, allows us to make the proper long-term decisions and the right choices for our employees in ways that help us weather the inevitable storms – and emerge stronger for it. In October we celebrated Employee Ownership Month. It offered a chance for us to celebrate and share our gratitude for our employee-owners and to acknowledge the foresight of the employees who purchased the company from the Davey family 41 years ago. It is our employee-owners who help us not only endure, but to flourish despite the kinds of challenges this year has presented. Such moments also remind us of the rich legacy we must protect. We have an obligation to continue building Pat Covey Davey Chairman, President and CEO the current share price at the time of the subscription. Taking part in a stock subscription at Davey is one way we as employee- owners can take care of and work for ourselves. Maintaining employee ownership at Davey ensures we remain committed to our core values, and that we are free to make decisions based on the best interests of all of us. We will share more details in the coming months about the stock subscription. If you have questions, please contact a member of the Treasury team via email at Treasury@Davey.com. HOW TO BUY DAVEY STOCK ESPP: Employees may purchase Davey stock at a 15% discount of the current fair market price through payroll deduction. Direct Purchase: Employees may purchase stock directly at the full, current fair market value (must have 90 days of full-time continuous service). 401K: Employees can opt to invest their 401K contribution in Davey stock.

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