Document:

Exhibit

EXHIBIT 10.23

2014 OMNIBUS STOCK PLAN
PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT

On the Date of Grant set forth below, The Davey Tree Expert Company (the “Company”) grants to the Grantee named below, in accordance with the terms of The Davey Tree Expert Company 2014 Omnibus Stock Plan and any rules promulgated by the Committee from time to time for the administration of such plan (the “Plan”) and this Performance Restricted Stock Unit Agreement (the “Agreement”), Performance Restricted Stock Units with respect to the number of Shares set forth below (the “PRSUs”).  Capitalized terms used in this Agreement without definition shall have the meanings assigned to them in the Plan.
I.    NOTICE OF PRSU GRANT
	
					
	Name of Grantee (the “Grantee”):
	 
	 
	 

	Date of Grant:
	 
	 
	 

	Number of Shares (the "Shares"):
	 
	 
	 

	Vesting Schedule:
	 
	 
	 

II.    PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT
		
	1.
	Grant of PRSUs.  The Company hereby grants to the Grantee PRSUs with respect to the number of Shares set forth above, subject to the terms and conditions of the Plan and this Agreement.

		
	2.
	Vesting of PRSUs. The PRSUs shall become vested on the Vesting Date set forth above (the “Vesting Date”), provided that the Grantee does not forfeit the PRSUs pursuant to Section 3 prior to the Vesting Date.

		
	3.
	Forfeiture of PRSUs.  To the extent the PRSUs have not yet vested pursuant to Section 2, the PRSUs shall be forfeited without further action or notice if the Grantee’s employment with the Company or an Affiliate of the Company terminates voluntarily or for cause prior to the Vesting Date.

		
	4.
	Non-Transferability of PRSUs.  The PRSUs are non-transferable.

		
	5.
	Entire Agreement; Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan.  This Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Agreement and supersedes all prior written or oral communications, representations, and negotiations in respect thereto.  In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.

		
	6.
	Adjustments.  The number and kind of Shares subject to the PRSUs are subject to adjustment as provided in Section 4(c) of the Plan.

		
	7.
	Successors and Assigns.  The provisions of this Agreement shall inure to the benefit of, and be binding upon, the permitted successors, administrators, heirs, legal representatives, and assigns of the Grantee, and the successors and assigns of the Company.

		
	8.
	Choice of Law.  The interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Ohio, without giving effect to any rule or principle of conflicts or choice of law that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

		
	9.
	Plan and Prospectus Delivery.  By signing this Agreement, the Grantee acknowledges that copies of the Plan, Plan Prospectus, and the Company’s most recent Annual Report an Proxy Statement (the “Prospectus Information”) either have been received by or provided to the Grantee, and the Grantee consents to receiving the Prospectus Information electronically or, in the alternative, agrees to contact the Chief Financial Officer of the Company to request a paper copy of the Prospectus Information at no charge.  The Grantee also represents that he or she is familiar with the terms and provisions of the Prospectus Information and hereby accepts this Award on the terms and subject to the conditions set forth herein and in the Plan.  The Grantee hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Date of Grant.
	
				
	THE DAVEY TREE EXPERT COMPANY

	 
	 
	 
	 

	By:
	 

	 
	Name:
	 
	 

	 
	Title:
	 
	 

	 
	 
	 
	 

	GRANTEE

	 
	 

	 
	Name:
	 
	 

	 
	Address:
	 
	 

	 
	 
	 
	 

NOTE: If your signed Performance Restricted Stock Unit Agreement is not received by the Chief Financial Officer of the Company by [________], [20__], the PRSUs shall be forfeited in full.Exhibit

EXHIBIT 10.24

RECEIVABLES FINANCING AGREEMENT AMENDMENT No. 1

This Receivables Financing Agreement Amendment No. 1 (this “Amendment”), dated as of March 27, 2017, but effective as of February 25, 2017, among DAVEY RECEIVABLES LLC an Ohio limited liability company, as Borrower (together with its successors and assigns, the “Borrower”); THE DAVEY TREE EXPERT COMPANY, an  Ohio  corporation,  in  its  individual capacity (“Davey Tree”) and as initial Servicer (in such capacity, together with its successors and assigns in such capacity, the “Servicer”); PNC BANK NATIONAL ASSOCIATION, as LC BANK    (in such capacity, together with its successors and assigns in such capacity, the “LC Bank”); and PNC BANK NATIONAL ASSOCIATION (“PNC”), as Administrative  Agent  (in  such  capacity together with its successors and assigns in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower, the Servicer, the LC Bank, and the Administrative Agent are party to that certain Receivables Financing Agreement dated as of May 29, 2016 (the “Financing Agreement”)

WHEREAS, the Borrower, the Servicer, the LC Bank, and the Administrative Agent hereby agree to amend the Events of Default set forth in the Financing Agreement pursuant to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged by the parties, the Borrower, the Servicer, the LC Bank, and the Administrative Agent hereto agree as follows:

Section 1.    DEFINITIONS. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Receivables Purchase Agreement.

Section 2.    AMENDMENTS.

(a)    Effective as of February 25, 2017, clause (f) of Section 10.01 of the Financing Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:

(f)    (i) the average for three (3) consecutive Fiscal Months of: (A) the Default Ratio shall exceed 5.00%, (B) the Delinquency Ratio shall exceed 12.50% or (C) the Dilution Ratio shall exceed 5.00%, or (ii) the Days’ Sales Outstanding shall exceed (x) 75 days for any of the first three Fiscal Months of any calendar year or (y) 60 days for any other Fiscal Month;

Section 3.    REPRESENTATIONS OF THE BORROWER AND THE SERVICER.  Each  of the Borrower and the Servicer hereby represent and warrant to the parties hereto that as of the date hereof each of the representations and warranties contained in Article VII of the Financing Agreement and any other Transaction Documents to which it is a party are true and correct as of the date hereof and after giving effect to this Amendment (except to the extent that such representations and warranties expressly refer to an earlier 

date, in which case they are true and correct as of such earlier date).

Section 4.    CONDITIONS PRECEDENT.  This Amendment shall become effective and be deemed effective as of the date first written above upon the satisfaction of the following conditions precedent:

(a)    the Administrative Agent shall have received a fully executed counterpart of this Amendment;

(b)    each representation and warranty of the Borrower and the Servicer contained herein or in any other Transaction Document (after giving effect to this Amendment) shall be true and correct; and

(c)    no Unmatured Event of Default or Event of Default shall have occurred and be continuing.

Section 5.    COUNTERPARTS. This Amendment  may  be  executed  by  the  parties  in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

Section 6.    SEVERABILITY. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 7.    GOVERNING LAW AND JURISDICITON.  The  provisions  of  the  Financing Agreement with respect to governing law, jurisdiction, and agent for service of process are incorporated in this Amendment by reference as if such provisions were set forth herein.

[Signatures appear on following page.]

IN WITNESS WHEREOF, the parties hereto have each caused this Amendment to be duly executed by their respective duly authorized officers as of the day and year first above written.

	
				
	DAVEY RECEIVABLES LLC

	 
	 
	 
	 

	By:
	/s/ Christopher J. Bast

	 
	Name:
	Christopher J. Bast
	 

	 
	Title:
	Treasurer
	 

	 
	 
	 
	 

	 
	 
	 
	 

	THE DAVEY TREE EXPERT COMPANY,

	as the Servicer and an Originator

	 
	 
	 
	 

	By:
	/s/ Christopher J. Bast

	 
	Name:
	Christopher J. Bast
	 

	 
	Title:
	Treasurer
	 

	
				
	PNC BANK, NATIONAL ASSOCIATION

	as Administrative Agent

	 
	 
	 
	 

	By:
	/s/ Michael Brown

	 
	Name:
	Michael Brown

	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	 
	 
	 

	PNC BANK, NATIONAL ASSOCIATION,

	as LC Bank

	 
	 
	 
	 

	By:
	/s/ Michael Brown

	 
	Name:
	Michael Brown
	 

	 
	Title:
	Senior Vice PresidentExhibit

EXHIBIT 10.24

FIRST AMENDMENT
TO
THE DAVEY TREE EXPERT COMPANY
401KSOP MATCH RESTORATION PLAN

The Davey Tree Expert Company 401KSOP Match Restoration Plan, originally effective as of January 1, 2003, is hereby amended, effective as of January 1, 2008, in the following respects:

		
	1.
	Section 2.4 of the Plan is amended to provide as follows:

2.4    Payment.  Payment under the Plan to an eligible Employee or his Beneficiary shall be made by the Company solely from its general assets. The match restoration benefit shall be paid in the form of a single cash payment made as soon as reasonably practicable following the eligible Employee's retirement, death, or other termination of employment; provided, however, that the payment shall be made by the end of the year in which the eligible Employee's retirement, death, or other termination of employment occurs or, if later, by the 15th day of the third calendar month following the date of the eligible Employee's retirement, death, or other termination of employment.

*  *  *

EXECUTED at Kent, Ohio this 7th day of December, 2007

	
				
	THE DAVEY TREE EXPERT COMPANY

	 
	 
	 
	 

	By:
	/s/ David E. Adante

	 
	Title:
	Executive VP & CFO

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