<SEC-DOCUMENT>0001157523-20-001553.txt : 20210105
<SEC-HEADER>0001157523-20-001553.hdr.sgml : 20210105
<ACCEPTANCE-DATETIME>20201130130029
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001157523-20-001553
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEMED CORP
		CENTRAL INDEX KEY:			0000019584
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HOME HEALTH CARE SERVICES [8082]
		IRS NUMBER:				310791746
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 2600
		STREET 2:		255 E FIFTH ST
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		(513)762-6690

	MAIL ADDRESS:	
		STREET 1:		SUITE 2600
		STREET 2:		255 E FIFTH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202-4726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROTO-ROOTER INC
		DATE OF NAME CHANGE:	20030613

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMED CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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    <div style="text-align: center;">November 30, 2020</div>
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    <div>Mr. Tim Buchmiller and Ms. Celeste Murphy</div>
    <div>United States Securities and Exchange Commission</div>
    <div>Division of Corporation Finance</div>
    <div>Office of Life Sciences</div>
    <div>100 F Street, N.E.</div>
    <div>Washington, D.C. 20549</div>
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    <div style="text-indent: 36pt;">Re:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Chemed Corp.</div>
    <div style="text-indent: 72pt;">Form 10-K for Fiscal Year Ended December 31, 2019</div>
    <div style="text-indent: 72pt;">Filed February 26, 2020</div>
    <div style="text-indent: 72pt;">File No. 001-08351</div>
    <div><br>
    </div>
    <div>Dear Mr. Buchmiller and Ms. Murphy:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">On behalf of Chemed Corporation (the &#8220;Company&#8221;), this letter is sent in response to your office&#8217;s comment letter dated November 16, 2020.&#160;
      For your convenience, our response is prefaced by the Staff&#8217;s corresponding comment in italicized text.</div>
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    <div><u>Form 10-K for the Fiscal Year Ended December 31, 2019</u></div>
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    <div><u>Item 13. Executive Compensation, page 27</u></div>
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              <div style="margin-left: 18pt; font-style: italic;">1.</div>
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              <div style="font-style: italic;">We note, from the information incorporated by reference from your proxy statement, the material increase in the grant date fair
                value of the option awards granted to Mr. McNamara in 2019 as compared to 2018.&#160; Refer to Regulation S-K Item 402(b)(1)(v) and in future filings disclose how the company determines the amount for each element of compensation to pay, and to
                Item 402(b)(2)(ix) and in future filings disclose the factors considered in decisions to increase or decrease compensation materially, in each case if applicable.</div>
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    <div style="text-indent: 36pt;">The Company acknowledges the Staff&#8217;s comment and notes that, in determining the amount of compensation for the Company's senior executives,
      the Compensation/Incentive Committee (the &#8220;Compensation Committee&#8221;) takes into account numerous factors that the Company discloses in the Compensation Discussion and Analysis of its proxy statements, which include historical compensation (including
      base salaries, annual incentive compensation and long-term equity awards), performance of the Company as a whole (both on an absolute basis and relative to its peer group), performance of the individual business unit for which the executive is
      responsible (if applicable), the compensation of the Company&#8217;s senior executives compared to its peer group and other industry data, and the overall mix of compensation for senior executives (as a whole and individually). &#160; <br>
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      <div>With respect to stock options, because the Company's practice is to grant option awards in the fourth quarter of the fiscal year, after a considerable amount of the year has elapsed and after base salaries have been determined and performance
        share units have been granted, in determining the size of option grants, the Compensation Committee takes into account the overall mix of compensation for each senior executive based on the Company&#8217;s results for the current year and also takes into
        account the senior executive's performance for the current year, and issues options to appropriately balance each senior executive's compensation in the context of the entire executive compensation program. &#160;Additionally, the Black-Scholes
        valuation model used to value stock options is highly dependent on the Company&#8217;s stock price. Significant variation in the stock price can lead to significant changes in the per share grant date fair value of option awards. Accordingly, grants of
        stock options often may vary more significantly from year to year than other elements of compensation.<font style="font-family: 'Times New Roman', Times, serif;"><br>
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    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"> In future filings, the Company will supplement its disclosure to include a discussion of these and any other relevant factors.</div>
    <div><br>
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    <div style="text-indent: 36pt;">Please do not hesitate to reach out to me at 513-203-7461 with any additional questions.</div>
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            <td valign="top" style="width: 38%;" colspan="2" rowspan="1">Regards,</td>
            <td valign="top" style="width: 12%;" rowspan="1">&#160;</td>
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              <div>CHEMED CORPORATION</div>
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              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">By: </div>
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            <td valign="top" nowrap="nowrap" align="left" style="width: 35%;"><u>/s/ Brian C. Judkins</u></td>
            <td valign="top" style="width: 12%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" align="left" style="width: 35%;">Brian C. Judkins,</td>
            <td valign="top" style="width: 12%;">&#160;</td>
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            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">Vice President and Chief Legal</td>
            <td valign="top" style="width: 12%;">&#160;</td>
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            <td valign="top" style="width: 35%;">Officer</td>
            <td valign="top" style="width: 12%;">&#160;</td>
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