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<SEC-DOCUMENT>0000950123-10-008842.txt : 20100415
<SEC-HEADER>0000950123-10-008842.hdr.sgml : 20100415
<ACCEPTANCE-DATETIME>20100204171137
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-008842
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIAD CORP
		CENTRAL INDEX KEY:			0000884219
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				361169950
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1850 NORTH CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-4545
		BUSINESS PHONE:		(602) 207-4000

	MAIL ADDRESS:	
		STREET 1:		1850 NORTH CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-4545

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIAL CORP /DE/
		DATE OF NAME CHANGE:	19930823

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW DIAL CORP
		DATE OF NAME CHANGE:	19921106
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<P align="justify" style="font-size: 10pt">February&nbsp;4, 2010


<P align="justify" style="font-size: 10pt">United States Securities and Exchange Commission
<BR>
Mail Stop 3561
<BR>
100 F Street N.E.
<BR>
Washington, D.C. 20549


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>Re:</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><DIV style="text-align: justify"><B> Viad Corp</B><BR>
<B>Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2008</B>
<BR>
<B>Filed February&nbsp;27, 2009</B>
<BR>
<B>Definitive Proxy Statement on Schedule&nbsp;14A</B>
<BR>
<B>Filed April&nbsp;3, 2009</B>
<BR>
<B>File No.&nbsp;001-11015</B>
</DIV></TD>
</TR>

</TABLE>



<P align="justify" style="font-size: 10pt">Ladies and Gentlemen:


<P align="justify" style="font-size: 10pt; text-indent: 3%">On behalf of Viad Corp, a Delaware corporation (&#147;Viad&#148; or the &#147;Company&#148;), we transmit for filing, pursuant to the
Electronic Data Gathering, Analysis and Retrieval system, responses to the comments of the staff (the &#147;Staff&#148;) of the
Securities and Exchange Commission regarding the above-referenced filings. The Staff&#146;s comments were set forth in a
letter dated January&nbsp;21, 2010, addressed to Scott E. Sayre, Vice President &#151; General Counsel and Secretary, over the
signature of H. Christopher Owings. The text of the Staff&#146;s comments and Viad&#146;s responses thereto are set forth below.


<P align="justify" style="font-size: 10pt"><U><B>Definitive Proxy Statement on Schedule&nbsp;14A</B></U>


<P align="justify" style="font-size: 10pt"><U>Executive Compensation, page 12</U>


<P align="justify" style="font-size: 10pt; text-indent: 3%">1.&nbsp;<I>We note your response to prior comment four from our letter dated December&nbsp;29, 2009. You indicate that you
will, in future filings, make it clearer that Viad does not use a set of identified comparator or peer companies in
connection with your executive compensation decision-making process. Please also disclose, as you indicate in your
response, that you review compensation data from general market surveys for companies that have annual revenues roughly
similar to Viad&#146;s annual revenues (recently, companies with annual revenues in the range of $500 to $1&nbsp;billion),
without regard to company name or the industry in which the entity operates.</I>


<P align="justify" style="font-size: 10pt; text-indent: 3%">Response:


<P align="justify" style="font-size: 10pt; text-indent: 3%">Viad acknowledges that it will comply with the Staff&#146;s comments in comment one in future filings to make clearer
in such filings the data used in the process.


<P align="justify" style="font-size: 10pt; text-indent: 3%">2.&nbsp;<I>We note your response to prior comment five from our letter dated December&nbsp;29, 2009 and your indication that
you do not believe that disclosure of specific targets is material to an investor&#146;s understanding of the plans, the
Company&#146;s compensation policies and decisions, or the named executive officers&#146; compensation. Please tell us why you
believe that disclosing such amounts is not material to an investor&#146;s understanding. We may have further comment.
Refer to Instruction 2 to </I><I>Item 402(b)</I><I> of Regulation&nbsp;S-K Compliance and Question 118.02 and Response 217.11 of our
Regulation&nbsp;S-K Compliance and Disclosure Interpretations located at our web-site, </I><U><I>www.sec.gov</I></U><I>. In any event,
please provide us with a sample of what your proposed disclosure will look like as revised.</I>


<P align="justify" style="font-size: 10pt; text-indent: 3%">Response:


<P align="justify" style="font-size: 10pt; text-indent: 3%">We continue to believe that disclosure of specific targets is not material to an investor&#146;s understanding of the
compensation plans, the Company&#146;s compensation policies and decisions, or the named executive officers&#146; compensation.
We believe that disclosure of the frequency of payouts at various levels (together with payout amounts and percentage
of achievement of target performance) is more indicative of the extent to which the plans actually serve a meaningful
incentive purpose. We understand, however, that the SEC has taken a fairly firm position on the disclosure of
performance targets. Consequently, in future filings Viad will disclose, in connection with its disclosure regarding
the incentive compensation payout to a named executive officer of Viad, the historical financial target(s) of the
performance goal(s) established for such incentive compensation plan. For illustrative purposes, the following table
provides the specific targets for Viad&#146;s annual, cash-based, pay-for-performance program, as discussed in the narrative
of the Compensation Discussion &#038; Analysis (&#147;CD&#038;A&#148;) in the 2009 Proxy Statement on pages 14 &#151; 15.

<P align="center" style="font-size: 10pt; text-indent: 3%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<P align="justify" style="font-size: 10pt">Securities and Exchange Commission
<BR>
2008 Form 10-K and 2009 Proxy Statement
<BR>
February&nbsp;4, 2010
<BR>
Page 2 of 2


<P align="center" style="font-size: 10pt"><B>2008 Annual Incentive Performance Goals, Weighting and Targets</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" >
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Performance</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Weighting</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Target</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" style="border-bottom: 1px solid #000000"><B>Goal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right">Viad Corp &#151; Corporate Level Executives:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Income Per Share (2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right">(includes P. Dykstra, E. Ingersoll, S. Sayre)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Operating Cash Flow (2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,127,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD align="right">Operating Company Executives &#151; GES:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Operating Income (2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="right">(includes K. Rabbitt)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Operating Cash Flow (2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,400,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">829,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD align="right">Operating Company Executives - Exhibitgroup/Giltspur:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Operating Income (2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,000,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD align="right">(includes J. Jastrem)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Operating Cash Flow (2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Targets are in U.S dollars.
</DIV></TD>
    <TD width="5%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Income Per Share, Operating Cash Flow and Operating Income exclude unusual charges (such as
impairment losses and restructuring charges), changes in accounting principles and effects of enacted
tax laws resulting from major corporate tax reform legislation that were not contemplated, as well as
unplanned acquisition activity (including deal costs, results of acquired companies and the related
impact on interest income and/or interest expense) and special, one-time cash dividends. Operating
Cash Flow is adjusted to exclude the effect of excess tax benefits on share-based compensation,
restructuring payments and payments on any other Income Per Share achievement adjustments (after-tax)
that impact cash flow.
</DIV></TD>
    <TD width="5%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="justify" style="font-size: 10pt; text-indent: 3%">In future filings, Viad will provide similar relevant types of information regarding the performance goals and
targets for Viad&#146;s long-term incentive plans. As explained in the CD&#038;A in the 2009 Proxy Statement, the 2008
performance goals and targets used for grants of performance-based restricted stock were the same performance goals and
targets as the 2008 annual incentive plan, as described in the table above.


<P align="justify" style="font-size: 10pt; text-indent: 3%">As requested in the Staff&#146;s comment letter dated January&nbsp;21, 2010, the Company hereby acknowledges that it will
comply with the Staff&#146;s comments in its letters dated December&nbsp;29, 2009 and January&nbsp;21, 2010, in all future filings, as
applicable.


<P align="justify" style="font-size: 10pt; text-indent: 3%">The Company believes the foregoing is responsive to the Staff&#146;s comments and hopes that the Company has resolved
the comments to the Staff&#146;s satisfaction. Your prompt attention to this response will be appreciated.


<P align="justify" style="font-size: 10pt; text-indent: 3%">If you have any questions regarding the foregoing responses or if any additional information is needed, please
contact the undersigned Scott Sayre at telephone number (602)&nbsp;207-5626 and fax number (602)&nbsp;207-5602, or the
undersigned Ellen Ingersoll at telephone number (602)&nbsp;207-1051 and fax number (602)&nbsp;207-2832.


<P align="justify" style="font-size: 10pt; margin-left: 46%; font-size: 10pt">Sincerely,


<P align="justify" style="font-size: 10pt; margin-left: 46%; font-size: 10pt">/s/ Scott E. Sayre<BR>
Scott E. Sayre<BR>
Vice President-General Counsel &#038; Secretary<BR>


<P align="justify" style="font-size: 10pt; margin-left: 46%; font-size: 10pt">/s/ Ellen M. Ingersoll<BR>
Ellen M. Ingersoll<BR>
Chief Financial Officer<BR>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">cc:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Paul B. Dykstra<BR>
G. Michael Latta
<BR>
Deborah J. DePaoli
<BR>
Joseph P. Richardson, Squire, Sanders &#038; Dempsey L.L.P.<BR>
John C. Sizer, Deloitte &#038; Touche LLP


</DIV></TD>
</TR>

</TABLE>








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<P align="center" style="font-size: 10pt; display: none">2




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