CHEMED (CHE) EVP Spencer S. Lee Exercises Options, Surrenders Shares

What Happened

• Spencer S. Lee, Executive Vice President of CHEMED Corp (CHE), exercised 12,099 stock options on 2026-09-30 (transaction code M), with an exercise price of $445.35 per share for a gross option value of $5,388,290. To cover the exercise-price and tax obligations (transaction code F), 11,160 shares were surrendered/withheld at $508.93 per share ($5,679,659). Net of the withholding, Lee retained 939 shares (12,099 acquired minus 11,160 surrendered), worth roughly $478k at the withholding price.

Key Details

• Transaction date: 2026-09-30; Form 4 filed 2026-10-01 (timely).
• Option exercise: 12,099 shares at $445.35 (total $5,388,290).
• Withheld/surrendered for exercise price/taxes: 11,160 shares at $508.93 (total $5,679,659).
• Net shares retained from the exercise: 939 shares (approx. $478k using $508.93/share).
• Footnotes: F1 = payment of purchase price and tax obligation on stock option exercise; F2 = options vest in three equal annual installments commencing 10/28/2022.
• Filing timeliness: Not late (filed the next day). The filing does not state total shares owned after the transaction beyond the net retained from this event.

Context

• This was an option exercise with a typical "surrender-to-cover" (shares withheld to pay exercise cost and taxes), reported as derivative exercise (M) and tax/exercise withholding (F). Such withholding transactions are routine administrative actions to satisfy tax and purchase obligations and do not by themselves indicate the insider's view of the company's prospects.