<SEC-DOCUMENT>0000885978-16-000015.txt : 20160113
<SEC-HEADER>0000885978-16-000015.hdr.sgml : 20160113
<ACCEPTANCE-DATETIME>20160113095419
ACCESSION NUMBER:		0000885978-16-000015
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160111
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160113
DATE AS OF CHANGE:		20160113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S PHYSICAL THERAPY INC /NV
		CENTRAL INDEX KEY:			0000885978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		IRS NUMBER:				760364866
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11151
		FILM NUMBER:		161340056

	BUSINESS ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
		BUSINESS PHONE:		7132977000

	MAIL ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
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 UNITED STATES</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">WASHINGTON, DC 20549</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">FORM 8-K</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">CURRENT REPORT</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pursuant to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">Date of Report (Date of earliest event reported):&#160;January 11, 2016</div>

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<div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">U.S. PHYSICAL THERAPY, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-RIGHT: 0.8pt">(State or other jurisdiction</div>

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<div style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-RIGHT: 0.8pt">Identification No.)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-RIGHT: 0.8pt">1300 West Sam Houston Parkway South,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-RIGHT: 0.8pt">Suite 300, Houston, Texas</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">Registrant's telephone number, including area code: (713)&#160;297-7000</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>see</u></font> General Instruction A.2. below):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-TOP: 6pt">
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Effective January 11, 2016 ("Effective Date"), U. S. Physical Therapy, Inc. (the "Company") entered into a&#160;Second Amendment to the Amended and Restated Credit Agreement (the "Amended Credit Agreement") with Bank of America.&#160; The Amended Credit Agreement increased the cash and noncash consideration that the Company could pay with respect to acquisitions permitted within the Amended Credit Agreement to $50,000,000 for&#160;any fiscal year from $25,000,000.&#160; In addition, the Amended Credit Agreement increases the amount the Company may pay in cash dividends to its stockholders in an aggregate amount not to exceed $10,000,000 in any fiscal year from $7,500,000.</div>

<div>&#160;</div>

<div>The Credit Agreement matures on November 30, 2018, is unsecured and includes standard financial covenants which include a consolidated fixed charge coverage ratio and a consolidated leverage ratio, as defined in the Credit Agreement.&#160; Proceeds from the credit agreement may be used for working capital, acquisitions, and for other corporate purposes.</div>

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<div>As of&#160;January 12, 2016, the outstanding balance advanced under the loan facility was $48,500,000.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-TOP: 6pt">
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<div style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 436.6pt">Description of Exhibits</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">99.1</div>
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<td style="WIDTH: 89.5%; VERTICAL-ALIGN: top">&#160;Second Amendment to Amended and Restated Credit Agreement by and among the Company and the Lenders party hereto, and Bank of America, N. A, as Administrative Agent.*</td>
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<div style="MARGIN-TOP: 11.25pt">* Furnished herewith.<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 11.25pt">SIGNATURE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-TOP: 12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">(duly authorized officer and principal </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160; financial and accounting officer)</div>
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<TYPE>EX-99.1
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Arial Narrow', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT 99.1</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This Second Amendment to Amended and Restated Credit Agreement (this "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Amendment</u></font>") dated as of January 11, 2016, is by and among U.S. PHYSICAL THERAPY, INC., a Nevada corporation (the "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Borrower</u></font>"), the Lenders party hereto, and BANK OF AMERICA, N.A.,<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">&#160;</font>as Administrative Agent, Swing Line Lender and L/C Issuer (the "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Administrative Agent</u></font>").</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; TEXT-ALIGN: center">W I T N E S S E T H:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">A.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">The Borrower, the Administrative Agent and the Lenders named therein entered into that certain Amended and Restated Credit Agreement dated as of December 5, 2013 (as may be amended, restated, supplemented and modified from time to time, the "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Credit Agreement</u></font>").</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">B.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">The <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">Borrower, the Administrative Agent and the Lenders now desire to amend the Credit Agreement as provided herein.</font></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">NOW, THEREFORE, in consideration of the premises, as well as the covenants, conditions and agreements hereafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the parties covenant and agree as follows:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal">ARTICLE I</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><br>
<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal"><u>Definitions</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section I.1</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Definitions</u></font>.&#160; Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Credit Agreement, as amended hereby.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal">ARTICLE II</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><br>
<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal"><u>Amendments to Credit Agreement</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section II.1</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Amendment to Section 1.01 of the Credit Agreement</u></font>.&#160; Effective as of the date hereof, <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;1.01</u></font> of the Credit Agreement is amended to delete the definition of "ARC Acquisition" set forth therein.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Section II.2</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Amendment to Section 7.03(f)(iii) of the Credit Agreement</u></font>.&#160; Effective as of the date hereof, <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;7.03(f)(iii)</u></font> of the Credit Agreement is amended and restated in its entirety to read as follows:</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">(iii)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">the total cash and noncash consideration (including the fair market value of all Equity Interests, other than Equity Interests of the Borrower or of the Subsidiary of the Borrower which makes such purchase or acquisition, issued or transferred to the sellers thereof, the aggregate amounts paid or to be paid under noncompete, consulting, other affiliated agreements (to the extent such consideration does not exceed the fair market value of the goods or services provided under such agreements, as agreed to by the Administrative Agent), all earnouts and other contingent payment obligations, with the sellers thereof, and all assumptions of Consolidated Funded Indebtedness in connection therewith) paid by or on behalf of the Borrower and its Subsidiaries for any such purchase or other acquisition shall not exceed (A)&#160;$20,000,000 for any single acquisition and (B)&#160;when aggregated with (x)&#160;such total cash and noncash consideration (but excluding Equity Interests of the Borrower) paid by or on behalf of the Borrower and its Subsidiaries for all other purchases and other acquisitions made by the Borrower and its Subsidiaries pursuant to this <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;7.03(f)</u></font> and (y)&#160;the total cash and noncash consideration paid with respect to purchase of Equity Interests permitted in <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;7.03(g)</u></font>, shall not exceed $50,000,000 in the aggregate in any fiscal year;</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Section II.3</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Amendment to Section 7.03(g)(iii) of the Credit Agreement</u></font>.&#160; Effective as of the date hereof, <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;7.03(g)(iii)</u></font> of the Credit Agreement is amended and restated in its entirety to read as follows:</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">(iii)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">the total cash and noncash consideration (including the fair market value of all Equity Interests, other than Equity Interests of the Borrower, issued or transferred to the sellers thereof, the aggregate amounts paid or to be paid under noncompete, consulting, other affiliated agreements (to the extent such consideration does not exceed the fair market value of the goods or services provided under such agreements, as agreed to by the Administrative Agent), all earnouts and other contingent payment obligations with the sellers thereof, and all assumptions of Consolidated Funded Indebtedness in connection therewith) paid by or on behalf of the Borrower and its Subsidiaries for any such purchase or other acquisition, (A)&#160;$20,000,000 for any single purchase of Equity Interests and (B)&#160;when aggregated (x) with such total cash and noncash consideration (but excluding Equity Interests of the Borrower) paid by or on behalf of the Borrower and its Subsidiaries for all other purchases and other acquisitions made by the Borrower and its Subsidiaries pursuant to this <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;7.03(g)</u></font> and (y) the total cash and noncash consideration paid with respect to acquisitions permitted in <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;7.03(f),</u></font> shall&#160; not exceed $50,000,000 in the aggregate in any fiscal year;</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Section II.4</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Amendment to Section 7.03(h) of the Credit Agreement</u></font>.&#160; Effective as of the date hereof, <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;7.03(h)</u></font> of the Credit Agreement is amended and restated in its entirety to read as follows:</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">(h)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">[Intentionally omitted.]</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Section II.5</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Amendment to Section 7.06(e) of the Credit Agreement</u></font>.&#160; Effective as of the date hereof, <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section&#160;7.06(e)</u></font> of the Credit Agreement is amended and restated in its entirety to read as follows:</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">(e)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">the Borrower may pay cash dividends to its stockholders in an aggregate amount not to exceed $10,000,000 in any fiscal year <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>so long as</u></font> (i)&#160;immediately before and immediately after giving pro forma effect to any such payment, no Default shall have occurred and be continuing and (ii) immediately after giving effect to such payment, the Borrower and its Subsidiaries shall be in pro forma compliance with all of the covenants set forth in <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section 7.11</u></font>, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section 6.01(a)</u></font> or <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>(b)</u></font>&#160;as though such payment had been made as of the first day of the fiscal period covered thereby.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal">ARTICLE III</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><br>
<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal"><u>Representations and Warranties</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section III.1</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Representations and Warranties</u></font>.&#160; By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof, and after giving effect to this Amendment:</font></div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">the representations and warranties of the Borrower contained in <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Article&#160;V</u></font> of the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct;</div>
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</div>

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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">no Default exists;</div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(c)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">(i)&#160;the Borrower has all requisite power and authority, and all requisite governmental licenses, authorizations, consents and approvals, to execute, deliver and perform this Amendment and the Credit Agreement, as amended hereby; (ii)&#160;this Amendment has been duly executed and delivered by the Borrower, and the execution, delivery and performance of this Amendment by the Borrower has been duly authorized by all necessary corporate or other organizational action; and (iii)&#160;this Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms;</div>
</td>
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</div>

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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(d)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">neither the execution, delivery and performance of this Amendment or the Credit Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or therein, will (i)&#160;contravene the terms of any of the Borrower's Organization Documents; (ii)&#160;conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (A)&#160;any Contractual Obligation to which the Borrower is a party or affecting the Borrower or the properties of the Borrower or any of its Subsidiaries or (B)&#160;any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject; or (iii)&#160;violate any Law; and</div>
</td>
</tr>
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</div>

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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(e)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Borrower of this Amendment or the Credit Agreement, as amended hereby.</div>
</td>
</tr>
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</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal">ARTICLE IV</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><br>
<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal"><u>Conditions Precedent</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section IV.1</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Conditions to Effectiveness</u></font>.&#160; This Amendment shall be effective upon satisfaction or completion of the following:</font></div>

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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">the Administrative Agent shall have received executed counterparts of this Amendment from each party hereto;</div>
</td>
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</table>
</div>

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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">the Administrative Agent shall have received all fees and expenses incurred in connection with the preparation and execution of this Amendment, including, without limitation, attorneys' fees, in accordance with <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section 10.4(a)</u></font> of the Credit Agreement;</div>
</td>
</tr>
</table>
</div>

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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(c)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">the representations and warranties set forth in <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Article&#160;III</u></font> hereof are true and correct; and</div>
</td>
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<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(d)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall reasonably require.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-WEIGHT: normal">ARTICLE V</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><br>
<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal"><u>Miscellaneous</u></font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Section V.1</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Reference to the Credit Agreement; Ratification of the Credit Agreement</u></font>.</font></div>

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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">Upon the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement," "hereunder," or words of like import shall mean and be a reference to the Credit Agreement, as amended hereby.</div>
</td>
</tr>
</table>
</div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 72pt">The Credit Agreement, as amended hereby, shall remain in full force and effect and is hereby ratified and confirmed.</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Section V.2</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Execution in Counterparts</u></font>.&#160; This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.&#160; Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Section V.3</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Governing Law; Binding Effect</u></font>.&#160; This Amendment shall be governed by and construed in accordance with the laws of the State of Texas applicable to agreements made and to be performed entirely within such state, provided that each party shall retain all rights arising under federal law. This Amendment shall be binding upon the parties hereto and their respective successors and assigns; <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>provided</u></font>, <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>however</u></font>, that the Borrower may not<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">&#160;</font>assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written consent of the Administrative Agent and each Lender, and any prohibited assignment shall be null and void.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Section V.4</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Headings</u></font>.&#160; Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-WEIGHT: normal; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Section V.5</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Entire Agreement</u></font>.&#160; THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL&#160; AGREEMENTS AMONG THE PARTIES.&#160; THERE ARE NO UNWRITTEN ORAL&#160; AGREEMENTS AMONG THE PARTIES.</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">REMAINDER OF PAGE LEFT INTENTIONALLY BLANK</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 216pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">BORROWER</font>:</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font></font><br>
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<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 216pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal">U.S. PHYSICAL THERAPY, INC.</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><br>
<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><br>
<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-WEIGHT: normal">By:&#160;/s/&#160;Lawrance W. McAfee<font style="FONT-SIZE: 5.04pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Name:&#160;Lawrance W. McAfee</font><font style="FONT-SIZE: 5.04pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: normal">Title: EVP &amp; CFO</font></font></div>

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<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 216pt"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">BANK OF AMERICA, N.A.</font>,</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: normal">as Administrative Agent</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
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<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-WEIGHT: normal">By:&#160;/s/ Heath Lipson<font style="FONT-SIZE: 5.04pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Name: Heath Lipson</font><font style="FONT-SIZE: 5.04pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Title: SVP</font><font style="FONT-SIZE: 5.04pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></font></div>

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<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 216pt"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">BANK OF AMERICA, N.A.</font>,</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: normal">as a Lender, L/C Issuer and Swing Line Lender</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
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</font><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">By:&#160;/s/ Heath Lipson</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.04pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Name: Heath Lipson</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.04pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Title: SVP</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.04pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

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