<SEC-DOCUMENT>0000885978-18-000004.txt : 20180209
<SEC-HEADER>0000885978-18-000004.hdr.sgml : 20180209
<ACCEPTANCE-DATETIME>20180209092259
ACCESSION NUMBER:		0000885978-18-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180209
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180209
DATE AS OF CHANGE:		20180209

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:		18588552

	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
</SEC-HEADER>
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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/A</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">Amendment No. 1</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)</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">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;March 24, 2017</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: 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'; FONT-VARIANT: normal; TEXT-TRANSFORM: none; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: left">Explanatory Note </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; FONT-STYLE: normal; TEXT-ALIGN: justify">This Amendment No. 1 on Form 8-K/A to the Current Report on Form 8-K originally filed by U.S. Physical Therapy, Inc. on March 30, 2017 (the &#8220;Form 8-K&#8221;) is filed solely for the purpose of correcting an inadvertent error in the grid for the Objective Long-Term Incentive Plan for Senior Management. The attached Exhibit 99.1 in this report contains the correct grid as approved by the Compensation Committee of the Board of Directors on March 24, 2017 and replaces Exhibit 99.1 in its entirety in the original Form 8-K. There is no change to the other information in the original Form 8-K. </div>

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<div style="MARGIN-TOP: 11.25pt">** Furnished herewith.</div>

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<br>
&#160;

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

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">OBJECTIVE LONG-TERM INCENTIVE PLAN FOR SENIOR MANAGEMENT</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">FOR 2017 ("Objective LTIP")</div>

<div><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Purpose</u></font>:&#160; To incentivize and retain Executives eligible for this Objective LTIP, to achieve certain corporate earnings criteria and reward Executives when such criteria are achieved, and to align the long-term interests of Executives and shareholders of USPH by compensating the Executives in shares of USPH stock that vest over time, thereby increasing the Executives' equity interest in USPH.</div>

<div><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Effective Date</u></font>:&#160; The effective date of this Objective LTIP and the establishment of performance goals and formula for the amount payable hereunder is March 24, 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Eligibility</u></font>:&#160; The Executives of USPH eligible for this Objective LTIP are the Chief Executive Officer ("CEO"), the Chief Financial Officer ("CEO") and the Chief Operating Officer ("COO").</div>

<div><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Vesting and Other Terms and Provisions</u></font>:&#160; Under this Objective LTIP, Executives have an opportunity to receive Restricted Stock Awards ("RSAs") under the U. S. Physical Therapy, Inc. 2003 Stock Incentive Plan (as amended) (the "2003 Plan"), to be granted by the Compensation Committee of the Board of Directors of USPH (as the term "Committee" is defined in Section 1.8 of the 2003 Plan) in the first quarter of 2018. Before any RSAs are granted, the Compensation Committee shall certify in writing that the performance goals have been obtained in accordance with Code Section 162(m), and any RSAs to be granted hereunder shall be made no later than March 15, 2018. The Executive must be employed by USPH or its affiliates from the Effective Date through the date of the grant to receive a RSA. All RSAs shall be granted subject to the terms of the 2003 Plan and the specific terms and conditions (including without limitation, restrictions in transfer and substantial risk of forfeiture) as determined by the Compensation Committee in its sole discretion. RSAs that are granted under this Objective LTIP will vest evenly over 16 quarters, beginning April 1, 2018 and ending January 1, 2022. To vest, Executive must be a full-time employee/officer of USPH at vesting date, except in the event of Death or Disability (as defined in the Executive's employment agreement with USPH) which will cause all unvested RSAs to vest. In the event of a Change in Control (as defined in Executive's employment agreement) occurring after the grant date while the Executive is a full-time employee/officer of USPH, any unvested RSAs will be fully vested at or contemporaneous and in conjunction with such Change in Control. The terms set forth above and all other terms of any RSA grant shall be set forth in a Restricted Stock Agreement between the Executive and USPH, to be signed by the Executive and by the Chairman of the Compensation Committee (on behalf of USPH).</div>

<div><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Administration</u></font>: The Compensation Committee has established this Objective LTIP under Article VII of the 2003 Plan and the RSAs, if any, granted hereunder are intended to meet the performance-based exception under Code Section 162(m). The Compensation Committee has authority to administer this Objective LTIP, grant awards and decide all questions of interpretation; provided, however, that the Compensation Committee shall have no discretion to increase the maximum award amounts that are payable as provided below and/or otherwise increase or modify an award which would disqualify the award for the performance-based exception under Code Section 162(m). There will be no acceleration of the grant of an award hereunder due to the Executive's termination for cause or without good reason or Executive's voluntary retirement that would violate Code Section 162(m) as provided under Revenue Ruling 2008-13. The Compensation Committee's determinations and interpretations under this Objective LTIP shall be final and binding on all persons.</div>

<div><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>Objective Goals And Amounts That May Be Awarded</u></font>:&#160; The maximum amount of RSAs that may be granted under this Objective LTIP based upon the achievement of the performance goals relating to 2017 USPH consolidated pre-tax income (before charges/credits for changes in Mandatorily Redeemable Non-Controlling interests and any extraordinary items and after consideration of the compensation expense required to be reported in 2017 related to this and all other management incentive plans) are as follows: CEO = 11,000 shares; CFO = 5,500 shares; COO = 5,500 shares.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Performance Goals</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 216pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Objective</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;2017</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 180pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">Amount of Maximum Shares</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>&#160;&#160;&#160;&#160;&#160;Pre-tax Income</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 180pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'"><u>That May Be Awarded</u></font></div>

<div style="TEXT-ALIGN: left">
<table id="z81712687e18746f48d46e0ade53a225e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 252pt; VERTICAL-ALIGN: top; align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$39,866,800</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">30.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z9f5f814c9a76485e921dab1bd649b20e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$40,059,000</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">34.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zff9378b520d6436b8b2993a4b651e2da" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$40,252,800</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">38.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z337479bd7bdc4615a88f039340371208" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$40,484,400</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">42.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zf5bdf689e34848658fd7cfed02a8ec19" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$40,677,400</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">46.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z695894432e744f72850df8cace1556b6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$40,909,000</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">50.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z843dcd4d2d90483987d217590de30f7b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$41,140,600</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">56.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zacccc4a462e9492eb8de4206f75a6a9b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$41,333,600</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">62.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z1e9ab6a82ac741ea8bba6ba0f25f9ddc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$41,565,200</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">68.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z22c86fffce0944fab7f47c0437e549cd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$41,758.200</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">76.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z08a9ff955fa84f6dbeb691c0eccbee7f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$41,989,800</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">84.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zc308838e446e4ad5a622f1527cb20aa0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$42,221,400</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">92.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zdc13d0d1d8ad49119e3f92475eb3aad6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right">$42,414,400 and over</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">100.0%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z9f2d21c805fd4996b26f4b8cbd67a840" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z9ee48fc3ec33444aaa4667c109872ab1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z2b3a5b0c01f94c2582712c5ac8a57afc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 16px">
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zc2d33c27bf674233b2d5407e3798fe29" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z1b98c0a3cce240e8a6680e8fae9d4582" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 216pt; VERTICAL-ALIGN: top; align: right"></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z8e48e3dddeef488a82300a7a2f3148c8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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