<SEC-DOCUMENT>0000885978-18-000006.txt : 20180307
<SEC-HEADER>0000885978-18-000006.hdr.sgml : 20180307
<ACCEPTANCE-DATETIME>20180307104334
ACCESSION NUMBER:		0000885978-18-000006
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180307
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:		20180307
DATE AS OF CHANGE:		20180307

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:		18672270

	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)</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 2, 2018</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>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">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-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">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="COLOR: #000000; BACKGROUND-COLOR: #ffffff"></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;&#160;&#9744;</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: justify">Item 5.02&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; FONT-STYLE: normal"><br>
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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; TEXT-INDENT: 36pt">On March 6, 2018, the Board of Directors of U.S. Physical Therapy, Inc. (the &#8220;Company&#8221;) appointed Mr. Graham Reeve to serve as the Company&#8217;s Chief Operating Officer - East, effective the same date. On March 2, 2018, the Company issued a press release announcing that Mr. Reeve joined the Company effective March 1, 2018, a copy of which is filed as Exhibit 99.1 hereto. </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; TEXT-INDENT: 36pt">Mr. Reeve, age 53, previously served as Chief Executive Officer of The Baptist Health System in San Antonio, Texas, an 1800 licensed-bed, 6 hospital system which is now a part of Tenet Healthcare Corporation (NYSE:THC), a publicly traded company. Mr. Reeve is a licensed physical therapist in the state of Texas.</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; MARGIN-RIGHT: 0.8pt">Item 9.01</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">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; FONT-STYLE: normal">&#160;</div>

<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; MARGIN-RIGHT: 0.8pt">FINANCIAL STATEMENTS AND EXHIBITS</div>
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<div style="TEXT-ALIGN: center; MARGIN-RIGHT: 0.8pt">Exhibits</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WIDTH: 6.42%; VERTICAL-ALIGN: middle; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; FONT-STYLE: normal"><a href="exhibit10-1.htm">&#160;10.1</a></td>
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<div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

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

<div style="MARGIN-TOP: 11.25pt">&#160;</div>

<div style="MARGIN-TOP: 11.25pt"><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>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 2.8pt">U.S. PHYSICAL THERAPY, INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Dated:&#160;March 7, 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">/s/ LAWRANCE W. MCAFEE</div>
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<div style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Lawrance W. McAfee</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Chief Financial Officer</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 financial</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;&#160;&#160;&#160;&#160;and accounting officer)</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">&#160;</div>

<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; MARGIN-RIGHT: 0.8pt">Item 9.01</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">&#160;</div>

<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; MARGIN-RIGHT: 0.8pt">FINANCIAL STATEMENTS AND EXHIBITS</div>
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<div style="TEXT-ALIGN: center; MARGIN-RIGHT: 0.8pt">Exhibits</div>
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<div style="TEXT-ALIGN: left; MARGIN-RIGHT: 436.6pt">Description of Exhibits</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WIDTH: 6.42%; VERTICAL-ALIGN: middle; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; FONT-STYLE: normal"><a href="exhibit10-1.htm">10.1</a></td>
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<div style="TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt"><a href="exhibit99-1.htm">99.1</a></div>
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<div style="TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt"><a href="exhibit99-1.htm">&#160;&#160;</a></div>
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<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; FONT-STYLE: normal">&#160;</font><a href="exhibit99-1.htm">Registrant&#8217;s press release dated&#160;March 2, 2018 . </a>**</div>
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<div style="MARGIN-BOTTOM: 10pt">** Furnished herewith.<br>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right">EXHIBIT 99.1</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify">CONTACT:</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">U.S. Physical Therapy, Inc.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Larry McAfee, Chief Financial Officer</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Chris Reading, Chief Executive Officer</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">(713) 297-7000</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Three Part Advisors</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Joe Noyons </div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">(817) 778-8424</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman Bold', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">U.S. Physical Therapy Adds to Executive Team</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Houston, TX,&#160;March 2, 2018 &#8211;<font style="FONT-WEIGHT: normal"> U.S. Physical Therapy, Inc. ("USPH" or the &#8220;Company&#8221;) (NYSE: USPH), a national operator of outpatient physical therapy clinics, today announced that it is expanding its executive team. Graham Reeve, PT, MBA, is joining the Company as Chief Operating Officer-East effective March 1, 2018. Graham recently served as the long-tenured CEO of The Baptist Health System in San Antonio, Texas, an 1800 licensed-bed, 6 hospital system which is now part of Tenet Healthcare.</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: normal; TEXT-ALIGN: justify">Chris Reading, Chief Executive Officer, said, &#8220;Our Company has grown tremendously over the years and we are very focused to continue that positive trend. We have always been blessed to be able to attract the finest people and knowing Graham for many years, I have no doubt that he will make significant contributions to our team, our Company and to the benefit of patients, partners and shareholders alike. Graham will join Glenn McDowell, COO-West, and a recently expanded operation&#8217;s group as we continue our growth trajectory while making a difference in the health of the patients, families and companies for whom we work so hard to serve.&#8221;</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal; TEXT-ALIGN: justify"><u>About U.S. Physical Therapy, Inc. </u></div>

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<div style="FONT-SIZE: 12pt; TEXT-ALIGN: justify">Founded in 1990, U.S. Physical Therapy, Inc. operates 580 outpatient physical therapy clinics in 41 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, the Company manages 32 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The Company also provides onsite services for clients&#8217; employees including injury prevention, rehabilitation, ergonomic assessments and performance optimization. </div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release.<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: right">EXHIBIT 10.1</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman Bold', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EMPLOYMENT AGREEMENT</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into and effective as of the 2nd day of January, 2018, by and between U. S. Physical Therapy, Inc. a Nevada corporation ("Employer"), and Graham Reeve ("Employee").&#160; Employer and Employee may be referred to herein collectively as the "Parties" and individually as a "Party."&#160; For the purposes of this Agreement, "Employer" includes U.S.P.T. Management, Inc.; for the purposes of Sections 10, 11, and 12 "Employer" shall include all subsidiaries and affiliates (as defined under the Securities Exchange Act of 1934, as amended and regulations promulgated thereunder)</div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Term</u></font>.&#160; Employer hereby agrees to employ Employee and Employee hereby accepts employment with Employer for a two-year term (the "Term") commencing as of March 1, 2018.&#160; The Term shall automatically renew as of the end of each expiring Term for an additional two-year period.&#160; For purposes hereof, the "Term" shall refer to the current Term and any renewal of such Term.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 2.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Duties of Employee</u></font>.&#160; Employee is engaged to serve as Co-Chief Operating Officer of Employer and to perform such duties and responsibilities as are customarily performed by persons acting in such capacity or such other duties as may be assigned by Employer from time to time.&#160; Employee shall report to the Employer's President and Chief Executive Officer and shall perform his duties in accordance with the policies and objectives established by Employer.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 3.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Full-Time Employment</u></font>.&#160; Employee shall devote substantially all of his working time and talent to the business of Employer during the term hereof and shall diligently and to the best of his ability perform all duties incident to his employment hereunder, using his best efforts to promote the interests of Employer.&#160; Employee agrees that he shall not serve as an officer, director, consultant, or employee of any other person or entity, whether or not for compensation, without the prior consent of the Employer's Board of Directors.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 4.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Base Compensation</u></font>.&#160; Subject to the terms and conditions of this Agreement, as compensation for services rendered and Employee's covenants and agreements under this Agreement, Employer shall pay to Employee a base salary of FOUR HUNDRED FIFTY THOUSAND AND NO/100THS DOLLARS ($450,000.00) per year (as adjusted from time to time, the "Base Compensation"), payable in accordance with Employer's then-prevailing pay practices.&#160; From time to time (but at least once a year) Employer and Employee shall review Employee's performance, and at that time Employer, in its sole discretion, shall determine whether Employee's Base Compensation should be increased.&#160; At no time during the Term hereof will Employee's Base Compensation be decreased, without the express written consent of Employee.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 5.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Additional Compensation</u></font>.&#160; Subject to the terms and conditions of this Agreement, in addition to the Base Compensation, Employer may provide incentive compensation in the form of cash bonuses and other incentive awards, including stock options and restricted shares.&#160; The amount of any cash bonus and the award of any additional stock options or restricted shares are completely discretionary and will be determined solely by the Board of Directors of Employer or a compensation committee thereof, taking into consideration any factor the Board of Directors or compensation committee deems relevant.&#160; Employee shall receive an initial grant of restricted stock having a value as of the date of such grant of approximately $600,000.00, subject to quarterly vesting over four years and such other terms as determined by the Board of Directors. In addition, within five business days of the execution of this Agreement, Employer shall pay to Employee a one-time signing bonus in the amount of $20,000.00.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 6.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Business Expenses</u></font>.&#160; Employer shall reimburse Employee for business expenses directly and reasonably incurred in the performance of his duties.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 7.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Benefits and Plans</u></font>.&#160; Employee shall be entitled to fringe benefits, including vacation days, sick and personal days and company holidays pursuant to the Employer's paid time off plan as per the Employer's employee handbook (provided that paid vacation shall be at least 4 weeks annually), and insurance (health, disability and life), and Employee shall be entitled to participate, subject to all conditions of eligibility, in any employee benefit plans which may be adopted by Employer, including without limitation, qualified retirement plan(s), deferred compensation plans, and salary continuation, disability insurance, hospitalization insurance, major medical insurance, medical reimbursement and life insurance benefit plans.&#160; Also, Employer shall continue Employee's monthly salary for a period of up to ninety (90) continuous days during any period of Employee's sickness or disability.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 8.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Termination</u></font>.&#160; This Agreement shall terminate prior to the expiration of the Term hereof upon the occurrence of any one of the following events:</font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(b)</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Cause</u></font>.&#160; Nothing in this Agreement shall be construed to prevent its termination by Employer at any time for "cause".&#160; For purposes of this Agreement, "cause" shall mean (i) the willful and material failure of Employee to perform or observe (other than by reason of disability as contemplated in paragraph 9(a)) any of the terms or provisions of this Agreement, including the failure of Employee to follow the reasonable written directions of Employer's President and Chief Executive Officer or Board of Directors, (ii) dishonesty or misconduct on the part of Employee that is or is reasonably likely to be damaging or detrimental to the business of Employer, (iii) conviction of a crime involving moral turpitude, (iv) habitual insobriety or failure to perform duties due to abuse of alcohol or drugs, or (v) misappropriation of funds.&#160; Prior to terminating this Agreement on account of Employee's failure to perform or observe any of the terms and conditions of this Agreement (but not for any of the other enumerated "causes" stated in (ii) through (v) above), Employer shall give Employee thirty (30) days written notice and an opportunity to cure such failure to the satisfaction of Employer.&#160; Upon termination for cause, Employer shall pay to Employee all sums due to Employee through the date of such termination.&#160; Following such a termination, Employer shall have no further duty or obligation to Employee; provided, however, that Employee shall continue to be bound by Sections 10 through 16.</div>
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<table id="ze397b495602349b6879c0efd7e384914" class="DSPFListTable" style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 72pt">(d)</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Voluntary Resignation by Employee not for good reason</u></font>.&#160; Upon a voluntary resignation by Employee not "for good reason" as defined in Section 9 F. herein, Employer shall pay to Employee all sums due to Employee through the date of such termination.&#160; Following such a termination, Employer shall have no further duty or obligation to Employee; provided, however, that Employee shall continue to be bound by Sections 10 through 16.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 9.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Special Benefits.</font></div>

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<td style="WIDTH: 54pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">A.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Special Benefit in the Event of Termination Without Cause or Resignation for Good Cause.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">In the event of the termination of employment of Employee by Employer without "cause as cause is defined in Section 8(c) hereof, or the resignation of employment by Employee&#160; "for good reason" as defined in Section 9 D. hereof (in either case, a "Termination Event"), Employee shall be entitled to the following special benefits:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">(i)&#160; Two (2) years' Base Compensation; and</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">(ii) The greater of (i) the bonus paid or payable to Employee with respect to last fiscal year of Employer completed prior to the occurrence of the Termination Event or (ii) the average of the bonuses paid to Employee over the three (3) fiscal years of Employer ending with last fiscal year of Employer completed prior to the occurrence of the Termination Event; and</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">(iii) Employee's accrued but unused vacation days; and</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">(iv) All Restricted Stock owned by Employee shall immediately become Vested Shares, as such term is defined in the applicable grant agreement and plan documents</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">The aggregate dollar amount of the special benefits described in subsections (i) and (ii) above shall be aggregated and paid ratably on a bi-weekly basis over the 24 month period following the Termination Event.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">If a Change in Control has occurred within six (6) months prior to a Termination Event, Employee also shall be entitled to a Change of Control benefit of $283,333.00.&#160; For purposes hereof, a "Change in Control" is defined as:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 117pt; TEXT-INDENT: -22.5pt">(i) The transfer or sale by Employer of all or substantially all of the assets of Employer whether or not this Agreement is assigned or transferred as a part of such sale;</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 108pt">(i)</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 28.8pt">The transfer or sale of more than fifty percent (50%) of the outstanding shares of Common Stock of Employer;</div>
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<td style="WIDTH: 115.2pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 108pt">(ii)</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 28.8pt">A merger or consolidation involving Employer in a transaction in which the shareholders of Employer immediately prior to the merger or consolidation own less than fifty percent (50%) of the company surviving the merger or consolidation; or</div>
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<td style="WIDTH: 115.2pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 108pt">(iii)</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 28.8pt">A merger or consolidation involving Employer in a transaction in which the board members of Employer after the merger or consolidation constitute less than fifty percent (50%) of the board of the company surviving the merger or consolidation; or</div>
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<div>
<table id="z692bdcbb379e4d85a7fd0467488ce637" class="DSPFListTable" style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 115.2pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 108pt">(iv)</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 28.8pt">The voluntary or involuntary dissolution of Employer.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">B.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Employee's accrued but unused vacation days shall be paid to Employee within thirty (30) days of the actual date of the termination of Employee's employment.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">C.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">In the event Employee's employment is terminated (whether by Employer or Employee) as a result of a Termination Event, Employee shall be entitled to such medical insurance benefits as he enjoyed prior to his termination for the twenty-four months following such termination and at the same cost to Employee of such benefits as in effect prior to such termination.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">D.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">For purposes of this Agreement, "for good reason" means the occurrence of any one or more of the following: (i) removal or other termination of Employee as the Co-Chief Operating Officer of Employer, without Employee's express written consent; (ii) a reduction of Employee's duties, authority or responsibilities or the assignment to Employee of such reduced duties, authority or responsibilities, in either case without Employee's express written consent, (iii) a reduction by Employer in Employee's Base Compensation without Employee's express written consent; or (iv) the relocation of Employee to a location more than 30 miles from Employee's then present office location without Employee's express written consent (it being understood that Employee shall split his time between Employer's headquarters location in Houston, Texas and Employee's residence, on a proportionate basis as determined by Employer from time to time) .</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 10.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Non-Competition</u></font>.&#160; At all times that Employee remains employed by the Employer and for a two (2) year period following the termination of his employment under this Agreement for any reason, Employee shall not, directly or indirectly, for himself or on behalf of any other person or entity as an employee, employer, consultant, agent, lender, principal, partner, stockholder, corporate officer, director, or in any other individual or representative capacity, (i) invest, engage in, or permit his name to be used in connection with any business that is in competition with Employer, (ii) accept employment with or render services to a competitor of Employer, as a director, officer, agent partner, employee or consultant, or (iii) solicit or accept from any of the customers of Employer or from any person or entity whose business Employer is soliciting, any business of the type which Employer is engaged in or in which Employer is actively preparing to so engage, in each case described in clauses (i), (ii) or (iii), within the Territory.&#160; Employee shall be prohibited from engaging in the activities described above within, or with respect to any business in competition with the Employer located within, fifty (50) miles of any of Employer's rehabilitation clinic locations (the "Territory").</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Notwithstanding the foregoing, Employee may own the voting common stock of any publicly held corporation so long as it does not exceed more than five percent (5%) of the outstanding stock thereof.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 11.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Non-Solicitation</u></font>.&#160; For a two (2) year period following the termination of the employment of the Employee under this Agreement for any reason, Employee agrees not to, directly or indirectly, for himself or on behalf of any other person or entity (a) solicit or induce, or attempt to solicit or induce, any person employed by, or any agent of, Employer, to terminate employee's or agent's relationship with Employer, nor (b) call on, solicit or divert, or attempt to call on, solicit or divert any person, firm, corporation or other entity who was or had been a customer or a patient referral source (including, without limitation, any physician) of Employer who referred ten or more customers or patients to Employer, who is a customer or a patient referral source of Employer who has referred ten or more customers or patients to Employer, or who is a prospective customer or a patient referral source of Employer with whom Employee had contact as an employee of Employer and who, within six months of such solicitation, Employer was or is actively recruiting as a customer or patient referral source.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 12.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Confidential Information</u></font>.&#160; Employee will not, during or after the termination of this Agreement, disclose any trade secrets, financial and accounting information, customer lists, customer mailing lists, prospective customer lists, lists of referral sources or prospective referral sources, or pricing, marketing or advertising plans or methods used by Employer (the "Confidential Information") to any person, firm, corporation, association or other entity for any reason or purpose whatsoever, nor shall Employee make use of the Confidential Information for his own purposes or for the benefit of any person, firm, corporation or other entity (except Employer) under any circumstances during or after the termination of this Agreement.&#160; On demand of Employer, at any time, Employee shall immediately deliver all printed or written Confidential Information to Employer.&#160; To the extent that Employee's property does not contain Confidential Information, Employee may remove all of Employee's property (such as computer software and tapes) upon termination of this Agreement.&#160; Confidential Information does not include information that (i) currently is generally available to or known by the public or hereafter becomes generally available to or known by the public through no fault of Employee, (ii) was already in the possession of Employee on the date of inception of Employee's employment by Employer, or (iii) is obtained by Employee from a third party who is under no obligation of confidence to Employer.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 13.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Reasonableness of Restrictions</u></font>.&#160; Employee agrees that (a) the covenants contained in Sections 10, 11 and 12 hereof are necessary for the protection of Employer's business goodwill and trade secrets, (b) a portion of the compensation paid to Employee under this Agreement is paid in consideration of the covenants herein contained, the sufficiency of which consideration is hereby acknowledged, and if the scope of any restriction contained in Sections 10, 11 and 12 is too broad to permit enforcement of such restriction to its full extent, then such restriction shall be enforced to the maximum permitted by law, and the parties hereby consent that such scope may be judicially modified accordingly in any proceeding brought to enforce such restriction.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 14.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Enforcement</u></font>.&#160; Employee acknowledges Employee's employment with Employer is special and unique in character and that Employee will acquire special skill and training and gain special knowledge during Employee's employment with Employer, that the restrictions contained in Sections 10, 11 and 12 hereof are reasonable and necessary to protect the legitimate interests of Employer and its affiliates, that Employer would not have entered into this Agreement in the absence of such restrictions, and that any violation of any provision of those Sections will result in irreparable injury to Employer.&#160; Employee also acknowledges that Employer shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages as well as an equitable accounting of all earnings, profits and other benefits arising from any such violation, which rights shall be cumulative and in addition to any other rights or remedies to which Employer may be entitled.&#160; The existence of any claim or cause of action of Employee against Employer, whether predicated on this Agreement or otherwise,&#160; shall not constitute a defense to the enforcement by Employer of these covenants, except for Employer's breach of this Agreement relating to its payment obligations to Employee after the termination of Employee's employment under the terms of this Agreement.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 15.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Copy of Covenants</u></font>.&#160; Until the expiration of the applicable restrictions, Employee will provide, and Employer similarly may provide, a copy of the covenants contained in Sections 10, 11 and 12 of this Agreement to any business or enterprise which Employee may (i) directly or indirectly own, manage, operate, finance, join, control or participate in the ownership, management operation, financing, or control of, (ii) serve as an officer, director, employee, partner, principal, agent, representative, consultant, lender or otherwise, or (iii) with which he may use or permit his name to be used.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 16.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Special Definition of Employer</u></font>.&#160; For the purposes of Sections 10 through 15 above, the definition of Employer shall include any subsidiary or affiliate of Employer, including all affiliated physical therapy partnerships of Employer.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 17.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Notices</u></font>.&#160; Any notices to be given hereunder by either Party to the other may be effected in writing either by personal delivery, via facsimile or by mail, registered or certified, postage prepaid with return receipt requested:</font></div>

<table id="z2b36ba1473594343948c1d1cb548a8f4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">If to Employer:</div>
</td>
<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">U.S. Physical Therapy, Inc.</div>
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<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">1300 West Sam Houston Parkway South</div>
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<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Suite 300</div>
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<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Houston, Texas 77042</div>
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<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Attention: Chairman of the Board</div>
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<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">If to Employee:</div>
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<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Graham Reeve</div>
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<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">8727 Timberland Trail</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Fair Oaks Ranch, Texas 70815</div>

<div>&#160;</div>

<div>&#160;</div>
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<td style="WIDTH: 30.15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69.85%; VERTICAL-ALIGN: top">&#160;</td>
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<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Mailed notices shall be addressed to the Parties at the addresses set forth above, but each Party may change the address by written notice in accordance with this Section 17.&#160; Notices delivered personally or by facsimile shall be deemed communicated upon actual receipt.&#160; Mailed notices shall be deemed communicated three (3) days after mailing.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 18.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Entire Agreement</u></font>.&#160; This Agreement supersedes any and all other agreements, either oral or in writing, between the parties hereto with respect to the employment of Employee by Employer, and contains all of the covenants and agreements between the parties with respect to such employment in any manner whatsoever.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 19.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Headings</u></font>.&#160; The headings or titles to sections in this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the heading or title of any section.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 20.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Amendment or Modification; Waiver</u></font>.&#160; No provision of this Agreement may be amended, modified or waived unless such amendment, modification or waiver is authorized by Employer and is agreed to in writing, signed by Employee and by an officer of Employer (other than Employee) thereunto duly authorized.&#160; Except as otherwise specifically provided in this Agreement, no waiver by any Party hereto of any breach by any other Party hereto of any condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of a similar or dissimilar provision or condition at the same or at any prior or subsequent time nor shall the receipt or acceptance of Employee's employment be deemed a waiver of any condition or provision hereof.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 21.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Assignability</u></font>.&#160; Employee shall not assign, pledge or encumber any interest in this Agreement or any part thereof without the express written consent of Employer, this Agreement being personal to Employee.&#160; This Agreement shall, however, inure to the benefit of Employee's estate, dependents, beneficiaries and legal representatives.&#160; This Agreement shall not be assignable by Employer without the written consent of Employee which will not be unreasonably withheld.&#160; Subject to the terms of this Agreement, Employer may merge or consolidate with or into, or transfer substantially all of its assets to, another corporation or other form of business organization without Employee's consent, and as a result of such merger, consolidation or transfer, this Agreement shall bind the successor of Employer resulting from such merger, consolidation or transfer.&#160; No such merger, consolidation or transfer, however, shall relieve the Parties from liability and responsibility for the performance of their respective duties and obligations hereunder.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 22.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Governing Law</u></font>.&#160; This Agreement shall be interpreted, construed and governed by and in accordance with the internal substantive law of the State of Texas.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Section 23.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 72pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Severability</u></font>.&#160; Each provision of this Agreement constitutes a separate and distinct undertaking, covenant and/or provision hereof.&#160; In the event that any provision of this Agreement shall finally be determined to be unlawful, such provision shall be deemed severed from this Agreement, but every other provision of this Agreement shall remain in full force and effect, and in substitution for any such provision held unlawful, there shall be substituted a provision of similar import reflecting the original intent of the Parties hereto to the extent permissible under law.</font></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">IN WITNESS WHEREOF, this Agreement has been duly executed as of the day first written above.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">EMPLOYER:</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">U.S. PHYSICAL THERAPY, INC.</div>

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<div style="text-align: left; margin-left: 216pt; font-size: 12pt; font-family: 'Times New Roman', serif;">By: <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Chris Reading</u></font> </div>

<div style="text-align: left; margin-left: 216pt; font-size: 1px; width: 252pt;">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 252pt">Chris Reading</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 252pt">Chief Executive Officer</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">EMPLOYEE:</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 216pt">&#160;&#160;&#160; <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ Graham Reeve</u></font><br>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">GRAHAM REEVE</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
