<SEC-DOCUMENT>0001140361-19-004598.txt : 20190308
<SEC-HEADER>0001140361-19-004598.hdr.sgml : 20190308
<ACCEPTANCE-DATETIME>20190308152508
ACCESSION NUMBER:		0001140361-19-004598
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190308
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:		20190308
DATE AS OF CHANGE:		20190308

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:		19668899

	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>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">WASHINGTON, DC 20549</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">FORM 8-K</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">CURRENT REPORT</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Date of Report (Date of earliest event reported): March 8, 2019</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">U.S. PHYSICAL THERAPY, INC. </font></font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Exact name of registrant as specified in its charter)</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Nevada<br>
                </font></font></div>
          </td>
          <td style="vertical-align: top; padding-bottom: 2px; width: 2%;" colspan="1">&#160;</td>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">1-11151</font></font></div>
          </td>
          <td style="vertical-align: top; padding-bottom: 2px; width: 2%;" colspan="1">&#160;</td>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">76-0364866</font></font></div>
          </td>
        </tr>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(State or other jurisdiction of </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">incorporation or
                organization)<br>
              </font></div>
          </td>
          <td style="vertical-align: top; width: 2%;" colspan="1">&#160;</td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Commission File </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt;
                  font-family: &quot;Times New Roman&quot;;">Number)</font><br>
              </font></div>
          </td>
          <td style="vertical-align: top; text-align: left; width: 2%;" colspan="1">&#160;</td>
          <td style="width: 32%; vertical-align: top; text-align: left;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(I.R.S. Employer </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Identification No.)</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">1300 West Sam Houston Parkway South, Suite
                  300, Houston, Texas</font><br>
              </font></div>
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          <td style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 49%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;;">77042</font></font></td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Address of Principal Executive Offices)</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Zip Code)</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Registrant's telephone number, including area code: <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(713) 297-7000</font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9744;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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              <div style="text-align: left; text-indent: -13.5pt; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></font></div>
            </td>
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              <div style="text-align: left; text-indent: -13.5pt; margin-left: 13.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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              <div style="text-align: left; text-indent: -13.5pt; margin-left: 13.5pt; font-weight: normal;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                  CFR 240.13e-4(c))</font></div>
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    <div style="text-align: left; margin-right: 16.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
      </font></div>
    <div style="text-align: left; margin-right: 16.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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).</font></div>
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      </font></div>
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            <div>&#160;</div>
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          <td style="width: 30%;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Emerging growth company &#9744;</font></font></td>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">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. </font><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 5.02</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
                  of Certain Officers.</font></div>
            </td>
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    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Compensatory Arrangements of Executive Officers.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">On March 4, 2019, the Compensation Committee approved and adopted the following incentive plans, effective March 4, 2019, for the Senior
        Management which includes Mr. Christopher Reading, Chief Executive Officer ("CEO"), Mr. Lawrance McAfee, Chief Financial Officer ("CFO"), Mr. Glenn McDowell, Chief Operating Officer - West ("COO West") and Mr. Graham Reeve, Chief Operating Officer
        &#8211; East (&#8220;COO East&#8221;), hereinafter referred to jointly as &#8220;Executives&#8221;.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Objective Long-Term Incentive Plan for Senior Management for 2019</font></div>
            </td>
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    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z9b98f5abbcf54a11b48f19e37c805b49" class="DSPFListTable">

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            <td style="width: 63pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Discretionary Long-Term Incentive Plan for Senior Management for 2019</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z6ba1734616dc40b19723384ea10b6821" class="DSPFListTable">

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            <td style="width: 63pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Objective&#160; Cash/RSA Bonus Plan for Senior Management for 2019</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z381da10598e54244a437779575c62b71" class="DSPFListTable">

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            <td style="width: 63pt;">&#160;</td>
            <td style="vertical-align: top; width: 36pt;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Discretionary Cash/RSA Bonus Plan for Senior Management for 2019</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The above plans are included as Exhibits 99.1, 99.2, 99.3 and 99.4 to this report. The discussions set forth below are qualified in their
        entirety by reference to such exhibits.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">Objective Long- Term Incentive Plan for Senior
          Management for 2019 </font>("Objective LTIP"). Under the Objective LTIP, Executives have an opportunity to receive restricted stock awards ("RSAs") under the 2003 Stock Incentive Plan (as amended) (the "2003 Plan"), to be granted by the
        Compensation Committee (as the term "Committee" is defined in Section 1.8 of the 2003 Plan) in the first quarter of 2020. The following maximum amounts of RSAs may be granted under this Objective LTIP based on the Company&#8217;s 2019 consolidated
        pre-tax income (before charges/credits for changes in Redeemable Non-Controlling interests and any extraordinary items and after consideration of the compensation expense required to be reported in 2019 related to this Objective Bonus Plan and all
        other management incentive plans):&#160;&#160; CEO = 8,800 shares; CFO = 4,400 shares; COO East = 4,400 shares; and COO West 4,400 shares.&#160;&#160; For a complete description of the Objective LTIP refer to Exhibit 99.1, which plan is incorporated herein by
        reference.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">Discretionary Long-Term Incentive Plan for Senior
          Management for 2019 </font>("Discretionary LTIP").&#160; The Committee may, in its judgment and at its sole discretion, grant RSAs under the 2003 Plan, based on its evaluation of an individual Executive's performance and the collective corporate
        performance for 2019.&#160;&#160; The following shall be the maximum amount of shares that may be awarded under this program to each specified participant:&#160;&#160; CEO = up to 8,800 shares; CFO = up to 4,400 shares; COO West = up to 4,400 shares; and COO East = up
        to 4,400 shares. For a complete description of the Discretionary LTIP refer to Exhibit 99.2, which plan is incorporated herein by reference.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">Objective Cash/RSA Bonus Plan for Senior Management
          for 2019 </font>("Objective Cash/RSA Bonus Plan")<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">. </font>Under the Objective Cash/RSA Bonus Plan, Executives have an opportunity to receive a bonus of
        up to 75% of the Executive's annual base salary for 2019 ("Base") based on the Company&#8217;s 2019 consolidated pre-tax income (before charges/credits for changes in Redeemable Non-Controlling interests and any extraordinary items and after
        consideration of the compensation expense required to be reported in 2019 related to this Objective Bonus Plan and all other management incentive plans). This bonus is payable either in cash or by a grant of RSAs, as determined by the Committee in
        its sole discretion.&#160;&#160; The Base for Mr. Reading is $770,000, Mr. McAfee $500,000, Mr. McDowell $500,000 and Mr. Reeve $470,000. For a complete description of the Objective Cash/RSA Bonus Plan refer to Exhibit 99.3, which plan is incorporated herein
        by reference.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">Discretionary Cash/RSA Bonus Plan for Senior
          Management for 2019</font> ("Discretionary Cash/RSA Bonus Plan")<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">. </font>Under the Discretionary Cash/RSA Bonus Plan, each Executive has the potential
        to be awarded a bonus of up to 50% of his Base, payable either in cash or by a grant of RSAs, as determined by the Committee in its sole discretion.&#160;&#160; This Discretionary Cash/RSA Bonus Plan shall be administered by the Committee and the
        Compensation Committee shall have the sole authority to grant awards and establish the amounts payable under this plan, make all determinations and interpret and construe all of the terms of this plan.&#160;&#160; For a complete description of the
        Discretionary Cash/RSA Bonus Plan refer to Exhibit 99.4, which plan is incorporated herein by reference.</font></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="ze2c372d4f0914be49489a23e517a58e8" class="DSPFListTable">

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            <td style="vertical-align: top; width: 54pt;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ITEM 9.01</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">FINANCIAL STATEMENTS AND EXHIBITS</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z5aab7483676b428e904a07c40d74c70a" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Exhibits</u></font><font style="font-size:
                  10pt; font-family: &quot;Times New Roman&quot;;"><u></u></font></font></div>
          </td>
          <td style="width: 85%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Description of Exhibits</u></font></font></td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: justify;"><a href="ex99_1.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">99.1</font></a></div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management for 2019, effective March 4, 2019.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><a href="ex99_2.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">99.2</font></a></div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2019, effective March 4, 2019.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><a href="ex99_3.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">99.3</font></a></div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">U. S. Physical Therapy, Inc. Objective Cash/RSA Bonus Plan for Senior Management for 2019, effective March 4, 2019.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><a href="ex99_4.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">99.4</font></a></div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">U. S. Physical Therapy, Inc. Discretionary Cash/RSA Bonus Plan for Senior Management for 2019, effective March 4, 2019.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">* Filed herewith.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">SIGNATURE</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">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.</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z60be8a653da342f4bdca1d2619a1c99f" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="vertical-align: top; width: 35%;" colspan="1"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Dated: March 8, 2019</font></td>
          <td style="width: 3%; vertical-align: top;" rowspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New
                    Roman&quot;;">By:</font></font></font></div>
          </td>
          <td style="width: 62%; vertical-align: top;" rowspan="1"><u><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">/s/ LAWRANCE W. MCAFEE</font></font></u></td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 35%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; width: 3%;">
            <div style="text-align: left;"><br>
            </div>
          </td>
          <td style="vertical-align: top; width: 62%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Lawrance W. McAfee</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 35%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; width: 3%;">
            <div style="text-align: left;"><br>
            </div>
          </td>
          <td style="vertical-align: top; width: 62%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Chief Financial Officer</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 35%;" colspan="1">&#160;</td>
          <td style="vertical-align: top; width: 3%;">
            <div style="text-align: left;"><br>
            </div>
          </td>
          <td style="vertical-align: top; width: 62%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(duly authorized officer and principal financial </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">and
                accounting officer)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Exhibit 99.1</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">U.S. PHYSICAL THERAPY, INC. (&#8220;USPH&#8221;)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">OBJECTIVE LONG-TERM INCENTIVE PLAN FOR SENIOR MANAGEMENT</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">FOR 2019 (&#8220;Objective LTIP&#8221;)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><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&#8217; equity interest in USPH.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><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 4, 2019.</font></div>
    <div><br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Eligibility</u></font>:&#160; The Executives of USPH eligible for this
        Objective LTIP are the Chief Executive Officer (&#8220;CEO&#8221;), the Chief Financial Officer (&#8220;CFO&#8221;), the Chief Operating Officer West (&#8220;COO West&#8221;) and the Chief Operating Officer East (&#8220;COO East&#8221;). Terms not defined herein shall have the meaning of such
        term as defined in the U.S. Physical Therapy, Inc. 2003 Stock Incentive Plan (as amended) (the &#8220;2003 Plan&#8221;).</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Vesting and Other Terms and Provisions</u></font>:&#160; Under this Objective
        LTIP, Executives have an opportunity to receive Restricted Stock Awards (&#8220;RSAs&#8221;) under the U. S. Physical Therapy, Inc. 2003 Stock Incentive Plan (as amended) (the &#8220;2003 Plan&#8221;), to be granted by the Compensation Committee of the Board of Directors
        of USPH (as the term &#8220;Committee&#8221; is defined in Section 1.8 of the 2003 Plan) in the first quarter of 2020. 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, 2020 and ending January 1, 2024, subject to acceleration of vesting in the Committee&#8217;s sole discretion and based on the occurrence of
        certain events, as more specifically defined in the applicable Restricted Stock Agreement between the Executive and USPH and/or in the Executive&#8217;s employment agreement with USPH.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Administration</u></font>: The Compensation Committee has authority to
        administer this Objective LTIP, grant awards and decide all questions of interpretation. The Compensation Committee shall set out the vesting and other terms of an RSA in writing. The Compensation Committee&#8217;s determinations and interpretations
        under this Objective LTIP shall be final and binding on all persons.</font></div>
    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; 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 2019 USPH consolidated pre-tax income (before charges/credits for changes in Redeemable Non-Controlling interests and any extraordinary items
        and after consideration of the compensation expense required to be reported in 2019 related to this and all other management incentive plans) are as follows: CEO = 8,800 shares; CFO = 4,400 shares; COO East = 4,400 shares; COO West = 4,400 shares.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="width: 50%; font-size: 10pt; margin-left: 54pt;" id="zf77e50a4a27f4fa79ab2dad30f6a4181">

        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">
            <div style="text-align: left;"><font style="font-size: 10pt;">Performance Goals</font><font style="font-size: 10pt;"></font></div>
            <div style="text-align: left;"><font style="font-size: 10pt;"> 2019</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt;"></font><font style="font-size: 10pt;"> <font style="font-size: 10pt;"><u>Pre-tax Income</u></font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">
            <div style="text-align: left;"><font style="font-size: 10pt;">Objective</font></div>
            <div style="text-align: left;">
              <div><font style="font-size: 10pt;">Amount of Maximum Shares</font></div>
              <div style="text-align: left;"><font style="font-size: 10pt;"><font style="font-size: 10pt;"><u>That May Be Awarded</u></font></font></div>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">
            <div style="text-align: left;"><br>
            </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">46,455,052</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">30.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">46,687,328</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">34.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">46,920,765</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">38.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">47,155,369</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">42.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">47,391,146</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">46.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">47,628,102</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">50.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">47,866,242</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">56.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">48,105,574</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">62.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">48,346,101</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">68.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">48,587,832</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">76.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">48,830,771</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">84.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt;">49,074,925</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">92.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 1%;">
            <div style="text-align: left;"><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top; background-color: rgb(204, 238, 255); text-align: left; width: 28%;"><font style="font-size: 10pt;">49,320,300 and over</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 17%;" colspan="1">
            <div><font style="font-size: 10pt;">100.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Certain Tax Considerations</u></font>:&#160; Any awards actually granted under this program shall
        be subject to Code Section 83(b).</font></div>
    <div><br>
    </div>
    <br>
    <div style="text-align: left;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">
      </font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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    <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Exhibit 99.2</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">U.S. PHYSICAL THERAPY, INC. (&#8220;USPH&#8221;)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">DISCRETIONARY LONG-TERM INCENTIVE PLAN FOR SENIOR MANAGEMENT</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">FOR 2019 (&#8220;Discretionary LTIP&#8221;)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Purpose</u></font>:&#160; To incentivize Executives eligible for this
        Discretionary LTIP to achieve certain strategic, operational, business growth &amp; development and other 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&#8217; equity interest in USPH.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Effective Date</u></font>:&#160; This Discretionary LTIP is established
        effective March 4, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Description of Discretionary Awards Criteria</u></font>:&#160; In addition to
        any other awards under the U.S. Physical Therapy, Inc. 2003 Stock Incentive Plan (as amended) (the &#8220;2003 Plan&#8221;) or any other long term incentive plan or bonus plan, policy or program of USPH, and not in lieu of any other such award or payment, the
        Compensation Committee of the Board of Directors of USPH (as the term &#8220;Committee&#8221; is defined in Section 1.8 of the 2003 Plan) may, in its judgment and at its sole discretion, grant Restricted Stock Awards (&#8220;RSAs&#8221;) under the 2003 Plan, based on its
        evaluation of an Executive&#8217;s performance and the collective corporate performance for 2019. The factors to be considered include:</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>CEO</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Corporate Leadership</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Cost Control</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Briotix Development</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Same Store Growth/ Visit Growth</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Compliance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Acquisitions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: -180pt; margin-left: 180pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>CFO</u></font></font></div>
    <div style="text-align: left; text-indent: -180pt; margin-left: 180pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u> <br>
          </u></font></font></div>
    <div style="text-align: left;">
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              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Succession and Transition</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Completion of 2019 Priority IT Projects</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Acquisition integration and financial reporting</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">CBO efficiency and cost control</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Customer Service to our partners<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Successful Audit Completion</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: -180pt; margin-left: 180pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>COO West</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">B</font>riotix success, integration and forward progress</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Cost Control at the clinic level and margin stability at Briotix</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Succession Plan &#8211; Operations regional bench development</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Compliance<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Same Store Growth/ Visit Growth</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Development<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: -180pt; margin-left: 180pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>COO EAST</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Contract and Relationship Development with emphasis on the IRG transition from West to East</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Cost Control</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Compliance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Development of East Team<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Same Store Growth/ Visit Growth</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Development<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Participants</u></font>:&#160; Executives who will have an opportunity to be
        granted RSAs under this Discretionary LTIP shall be the Chief Executive Officer (&#8220;CEO&#8221;), the Chief Financial Officer (&#8220;CFO&#8221;), the Chief Operation Officer West (&#8220;COO West&#8221;), and the Chief Operation Officer East (&#8220;COO East&#8221;). The following shall be
        the maximum amount of shares that may be awarded under this program to each specified participant: CEO = up to 8,800 shares; CFO = up to 4,400 shares; COO West = up to 4,400 shares; COO East = up to 4,400 shares.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Administration</u></font>:&#160; The Compensation Committee shall administer
        this Discretionary LTIP. The Compensation Committee shall have the exclusive authority to interpret and construe the terms of this Discretionary LTIP and make all determinations under this plan, and its decisions shall be final and binding in all
        persons. The Compensation Committee shall set out the vesting and other terms of an RSA in writing</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Award Grant Date</u></font>:&#160; Any RSAs granted under this program shall
        be granted under the 2003 Plan in the first quarter of 2020 after the Compensation Committee determines the amount, if any, of the RSAs to be granted to each participant. In addition, RSAs shall be granted only if the participant remains employed
        by USPH (or its affiliates) continuously from the Effective Date through the date of the grant of the RSA. All RSAs shall be granted in writing and 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, 2020
        and ending January 1, 2024, subject to acceleration of vesting based on the occurrence of certain events, as more specifically defined in the applicable Restricted Stock Agreement between the Executive and USPH and/or in the Executive&#8217;s employment
        agreement with USPH.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Certain Tax Considerations</u></font>:&#160; Any awards actually granted
        under this program shall be subject to Code Section 83(b).</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
      </font></div>
    <div style="text-align: left;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"></font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex99_3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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    <title></title>
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  <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Exhibit 99.3</font></div>
  <div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">U.S. PHYSICAL THERAPY, INC. (&#8220;USPH&#8221;)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">OBJECTIVE CASH/RSA BONUS PLAN FOR SENIOR MANAGEMENT</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">FOR 2019 (&#8220;OBJECTIVE BONUS PLAN&#8221;)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Purpose</u></font>:&#160; To incentivize and retain Executives eligible for
        this Objective Bonus Plan to achieve certain corporate earnings criteria and reward Executive Officers of USPH when such criteria are achieved, and to align the long-term interests of Executives and shareholders of USPH.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Effective Date</u></font>:&#160; The effective date of this Objective Bonus
        Plan and the establishment of performance goals and formula for the amount payable hereunder is March 4, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Eligibility</u></font>:&#160; The Executives of USPH eligible for this
        Objective Bonus Plan are the Chief Executive Officer (&#8220;CEO&#8221;), the Chief Financial Officer (&#8220;CFO&#8221;), the Chief Operating Officer West (&#8220;COO West&#8221;), and the Chief Operating Officer East (&#8220;COO East&#8221;).</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Description, Conditions and Payment Date</u></font>:&#160; <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Under this Objective Bonus Plan, Executives have an opportunity to receive</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font>either a &#8220;Cash
        Bonus&#8221; Award or to be granted a Restricted Stock Award (&#8220;RSA&#8221;) having a value at the time of the Award&#160; of up to 75% of the Executive&#8217;s annual base salary for 2019 (&#8220;Base&#8221;) as Performance Awards under the 2003 <font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;;">Plan. The Compensation Committee of the Board of Directors of USPH (the &#8220;Compensation Committee&#8221;) will, in its sole discretion, determine the amount and type of award to be made in the first quarter of
          2020. No Executive will be entitled to any type of award or have a legally binding right to an award until the Compensation Committee, in its sole discretion, determines an award will be made, the amount and the type of award to be made.&#160; No
          Executive will be entitled to elect between the </font>Cash Bonus or RSA.&#160; Before any Cash Bonus is made or an RSA is awarded under this Objective Bonus Plan, the Compensation Committee shall certify in writing that the performance goals have
        been obtained.&#160; Any Cash Bonus award made hereunder shall be paid in a lump-sum amount, and any RSA granted, in each case no later than March 15, 2020. The Executive must be continuously employed by USPH or its affiliates from the Effective Date
        through December 31, 2019 to receive the Cash Bonus or an RSA.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Administration</u></font>:&#160; The Compensation Committee has authority to
        administer this Objective Bonus Plan, grant awards, determine whether any such awards shall be made as a Cash Bonus Award or as an RSA, and decide all questions of interpretation. The Compensation Committee shall set out the vesting and other terms
        of an RSA in writing. The Compensation Committee&#8217;s determinations and interpretations under this Objective Bonus Plan shall be final and binding on all persons.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Objective Bonus Calculation</u></font>:&#160; Based on 2019 USPH consolidated
        pre-tax income (before charges/credits for changes in Redeemable Non-Controlling interests and any extraordinary items and after consideration of the compensation expense required to be reported in 2019 related to this and all other management
        incentive plans), the goals and amounts payable are as follows:</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zb7e9043c290743d3ba5e99fa32ffde0e" style="width: 50%; font-size: 10pt; margin-left: 54pt;">

        <tr>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt;">2019</font><font style="font-size: 10pt;"><font style="font-size: 10pt;"><u></u></font></font></div>
            <div style="text-align: center;"><font style="font-size: 10pt;"><font style="font-size: 10pt;"><u>Pre-tax income</u></font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt;">Potential Bonus Value</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt;"><font style="font-size: 10pt;"><u>(Compared to Base)</u></font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">46,455,052</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">15.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">46,687,328</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">17.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">46,920,765</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">19.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">47,155,369</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">21.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">47,391,146</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">23.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">47,628,102</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">25.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">47,866,242</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">28.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">48,105,574</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">31.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">48,346,101</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">34.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">48,587,832</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">38.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">48,830,771</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">42.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">49,074,925</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">46.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">49,320,300</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">50.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">49,566,901</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">54.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">49,814,736</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">58.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">50,063,809</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">62.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">50,314,128</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">66.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt;">50,565,699</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">70.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 1%;">
            <div style="text-align: left;"><font style="font-size: 10pt;">$</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: top; background-color: rgb(204, 238, 255); text-align: left; width: 28%;"><font style="font-size: 10pt;">50,818,527 or more</font></td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 17%;">
            <div><font style="font-size: 10pt;">75.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
            <div><font style="font-size: 10pt;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>No Trust or Fund</u></font>:&#160; There shall be no separate trust or fund for this Objective
        Bonus Plan. Any amount payable hereunder shall be an unfunded obligation of USPH and shall be payable out of the general assets of USPH and no amount payable shall be assignable by the participant.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
      </font></div>
    <div style="text-align: left;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"></font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ex99_4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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    <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Exhibit 99.4</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">U.S. PHYSICAL THERAPY, INC. (&#8220;USPH&#8221;)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">DISCRETIONARY CASH/RSA BONUS PLAN FOR SENIOR MANAGEMENT</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">FOR 2019 (&#8220;DISCRETIONARY BONUS PLAN&#8221;)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Purpose</u></font>:&#160; The purpose of this Discretionary Bonus Plan is to
        retain and incentivize the Executive Officers of USPH by providing an annual bonus opportunity to the Executives to reward them when certain individual and corporate subjective performance measures are achieved.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Participants</u></font>:&#160; Executives of USPH who shall be &#8220;Participants&#8221;
        in this Discretionary Bonus Plan are the Chief Executive Officer (&#8220;CEO&#8221;), Chief Financial Officer (&#8220;CFO&#8221;), Chief Operating Officer West (&#8220;COO West&#8221;), and Chief Operating Officer East (&#8220;COO East&#8221;). In addition to awards under any other plan or
        program at USPH for which such Executives are eligible and not in lieu thereof, each Participant in this Discretionary Bonus Plan has the potential to be awarded a &#8220;Subjective Bonus&#8221; of up to 50% of the Participant&#8217;s annual base salary for 2019
        (&#8220;Base&#8221;) pursuant to the subjective criteria as set forth below. The Subjective Bonus shall be made as either a &#8220;Cash Bonus&#8221; Award or a Restricted Stock Award (&#8220;RSA&#8221;), as determined in the sole discretion of the Compensation Committee of the Board
        of Directors of USPH (the &#8220;Compensation Committee&#8221;).&#160; The Compensation <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Committee shall have the sole discretion to determine the amount and type of award (whether a Cash
          Bonus Award or an RSA) will be made.&#160; No Participant shall be entitled to a Subjective Bonus and shall have no legally binding right to a Subjective Bonus until the Compensation Committee determines the amount and type of award to be made.&#160; No
          Participant will be entitled to elect any type of award to be made.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Effective Date</u></font>:&#160; This Discretionary Bonus Plan is established
        effective March 4, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Administration</u></font>:&#160; The Compensation Committee shall administer
        this Discretionary Bonus Plan, and shall have the sole authority to interpret and construe all of the terms of this Discretionary Bonus Plan, establish the criteria for awards, determine the amounts payable under this plan, and determine whether
        such awards under this plan shall be made as a Cash Bonus Award or as an RSA. The amount, if any, of the Subjective Bonus payable to each participant in this Discretionary Bonus Plan shall be determined by the Compensation Committee in its sole
        discretion based upon subjective criteria described below. All decisions of the Compensation Committee shall be final and binding on all persons.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Award and Payment Date</u></font>:&#160; <font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;;">The Compensation Committee shall make award determinations in the first quarter of 2020.&#160; A</font>fter the Compensation Committee has determined <font style="font-size: 10pt; font-family: &quot;Times
          New Roman&quot;;">that goals have been met and has calculated the awards to be made hereunder, the Cash Bonus Award shall be paid, and the RSA shall be granted to the applicable Participant in the first quarter of 2020 but no later than March 15,
          2020. A Subjective Bonus shall be payable only if the Participant remains continuously employed from the Effective Date </font>through the date of the determination of the amount payable by the Compensation Committee.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Subjective Bonus Calculation</u></font>:&#160; The Subjective Bonus criteria
        that have been established by the Compensation Committee and shall be used in the Compensation Committee&#8217;s sole discretion to grant an award of a Subjective Bonus having a value as of the date of the award of up to 50% of Base for each participant
        are as follows:</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>CEO</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Corporate Leadership</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Cost Control</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Briotix Development</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Same Store Growth/ Visit Growth</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Compliance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Acquisitions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; text-indent: -180pt; margin-left: 180pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>CFO</u></font></font></div>
    <div style="text-align: left; text-indent: -180pt; margin-left: 180pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u> <br>
          </u></font></font></div>
    <div style="text-align: left;">
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Succession and Transition</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Completion of 2019 Priority IT Projects</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Acquisition integration and financial reporting</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">CBO efficiency and cost control</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Customer Service to our partners</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Successful Audit Completion</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: -180pt; margin-left: 180pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>COO West</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">B</font>riotix success, integration and forward progress</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Cost Control at the clinic level and margin stability at Briotix</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Succession Plan &#8211; Operations regional bench development</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Compliance<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Same Store Growth/ Visit Growth</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Development<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: -180pt; margin-left: 180pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>COO EAST</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Contract and Relationship Development with emphasis on the IRG transition from West to East</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Cost Control</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Compliance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Development of East Team<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Same Store Growth/ Visit Growth</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Development<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>No Trust or Fund</u></font>:&#160; There shall be no separate trust or fund for this
        Discretionary Bonus Plan. Any amount payable hereunder shall be an unfunded obligation of USPH and shall be payable out of the general assets of USPH and no amount payable shall be assignable by the participant.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
      </font></div>
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