<SEC-DOCUMENT>0001140361-20-005025.txt : 20200306
<SEC-HEADER>0001140361-20-005025.hdr.sgml : 20200306
<ACCEPTANCE-DATETIME>20200306104014
ACCESSION NUMBER:		0001140361-20-005025
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200303
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:		20200306
DATE AS OF CHANGE:		20200306

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:		20693107

	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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<FILENAME>form8k.htm
<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>
    <div><br>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt;"><font style="font-weight: bold;">FORM 8-K</font></div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Pursuant to Section 13 or 15(d)</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">of the Securities Exchange Act of 1934</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Date of Report (Date of earliest event reported): March 3, 2020</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt;"><font style="font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</font></div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
    <div><br>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Nevada</div>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">1-11151</div>
          </td>
          <td style="width: 32.68%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">76-0364866</div>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(State or other jurisdiction of incorporation or organization)</div>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Commission File Number)</div>
          </td>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(I.R.S. Employer Identification No.)</div>
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          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">1300 West Sam Houston Parkway South,</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Suite 300, Houston, Texas</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 49%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">77042</div>
          </td>
        </tr>
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          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Address of Principal Executive Offices)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Zip Code)</div>
          </td>
        </tr>

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    <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Registrant&#8217;s telephone number, including area code: (713) 297-7000</div>
    <div style="text-align: center;"><br>
    </div>
    <div style="color: #000000;">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 ( <u>see</u> General Instruction A.2. below):</div>
    <div><br>
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              <td style="width: 54pt; vertical-align: top;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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              <td style="width: 54pt; vertical-align: top;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</div>
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              <td style="width: 54pt; vertical-align: top;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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              <td style="width: 54pt; vertical-align: top;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
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            <div style="color: rgb(35, 31, 32);">Title of each class</div>
          </td>
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            <div style="text-align: center; color: rgb(35, 31, 32);">Trading
              <div style="color: #231F20;">Symbol(s)</div>
            </div>
          </td>
          <td style="width: 33%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(35, 31, 32);">Name of each exchange on which registered</div>
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            <div style="text-align: center; color: #000000;">Common Stock, $.01 par value</div>
          </td>
          <td style="width: 34%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">USPH</div>
          </td>
          <td style="width: 33%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">New York Stock Exchange</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="color: #000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of
      this chapter).</div>
    <div style="color: #000000;"> <br>
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            <td style="width: 80%;">
              <div style="text-align: right; color: rgb(0, 0, 0);">Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744;</div>
            </td>
            <td style="width: 20%;"><br>
            </td>
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    </div>
    <div>&#160;</div>
    <div style="color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section
      13(a) of the Exchange Act.&#160;&#160; &#9744;</div>
    <div style="color: #000000;"> <br>
    </div>
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      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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              <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item&#160; 5.02</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
              </td>
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        </table>
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    <div>&#160;</div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Compensatory Arrangements of Executive Officers.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;">On March 3, 2020, the Compensation Committee approved and adopted the following incentive plans, effective March 3, 2020, for the Senior Management which includes Mr. Christopher Reading, Chief
      Executive Officer ("CEO") , 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;.</div>
    <div>&#160;</div>
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              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Objective Long-Term Incentive Plan for Senior Management for 2020</div>
              </td>
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              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
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                <div style="color: #000000;">Discretionary Long-Term Incentive Plan for Senior Management for 2020</div>
              </td>
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      <div>
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              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
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                <div style="color: #000000;">Objective&#160; Cash/RSA Bonus Plan for Senior Management for 2020</div>
              </td>
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      </div>
    </div>
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              <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: #000000;">Discretionary Cash/RSA Bonus Plan for Senior Management for 2020</div>
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    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">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.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Objective Long- Term Incentive Plan for Senior Management for 2020 </font>("Objective LTIP"). 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 2021. 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, 2021 and ending January 1, 2025, 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.&#160; The maximum amount of RSAs that may be granted under this Objective LTIP based upon the achievement of the performance goals relating
      to 2020 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 2020 related to this and
      all other management incentive plans) are as follows: CEO = 8,800 shares; COO East = 4,400 shares; COO West = 4,400 shares. For a complete description of the Objective LTIP refer to Exhibit 99.1, which plan is incorporated herein by reference.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">&#160;</font>("<font style="font-style: italic;">Discretionary Long-Term Incentive Plan for Senior Management for 2020 </font>Discretionary LTIP").&#160; &#160; Any RSAs granted
      under this program shall be granted under the 2003 Plan in the first quarter of 2021 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, 2021 and ending January 1, 2025, 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.&#160; For a complete description of the Discretionary LTIP refer to Exhibit 99.2, which plan is incorporated herein by reference.</div>
    <div style="text-align: justify; color: #000000;"> <br>
    </div>
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    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Objective Cash/RSA Bonus Plan for Senior Management for 2020 </font>("Objective Cash/RSA Bonus Plan")<font style="font-style: italic;">. </font>Under this Objective
      Bonus Plan, Executives have an opportunity to receive 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 2020 (&#8220;Base&#8221;) as
      Performance Awards under the 2003 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 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, 2021. The Executive must be continuously employed by USPH or its affiliates from the Effective Date through December 31, 2020 to
      receive the Cash Bonus or an RSA. For a complete description of the Objective Cash/RSA Bonus Plan refer to Exhibit 99.3, which plan is incorporated herein by reference.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Discretionary Cash/RSA Bonus Plan for Senior Management for 2020</font> ("Discretionary Cash/RSA Bonus Plan")<font style="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.</div>
    <div>&#160;</div>
    <div>
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                  <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;"><font style="color: rgb(0, 0, 0); font-weight: bold;">ITEM 9.01</font></div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">FINANCIAL STATEMENTS AND EXHIBITS</div>
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    </div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z2a21cc75988344628ee8fcf1e231a0ae">

        <tr>
          <td style="width: 12%; vertical-align: top;">
            <div style="font-weight: bold;"><u>Exhibits</u></div>
          </td>
          <td style="width: 88%; vertical-align: top;">
            <div style="font-weight: bold;"><u>Description of Exhibits</u></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 12%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 88%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 12%; vertical-align: top;"><a href="ex99_1.htm">99.1</a></td>
          <td rowspan="1" style="width: 88%; vertical-align: top;">
            <div>U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management for 2020, effective March 3, 2020.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 12%; vertical-align: top;"><br>
          </td>
          <td rowspan="1" style="width: 88%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 12%; vertical-align: top;"><a href="ex99_2.htm">99.2</a></td>
          <td rowspan="1" style="width: 88%; vertical-align: top;">
            <div style="color: #000000;">U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2020, effective March 3, 2020.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 12%; vertical-align: top;"><br>
          </td>
          <td rowspan="1" style="width: 88%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 12%; vertical-align: top;"><a href="ex99_3.htm">99.3</a></td>
          <td rowspan="1" style="width: 88%; vertical-align: top;">
            <div style="color: #000000;">U. S. Physical Therapy, Inc. Objective Cash/RSA Bonus Plan for Senior Management for 2020, effective March 3, 2020.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 12%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 88%; vertical-align: top;"><br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 12%; vertical-align: top;"><a href="ex99_4.htm">99.4</a></td>
          <td rowspan="1" style="width: 88%; vertical-align: top;">
            <div style="color: #000000;">U. S. Physical Therapy, Inc. Discretionary Cash/RSA Bonus Plan for Senior Management for 2020, effective March 3, 2020.</div>
          </td>
        </tr>

    </table>
    <div>&#160;<br>
    </div>
    <div style="color: rgb(0, 0, 0);">* Filed herewith.</div>
    <div>&#160;</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
    <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
    </div>
    <div style="color: #000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbbb00da6501d4bbabdeea2d302916a7e">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 3%; vertical-align: middle;">&#160;</td>
          <td style="width: 47%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Dated: March 6, 2020</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">By:</div>
          </td>
          <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0);">/s/ Christopher J. Reading<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;"> Christopher J. Reading </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">(duly authorized officer)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: SUMMIT
         Document created using EDGARfilings PROfile 6.5.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div>
    <div style="text-align: right; text-indent: 36pt; margin-left: 360pt; color: rgb(0, 0, 0); font-weight: bold;">Exhibit 99.1</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">U.S. PHYSICAL THERAPY, INC. (&#8220;USPH&#8221;)</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">OBJECTIVE LONG-TERM INCENTIVE PLAN FOR SENIOR MANAGEMENT</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">FOR 2020 (&#8220;Objective LTIP&#8221;)</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Purpose</u>:&#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.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Effective Date</u>:&#160; The effective date of this Objective LTIP and the establishment of performance goals and formula for the amount payable hereunder is March 3, 2020.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Eligibility</u>:&#160; The Executives of USPH eligible for this Objective LTIP are the Chief Executive Officer (&#8220;CEO&#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;).</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Vesting and Other Terms and Provisions</u>:&#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 2021. 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, 2021 and ending January 1, 2025, 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.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Administration</u>: 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.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Objective Goals And Amounts That May Be Awarded</u>:&#160; The maximum amount of RSAs that may be granted under this Objective LTIP based upon the achievement of the performance goals relating to 2020 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 2020 related to this and all other management
      incentive plans) are as follows: CEO = 8,800 shares; COO East = 4,400 shares; COO West = 4,400 shares.</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z6f77c2ad72b1447db73ab617fc2de21e">

          <tr>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: #000000;">Performance Goals</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="color: #000000;">Objective</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: #000000;">2020</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="color: #000000;">Amount of Maximum Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: #000000;"><u>Pre-tax Income</u></div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="color: #000000;"><u>That May Be Awarded</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$51,333,785</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">30.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$51,590,454</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">34.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$51,848,406</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">38.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$52,107,648</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">42.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$52,368,187</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">46.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$52,630,027</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">50.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$52,893,178</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">56.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$53,157,644</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">62.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$53,423,432</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">68.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$53,690.549</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">76.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$53,959,002</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">84.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$54,228,797</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">92.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$54,499,941 and over</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">100.0%</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: -180pt; margin-left: 180pt;"><u>Certain Tax Considerations</u>:&#160; Any awards actually granted under this program shall be subject to Code Section 83(b).</div>
    <div>&#160;</div>
    <div><br>
    </div>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: SUMMIT
         Document created using EDGARfilings PROfile 6.5.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Exhibit 99.2</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">U.S. PHYSICAL THERAPY, INC. (&#8220;USPH&#8221;)</div>
    <div>&#160;</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">DISCRETIONARY LONG-TERM INCENTIVE PLAN FOR SENIOR MANAGEMENT</div>
    <div>&#160;</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">FOR 2020 (&#8220;Discretionary LTIP&#8221;)</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Purpose</u>:&#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.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Effective Date</u>:&#160; This Discretionary LTIP is established effective March 3,
      2020.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Description of Discretionary Awards Criteria</u>:&#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 2020. The factors to be considered include:</div>
    <div>&#160;</div>
    <div style="text-indent: -180pt; margin-left: 180pt;"><u>CEO</u></div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Corporate Leadership/Transition of CFO</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Cost Control</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Briotix Development</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Same Store Growth/ Visit Growth</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">6.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Acquisitions</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: -180pt; margin-left: 180pt;"><u>COO West</u></div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Briotix success, integration and forward progress</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Cost Control at the clinic level and margin stability at Briotix</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Development of West Team - Succession Planning</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Same Store Growth/ Visit Growth</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">6.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Development of additional de novo facilities and tuck ins</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: -180pt; margin-left: 180pt;"><u>COO EAST</u></div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Management Contract Development</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Development of East Team &#8211; Succession Planning</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Same Store Growth/ Visit Growth</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Development of additional de novo facilities and tuck ins</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">6.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Cost Control</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
      <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 id="DSPFPageHeader"></div>
    </div>
    <div style="color: #000000;"><u>Participants</u>:&#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 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; COO West = up to 4,400 shares; COO East = up to 4,400 shares.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Administration</u>:&#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</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Award Grant Date</u>:&#160; Any RSAs granted under this program shall be granted under
      the 2003 Plan in the first quarter of 2021 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, 2021 and ending
      January 1, 2025, 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.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Certain Tax Considerations</u>:&#160; Any awards actually granted under this program
      shall be subject to Code Section 83(b).</div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex99_3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: SUMMIT
         Document created using EDGARfilings PROfile 6.5.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Exhibit 99.3</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">U.S. PHYSICAL THERAPY, INC. (&#8220;USPH&#8221;)</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">OBJECTIVE CASH/RSA BONUS PLAN FOR SENIOR MANAGEMENT</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">FOR 2020 (&#8220;OBJECTIVE BONUS PLAN&#8221;)</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Purpose</u>:&#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.</div>
    <div>&#160; <br>
    </div>
    <div style="color: #000000;"><u>Effective Date</u>:&#160; The effective date of this Objective Bonus Plan and the establishment of performance goals and formula for the amount payable hereunder is March 3, 2020.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Eligibility</u>:&#160; The Executives of USPH eligible for this Objective Bonus Plan are the Chief Executive Officer (&#8220;CEO&#8221;),&#160; the Chief Operating Officer West (&#8220;COO West&#8221;), and the Chief Operating Officer East (&#8220;COO East&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="color: #000000;"><u>Description, Conditions and Payment Date</u></font><font style="color: #000000;">:&#160; Under this Objective Bonus Plan, Executives have an opportunity to receive</font><font style="color: #FF0000;">&#160;</font><font style="color: #000000;">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 2020 (&#8220;Base&#8221;) as
        Performance Awards under the 2003 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 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, 2021. The Executive must be continuously employed by USPH or its affiliates from the Effective Date through December 31, 2020
        to receive the Cash Bonus or an RSA.</font></div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Administration</u>:&#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.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Objective Bonus Calculation</u>:&#160; Based on 2020 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 2020 related to this and all other management incentive plans), the goals and amounts payable are as follows:</div>
    <div>&#160;</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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zd1b90d14e7914ad28c3a8ba1f36c8df1">

          <tr>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">2020</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Potential Bonus Value</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);"><u>Pre-tax income</u></div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);"><u>(Compared to Base)</u></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$51,333,785</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">15.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$51,590,454</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">17.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$51,848,406</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">19.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$52,107,648</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">21.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$52,368,187</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">23.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$52,630,027</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">25.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$52,893,178</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">28.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$53,157,644</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">31.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$53,423,732</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">34.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$53,690,549</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">38.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$53,959,002</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">42.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$54,228,797</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">46.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$54,499,941</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">50.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$54,772,440</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">54.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$55,046,303</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">58.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$55,321,534</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">62.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$55,598,142</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">66.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$55,876,132</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27pt;">70.0%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 27pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="color: rgb(0, 0, 0);">$56,155,513 or more</div>
            </td>
            <td style="width: 25%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="color: rgb(0, 0, 0); margin-left: 27pt;">75.0%</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="color: #000000;"><u>No Trust or Fund</u>:&#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.</div>
    <div>&#160;</div>
    <div style="color: #000000;">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.</div>
    <div>&#160;</div>
  </div>
  <div><br>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ex99_4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<html>
  <head>
    <title></title>
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         Document created using EDGARfilings PROfile 6.5.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Exhibit 99.4</div>
    <div style="text-align: center;">&#160;<br>
    </div>
    <div style="text-align: center;"><font style="font-weight: bold;">U.S. PHYSICAL THERAPY, INC. (&#8220;USPH&#8221;) </font><br>
    </div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">DISCRETIONARY CASH/RSA BONUS PLAN FOR SENIOR MANAGEMENT</div>
    <div style="text-align: center;">&#160;<br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">FOR 2020 (&#8220;DISCRETIONARY BONUS PLAN&#8221;)</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Purpose</u>:&#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.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;"><u>Participants</u>:&#160; Executives of USPH who shall be &#8220;Participants&#8221; in this
      Discretionary Bonus Plan are the Chief Executive Officer (&#8220;CEO&#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 2020 (&#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 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.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Effective Date</u>:&#160; This Discretionary Bonus Plan is established effective March
      3, 2020.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Administration</u>:&#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.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Award and Payment Date</u>:&#160; The Compensation Committee shall make award
      determinations in the first quarter of 2021.&#160; After the Compensation Committee has determined 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 2021 but no later than March 15, 2021. A Subjective Bonus shall be payable only if the Participant remains continuously employed from the Effective Date through the date of the determination of the
      amount payable by the Compensation Committee.</div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>Subjective Bonus Calculation</u>:&#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:</div>
    <div>&#160;</div>
    <div style="text-indent: -180pt; margin-left: 180pt;"><u>CEO</u></div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Corporate Leadership/Transition of CFO</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Cost Control</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Briotix Development</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Same Store Growth/ Visit Growth</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">6.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Acquisitions</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div style="text-indent: -180pt; margin-left: 180pt;"><u>COO West</u></div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Briotix success, integration and forward progress</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Cost Control at the clinic level and margin stability at Briotix</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Development of West Team - Succession Planning</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Same Store Growth/ Visit Growth</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">6.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Development of additional de novo facilities and tuck ins</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: -180pt; margin-left: 180pt;"><u>COO EAST</u></div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Management Contract Development</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Compliance</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Development of East Team &#8211; Succession Planning</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Same Store Growth/ Visit Growth</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Development of additional de novo facilities and tuck ins</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">6.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Cost Control</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="color: #000000;"><u>No Trust or Fund</u>:&#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.</div>
    <div>&#160;</div>
    <div style="color: #000000;">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</div>
  </div>
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</SEC-DOCUMENT>
