<SEC-DOCUMENT>0001140361-20-007017.txt : 20200326
<SEC-HEADER>0001140361-20-007017.hdr.sgml : 20200326
<ACCEPTANCE-DATETIME>20200326163333
ACCESSION NUMBER:		0001140361-20-007017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200326
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200326
DATE AS OF CHANGE:		20200326

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:		20746497

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

	MAIL ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
</SEC-HEADER>
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      <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>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt;">&#160;<font style="font-weight: bold;">FORM 8-K</font></div>
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      <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>
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      <div style="text-align: center; color: #000000; font-size: 18pt;"><font style="font-size: 24pt;">&#160;</font><font style="font-size: 24pt; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</font></div>
      <div style="text-align: center; color: #000000; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">1300 West Sam Houston Parkway South,</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Suite 300, Houston, Texas</div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Address of Principal Executive Offices)</div>
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      <div style="text-align: center;"><br>
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      <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>
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                <td style="width: 27pt; vertical-align: top;"><font style="color: rgb(0, 0, 0);">&#9744;</font><font style="font-family: 'Segoe UI Symbol',sans-serif; color: rgb(0, 0, 0);"></font></td>
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                  <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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                  <div style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</div>
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                  <div style="color: rgb(0, 0, 0);">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: 27pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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      <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
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              <div style="text-align: center; color: rgb(35, 31, 32);">Title of each class</div>
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              <div style="text-align: center; color: rgb(35, 31, 32);">Trading</div>
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              <div style="text-align: center; color: rgb(35, 31, 32);">Name of each exchange on which registered</div>
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            <td style="width: 28.62%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <div style="text-align: center; color: rgb(35, 31, 32);">Symbol(s)</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">Common Stock, $.01 par value</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange</div>
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      </div>
      <div style="color: rgb(0, 0, 0);">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
        (&#167;240.12b-2 of this chapter).</div>
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                <div>&#160;</div>
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              <td style="width: 20%;">Emerging growth company</td>
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      <div style="color: rgb(0, 0, 0);">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
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                <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 1.01</td>
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                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Entry into a Material Definitive Agreement</div>
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      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">The information in Item 5.02 below is incorporated by reference into this Item 1.01.</div>
      <div>&#160;</div>
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                <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 5.02</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.</div>
                </td>
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="color: #000000;">As a result of the current business environment, as further described in Item 8.01 &#8211; Other Events &#8211; Business Update, the executive officers of U.S Physical Therapy, Inc. </font><font style="color: #252525;">(the &#8220;Company&#8221;, &#8220;we&#8221; and &#8220;our&#8221;) </font><font style="color: #000000;">have agreed to salary reductions.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">Attached as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively, are the amendments to employment agreement for Messrs. Christopher J. Reading, Lawrance McAfee, Glenn McDowell and Graham Reeve,
        respectively.&#160; Mr. Reading&#8217;s salary was reduced by 40% and the salaries of Messrs. McAfee, McDowell and Reeve salaries were reduced by 35%.</div>
      <div>&#160;</div>
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                <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 8.01</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Other Events.</div>
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      <div>&#160;</div>
      <div style="text-align: justify; color: #252525;">The Company is filing this Current Report on Form 8-K to provide a business update and to supplement the risk factors described in Item 1A of the Company&#8217;s Annual Report on Form 10-K for the fiscal
        year ended December 31, 2019 filed with the SEC on February 28, 2020 (&#8220;Annual Report&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #252525; font-weight: bold;">Business Update</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">The Company&#8217;s operations continue to be adversely effected by the spread of COVID-19. More state and local governments are putting &#8220;stay in place&#8221; restrictions in place. Even where stay in place
        restrictions are not in effect, more and more people are infected or choosing to stay at home or self-quarantine. As a result, a number of our physical therapy clinics are at least temporarily closed. Clinics that remain open are experiencing a
        significant drop in patient volume as new patient referrals slow and existing patients cancel scheduled appointments and fail to schedule additional appointments. Likewise the Company&#8217;s industrial injury prevention business is experiencing a
        significant downturn as more of our clients&#8217; locations are on reduced work schedules or closed. As a result, the Company expects a significant drop in revenue and, in the near term, expects to incur operating losses. Management is taking a number
        of steps to mitigate these losses. Actions include reducing employee salaries and furloughing or terminating employment of others. Other steps include renegotiating leases, deploying a telehealth and e-visit solution to perform services remotely,
        slowing development of new clinics, delaying potential acquisitions and cutting other expenses.</div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Amendment to Risk Factors</div>
      <div><br>
      </div>
      <div style="color: #252525;">The following risk factor should be read in conjunction with the risk factors described in the Annual Report.</div>
      <div><br>
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      <div style="color: #252525; font-style: italic; font-weight: bold;">We are subject to risks associated with public health crises and epidemics/pandemics, such as the novel strain of<a name="z1275"></a><a name="keyword"></a> coronavirus (COVID-19).</div>
      <div><br>
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      <div style="color: #252525;">Our operations expose us to risks associated with public health crises and epidemics/pandemics, such as the novel strain of<a name="z1302"></a> coronavirus (COVID-19) that has spread globally. In recent weeks, the
        continued spread has led to disruption and volatility in the global capital markets, which increases the cost of, and adversely impacts access to, capital and increases economic uncertainty. It is likely that the pandemic will cause an economic
        slowdown of potentially extended duration, and it is possible that it could cause a global recession.</div>
      <br>
      <div style="color: #252525;">COVID-19 is having, and will continue to have, an adverse impact on our operations and supply chains, including an increase in cancellations of physical therapy patient appointments and a decline in the scheduling of new
        or additional patient appointments.&#160; Due to these impacts and measures, we have experienced, and will continue to experience, significant and unpredictable reductions and cancellations of our patient visits.</div>
      <div><br>
      </div>
      <div style="color: #252525;">As a result, given the rapid and evolving nature of the virus, COVID-19 will negatively affect our revenue, and it is uncertain how materially COVID-19 will affect operations generally if these impacts persist or worsen
        over an extended period of time. Any of these impacts would have a significant adverse effect on our business, financial condition and results of operations, and at this point, the extent of the impact of COVID-19 remains uncertain.</div>
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                <td style="width: 63pt; vertical-align: top;"><a name="OLE_LINK1"></a><font style="font-weight: bold; color: rgb(0, 0, 0);">Item 9.01</font></td>
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                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Financial Statements and Exhibits.</div>
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      <div>&#160;</div>
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              <div><a href="ex10_1.htm">10.1+*</a></div>
            </td>
            <td style="width: 88%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Amendment to Employment Agreement entered into as of March 26, 2020 by and between the Company and Christopher Reading.</div>
            </td>
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            <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div><a href="ex10_2.htm">10.2+*</a></div>
            </td>
            <td style="width: 88%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Amendment to Employment Agreement entered into as of March 26, 2020 by and between the Company and Lawrance McAfee.</div>
            </td>
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            <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div><a href="ex10_3.htm">10.3+*</a></div>
            </td>
            <td style="width: 88%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Amendment to Employment Agreement entered into as of March 26, 2020 by and between the Company and Glenn McDowell.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div><a href="ex10_4.htm">10.4+*</a></div>
            </td>
            <td style="width: 88%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Amendment to Employment Agreement entered into as of March 26, 2020 by and between the Company and Graham Reeve.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
      <div><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>
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      <table cellspacing="0" cellpadding="0" border="0" id="z194788674fcb459891fdbebcdef5a70b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
            </td>
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          <tr>
            <td style="width: 50%; vertical-align: middle;">&#160;</td>
            <td style="width: 5%; vertical-align: middle;">&#160;</td>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Dated: March 26, 2020</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Lawrance McAfee</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Lawrance McAfee</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Chief Financial Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(duly authorized officer)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <br>
      <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>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<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;">
  <div>
    <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);">Exhibit 10.1</div>
      <div>&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">AMENDMENT</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">TO EMPLOYMENT AGREEMENT</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">THIS AMENDMENT (&#8220;<u>Amendment</u>&#8221;) is entered into as of the 26th day of March, 2020 (the &#8220;<u>Effective Date</u>&#8221;) by and between U.S. Physical Therapy, Inc. (the &#8220;<u>Company</u>&#8221;)

        and Christopher Reading (&#8220;<u>Executive</u>&#8221;), for the purpose of amending that certain Third Amended and Restated Employment Agreement between the Company and Executive, dated as of May 21, 2019 (the &#8220;<u>Employment Agreement</u>&#8221;). The parties
        hereby agree that the Employment Agreement is hereby modified as provided herein.</div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8f9316efe46a45729955c3e55a5cf2f0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: justify;"><font style="text-align: left;">1.</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: justify;">Effective as of the Effective Date, Section 5 of the Employment Agreement is amended to reduce Executive&#8217;s annualized salary by forty percent (40%) to an annualized salary of $480,000.00 per annum,
                      payable in accordance with the Company&#8217;s standard payroll practices and subject to ordinary course withholdings.</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z70eb7f0d58364386a88c9e65a2d1b2fe" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                  <tr style="vertical-align: top;">
                    <td style="width: 36pt;">&#160;</td>
                    <td style="vertical-align: top; width: 18pt;">
                      <div style="color: rgb(0, 0, 0);">2.</div>
                    </td>
                    <td style="align: left; vertical-align: top; width: auto;">
                      <div style="color: rgb(0, 0, 0);">Except as provided herein, the terms and conditions of the Employment Agreement remain intact and the Company and Employee hereby ratify such terms and conditions.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">IN WITNESS WHEREOF, the parties agree to the terms and conditions of this Amendment, both as to form and substance, and the parties have executed this Amendment as of the day
        and year first written above:</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;">

          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">COMPANY:</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;&#160;&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">U.S. Physical Therapy, Inc.&#160;&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Richard Binstein</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Richard Binstein</div>
              <div style="color: rgb(0, 0, 0);">Vice President and General Counsel</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 180pt;"><a name="z_DV_M102"></a><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;">

          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div style="color: rgb(0, 0, 0);"><a name="z_DV_M105"></a>EXECUTIVE:</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;&#160;&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Christopher Reading</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Christopher Reading</div>
            </td>
          </tr>

      </table>
      <div>&#160;</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>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10_2.htm
<DESCRIPTION>EXHIBIT 10.2
<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);">&#160;Exhibit 10.2</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">AMENDMENT</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">TO EMPLOYMENT AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">THIS AMENDMENT (&#8220;<u>Amendment</u>&#8221;) is entered into as of the 26th day of March, 2020 (the &#8220;<u>Effective Date</u>&#8221;) by and between U.S. Physical Therapy, Inc. (the &#8220;<u>Company</u>&#8221;)

      and Lawrance McAfee (&#8220;<u>Executive</u>&#8221;), for the purpose of amending that certain Third Amended and Restated Employment Agreement between the Company and Executive, dated as of May 21, 2019 (the &#8220;<u>Employment Agreement</u>&#8221;). The parties hereby
      agree that the Employment Agreement is hereby modified as provided herein.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: rgb(0, 0, 0);">Effective as of the Effective Date, Section 5 of the Employment Agreement is amended to reduce Executive&#8217;s annualized salary by thirty five percent (35%) to an annualized salary of $331,500.00 per annum,
                  payable in accordance with the Company&#8217;s standard payroll practices and subject to ordinary course withholdings.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: rgb(0, 0, 0);">Except as provided herein, the terms and conditions of the Employment Agreement remain intact and the Company and Employee hereby ratify such terms and conditions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">IN WITNESS WHEREOF, the parties agree to the terms and conditions of this Amendment, both as to form and substance, and the parties have executed this Amendment as of the day and
      year first written above:</div>
    <div><br>
    </div>
    <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;">

          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">COMPANY:</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;&#160;&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">U.S. Physical Therapy, Inc.&#160;&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Richard Binstein</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Richard Binstein</div>
              <div style="color: rgb(0, 0, 0);">Vice President and General Counsel</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 180pt;"><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;">

          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">EXECUTIVE:</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;&#160;&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0);">/s/ Lawrance McAfee</div>
              </div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0);">Lawrance McAfee</div>
              </div>
            </td>
          </tr>

      </table>
      <div>&#160;</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>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10_3.htm
<DESCRIPTION>EXHIBIT 10.3
<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;">
  <div>
    <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 style="text-align: right; color: rgb(0, 0, 0);">Exhibit 10.3</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">AMENDMENT</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">TO EMPLOYMENT AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">THIS AMENDMENT (&#8220;<u>Amendment</u>&#8221;) is entered into as of the 26th day of March, 2020 (the &#8220;<u>Effective Date</u>&#8221;) by and between U.S. Physical Therapy, Inc. (the &#8220;<u>Company</u>&#8221;)

      and Glenn McDowell (&#8220;<u>Executive</u>&#8221;), for the purpose of amending that certain Second Amended and Restated Employment Agreement between the Company and Executive, dated as of May 21, 2019 (the &#8220;<u>Employment Agreement</u>&#8221;). The parties hereby
      agree that the Employment Agreement is hereby modified as provided herein.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: rgb(0, 0, 0);">Effective as of the Effective Date, Section 4 of the Employment Agreement is amended to reduce Executive&#8217;s annualized salary by thirty five percent (35%) to an annualized salary of $331,500.00 per annum,
                  payable in accordance with the Company&#8217;s standard payroll practices and subject to ordinary course withholdings.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">6.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: rgb(0, 0, 0);">Except as provided herein, the terms and conditions of the Employment Agreement remain intact and the Company and Employee hereby ratify such terms and conditions.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">IN WITNESS WHEREOF, the parties agree to the terms and conditions of this Amendment, both as to form and substance, and the parties have executed this Amendment as of the day and
      year first written above:</div>
    <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;">

          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">COMPANY:</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;&#160;&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">U.S. Physical Therapy, Inc.&#160;&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Richard Binstein</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">Richard Binstein</div>
              <div style="color: rgb(0, 0, 0);">Vice President and General Counsel</div>
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              <div style="color: rgb(0, 0, 0);">EXECUTIVE:</div>
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              <div style="color: rgb(0, 0, 0);">By:</div>
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            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0);">/s/ Glenn McDowell</div>
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            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0);">Glenn McDowell</div>
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      <div>&#160;
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex10_4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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      <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">Exhibit 10.4</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">AMENDMENT</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">TO EMPLOYMENT AGREEMENT</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">THIS AMENDMENT (&#8220;<u>Amendment</u>&#8221;) is entered into as of the 26th day of March, 2020 (the &#8220;<u>Effective Date</u>&#8221;) by and between U.S. Physical Therapy, Inc. (the &#8220;<u>Company</u>&#8221;)

      and Graham Reeve (&#8220;<u>Executive</u>&#8221;), for the purpose of amending that certain Amended and Restated Employment Agreement between the Company and Executive, dated as of May 21, 2019 (the &#8220;<u>Employment Agreement</u>&#8221;). The parties hereby agree that
      the Employment Agreement is hereby modified as provided herein.</div>
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              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: rgb(0, 0, 0);">Effective as of the Effective Date, Section 4 of the Employment Agreement is amended to reduce Executive&#8217;s annualized salary by thirty five percent (35%) to an annualized salary of $351,000.00 per annum,
                  payable in accordance with the Company&#8217;s standard payroll practices and subject to ordinary course withholdings.</div>
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    <div>&#160;</div>
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              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">8.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: rgb(0, 0, 0);">Except as provided herein, the terms and conditions of the Employment Agreement remain intact and the Company and Employee hereby ratify such terms and conditions.</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">IN WITNESS WHEREOF, the parties agree to the terms and conditions of this Amendment, both as to form and substance, and the parties have executed this Amendment as of the day and
      year first written above:</div>
    <div style="text-align: justify; margin-left: 180pt; color: rgb(0, 0, 0); font-weight: bold;"> <br>
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            </td>
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            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;&#160;&#160;</td>
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            <td colspan="2" rowspan="1" style="vertical-align: top;">U.S. Physical Therapy, Inc.&#160;&#160;</td>
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            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
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          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Richard Binstein</div>
            </td>
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          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Richard Binstein</div>
              <div style="color: rgb(0, 0, 0);">Vice President and General Counsel</div>
            </td>
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      <div style="margin-left: 180pt;"><br>
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          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">EXECUTIVE:</div>
            </td>
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          <tr>
            <td rowspan="1" colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;&#160;&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0);">/s/ Graham Reeve</div>
              </div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0);">Graham Reeve</div>
              </div>
            </td>
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      <div>&#160;</div>
      <div>&#160;
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