<SEC-DOCUMENT>0001140361-25-010807.txt : 20250328
<SEC-HEADER>0001140361-25-010807.hdr.sgml : 20250328
<ACCEPTANCE-DATETIME>20250328060222
ACCESSION NUMBER:		0001140361-25-010807
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20250326
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:		20250328
DATE AS OF CHANGE:		20250328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S PHYSICAL THERAPY INC /NV
		CENTRAL INDEX KEY:			0000885978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				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:		25781277

	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: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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
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                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 8pt;"><span style="font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) <br/>
                  </span></div>
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      <div style="font-size: 10pt;">&#160;</div>

      <div style="font-size: 10pt;"><span style="font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</span> </div>

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      </div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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
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<div>&#160;<br/></div>

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    <td style="width: 15%; vertical-align: top; font-size: 10pt;">&#160;</td>

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        &#160;<br/></div>

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      <div style="text-align: left; font-size: 10pt;"><img width="779" height="1" src="image0.jpg" alt="graphic" style="height: 1px; width: 779px;"/></div>

      <div style="text-align: left; margin-right: 104pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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.</div>

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      <div style="font-size: 10pt;">
        <hr 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-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 5.02</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Departure of Directors or Certain Officers&#894; Election of Directors&#894; Appointment of Certain Officers&#894; Compensatory Arrangements of Certain Officers.</div>
            </td>

  </tr>


</table>
      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Compensatory Arrangements of Executive Officers</div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Effective March 26, 2025 (&#8220;Effective Date&#8221;), the Compensation Committee of the Board of Directors (the &#8220;Committee&#8221;) as defined in Section 1.8 of
        the U. S. Physical Therapy, Inc. (&#8220;USPH&#8221;) 2003 Stock Incentive Plan (the &#8220;2003 Plan&#8221;) approved and adopted the incentive plans for senior management as described below. Members of senior management who are eligible under the incentive plans include
        Mr. Christopher Reading, Chief Executive Officer (&#8220;CEO&#8221;), Mr. Eric Williams, President and Chief Operating Officer - East (&#8220;President&#8221;), Mr. Carey Hendrickson, Chief Financial Officer (&#8220;CFO&#8221;), Mr. Graham Reeve, Chief Operating Officer &#8211; West (&#8220;COO
        West&#8221;), and Mr. Rick Binstein, Executive Vice President, General Counsel and Secretary (&#8220;EVP&#8221;), (hereinafter collectively referred to as &#8220;Executives&#8221;).</div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 8pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;">Objective Long-Term Incentive Plan for Senior Management for 2025 (&#8220;Objective LTIP&#8221;):</span></span><span style="font-size: 10pt;"> Under this Objective LTIP, Executives have an opportunity to receive Restricted Stock Awards (&#8220;RSAs&#8221;) under the 2003 Plan to be granted by the Committee in the first quarter of 2026 subject to the continuous employment
          of the Executive by USPH or its affiliates from the Effective Date through the date of the grant of the RSA and the achievement of certain level of Adjusted EBITDA. 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 Committee in its sole discretion. The number of RSAs that may be granted under this Objective LTIP will vest
          evenly over 16 quarters, beginning May 20, 2026, and thereafter on August 20, November 20, and March 6, with final vesting on March 6, 2030, subject to acceleration of vesting in the Committee'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's employment agreement with USPH.&#160; The number of RSAs that may be granted is subject to the
          achievement of Adjusted EBITDA for the year 2025 and could be up to 100% of the maximum number of shares. The maximum number of RSAs that may be granted are as follows: CEO = 12,500 shares&#894; President = 7,500 shares; CFO = 5,000 shares&#894; COO West =
          5,000 shares and EVP = 5,000 shares.</span></div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 8pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;">Discretionary Long-Term Incentive Plan for Senior Management for 2025 (&#8220;Discretionary
            LTIP&#8221;)</span></span><span style="font-size: 10pt;">&#894; In addition to any other awards under the 2003 Plan 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
          Committee may, in its judgment and at its sole discretion, grant RSAs under the 2003 Plan, based on its evaluation of an Executive's performance and the collective corporate performance for 2025.</span></div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Any RSAs granted under this program shall be awarded in the first quarter of 2026 subject to the continuous employment of the Executive by USPH or
        its affiliates from the Effective Date through the date of the grant of the RSA. All RSAs granted shall be 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 Committee in its sole discretion. RSAs granted under this Discretionary LTIP will vest evenly over 16 quarters, beginning May 20, 2026, and thereafter on August 20, November 20, and
        March 6, with final vesting on March 6, 2030, 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's employment agreement with USPH.&#160; The number of RSAs that may be granted is subject to the evaluation of the Executive&#8217;s performance and the collective corporate performance during 2025. The maximum number of RSAs that may be granted are
        as follows: CEO = up to 12,500 shares&#894; CFO = up to 5,000 shares&#894; COO West = up to 5,000 shares&#894; President = up to 7,500 shares, and EVP = up to 5,000 shares.</div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 8pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;">Objective Bonus Plan for Senior Management for 2025 (&#8220;Objective Bonus Plan&#8221;</span></span><span style="font-size: 10pt;">)&#894; Under this Objective Bonus Plan, Executives have an opportunity to receive either a &#8220;Cash Bonus&#8221;<span style="font-family: 'Times New Roman';">&#160;</span>Award or RSAs having a value at the time of the Award of up to 100%
          of the CEO&#8217;s annual base salary for 2025 and up to 75% of the annual base salary for 2025 for the President, COO West, CFO and EVP as Performance Awards under the 2003 Plan. The Committee will, in its sole discretion, determine the amount and
          type of award to be made in the first quarter of 2026. No Executive will be entitled to any type of award or have a legally binding right to an award until the Committee, in its sole discretion, determines an award will be made, the amount and
          the type of award to be made. No Executive will be entitled to elect between the Cash Bonus and RSA. Before any Cash Bonus is made or an RSA is awarded under this Objective Bonus Plan, the Committee shall certify in writing that the performance
          goals (which in this case is the achievement of certain level of Adjusted EBITDA) have been obtained. 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, 2026. The
          Executive must be continuously employed by USPH or its affiliates from the Effective Date through December 31, 2025 to receive the Cash Bonus or an RSA.</span></div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 8pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><span style="text-decoration: underline;">Discretionary Cash/RSA Bonus Plan for Senior Management for 2025 ("Discretionary Bonus
            Plan")</span></span><span style="font-size: 10pt;">&#894; 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 of up to 50% of the Participant's annual base salary for 2025 (&#8220;Subjective Bonus&#8221;) subject to the achievement of individual goals established by the Committee. The Subjective Bonus shall be made as either a Cash Bonus Award or RSAs,
          as determined in the sole discretion of the Committee. The 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. No Participant shall be entitled to a Subjective
          Bonus and shall have no legally binding right to a Subjective Bonus until the 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.</span></div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The foregoing descriptions are qualified in its entirety by reference to the full text of each of the Objective LTIP, Discretionary LTIP,
        Objective Bonus Plan, and Discretionary Bonus Plan, which are filed as Exhibits 99.1, 99.2, 99.3 and 99.4, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.</div>

      <div style="font-size: 10pt;">&#160;</div>

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                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ITEM 9.01 <br/>
                </div>
              </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FINANCIAL STATEMENTS AND EXHIBITS</div>
              </td>

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      <div style="text-align: left; font-size: 10pt;">
<div>&#160;<span style="font-size: 10pt;"><br/>
        </span></div>

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    <td style="width: 8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">Exhibits&#160;</span><span style="font-size: 10pt;"> <br/>
                </span></td>

    <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>

    <td style="width: 91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> <span style="font-family: 'Times New Roman'; font-weight: bold;">Description of Exhibits</span></span></span></div>
              </td>

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    <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>

    <td colspan="1" rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>

    <td rowspan="1" style="width: 91%; vertical-align: top;">&#160;</td>

  </tr>

  <tr>

    <td rowspan="1" style="width: 8%; vertical-align: top;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20046377_ex99-1.htm">99.1*</a></div>
              </td>

    <td colspan="1" rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>

    <td rowspan="1" style="width: 91%; vertical-align: top;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management for 2025, effective March 26, 2025.</div>
              </td>

  </tr>

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    <td rowspan="1" style="width: 8%; vertical-align: top;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20046377_ex99-2.htm">99.2*</a></div>
              </td>

    <td colspan="1" rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>

    <td rowspan="1" style="width: 91%; vertical-align: top;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2025, effective March 26, 2025.</div>
              </td>

  </tr>

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    <td rowspan="1" style="width: 8%; vertical-align: top;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20046377_ex99-3.htm">99.3*</a></div>
              </td>

    <td colspan="1" rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>

    <td rowspan="1" style="width: 91%; vertical-align: top;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 8pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">U. S. Physical Therapy, Inc. Objective Cash/RSA Bonus Plan for Senior
                    Management for 2025, effective March 26, 2025.</span></div>
              </td>

  </tr>

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    <td rowspan="1" style="width: 8%; vertical-align: top;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20046377_ex99-4.htm">99.4*</a></div>
              </td>

    <td colspan="1" rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>

    <td rowspan="1" style="width: 91%; vertical-align: top;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 8pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">U. S. Physical Therapy, Inc. Discretionary Cash/RSA Bonus Plan for Senior
                    Management for 2025, effective March 26, 2025.</span></div>
              </td>

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<div><span style="font-size: 10pt;"> </span>
        <img width="731" height="1" src="image1.jpg" alt="graphic" style="height: 1px; width: 731px;"/></div>
</div>

      <div style="text-align: left; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br/>
      </div>

      <div style="text-align: left; margin-right: 160.1pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">* Filed herewith</div>

      <div style="font-size: 10pt;">&#160;</div>

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        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>

      <div style="text-align: left; font-size: 10pt;"><img width="779" height="1" src="image0.jpg" alt="graphic" style="height: 1px; width: 779px;"/></div>

      <div style="text-align: center; text-indent: -0.5pt; margin-right: 29.1pt; margin-left: 29.6pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURE</div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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>

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    <td colspan="2" rowspan="1" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><span style="font-family: 'Times New Roman'; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</span></div>
            </td>

  </tr>

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    <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 45%; vertical-align: top; font-size: 10pt;">&#160;</td>

  </tr>

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    <td style="width: 50%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Dated: March 28, 2025</div>
            </td>

    <td rowspan="1" style="vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">By:<br/>
              </div>
            </td>

    <td rowspan="1" style="vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">/s/ CAREY HENDRICKSON</td>

  </tr>

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    <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 45%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Carey Hendrickson</div>
            </td>

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    <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 45%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Chief Financial Officer</div>
            </td>

  </tr>

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    <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 45%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; margin-right: 26pt; color: rgb(0, 0, 0); font-family: 'Times New Roman';">(duly authorized officer and principal financial and accounting officer)</div>
            </td>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20046377_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="text-align: right; text-indent: 30.3pt; margin-left: 437.7pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 99.1</div>
      <div><br>
      </div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025 OBJECTIVE LONG-TERM INCENTIVE PLAN</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FOR SENIOR MANAGEMENT</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(&#8220;OBJECTIVE LTIP&#8221;)</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Purpose</u></font>: To incentivize and
        retain Executives eligible for this Objective LTIP, to achieve certain corporate earnings criteria and reward Executives when such criteria are achieved, and to align the long-term interests of Executives and shareholders of USPH by compensating
        the Executives in shares of USPH stock that vest over time, thereby increasing the Executives' equity interest in USPH.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Effective Date</u></font>: The effective
        date of this Objective LTIP and the establishment of performance goals and formula for the amount payable hereunder is March 26, 2025.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Eligibility</u></font>: The Executives of
        USPH eligible for this Objective LTIP are the Chief Executive Officer (&#8220;CEO&#8221;), the President and Chief Operating Officer - East (&#8220;President&#8221;), the Chief Financial Officer (&#8220;CFO&#8221;), the General Counsel (&#8220;EVP&#8221;), and the Chief Operating Officer - West
        (&#8220;COO West&#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><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Vesting and Other Terms and Provisions</u></font>:
        Under this Objective LTIP, Executives have an opportunity to receive Restricted Stock Awards (&#8220;RSAs&#8221;) under the 2003 Plan, 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 2026. The Executive must be employed by USPH or its affiliates from the Effective Date through the date of the grant to receive an 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 May 20, 2026 and thereafter on August 20, November 20 and March 6, with final vesting on March 6, 2030, subject to acceleration of vesting in the Committee'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's employment agreement with USPH.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Administration</u></font>: The Compensation
        Committee has authority to administer this Objective LTIP, grant awards and decide all questions of interpretation. The Compensation Committee shall set out the vesting and other terms of an RSA in writing. The Compensation Committee's
        determinations and interpretations under this Objective LTIP shall be final.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Objective Goals And Amounts That May Be
            Awarded</u></font>: The maximum amount of RSAs that may be granted under this this Objective LTIP based on achievement of the performance goals relating to 2025 are as follows: CEO = up to 12,500 shares; President&#160; = up to 7,500 shares; CFO =
        up to 5,000 shares; COO - West = up to 5,000 shares and EVP = up to 5,000 shares. The percentage of the maximum amount of RSAs awarded under this Objective LTIP shall be based on the Company&#8217;s Adjusted EBITDA (as defined herein) for 2025 at or
        above one of the three specified levels: Threshold, Target and Maximum percentage levels corresponding with varying Adjusted EBITDA performance.&#160; The percentage of payout applicable for performance in between two levels shall be proportionately
        adjusted to correspond with such level of performance.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Award Grant Date</u></font>:&#160; Any RSAs
        granted under this program shall be granted under the 2003 Plan in the first quarter of 2026 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 May 20, 2026 and thereafter on August 20, November 20 and March 6, with final vesting on March 6, 2030, 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's employment agreement with USPH.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="z5907c1e072e1472eb55def765a7f5b29" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

          <tr>
            <td valign="bottom" colspan="4" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025 Performance Goals</div>
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Adjusted EBITDA</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: left; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1.51%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1.51%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Objective</font></div>
              <div style="text-align: center; text-indent: -0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Amount of Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: left; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1.51%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 55.28%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">Threshold</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.51%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.84%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15.24%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">88,000,0000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.51%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.51%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21.44%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">30.0%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.51%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><br>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 55.28%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">Target</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.51%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.84%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15.24%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">91,453,325</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.51%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.51%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21.44%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">62.0%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.51%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><br>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 55.28%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">Maximum</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.51%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.84%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 15.24%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">95,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.51%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.51%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 21.44%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">100.0%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: left; vertical-align: bottom; width: 1.51%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);"><br>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Adjusted EBITDA is defined as net income attributable to USPH shareholders before interest income, interest
        expense, taxes, depreciation, and amortization, changes in revaluation of put-right liability, equity-based awards compensation expense, any impairment charges and other extraordinary or unusual items, and related portion for non-controlling
        interests.</div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">
        <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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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ef20046377_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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      <div style="text-align: right; text-indent: 30.3pt; margin-left: 437.7pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 99.2</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025 DISCRETIONARY LONG-TERM INCENTIVE PLAN</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FOR SENIOR MANAGEMENT</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Purpose</u></font><font style="font-size: 10pt;">: 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' equity interest in USPH.</font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Effective Date</u></font><font style="font-size: 10pt;">: This Discretionary LTIP is established effective March 26, 2025.</font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Description of Discretionary Awards Criteria</u></font><font style="font-size: 10pt;">: In addition to any other awards under the U.S. Physical Therapy, Inc. 2003 Stock Incentive Plan (as amended) (the "2003 Plan") 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 "Committee" is defined in Section 1.8 of the 2003 Plan) may, in its judgment and at its sole discretion, grant Restricted Stock
          Awards ("RSAs") under the 2003 Plan, based on its evaluation of an Executive's performance and the collective corporate performance for 2025. The factors to be considered include:</font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Chris Reading - CEO</u></div>
      <div style="font-size: 10pt;"><br>
      </div>
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            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Company and Board Leadership.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="za3b0602cd7ff48dfbd441db7e2b7f109" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 54pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Ensure that the Board and its Committees have adequate resources, communication and structure to carry out their critical functions.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zc7b13430b15a4b75a9df588cd44d654c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 54pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Ensure smooth transition for the audit chair role and ensure adequate resources and construct for each board committee.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z1cc416d3200f4091a9d26358b09ebdeb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 54pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Ensure newly elected directors are provided with the necessary onboarding and mentorship to successfully transition into board roles.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zd9a39ec1d7b34e61860ef6727c04640c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-size: 10pt;"><a name="z_Hlk193552391"></a><font style="font-family: 'Times New Roman';">&#8226;</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Ensure that the Company&#8217;s strategy is focused on creating long-term value for shareholders and stakeholders alike and that the execution around those initiatives is
                done in a way as to uphold the Company&#8217;s long-established standards for&#160; integrity, communication and patient-centered care.</div>
            </td>
          </tr>

      </table>
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            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Expand the Company&#8217;s development opportunities from de novo and acquired PT and IIP companies to also include partnerships with hospital systems for the purpose of
                market stability, rate enhancement and long-term growth opportunities.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zfe56783226e841cf9e61f2cbeb86cc66" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Work to successfully obtain a long-term EMR/Billing platform solution.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z592b0b5de2d74cc8b7160ad635231b93" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Maintain the stability and cohesion of the Company&#8217;s management team as we work through a challenging environment for the long-term good of the shareholders.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z525b183f8f1b413e96954b8e3884b8e1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Maintain an environment of compliance, accountability and integrity in all that we do.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Eric Williams &#8211; President and COO East</u></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6761f70e08da42c589462cdb71ff8a2e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Ensure cost and revenue alignment to achieve Company&#8217;s operating plan in physical therapy and IIP business segments.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zda255b4f610b465aa421c6118500949f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Implement a Company-wide initiative to broaden the adoption of artificial intelligence and virtual technologies designed to improve productivity and leverage labor
                costs in the clinics, while enhancing revenue generation with the expansion of homecare, cash-based programs, and hospital system relationships.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zbda697ea48e947229a7e26c9d77faac4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Enhance EMR platform scalability, functionality, and longevity through the execution of a multi-year EMR agreement ensuring long-term support on our current platform
                and a manageable path towards an externally hosted environment.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z8de445595a474c659a162a9a1d94ed30" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Training, development, and acquisition of key reports to ensure that the Company has necessary depth in important operational and support areas for succession and
                growth-related objectives.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zd552ae67f14f429096d8902eb1685726" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Maintain effective compliance and cybersecurity culture.&#160; Further develop trust-based relationships across all regions with emphasis on top partner groups to ensure
                buy-in with key initiatives and objectives.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Carey Hendrickson - CFO</u></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z238fc2b73c8543c694d3e8508f86ad40" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Net rate improvements in non-Medicare payor categories through strategic negotiations and revenue cycle management, with increases more than offsetting reductions in
                Medicare.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zf2e33b0d2b324fbbace0e206f0548f49" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Maintain effective cost discipline across the Company with total operating costs per visit and corporate costs maintained at budgeted levels.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z1270110fbab64ce7b82acba729247db4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Successful onboarding of Senior Vice President/Finance and Accounting with sufficient stability in the finance/accounting department to maintain high level of partner
                and corporate responsiveness.&#160; Maintaining adequate oversight of direct reports for accuracy, accountability of important work-product.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z5cf282c76b6a4bffbcff460e3b2d5c40" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Successful implementation of Accounts Payable technology to improve efficiency of payables process, selection of new G/L accounting system and substantive progress in
                the implementation of such system.</div>
            </td>
          </tr>

      </table>
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          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Maintain accuracy and accountability in financial reporting, supported by effective controls and processes while also ensuring a clean audit.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
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      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Graham Reeve - COO West</u></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z08055e92b81b4fb9b7d57831d7e8e2b5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Ensure cost and revenue alignment to achieve Company&#8217;s operating plan in PT and IIP business segments.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zef4fbd01046849d69073aded79558d8d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Implement a Company-wide initiative to broaden the adoption of artificial intelligence and virtual technologies designed to enhance patient care service delivery,
                productivity, and leverage labor costs.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zfe1477ec1dbc43d987133d030e21be38" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Create and maintain an effective leadership development, succession and relationship integration to ensure seamless transition to accommodate growth and succession
                related changes.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z5e13194cbef2452b8d663a0fe3f620c1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Execute a Company-wide initiative to enhance PT revenue generation through the growth and expansion of homecare programs and hospital system relationships, and ensure
                effective acquisition related due diligence and integration coordination and execution.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z06edd9d1db934270ac44c6c1285243e8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Maintain effective compliance and cybersecurity culture.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Rick Binstein - EVP/General Counsel</u></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z124264215bcb4b91a419f627135b2085" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Coordinate with CEO and other executives to facilitate growth through development.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z6ac8b4725c904325b6116042112f8303" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Coordinate with and assist the Company&#8217;s&#160; Chief Compliance Officer in compliance related matters to maintain an effective compliance culture.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z4082b90864ce4979a756d107ce36a29d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Manage and operate legal department in a manner which successfully supports the Company&#8217;s partners and corporate/infrastructure needs.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zf5f1675027394313be3b81f98428b5b9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Assist CEO and other executives in evaluating new opportunities for growth, including acquisitions and strategic hospital relationships.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z7415bf4b21b147ea96226d3c0a795ff8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Coordinate and maintain corporate records and board of directors related matters.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Participants</u></font><font style="font-size: 10pt;">: Executives who will have an opportunity to be granted RSAs under this Discretionary LTIP shall be the Chief Executive Officer (&#8220;CEO&#8221;), the Chief Financial Officer (&#8220;CFO&#8221;), the Chief Operating Officer - West (&#8220;COO -
          West&#8221;), the President and Chief Operating Officer - East (&#8220;President&#8221;) and Executive Vice President, General Counsel (&#8220;EVP&#8221;). The following shall be the maximum amount of shares that may be awarded under this program to each specified
          participant: CEO = up to 12,500 shares; President = up to 7,500 shares; CFO = up to 5,000 shares; COO - West = up to 5,000 shares;&#160; and EVP = up to 5,000 shares</font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Administration</u></font><font style="font-size: 10pt;">: The Compensation Committee shall administer this Discretionary LTIP. The Compensation Committee shall have the exclusive authority to interpret and construe the terms of this Discretionary LTIP and make all
          determinations under this plan, and its decisions shall be final and binding in all persons. The Compensation Committee shall set out the vesting and other terms of an RSA in writing.</font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Award Grant Date</u></font><font style="font-size: 10pt;">:&#160; Any RSAs granted under this program shall be granted under the 2003 Plan in the first quarter of 2026 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 May 20, 2026 and thereafter on August 20, November 20 and March 6, with final vesting on March 6, 2030, 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's employment agreement with USPH.</font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Certain Tax Considerations</u></font><font style="font-size: 10pt;">: Any awards actually granted under this program shall be subject to Code Section 83(b).</font></div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <font style="font-size: 10pt;"> <br>
      </font>
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        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 10pt;"> </font></div>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ef20046377_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using Broadridge PROfile 25.3.1.5296
         Copyright 1995 - 2025 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; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);"> Exhibit 99.3</font></div>
      <div style="text-align: right; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025 OBJECTIVE CASH/RSA BONUS PLAN</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FOR SENIOR MANAGEMENT</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(&#8220;OBJECTIVE BONUS PLAN&#8221;)</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Purpose</u></font>: 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><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Effective Date</u></font>: The effective
        date of this Objective Bonus Plan and the establishment of performance goals and formula for the amount payable hereunder is March 26. 2025.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Eligibility</u></font>: The Executives of
        USPH eligible for this Objective Bonus Plan are the Chief Executive Officer ("CEO"), the President and COO - East (&#8220;President&#8221;), the Chief Financial Officer ("CFO"), the Chief Operating Officer - West ("COO West"), and the Executive Vice President,
        General Counsel ("EVP")</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Description. Conditions and Payment Date</u></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 of up to 100% of the annual base salary for 2025
        (&#8220;Base&#8221;) for the CEO, and up to 75% of Base for the President, COO West, CFO and EVP, as Performance Awards under the 2003 Plan. The percentage of the maximum amount of cash awarded under this Objective Bonus Plan shall be based on the Company&#8217;s
        Adjusted EBITDA (as defined herein) for 2025 at or above one of the three specified levels: Threshold, Target and Maximum percentage levels corresponding with varying Adjusted EBITDA performance.&#160; The percentage of payout applicable for performance
        in between two levels shall be proportionately adjusted to correspond with such level of performance.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Compensation Committee of the Board of Directors of USPH (the "Compensation Committee") will, in its sole
        discretion, determine the amount and type of award to be made in the first quarter of 2026. 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. No Executive will be entitled to elect between the Cash Bonus and RSA. 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. 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, 2026. The Executive
        must be continuously employed by USPH or its affiliates from the Effective Date through December 31, 2025, to receive the Cash Bonus or an RSA.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Administration</u></font>:&#160; The Compensation
        Committee has authority to administer this Objective Bonus Plan, grant awards, determine whether any such awards shall be made as a Cash Bonus Award or as an RSA, and decide all questions of interpretation. The Compensation Committee shall set out
        the vesting and other terms of an RSA in writing. The Compensation Committee&#8217;s determinations and interpretations under this Objective Bonus Plan shall be final and binding on all persons.</div>
      <div><br>
      </div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Objective Bonus Calculation</u></font>:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zb45ed439ef31452f935eea9fb59f7e2c" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="4"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 1.01%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Potential Bonus Value</div>
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(percentage of base salary)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1.63%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1.01%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: -0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Potential Bonus Value</font></div>
              <div style="text-align: center; text-indent: -0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(percentage of base salary)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1.76%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="4">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025 Adjusted EBITDA</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1.01%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1.01%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CEO</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1.63%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1.01%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Pres., CFO, COO-West, EVP</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 1.76%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44.85%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">Threshold</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">88,000,0000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 18.59%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">30%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.63%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 18.84%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">15%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell"><br>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44.85%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">Target</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">91,453,325</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 18.59%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">50%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.63%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1.01%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 18.84%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">31%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.76%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell"><br>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 44.85%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; margin-left: 9pt;">Maximum</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9.17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">95,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 18.59%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">100%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.63%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell"><br>
            </td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 18.84%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">75%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1.76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" class="cftfncell"><br>
            </td>
          </tr>

      </table>
      <div style="text-align: left; text-indent: 0pt; margin-left: 0.5pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Adjusted EBITDA is defined as net income attributable to USPH shareholders before interest income, interest
        expense, taxes, depreciation, and amortization, changes in revaluation of put-right liability, equity-based awards compensation expense, any impairment charges and other extraordinary or unusual items, and related portion for non-controlling
        interests.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>No Trust or Fund</u></font>: 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><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">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 style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">
        <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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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ef20046377_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
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    <div>
      <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">&#160;Exhibit 99.4<br>
        </font></div>
      <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">2025 DISCRETIONARY CASH/RSA BONUS PLAN</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FOR SENIOR MANAGEMENT</div>
      <div style="text-align: center; text-indent: -0.5pt; margin-right: 0.6pt; margin-left: 1.1pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&#160;(&#8220;DISCRETIONARY BONUS PLAN&#8221;)</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Purpose</u></font>:&#160; The purpose of this
        Discretionary Bonus Plan is to retain and incentivize the Executive Officers of USPH by providing an annual bonus opportunity to the Executives to reward them when certain individual and corporate subjective performance measures are achieved.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Participants:</u></font> Executives of USPH
        who shall be "Participants" in this Discretionary Bonus Plan are the Chief Executive Officer ("CEO"), President and COO - East (&#8220;President&#8221;), Chief Financial Officer ("CFO"), Chief Operating Officer - West ("COO - West"), and Executive Vice
        President, General Counsel (EVP). 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
        "Subjective Bonus" of up to 50% of the Participant's annual base salary for 2025 ("Base") pursuant to the subjective criteria as set forth below. The Subjective Bonus shall be made as either a "Cash Bonus" Award or a Restricted Stock Award ("RSA"),
        as determined in the sole discretion of the Compensation Committee of the Board of Directors of USPH (the "Compensation Committee"). The Compensation Committee shall have the sole discretion to determine the amount and type of award (whether a Cash
        Bonus Award or an RSA) to be made. 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><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Effective Date</u></font>: This
        Discretionary Bonus Plan is established effective March 26, 2025.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Administration</u></font>: 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><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Award and Payment Date</u></font>: The
        Compensation Committee shall make award determinations in the first quarter of 2026. 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 2026 but no later than March 15, 2026. 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><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Subjective Bonus Calculation</u></font>: The
        Subjective Bonus criteria that have been established by the Compensation Committee and shall be used in the Compensation Committee'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 CEO, President, COO - West, CFO and EVP are as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Chris Reading - CEO</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze16b0cf2d0bd436fad68785896734630">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Company and Board Leadership.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd8167859abb945668bfcabf2f8276dcf">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">a.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Ensure that the Board and its Committees have adequate resources, communication and structure to carry out their critical functions.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c6f74b75d87400aad818b2345941509">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">b.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Ensure smooth transition for the audit chair role and ensure adequate resources and construct for each board committee.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e3191dcb60249898db07438ed50317d">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">c.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Ensure newly elected directors are provided with the necessary onboarding and mentorship to successfully transition into board roles.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3420f61463c40fd96954c73aa1e906a">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">d.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Ensure that the Company&#8217;s strategy is focused on creating long-term value for shareholders and stakeholders alike and that the execution around those initiatives is
                done in a way as to uphold the Company&#8217;s long-established standards for&#160; integrity, communication and patient-centered care.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z70dc82d02ac64d16ae8b9df8541695ea">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Expand the Company&#8217;s development opportunities from de novo and acquired PT and IIP companies to also include partnerships with hospital systems for the purpose of
                market stability, rate enhancement and long-term growth opportunities.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0685a75a8023476a84392dbb966c34b4">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Work to successfully obtain a long-term EMR/Billing platform solution.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za9d36028ca814d318aa15898f91e5d72">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Maintain the stability and cohesion of the Company&#8217;s management team as we work through a challenging environment for the long-term good of the shareholders.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z767b5f221d88488684bd2292699cfadd">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Maintain an environment of compliance, accountability and integrity in all that we do.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Eric Williams &#8211; President and COO East</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7a8603e2747440e986307e9427e7c62">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Ensure cost and revenue alignment to achieve Company&#8217;s operating plan in physical therapy and IIP business segments.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1604aa6731441a29361c914090472a0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Implement a Company-wide initiative to broaden the adoption of artificial intelligence and virtual technologies designed to improve productivity and leverage labor
                costs in the clinics, while enhancing revenue generation with the expansion of homecare, cash-based programs, and hospital system relationships.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z18283de9cbec44b1817a968755b470d1">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Enhance EMR platform scalability, functionality, and longevity through the execution of a multi-year EMR agreement ensuring long-term support on our current
                platform and a manageable path towards an externally hosted environment.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7223e51510dc4fd49a1957b14d7ef1a4">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Training, development, and acquisition of key reports to ensure that the Company has necessary depth in important operational and support areas for succession and
                growth-related objectives.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbbe77c2ce2d84d06807185e5a308f321">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Maintain effective compliance and cybersecurity culture.&#160; Further develop trust-based relationships across all regions with emphasis on top partner groups to ensure
                buy-in with key initiatives and objectives.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" 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 style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Carey Hendrickson - CFO</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3a0c8433e9b4b3798e529fa41ac554f">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Net rate improvements in non-Medicare payor categories through strategic negotiations and revenue cycle management, with increases more than offsetting reductions
                in Medicare.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zee7750f546374a4a830b7397e9231248">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Maintain effective cost discipline across the Company with total operating costs per visit and corporate costs maintained at budgeted levels.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z613c5d4228354b41be190ad8b4f59373">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Successful onboarding of Senior Vice President/Finance and Accounting with sufficient stability in the finance/accounting department to maintain high level of
                partner and corporate responsiveness.&#160; Maintaining adequate oversight of direct reports for accuracy, accountability of important work-product.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zebba7ee58a294d818f6dbe914795a59c">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Successful implementation of Accounts Payable technology to improve efficiency of payables process, selection of new G/L accounting system and substantive progress
                in the implementation of such system.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z10370396914c442ba29af1e9d5b72ca2">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Maintain accuracy and accountability in financial reporting, supported by effective controls and processes while also ensuring a clean audit.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Graham Reeve - COO West</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f299693229649a6b411132c70de374d">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Ensure cost and revenue alignment to achieve Company&#8217;s operating plan in PT and IIP business segments.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z337e0e6853df4b2199a4da5f3bc70c64">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Implement a Company-wide initiative to broaden the adoption of artificial intelligence and virtual technologies designed to enhance patient care service delivery,
                productivity, and leverage labor costs.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8879cc1508c84400a95511f1ef3b3c98">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Create and maintain an effective leadership development, succession and relationship integration to ensure seamless transition to accommodate growth and succession
                related changes.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z02d2561d34584eceaa44b099f36e8ebe">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Execute a Company-wide initiative to enhance PT revenue generation through the growth and expansion of homecare programs and hospital system relationships, and
                ensure effective acquisition related due diligence and integration coordination and execution.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a2fe23b631d46afb6cbfe2265c26e70">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Maintain effective compliance and cybersecurity culture.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><u>Rick Binstein - EVP/General Counsel</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61be7eab5f524c59b94a24cb9c8e9901">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Coordinate with CEO and other executives to facilitate growth through development.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c278aeb9b574518b9e8e42a3f89680f">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Coordinate with and assist the Company&#8217;s Chief Compliance Officer in compliance related matters to maintain an effective compliance culture.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb733c92445c2499097e060ae4985a488">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Manage and operate legal department in a manner which successfully supports the Company&#8217;s partners and corporate/infrastructure needs.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f3f0371bdf04f45a8f41650e1553554">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Assist CEO and other executives in evaluating new opportunities for growth, including acquisitions and strategic hospital relationships.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaedd5337fe714510be9ae8bc3154543b">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Coordinate and maintain corporate records and board of directors related matters.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>No Trust or Fund</u></font>: 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 participants:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">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 style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -0.5pt; margin-left: 0.5pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">
        <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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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>usph-20250326.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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  <xs:import namespace="http://xbrl.sec.gov/cyd/2024" schemaLocation="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd" />
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>usph-20250326_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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    <link:label xlink:type="resource" xlink:label="dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CoverAbstract" xml:lang="en-US" id="dei_CoverAbstract">Cover [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
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    <link:label xlink:type="resource" xlink:label="dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementTenderOffer" xml:lang="en-US" id="dei_PreCommencementTenderOffer">Pre-commencement Tender Offer</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
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    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol" xml:lang="en-US" id="dei_TradingSymbol">Trading Symbol</link:label>
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    <link:label xlink:type="resource" xlink:label="dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_SecurityExchangeName" xml:lang="en-US" id="dei_SecurityExchangeName">Security Exchange Name</link:label>
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  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>usph-20250326_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by Broadridge PROfile 25.3.1.5296 Broadridge-->
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Mar. 26, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 26,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-11151<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">U S PHYSICAL THERAPY INC /NV<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000885978<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NV<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">76-0364866<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1300 WEST SAM HOUSTON PARKWAY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">SUITE 300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">HOUSTON<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">77043<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">713<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">297-7000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">USPH<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:normalizedStringItemType</td>
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<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:dateItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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