U S Physical Therapy (USPH) COO sells 662 shares in open-market trade

Rhea-AI Filing Summary

U.S. Physical Therapy COO Graham D. Reeve sold 662 shares of common stock in an open-market transaction on March 11, 2026 at a weighted average price of $78.86 per share, with individual trade prices ranging from $78.82 to $79.82.

After this sale, he directly holds 30,078 shares, including 21,384 shares of restricted stock granted under the company’s stock incentive plan. These restricted shares are scheduled to vest in multiple tranches between May 20, 2026 and March 6, 2030, contingent on continued employment.

Insider Trade Summary

Net Seller: 662 shares ($52,205)

Net Sell 1 txn

Insider REEVE GRAHAM D.

Role COO

Sold 662 shs ($52K)

Type	Security	Shares	Price	Value
Sale	Common Stock	662	$78.86	$52K

Holdings After Transaction: Common Stock — 30,078 shares (Direct)

Footnotes (1)

1. The price reported ($78.86) is the weighted average price. The shares were sold in multiple transactions at prices ranging from $78.82 to $79.82 per share, both inclusive. The reporting person undertakes to provide to U.S. Physical Therapy, Inc., any of its shareholders or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4. Includes 21,384 shares which were granted as restricted stock pursuant to the Company's Amended and Restated 2003 Stock Incentive Plan. Restriction lapse as follows: 1,948 shares will vest on each of May 20, 2026, August 20, 2026 and November 20, 2026, 1,956 shares will vest on March 6, 2027, 1,636 shares will vest on each of May 20, 2027, August 20, 2027, and November 20, 2027, 1,640 shares will vest on March 6, 2028, 1,130 shares will vest on each of May 20, 2028, August 20, 2028, and November 20, 2028, 1,134 shares will vest on March 6, 2029, 624 shares will vest on each of May 20, 2029, August 20, 2029, and November 20, 2029 and 640 shares will vest on March 6, 2030, if he is an employee of the Company on those dates.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

REEVE GRAHAM D.

(Last) (First) (Middle)

1300 W SAM HOUSTON PKWY S

SUITE 300

(Street)

HOUSTON TX 77042

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
U S PHYSICAL THERAPY INC /NV [ USPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	COO

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/11/2026		S		662	D	$78.86(1)	30,078(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported ($78.86) is the weighted average price. The shares were sold in multiple transactions at prices ranging from $78.82 to $79.82 per share, both inclusive. The reporting person undertakes to provide to U.S. Physical Therapy, Inc., any of its shareholders or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4.

2. Includes 21,384 shares which were granted as restricted stock pursuant to the Company's Amended and Restated 2003 Stock Incentive Plan. Restriction lapse as follows: 1,948 shares will vest on each of May 20, 2026, August 20, 2026 and November 20, 2026, 1,956 shares will vest on March 6, 2027, 1,636 shares will vest on each of May 20, 2027, August 20, 2027, and November 20, 2027, 1,640 shares will vest on March 6, 2028, 1,130 shares will vest on each of May 20, 2028, August 20, 2028, and November 20, 2028, 1,134 shares will vest on March 6, 2029, 624 shares will vest on each of May 20, 2029, August 20, 2029, and November 20, 2029 and 640 shares will vest on March 6, 2030, if he is an employee of the Company on those dates.

	/s/ Kate Venturina, as attorney-in-fact	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did U S Physical Therapy (USPH) report for its COO?

U.S. Physical Therapy reported that COO Graham D. Reeve sold 662 shares of common stock in an open-market transaction. The sale occurred on March 11, 2026, and was reported on Form 4 as a routine insider trade disclosure.

At what price did the U S Physical Therapy (USPH) COO sell shares?

The COO’s sale used a weighted average price of $78.86 per share. Individual trades were executed between $78.82 and $79.82, and the insider has committed to provide full breakdowns of shares sold at each price upon request.

How many U S Physical Therapy (USPH) shares does the COO hold after the sale?

Following the 662-share sale, COO Graham D. Reeve holds 30,078 shares directly. This total includes a substantial restricted stock component that continues to tie part of his compensation to the company’s long-term performance.

How much restricted stock does the U S Physical Therapy (USPH) COO own and when does it vest?

The COO’s holdings include 21,384 shares of restricted stock granted under the company’s stock incentive plan. These awards vest in multiple installments from May 20, 2026 through March 6, 2030, assuming he remains employed by the company.

How significant is the 662-share sale by the U S Physical Therapy (USPH) COO?

The COO sold 662 shares while retaining 30,078 shares afterward, indicating he kept the vast majority of his position. The transaction appears as a relatively small open-market sale within a larger ongoing equity stake and long-term restricted awards.