Graham D. Reeve - 24 Nov 2025 Form 4 Insider Report for U S PHYSICAL THERAPY INC /NV (USPH)

Role: COO
Signature: /s/ Kate Venturina, as attorney-in-fact
Issuer symbol: USPH
Transactions as of: 24 Nov 2025
Net transactions value: -$52,760
Form type: 4
Filing time: 25 Nov 2025, 16:08:03 UTC
Previous filing: 21 Aug 2025
Next filing: 25 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
REEVE GRAHAM D.	COO	1300 W SAM HOUSTON PKWY S, SUITE 300, HOUSTON	/s/ Kate Venturina, as attorney-in-fact	25 Nov 2025	0001519948

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	USPH	Common Stock	Sale	$52,760	-743	-3.5%	$71.01	20,740	24 Nov 2025	Direct	F1, F2
holding	USPH	Common Stock						1,808	24 Nov 2025	Reeve Trust

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The price reported $71.01 is the weighted average price. The shares were sold in multiple transactions at prices ranging from $71.01 to $71.31 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.
F2	Includes 13,348 shares which were granted as restricted stock pursuant to the Company's Amended and Restated 2003 Stock Incentive Plan. Restrictions lapse as to 1,964 shares on March 6, 2026, 1,324 shares on each of May 20, 2026, August 20, 2026, and November 20, 2026, 1,332 shares on March 6, 2027, 1,012 shares on each of May 20, 2027, August 20, 2027, and November 20, 2027, 1,016 shares on March 6, 2028, 506 shares of each on May 20, 2028, August 20, 2028, and November 20, 2028, and 510 shares on March 6, 2029, if he is an employee of the Company on those dates.

Content

The price reported $71.01 is the weighted average price. The shares were sold in multiple transactions at prices ranging from $71.01 to $71.31 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 13,348 shares which were granted as restricted stock pursuant to the Company's Amended and Restated 2003 Stock Incentive Plan. Restrictions lapse as to 1,964 shares on March 6, 2026, 1,324 shares on each of May 20, 2026, August 20, 2026, and November 20, 2026, 1,332 shares on March 6, 2027, 1,012 shares on each of May 20, 2027, August 20, 2027, and November 20, 2027, 1,016 shares on March 6, 2028, 506 shares of each on May 20, 2028, August 20, 2028, and November 20, 2028, and 510 shares on March 6, 2029, if he is an employee of the Company on those dates.