U.S. Physical Therapy (NASDAQ: USPH) hires veteran finance leader as new CFO
Rhea-AI Filing Summary
U.S. Physical Therapy, Inc. appointed Nchacha Etta as Executive Vice President and Chief Financial Officer, effective September 1, 2026. In connection with this role, he entered into an Employment Agreement providing a base salary of $625,000, eligibility for discretionary performance-based bonuses, and an initial equity grant of common stock valued at approximately $550,000, vesting in equal quarterly installments over four years.
For the 2026 employment period, he is also scheduled to receive a grant of restricted stock and/or restricted stock units with a value of approximately $200,000 and a prorated discretionary cash bonus during the first quarter of 2027. The agreement includes severance and change in control benefits and imposes non-competition and non-solicitation covenants for up to two years after employment ends. Jason Curtis will cease serving as Interim CFO and continue as Senior Vice President for Finance and Accounting.
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8-K Event Classification
4 items: 1.01, 5.02, 8.01, 9.01
4 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Base salary: $625,000 per year
Initial stock grant value: $550,000
2026 equity grant: $200,000
+2 more
5 metrics
Base salary
$625,000 per year
Annual base salary for Executive Vice President and Chief Financial Officer under Employment Agreement
Initial stock grant value
$550,000
Market value of initial common stock grant at grant date, vesting quarterly over four years
2026 equity grant
$200,000
Market value of 2026 restricted stock and/or RSU grant, with conditions set by the company
CFO effective date
September 1, 2026
Effective date of Nchacha Etta’s appointment as Executive Vice President and Chief Financial Officer
Number of clinic locations
796
Outpatient physical therapy locations owned and/or managed in 45 states as described in company overview
Key Terms
Employment Agreement, change in control benefits, non-competition, restricted stock units, +1 more
5 terms
Employment Agreement regulatory
"Nchacha Etta entered into an Employment Agreement with the Company."
change in control benefits financial
"as well as being entitled to certain change in control benefits."
non-competition regulatory
"provides for certain non-competition and non-solicitation covenants"
A non-competition is a contractual restriction that prevents a person or business from starting or working in a competing business within a specified time and geographic area after leaving a job or completing a transaction. It matters to investors because it acts like a temporary fence around customers, trade secrets and know‑how, helping protect future revenue and company value; weak or unenforceable restrictions can increase the risk of customer loss and competitive erosion.
restricted stock units financial
"a grant of restricted stock and/or restricted stock units having a market value"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
industrial injury prevention technical
"provider of industrial injury prevention services (“IIP”)"
Measures, equipment and practices that companies use to keep workers from getting hurt on the job, such as training, safety gear, machine guards, and procedures for risky tasks. Like routine maintenance for a car, effective prevention reduces breakdowns — for investors that means lower medical and legal costs, fewer lost workdays, steadier production and less reputational or regulatory risk, all of which can protect profits and valuation.
FAQ
What executive change did USPH (USPH) announce in this 8-K?
U.S. Physical Therapy, Inc. appointed Nchacha Etta as Executive Vice President and Chief Financial Officer, effective September 1, 2026. Jason Curtis will no longer serve as Interim CFO but will continue as Senior Vice President, Finance and Accounting.
What is the new CFO’s base salary at USPH (USPH)?
Under his Employment Agreement, Nchacha Etta will receive an annual base salary of $625,000. His salary may be increased at the discretion of the Board of Directors, and he is also eligible for additional discretionary performance-based bonuses.
What equity awards will the new USPH (USPH) CFO receive?
Upon commencing his role, Nchacha Etta will receive an initial grant of common stock valued at approximately $550,000, vesting in equal quarterly installments over four years. For 2026, he will also receive restricted stock and/or RSUs valued at about $200,000.
Does USPH (USPH) provide severance or change in control benefits to the new CFO?
The Employment Agreement entitles Nchacha Etta to certain severance and other financial benefits if his employment terminates under specified circumstances, as well as change in control benefits, alongside non-competition and non-solicitation covenants for up to two years post-employment.
What prior experience does the new USPH (USPH) CFO bring?
Nchacha Etta previously served as Executive Vice President and CFO of Omnicell, Inc. from 2023 to 2025 and held senior finance leadership roles at Essilor of America, Johnson & Johnson Vision, and The Coca-Cola Company, among other major corporations.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 12, 2026
(Exact name of registrant as specified in its charter)
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(I.R.S. Employer
Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code: (713 ) 297-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions ( see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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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.
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ITEM 1.01 Entry into a Material Definitive Agreement.
Effective
September 1, 2026, in connection with his appointment as Executive Vice President and Chief Financial Officer of U.S. Physical Therapy, Inc. (the “Company”) as described under Item 5.02 below, Nchacha Etta entered into an Employment Agreement
(the “Employment Agreement”) with the Company. Pursuant to the Employment Agreement, Mr. Etta is entitled to receive an annual base salary of $625,000 and additional bonuses based on achievement of certain goals and objectives at the discretion
of the Compensation Committee of the Company’s Board of Directors (the “Board”). Mr. Etta’s salary is subject to increase at the discretion of the Board. In connection with the execution of the Employment Agreement and upon commencement of
employment with the Company, Mr. Etta also shall receive an initial grant of shares of the Company’s common stock having a market value on the date of the grant of approximately $550,000, and vesting in equal quarterly installments over a
four-year period. In addition, for the portion of his employment term during 2026, Mr. Etta will receive a grant of restricted stock and/or restricted stock units having a market value on the date of the grant of approximately $200,000, with such
restrictions and other conditions as determined by the Company, and a prorated discretionary cash bonus, in each case during the first quarter in 2027. Mr. Etta also is entitled to certain severance and other financial benefits in the event of
the termination of his employment under certain circumstances, as well as being entitled to certain change in control benefits. The Employment Agreement also provides for certain non-competition and non-solicitation covenants that extend up to
two years after termination of employment.
The
foregoing description of the Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement which is filed with this Current Report on Form 8-K as Exhibit 10.1.
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
Effective
September 1, 2026, as noted in Item 1.01 above, Nchacha Etta was appointed Executive Vice President and Chief Financial Officer of the Company. Mr. Etta, age 56, is the former Executive Vice President and Chief Financial Officer of Omnicell,
Inc., a global healthcare and medical technology company, where he oversaw the company’s global finance, information technology, investor relations strategies from 2023 to 2025. His breadth of finance and accounting experience stems from leading
and working in global finance organizations across the healthcare, technology, consumer products and private equity sectors for more than 25 years. Prior to joining Omnicell, Mr. Etta served as Senior Vice President and Chief Financial Officer
for Essilor of America, Inc., a subsidiary of EssilorLuxottica SA, from 2019 to 2022. Before that role, Mr. Etta served as the Worldwide Vice President and Chief Financial Officer of Johnson & Johnson Vision from 2015 to 2019, and for the
previous nine years, he held various senior finance roles at The Coca-Cola Company. Earlier in his career, Mr. Etta worked at Microsoft Corporation, Eli Lilly & Company and The Carlyle Group. Mr. Etta received a Bachelor of Science degree in
Accounting from George Mason University, and an MBA in Finance from Howard University. He has served as a member of the board of directors of KBR, Inc. since 2024 and is a member of its Audit Committee and Sustainability, Technology and
Cybersecurity Committee.
There was no arrangement or understanding between Mr. Etta and any other person
pursuant to which Mr. Etta was appointed Executive Vice President and Chief Financial Officer of the Company. There are no family relationships between Mr. Etta and any director or executive officer of the Company, and Mr. Etta has no direct or
indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
As a
result of this appointment, Jason Curtis, the Company’s Senior Vice President, Finance and Accounting, will no longer serve as Interim Chief Financial Officer, and will continue to serve as the Company’s Senior Vice President for Finance and
Accounting.
Item 8.01 Other Events.
The Company issued a press release on August 14, 2026 announcing the appointment of Mr. Etta, a copy of which is filed herewith as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit
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Description of Exhibits
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10.1
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Employment Agreement between the Company and Nchacha Etta dated as of August 12, 2026.
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Press release dated August 14, 2026.
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SIGNATURE
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.
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U.S. PHYSICAL THERAPY, INC.
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Dated: August 14, 2026
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By:
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/s/ JASON CURTIS
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Jason Curtis
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Interim Chief Financial Officer
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(duly authorized officer and principal financial and accounting officer)
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CONTACT:
U.S. Physical Therapy, Inc.
Jason Curtis, Interim Chief Financial Officer
email: jcurtis@usph.com
Chris Reading, Chief Executive Officer
(713) 297-7000
Three Part Advisors
Joe Noyons
(817) 778-8424
Exhibit 99.1
U.S. Physical Therapy Announces CFO
Houston, TX, August 14, 2026 – U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services (“IIP”),
today announced that Nchacha Etta will serve as the Company’s Executive Vice President and Chief Financial Officer, effective as of September 1, 2026. Jason Curtis, the Company’s Senior Vice President, Finance and Accounting, served as Interim CFO
since April 24, 2026.
Mr. Etta brings significant experience, most recently serving as Executive Vice President and Chief Financial Officer of Omnicell, Inc.
(OMCL), a global healthcare and medical technology company, where he oversaw the company’s global finance, information technology, investor relations strategies, from 2023 to 2025, and Senior Vice President and Chief Financial Officer for Essilor of
America, Inc., a subsidiary of EssilorLuxottica SA, from 2019 through 2022. Before those roles, Mr. Etta served as the Worldwide Vice President and Chief Financial Officer of Johnson & Johnson Vision from 2015 to 2019, and for the previous nine
years, he held various senior finance roles at The Coca-Cola Company. Earlier in his career, Mr. Etta worked at Microsoft Corporation, Eli Lilly & Company and The Carlyle Group. Mr. Etta received a Bachelor of Science degree in Accounting from
George Mason University, and an MBA in Finance from Howard University. He has served as member of the board of directors of KBR, Inc. since 2024 and is a member of its Audit Committee and Sustainability, Technology and Cybersecurity Committee.
“We are excited to welcome Nchacha to our USPH family as our Executive Vice President and Chief Financial Officer following a very
comprehensive search,” said Chris Reading, the Company’s Chief Executive Officer. “Nchacha has a long and proven track record as a public company CFO and senior finance executive for major corporations. In addition to his experience, which is
significant, he will be a great cultural fit for us and embodies the servant leadership that we look for in our senior executives. Nchacha has established himself as a person of great character and integrity and our team is looking forward to
helping him to settle into his new role with us beginning in September.”
Mr. Reading continued, “We also are grateful for the continued support from Jason Curtis, our SVP for Finance and Accounting, who stepped up
to serve as our Interim CFO during this search process, and will continue to help lead our finance organization in his role as SVP.”
ABOUT U.S. PHYSICAL THERAPY, INC.
Founded in 1990, U.S. Physical Therapy, Inc. owns and/or manages 796 outpatient physical therapy locations in 45 states. USPH locations
provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. USPH also has an industrial injury prevention
business which provides onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments.
More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated
into this press release.