[Form 4] U S PHYSICAL THERAPY INC /NV Insider Trading Activity

Rhea-AI Filing Summary

U.S. Physical Therapy, Inc. (USPH) filed a Form 4 reporting an insider stock sale by its COO. On 11/24/2025, the reporting officer sold 743 shares of common stock in an open market transaction at a weighted average price of $71.01 per share, with individual trade prices ranging from $71.01 to $71.31.

After this transaction, the officer beneficially owns 20,740 shares directly and 1,808 shares indirectly through the Reeve Trust. The filing notes that 13,348 of these shares were granted as restricted stock under the company’s Amended and Restated 2003 Stock Incentive Plan, with portions scheduled to vest in installments between March 2026 and March 2029, contingent on continued employment.

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

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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)
11/24/2025

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	11/24/2025		S		743	D	$71.01(1)	20,740(2)	D
Common Stock								1,808	I	Reeve Trust

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 $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.

2. 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.

	/s/ Kate Venturina, as attorney-in-fact	11/25/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the USPH COO report on this Form 4 filing?

The Form 4 reports that the COO of U.S. Physical Therapy, Inc. (USPH) sold 743 shares of common stock on 11/24/2025 in an open market transaction.

At what price were the USPH shares sold by the COO?

The shares were sold at a weighted average price of $71.01 per share, with individual sale prices ranging from $71.01 to $71.31 per share.

How many USPH shares does the COO own after the reported transaction?

Following the sale, the COO beneficially owns 20,740 shares directly and 1,808 shares indirectly through the Reeve Trust.

What restricted stock holdings are disclosed for the USPH COO?

The filing states that the holdings include 13,348 restricted shares granted under the company’s Amended and Restated 2003 Stock Incentive Plan, vesting in scheduled tranches from March 2026 through March 2029 if the officer remains employed.

What is the relationship of the reporting person to U.S. Physical Therapy, Inc. (USPH)?

The reporting person is identified as an officer of U.S. Physical Therapy, Inc., serving in the role of COO.

Is this USPH Form 4 filed by one or multiple reporting persons?

The document indicates that the Form 4 is filed by one reporting person, not by a group.