USPH director granted 2,306 restricted shares

Swanson Regg E. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Swanson Regg E. reported acquisition or exercise transactions in this Form 4 filing.

U.S. Physical Therapy director Regg E. Swanson reported an equity award of company stock. He received a grant of 2,306 shares of common stock as restricted stock at a reference price of $61.61 per share, increasing his direct holdings to 15,492 shares.

The footnotes state these 2,306 restricted shares were granted under the Company Amended and Restated 2003 Stock Incentive Plan. Restrictions are scheduled to lapse on August 20, 2026 for 1,153 shares, November 20, 2026 for 576 shares, and March 6, 2027 for 577 shares, if he remains a director on those dates. He also has 7,596 shares held indirectly through the Regg E. Swanson Revocable Trust, where he is beneficiary and trustee.

Insider Trade Summary

Grant/Award: 2,306 shares

Grant/Award 2 txns

Insider Swanson Regg E.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,306	$61.61	$142K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 15,492 shares (Direct); Common Stock — 7,596 shares (Indirect, Trust)

Footnotes (2)

1. F1. Includes 2,306 shares which were granted as restricted stock pursuant to the Company Amended and Restated 2003 Stock Incentive Plan. Restrictions lapse as to 1,153 shares on August 20, 2026, 576 shares on November 20, 2026 and 577 shares on March 6, 2027, if he is a director of the Company on those dates.
2. F2. Regg E. Swanson Revocable Trust is the Owner and Regg E. Swanson is Beneficiary and Trustee.

Key Figures

Restricted stock grant: 2,306 shares Grant reference price: $61.61 per share Direct holdings after grant: 15,492 shares +4 more

7 metrics

Restricted stock grant 2,306 shares Common Stock grant code A on May 19, 2026

Grant reference price $61.61 per share Price per share for restricted stock grant

Direct holdings after grant 15,492 shares Total direct common stock owned following transaction

Indirect trust holdings 7,596 shares Common stock held by Regg E. Swanson Revocable Trust

First vesting tranche 1,153 shares Restrictions lapse on August 20, 2026

Second vesting tranche 576 shares Restrictions lapse on November 20, 2026

Third vesting tranche 577 shares Restrictions lapse on March 6, 2027

Key Terms

restricted stock, Amended and Restated 2003 Stock Incentive Plan, Revocable Trust

3 terms

restricted stock financial

"Includes 2,306 shares which were granted as restricted stock pursuant to the Company Amended and Restated 2003 Stock Incentive Plan."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Amended and Restated 2003 Stock Incentive Plan financial

"Shares which were granted as restricted stock pursuant to the Company Amended and Restated 2003 Stock Incentive Plan."

Revocable Trust financial

"Regg E. Swanson Revocable Trust is the Owner and Regg E. Swanson is Beneficiary and Trustee."

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Regg E. Swanson report in this USPH Form 4 filing?

Regg E. Swanson reported receiving 2,306 shares of U.S. Physical Therapy common stock as restricted stock. The award increased his direct ownership to 15,492 shares, with additional indirect holdings in a revocable trust.

How many U.S. Physical Therapy (USPH) shares did Swanson receive as restricted stock?

Swanson received 2,306 shares of U.S. Physical Therapy common stock as restricted stock. The filing lists a reference price of $61.61 per share for this grant under the Company Amended and Restated 2003 Stock Incentive Plan.

When do the restricted USPH shares granted to Swanson vest?

The 2,306 restricted shares vest in three tranches if he remains a director: 1,153 shares on August 20, 2026, 576 shares on November 20, 2026, and 577 shares on March 6, 2027, according to the filing footnotes.

What is Regg E. Swanson’s direct share ownership in U.S. Physical Therapy after this Form 4?

After the restricted stock grant, Swanson directly owns 15,492 shares of U.S. Physical Therapy common stock. This total includes the 2,306 newly granted restricted shares, subject to future vesting conditions based on continued service as a director.

Does Swanson hold any U.S. Physical Therapy (USPH) shares indirectly?

Yes. The filing reports 7,596 shares of U.S. Physical Therapy common stock held indirectly through the Regg E. Swanson Revocable Trust, where he is identified as both beneficiary and trustee in the footnotes.

Under which plan were Swanson’s restricted USPH shares granted?

The 2,306 restricted shares were granted under the Company Amended and Restated 2003 Stock Incentive Plan. This plan provides equity-based compensation, and the filing specifies service-based vesting dates tied to Swanson’s continued role as a director.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/20/2026 - 04:20 PM EDT Learn about SEC filing dates

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^*

Swanson Regg E.

(Last) (First) (Middle)

1300 W SAM HOUSTON PKWY S

SUITE 300

(Street)

HOUSTON TEXAS 77042

(City) (State) (Zip)

UNITED STATES

(Country)

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

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

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

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

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	05/19/2026		A		2,306	A	$61.61	15,492(1)	D
Common Stock								7,596(2)	I	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. Includes 2,306 shares which were granted as restricted stock pursuant to the Company Amended and Restated 2003 Stock Incentive Plan. Restrictions lapse as to 1,153 shares on August 20, 2026, 576 shares on November 20, 2026 and 577 shares on March 6, 2027, if he is a director of the Company on those dates.

2. Regg E. Swanson Revocable Trust is the Owner and Regg E. Swanson is Beneficiary and Trustee.

	/s/ Kate Venturina, as attorney-in-fact	05/20/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)