Company: USPH
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001140361-25-013467
Chunk: 34

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 34
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 General Counsel (the “2024 Executive Participants”) were eligible to receive cash bonus awards and/or shares of restricted common stock under the Company’s Objective Cash/RSA Bonus Plan and Discretionary Cash/RSA Bonus Plan. For a detailed description of these plans, see the Company’s Current Report on Form 8-K filed with the SEC on March 7, 2024. Under the Objective Cash/RSA Bonus Plan, the 2024 Executive Participants were eligible to earn a bonus award, payable in cash and/or restricted common stock at the discretion of the Compensation Committee, having a value of up to 75% of their respective base salaries, dependent upon the Company achieving Adjusted EBITDA in the range of $78,500,000 to $85,000,000 or more. In determining Adjusted EBITDA for purposes of the Objective Cash/RSA Bonus Plan, the Objective Cash/RSA Bonus Plan provides that such determination shall be made before interest income, interest expense, taxes, depreciation and amortization, changes in valuation of put-right liability, and contingent earn-out consideration, equity-based awards compensation expense, and other extraordinary or unusual items, and related portion for non-controlling interests. Based on the Adjusted EBITDA for the year ended 2024 of $81,768,000, Objective Cash/RSA Bonus awards equal to 34% of base salary was paid on March 5, 2025, to the 2024 Executive Participants. Under the Discretionary Cash/RSA Bonus Plan, the Executive Participants were eligible to receive cash bonus awards and/or shares of restricted stock as determined by the Compensation Committee, having a value of up to 50% of their respective base salaries. The criteria established for each of the 2024 Executive Participants considered by the Compensation Committee in determining the respective awards for 2024 (the “2024 Executive Subjective Criteria”) were as follows: Mr. Reading – Chief Executive Officer

| 1. | Company and Board leadership; |

| 2. | Growth of the Company to include de novo, tuck in and acquired physical therapy partnerships and industrial injury prevention services (“IIP”) opportunities; |

| 3. | Foster compliance and cybersecurity culture that is beneficial to our Company and stockholders; |

| 4. | Oversee and support COO – East’s role in driving key Company objectives while strengthening our succession opportunities in key areas; and |

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| 5. | Achievement of financial goals and objectives for