Company: USPH
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001140361-25-013467
Chunk: 32

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 32
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 National Healthcare Corp. |

For each of these companies, the Compensation Committee reviewed base salary information, annual cash incentives, annual equity incentives, and other compensation. In addition, the Compensation Committee reviews and considers the pay for performance and benchmarking information provided by proxy advisory firms relating to the Company’s prior fiscal year. The Compensation Committee considered the relative portion of overall executive compensation consisting of equity compensation as compared to cash compensation, objective versus subjective measures, and how the Company compared to the other publicly-traded companies in areas such as shareholder return, revenue and Adjusted EBITDA growth. Adjusted EBITDA is defined as earnings 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, asset impairment charges and other extraordinary or unusual items, and the related portion for non-controlling interests. Considering all these factors and comparable company information, the Compensation Committee determined that the 2024 compensation program for the NEOs appropriately motivates the Company’s executives to manage the Company effectively and in a manner that is in the best interests of the Company and its stockholders. Role of the Executive Officers Mr. Reading participated in the meetings of the Compensation Committee at which compensation actions involving our executive officers (other than Mr. Reading) were discussed. Mr. Reading assisted the Compensation Committee by making recommendations and answering Compensation Committee questions regarding executive performance and objectives relating to the NEOs other than himself. Mr. Reading recused himself and did not participate in any portion of any meeting of the Compensation Committee at which his compensation was discussed. Insider Trading Policy We have adopted an insider trading policy (“Insider Trading Policy”) that governs the purchase, sale and/or other dispositions of our securities by our officers and directors that is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the NYSE listing standards applicable to us. Pursuant to the Company’s Insider Trading Policy, directors, officers and employees also are prohibited from:

| • | Directly or indirectly engaging in transactions designed to or have the effect of hedging or offsetting any decrease in the market value of Company stock; |

| • | Buying or selling put options, call options or other derivatives of Company stock; and |

| • | Executing short sales of the Company stock. |

In addition, the Company’s Insider Trading Policy provides that the following types of transactions also should be avoided in order to avoid possible inadvertent insider trading transactions:

| • | Holding Company stock in margin accounts;