Document:

exv10w30

Exhibit 10.30

THIRD AMENDMENT TO CREDIT AGREEMENT

     This Third Amendment to Credit Agreement (this “Amendment”) dated as of October 13,
2010, is by and among U. S. PHYSICAL THERAPY, INC., a Nevada corporation (the “Borrower”),
the Lenders party hereto, and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and
L/C Issuer (the “Administrative Agent”).

W I T N E S S E T H:

     A. The Borrower, the Administrative Agent and the Lenders named therein entered into that
certain Credit Agreement dated as of August 27, 2007 (as has been and may be amended, restated,
supplemented and modified from time to time, the “Credit Agreement”).

     B. The Borrower, the Administrative Agent and the Lenders now desire to amend the Credit
Agreement (i) to extend the Maturity Date, (ii) to amend the definition of Applicable Rate, and
(iii) as otherwise provided herein.

     NOW, THEREFORE, in consideration of the premises, as well as the covenants, conditions and
agreements hereafter set forth, and for other good and valuable consideration, the receipt and
adequacy of which are all hereby acknowledged, the parties covenant and agree as follows:

ARTICLE I

Definitions

     Section 1.1 Definitions. Capitalized terms used in this Amendment, to the extent not
otherwise defined herein, shall have the same meanings as in the Credit Agreement, as amended
hereby.

ARTICLE II

Amendments to Credit Agreement

     Section 2.1 Amendments to Section 1.01 of the Credit Agreement.

     (a) The following definitions set forth in Section 1.01 of the Credit Agreement are
hereby amended and restated in their entirety to read as follows:

     “Applicable Rate” means, from time to time, the following percentages per
annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance
Certificate received by the Administrative Agent pursuant to Section 6.02(a):

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	Applicable Rate
	 	 	 	 	 	 	 	 	Eurodollar	 	 
	 	 	 	 	 	 	 	 	Rate and	 	 
	Pricing	 	Consolidated	 	Commitment	 	Letters	 	 
	Level	 	Leverage Ratio	 	Fee	 	of Credit	 	Base Rate
	1

	 	<1.00
	 	 	.10	%	 	 	1.60	%	 	 	.10	%
	2

	 	≥1.00 but <1.50
	 	 	.15	%	 	 	1.90	%	 	 	.40	%
	3

	 	≥1.50 but <2.00
	 	 	.20	%	 	 	2.15	%	 	 	.65	%
	4

	 	≥2.00
	 	 	.25	%	 	 	2.50	%	 	 	1.00	%

     Any increase or decrease in the Applicable Rate resulting from a change in the
Consolidated Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(a); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then Pricing
Level 4 shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered.

     Notwithstanding anything to the contrary contained herein, the Commitment Fee
due and payable by the Borrower with respect to any date shall be increased by an
additional .10% for each level in the event that the Total Outstandings on such date
are less than fifty percent (50%) of the Aggregate Commitments on such date.

     Notwithstanding anything to the contrary contained in this definition, the
determination of the Applicable Rate for any period shall be subject to the
provisions of Section 2.10(b).

     “Maturity Date” means August 31, 2015; provided, however, that, if
such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

     Section 2.2 Amendment to Section 2.01 of the Credit Agreement. Effective as of the
date hereof, Section 2.01 of the Credit Agreement is amended and restated in its entirety
to read as follows:

     2.01 Committed Loans. Subject to the terms and conditions set forth herein,
each Lender severally agrees to make loans (each such loan, a “Committed Loan”) to
the Borrower from time to time, on any Business Day during the Availability Period, in an
aggregate amount not to exceed at any time outstanding the amount of such Lender’s
Commitment; provided, however, that after giving effect to any Committed
Borrowing, (a) the Total Outstandings shall not exceed the Aggregate Commitments, and (b)
the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line
Loans shall not exceed such Lender’s Commitment. Within the limits of each Lender’s
Commitment, and subject to the other terms and conditions hereof, the Borrower may

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borrow under this Section 2.01, prepay under Section 2.05, and reborrow
under this Section 2.01. Committed Loans may be Base Rate Loans or Eurodollar Rate
Loans, as further provided herein.

     Section 2.3 Amendment to Section 2.04(a) of the Credit Agreement. Effective as of the
date hereof, Section 2.04(a) of the Credit Agreement is amended and restated in its
entirety to read as follows:

     (a) The Swing Line. Subject to the terms and conditions set forth herein, the
Swing Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in
this Section 2.04, to make loans (each such loan, a “Swing Line Loan”) to
the Borrower from time to time on any Business Day during the Availability Period in an
aggregate amount not to exceed at any time outstanding the amount of the Swing Line
Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the
Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of
the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment;
provided, however, that after giving effect to any Swing Line Loan, (i) the
Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate
Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s
Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not
exceed such Lender’s Commitment, and provided, further, that the Borrower
shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line
Loan. Within the foregoing limits, and subject to the other terms and conditions hereof,
the Borrower may borrow under this Section 2.04, prepay under Section 2.05,
and reborrow under this Section 2.04. Each Swing Line Loan shall be a Base Rate
Loan. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk
participation in such Swing Line Loan in an amount equal to the product of such Lender’s
Applicable Percentage times the amount of such Swing Line Loan.

     Section 2.4 Amendment to Section 7.06 of the Credit Agreement. Effective as of the
date hereof, Section 7.06 of the Credit Agreement is amended to delete the period at the
end of clause (d) of such section and to replace it with “; and” and to add a new clause (e) at the
end of such section, as follows:

     (e) the Borrower may pay cash dividends to its stockholders in an aggregate amount not
to exceed $5,000,000 in any fiscal year so long as (i) immediately before and
immediately after giving pro forma effect to any such payment, no Default shall have
occurred and be continuing and (ii) immediately after giving effect to such payment, the
Borrower and its Subsidiaries shall be in pro forma compliance with all of the covenants
set forth in Section 7.11, such compliance to be determined on the basis of the
financial information most recently delivered to the Administrative Agent and the Lenders
pursuant to Section 6.01(a) or (b) as though such payment had been made as
of the first day of the fiscal period covered thereby.

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ARTICLE III

Acknowledgement

     Section 3.1 Notwithstanding anything to the contrary in the Credit Agreement or any other Loan
Document, the parties hereto acknowledge and agree that, as of the date hereof, (a) Committed Loans
may be Base Rate Loans or Eurodollar Rate Loans, as further provided in the Credit Agreement, as
amended hereby, and (b) Swing Line Loans shall accrue interest at the Base Rate.

ARTICLE IV

Representations and Warranties

     Section 4.1 Representations and Warranties True; No Default. By their execution and
delivery hereof, the Borrower represents and warrants that, as of the date hereof, and after giving
effect to this Amendment:

     (a) the representations and warranties contained in the Credit Agreement and the other
Loan Documents are true and correct in all material respects on and as of the date hereof as
made on and as of such date;

     (b) no event has occurred and is continuing which constitutes a Default;

     (c) (i) the Borrower has full power and authority to execute and deliver this
Amendment, (ii) this Amendment has been duly executed and delivered by the Borrower, and
(iii) this Amendment and the Credit Agreement, as amended hereby, constitute the legal,
valid and binding obligations of the Borrower, enforceable in accordance with their
respective terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity (regardless of whether enforcement is sought in
a proceeding in equity or at law) and except as rights to indemnity may be limited by
federal or state securities laws;

     (d) neither the execution, delivery and performance of this Amendment or the Credit
Agreement, as amended hereby, nor the consummation of any transactions contemplated herein
or therein, will conflict with any law or organization documents of the Borrower, or any
indenture, agreement or other instrument to which the Borrower or any of its respective
properties are subject; and

     (e) no authorization, approval, consent, or other action by, notice to, or filing with,
any governmental authority or other Person not previously obtained is required for the
execution, delivery or performance by the Borrower of this Amendment.

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ARTICLE V

Conditions Precedent

     Section 5.1 Conditions to Effectiveness. This Amendment shall be effective upon
satisfaction or completion of the following:

     (a) the Administrative Agent shall have received this Amendment executed by the
Borrower;

     (b) the Administrative Agent shall have received a closing fee in the amount of
$150,000.00;

     (c) the Administrative Agent shall have received all other fees and expenses called for
herein or incurred in connection with the preparation and execution of this Amendment
including, without limitation, the attorneys’ fees, costs and expenses incurred by the
Administrative Agent in connection herewith;

     (d) the representations and warranties set forth in Article IV hereof are true and
correct; and

     (e) the Administrative Agent shall have received, in form and substance satisfactory to
the Administrative Agent and its counsel, such other documents, certificates and instruments
as the Administrative Agent shall reasonably require.

ARTICLE VI

Miscellaneous

     Section 6.1 Reference to the Credit Agreement.

     (a) Upon the effectiveness of this Amendment, each reference in the Credit Agreement to
“this Agreement,” “hereunder,” or words of like import shall mean and be a reference to the
Credit Agreement, as affected and amended hereby.

     (b) The Credit Agreement, as amended by the amendments referred to above, shall remain
in full force and effect and is hereby ratified and confirmed.

     Section 6.2 Costs, Expenses and Taxes. The Borrower agrees to pay on demand all costs
and expenses of the Administrative Agent in connection with the preparation, reproduction,
execution and delivery of this Amendment and the other instruments and documents to be delivered
hereunder (including the reasonable fees and out-of-pocket expenses of counsel for the
Administrative Agent with respect thereto).

     Section 6.3 Execution in Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which when taken together shall
constitute but one and the same instrument. For purposes of this Amendment, a

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counterpart hereof (or signature page thereto) signed and transmitted by any Person party
hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic
mail is to be treated as an original. The signature of such Person thereon, for purposes hereof,
is to be considered as an original signature, and the counterpart (or signature page thereto) so
transmitted is to be considered to have the same binding effect as an original signature on an
original document.

     Section 6.4 Governing Law; Binding Effect. This Amendment shall be governed by and
construed in accordance with the laws of the State of Texas applicable to agreements made and to be
performed entirely within such state, provided that each party shall retain all rights arising
under federal law, and shall be binding upon the parties hereto and their respective successors and
assigns; provided, however, that the Borrower may not assign any of its rights
arising from this Amendment or any other Loan Document without the prior written consent of the
Administrative Agent and each Lender, and any prohibited assignment shall be null and void.

     Section 6.5 Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other
purpose.

     Section 6.6 Entire Agreement. THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

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    IN WITNESS WHEREOF, the parties hereto have executed this
    Amendment to be duly executed by their respective authorized
    officers as of the day and year first above written.

 

    BORROWER:

 

    U.S. PHYSICAL THERAPY, INC.

 

			
	 	    By: 
	/s/
Lawrance W. McAfee
        

    Lawrance W. McAfee

    Chief Financial Officer

 

    BANK OF AMERICA, N.A.,

    as Administrative Agent

 

			
	 	    By: 
	/s/ Daniel Penkar
        

    

    Daniel Penkar

    Senior Vice President

 

    BANK OF AMERICA, N.A.,

    as a Lender, L/C Issuer and Swing Line Lender

 

			
	 	    By: 
	/s/ Daniel Penkar
        

    

    Daniel Penkar

    Senior Vice Presidentexv10w34

Exhibit 10.34

May 11, 2010

Paul Lucidi

11 Governor Doherty Road

Billerica, MA 01821

Dear Paul:

Insulet Corporation (“Insulet” or the “Company”) is pleased to offer you the full-time position of
Vice President of Information Technology, reporting directly to Brian Roberts, CFO. We are excited
about the prospect of you joining our team and look forward to the addition of your professionalism
and experience to help the Company achieve its goals. You are scheduled to begin your employment
with the Company on May 17, 2010.

Your base compensation will be $210,000 per year. You will be paid $8,076.92 biweekly in
accordance with the Company’s normal payroll practices as established or modified from time to
time. You will participate in the Company’s Executive Incentive Compensation Program with a target
bonus of 30% of your 2010 base compensation. Your first year bonus compensation will be pro-rated
for your start date. If you are terminated without cause or you terminate for good reason as
defined in the Company’s Amended and Restated Executive Severance Plan (“Severance Plan”), you will
receive six months of salary at your then current rate of base compensation. If you are terminated
as a result of a change of control as defined in the Company’s Severance Plan, you will receive an
additional six months of salary (twelve months total) at your then current rate of base
compensation. You will be eligible to participate as a Covered Executive in the Company’s
Severance Plan and receive any additional benefits owed to you as defined in the Plan except for
those covered specifically in this offer letter.

This offer of employment is contingent upon the satisfactory completion of background checks.

You will also be eligible to participate in the Company’s benefits programs to the same extent as,
and subject to the same terms, conditions and limitations applicable to, other employees of the
Company of similar rank and tenure. These benefits presently include: comprehensive medical,
prescription drug, and dental insurance coverage, with 80% of premiums paid for you and your
dependents; Company-paid life insurance coverage at two times your annualized salary; 401(k) plan;
paid holidays and vacation time which will accrue at three weeks per year, per Company policy. For
a more detailed understanding of the benefits and the eligibility requirements, please consult the
summary plan descriptions for the programs which will be made available to you.

Subject to approval of the Company’s Board of Directors, you will be granted the option to purchase
35,000 shares of Company common stock at a purchase price equal to the fair market value as of the
date of the grant. You will also receive 10,000 shares of restricted stock as of June 1, 2010. The
date of the grants will be June 1, 2010. Prior to the grant date, the number of options and
restricted shares may be adjusted to reflect a stock split or other similar transaction. These
grants will be subject to and governed by the terms and conditions of a stock option agreement and
restricted stock agreement between you and the Company and the Company’s Stock Option and Incentive
Plan, which will include, among other things, a vesting schedule.

Provided that you are an employee in good standing with the Company and that you are able to
achieve the goals and objectives as outlined by the CFO and CEO, the Company agrees that you will
be promoted to the title of Chief Information Officer by no later than December 31, 2010. If the
Company is to be acquired through a change of

 

 

control as defined in the Severance Plan prior to December 31, 2010, the Company agrees that you
will be promoted to the title of Chief Information Officer immediately prior to the consummation of
the transaction.

Insulet’s normal business hours are 8:00am to 5:00pm, Monday through Friday. Your schedule may vary
based on your job responsibilities. This position is salary exempt and may include travel and
hours greater than a forty hour per-week work schedule. You will be reimbursed for normal travel
and lodging expenses outside of the local Bedford, Massachusetts area.

The Company also requires you to verify that the performance of your position at Insulet does not
and will not breach any agreement entered into by you prior to employment with the Company (i.e.,
you have not entered into any agreements with previous employers which are in conflict with your
obligations to Insulet). You will be required to sign the Company’s standard Proprietary
Information and Non-Competition Agreements as a condition of your employment with the Company. A
copy of these agreements will be made available to you prior to your employment start date.

Also, please bring with you, for the purpose of completing the I-9 form, sufficient documentation
to demonstrate your eligibility to work in the United States on your first day of employment. This
verification must occur by the third day of your employment.

We look forward to having you join Insulet. We hope you will be a very valuable contributor to our
team going forward. Please provide a response within 2 days acknowledging that you have accepted
this offer of employment.

	 	 	 

	Sincerely,
	 	 
	 
	 	 
	/s/ Brian Roberts
 

Brian Roberts

	 	 
	Chief Financial Officer
	 	 
	 
	 	 
	Accepted:
	 	 
	 
	 	 
	/s/ Paul Lucidi
 

Paul Lucidi

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