Document:

EX-10.17

 Exhibit 10.17 
 RESTRICTED STOCK AGREEMENT 
 THIS RESTRICTED STOCK AGREEMENT (this
“Agreement”) is made and entered into by and between U.S. Physical Therapy, Inc., a corporation organized under the laws of the State of Nevada (the “Company”) and
                     an employee of the Company (“Grantee”) on the
                     day of             , 20    
(the “Grant Date”), pursuant to the U.S. Physical Therapy, Inc. 2003 Stock Incentive Plan (the “Plan”). The Plan is incorporated by reference herein in its entirety. Capitalized terms not otherwise defined in this
agreement shall have the meaning given to such terms in the Plan. 
 WHEREAS, Grantee is an employee of the Company, and in
connection therewith, the Company desires to grant to Grantee              shares of the Company’s common stock, par value $.01 per share (the “Common Stock”),
subject to the terms and conditions of this Agreement and the Plan, with a view to increasing Grantee’s interest in the Company’s welfare and growth; and 
 WHEREAS, Grantee desires to have the opportunity to be a holder of shares of the Common Stock subject to the terms and conditions of this Agreement and the Plan. 

NOW, THEREFORE, in consideration of the premises, mutual covenants and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Grant of Common Stock and Administration. 
 Subject to the restrictions,
forfeiture provisions and other terms and conditions set forth herein (i) the Company grants to Grantee              shares of Common Stock (“Restricted
Shares”) (granted per the lapsing schedule described in 2(a) below), and (ii) Grantee shall have and may exercise all rights and privileges of ownership of such shares, including, without limitation, the voting rights of such shares
and the right to receive any dividends declared in respect thereof. This Agreement and its grant of Restricted Shares is subject to the terms and conditions of the Plan, and the terms and conditions of the Plan shall control except to the extent
otherwise permitted or authorized in the Plan and specifically addressed in this Agreement. The Plan and this Agreement shall be administered by the Committee pursuant to the Plan. 

2. Transfer Restrictions. 
 (a) Generally. Grantee shall not sell, assign, transfer, exchange, pledge, encumber, gift, devise, hypothecate or otherwise dispose of (collectively, “Transfer”) any Restricted
Shares. The Transfer restrictions of this Section 2 shall lapse with respect to the              Restricted Shares as follows: the Transfer restrictions shall lapse as to
             shares of the total Restricted Shares on the              day of
             201     and thereafter as to              shares of the Restricted Shares
on the last calendar day of each consecutive quarter (June 30, September 30, December 31, March 31) with all Transfer restrictions lapsing as of
            . The Restricted Shares as to which such Transfer restrictions do not apply or so lapse are referred to as “Vested Shares.” Notwithstanding the
foregoing, upon a Change of Control any and all Restricted Shares shall immediately become Vested Shares. 

  
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 (b) Dividends, etc. If the Company (i) declares a dividend or makes a
distribution on Common Stock in shares of Common Stock, (ii) subdivides or reclassifies outstanding shares of Common Stock into a greater number of shares of Common Stock or (iii) combines or reclassifies outstanding shares of Common Stock
into a smaller number of shares of Common Stock, then the number of shares of Grantee’s Common Stock subject to the transfer restrictions of this Section 2 will be proportionately increased or reduced so as to prevent the enlargement or
dilution of Grantee’s rights and duties hereunder. 
 3. Forfeiture. 

If Grantee’s employment with the Company is terminated by the Company or Grantee for any reason, except for death or disability, then
Grantee shall immediately forfeit all Restricted Shares which are not Vested Shares. If the Grantee’s employment with the Company is terminated due to Grantee’s death or disability, then all Restricted Shares shall immediately vest
pursuant to the terms of the Plan. Any Restricted Shares forfeited under this Agreement shall automatically revert to the Company and become canceled and such shares shall be again subject to the Plan. Any certificate(s) representing Restricted
Shares which include forfeited shares shall only represent that number of Restricted Shares which have not been forfeited hereunder. Upon the Company’s request, Grantee agrees for itself and any other holder(s) to tender to the Company any
certificate(s) representing Restricted Shares which include forfeited shares for a new certificate representing the unforfeited number of Restricted Shares. 
 4. Issuance of Certificate. 
 (a) The Restricted Shares may not be
Transferred until they become Vested Shares. Further, the Restricted Shares may not be transferred and the Vested Shares may not be sold or otherwise disposed of in any manner which would constitute a violation of any applicable federal or state
securities laws, any rules of the national securities exchange or the NASDAQ on which the Company’s securities are traded, listed or quoted, or violation of Company policy. The Company shall cause to be issued a stock certificate, registered in
the name of the Grantee, evidencing the Restricted Shares upon receipt of a stock power duly endorsed in blank with respect to such shares. Each such stock certificate shall bear the following legend: 

 

					
		  	 THE TRANSFERABILITY OF THIS CERTIFICATE
 AND THE SHARES OF STOCK REPRESENTED
 HEREBY ARE SUBJECT TO THE
RESTRICTIONS,
 TERMS AND CONDITIONS (INCLUDING
 FORFEITURE AND RESTRICTIONS AGAINST
 TRANSFER) CONTAINED IN THE U.S.
PHYSICAL
	  	
		  	 THERAPY, INC. 2003 STOCK INCENTIVE PLAN
 AND AN AWARD AGREEMENT ENTERED INTO
 BETWEEN THE REGISTERED OWNER OF SUCH

SHARES AND U.S. PHYSICAL THERAPY, INC. A

COPY OF THE PLAN AND THE AWARD

AGREEMENT ARE ON FILE IN THE CORPORATE

OFFICES OF U.S. PHYSICAL THERAPY, INC.
	  	

 Such legend shall not be removed from the certificate evidencing Restricted Shares until such time as the restrictions
imposed by Section 2 hereof have lapsed. 

  
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 (b) The certificate issued pursuant to this Section 4, together with the stock
powers relating to the Restricted Shares evidenced by such certificate, shall be held by the Company. The Company shall issue to the Grantee a receipt evidencing the certificates held by it which are registered in the name of the Grantee.

 5. Tax Requirements. 
 (a) Tax Withholding. This grant of Restricted Shares is subject to and the Company shall have the power and the right to deduct or withhold from other amounts payable to Grantee from the Company,
or require the Grantee to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of the Plan and
this Agreement. 
 6. Miscellaneous. 
 (a) Certain Transfers Void. Any purported Transfer of shares of Common Stock or Restricted Shares in breach of any provision of this Agreement shall be void and ineffectual, and shall not operate
to Transfer any interest or title in the purported transferee. 
 (b) No Fractional Shares. All provisions of this
Agreement concern whole shares of Common Stock. If the application of any provision hereunder would yield a fractional share, such fractional share shall be rounded down to the next whole share if it is less than 0.5 and rounded up to the next whole
share if it is 0.5 or more. 
 (c) Not an Employment or Service Agreement. This Agreement is not an employment agreement,
and this Agreement shall not be, and no provision of this Agreement shall be construed or interpreted to create any right of Grantee to continue employment with or provide services to the Company or any of its Affiliates. 

(d) Notices. Any notice, instruction, authorization, request or demand required hereunder shall be in writing, and shall be
delivered either by personal delivery, by telegram, telex, telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the Company at the address indicated beneath
its signature on the execution page of this Agreement, and to Grantee at his/her address indicated on the Company’s stock records, or at such other 

  
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address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent
by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is
refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested. 
 (e) Amendment and Waiver. This Agreement may be amended, modified or superseded only by written instrument executed by the Company and Grantee. Any waiver of the terms or conditions hereof shall be
made only by a written instrument executed and delivered by the party waiving compliance. Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company other than Grantee.
The failure of any party at any time or times to require performance of any provisions hereof, shall in no manner effect the right to enforce the same. No waiver by any party of any term or condition, or the breach of any term or condition contained
in this Agreement in one or more instances shall be deemed to be, or construed as, a further or continuing waiver of any such condition or breach or a waiver of any other condition or the breach of any other term or condition. 

(f) Governing Law and Severability. This Agreement shall be governed by the internal laws, and not the laws of conflict, of the
State of Nevada. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect. 
 (g) Successors and Assigns. Subject to the limitations which this Agreement imposes upon transferability of shares of Common Stock, this Agreement shall bind, be enforceable by and inure to the
benefit of the Company and its successors and assigns, and Grantee, and Grantee’s permitted assigns and upon death, estate and beneficiaries thereof (whether by will or the laws of descent and distribution), executors, administrators, agents,
legal and personal representatives. 
 (h) Community Property. Each spouse individually is bound by, and such
spouse’s interest, if any, in any Shares is subject to, the terms of this Agreement. Nothing in this Agreement shall create a community property interest where none otherwise exists. 

(i) Entire Agreement. This Agreement together with the Plan supersede any and all other prior understandings and agreements,
either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between the parties with respect to the said subject matter. All prior negotiations and agreements between the
parties with respect to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone
acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect. 

  
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 (j) Compliance with Other Laws and Regulations. This Agreement, the grant of
Restricted Shares and issuance of Common Stock shall be subject to all applicable federal and state laws, rules, regulations and applicable rules and regulations of any exchanges on which such securities are traded or listed, and Company rules or
policies. Any determination in which connection by the Committee shall be final, binding and conclusive on the parties hereto and on any third parties, including any individual or entity. 

(k) Independent Legal and Tax Advice. The Grantee has been advised and Grantee hereby acknowledges that he/she has been advised to
obtain independent legal and tax advice regarding this Agreement, grant of the Restricted Shares and the disposition of such shares, including, without limitation, the election available under Section 83(b) of the Internal Revenue Code.

 7. Counterparts. 
 This Agreement may be executed in multiple original counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same instrument. 

8. Grantee’s Acknowledgments. 
 The Grantee acknowledges receipt of a copy of the Plan and represents that he/she is familiar with the terms and provisions thereof, and hereby accepts this Agreement subject to all the terms and
provisions of the Plan and this Agreement. The Grantee hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this
Agreement. 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first
above written. 
  

			
	COMPANY:
		
	By:	 	 
		 	Lawrance W. McAfee
	Title:	 	Chief Financial Officer
	Address:	 	1300 W Sam Houston Parkway South
		 	Suite 300
		 	Houston, Texas 77042
	Telecopy No.: 713-297-6339
	
	Attention: Chief Financial Officer

  

			
	GRANTEE:
	
	 
	 Signature
	 	
	
	 
	Printed Name
	Address:	 	 
		
		 	 
		
		 	 

  
 6EX-10.35

 Exhibit 10.35 
 FOURTH AMENDMENT TO CREDIT AGREEMENT 
 This Fourth Amendment to Credit
Agreement (this “Amendment”) dated as of July 14, 2011, 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 increase the Aggregate Commitment pursuant to Section 2.14 of the Credit
Agreement and (ii) 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 Amendment to
Section 1.01 of the Credit Agreement. The following definition is hereby added to Section 1.01 of the Credit Agreement, in alphabetical order, to read as follows: 

“IRG Acquisition” means the proposed acquisition by the Borrower of a 51% interest in Integrated
Rehabilitation Group Inc. and each of its Subsidiaries. 
 Section 2.2 Amendment to Section 7.02(e)(iii) of the
Credit Agreement. Section 7.02(e)(iii) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (iii) the total cash and noncash consideration (including the fair market value of all Equity Interests, other than Equity Interests of the Borrower or of the Subsidiary of the Borrower which makes such
purchase or acquisition, issued or transferred to the 

  
 THIRD AMENDMENT TO CREDIT
AGREEMENT– Page 1 

 
sellers thereof, the aggregate amounts paid or to be paid under noncompete, consulting, other affiliated agreements (to the extent such consideration does not exceed the fair market value of the
goods or services provided under such agreements, as agreed to by the Administrative Agent), all earnouts and other contingent payment obligations, with the sellers thereof, and all assumptions of Funded Indebtedness in connection therewith) paid by
or on behalf of the Borrower and its Subsidiaries for any such purchase or other acquisition shall not exceed (A) $10,000,000 for any single acquisition and (B) when aggregated with (x) such total cash and noncash consideration (but
excluding Equity Interests of the Borrower) paid by or on behalf of the Borrower and its Subsidiaries for all other purchases and other acquisitions made by the Borrower and its Subsidiaries pursuant to this Section 7.02(e) and
(y) the total cash and noncash consideration paid with respect to purchase of Equity Interests permitted in Section 7.02(f), shall not exceed $25,000,000 in the aggregate in any fiscal year (not including any cash or noncash
consideration paid with respect to either of the Star Acquisition or the IRG Acquisition); 
 Section 2.3 Amendment to
Schedule 2.01 of the Credit Agreement. “Schedule 2.01” of the Credit Agreement is hereby amended and restated and all references to “Schedule 2.01” in the Credit Agreement shall be deemed to refer to the
“Schedule 2.01” attached hereto. 
 ARTICLE III 

Representations and Warranties 
 Section 3.1 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 

  
 FOURTH AMENDMENT TO CREDIT
AGREEMENT – Page 2 

 (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. 
 ARTICLE IV 
 Conditions Precedent 

Section 4.1 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 an amended and restated Note executed by the Borrower; 

(c) the Administrative Agent shall have received a closing fee in the amount of $75,000.00; 

(d) 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; 

(e) the representations and warranties set forth in Article III hereof are true and correct; and 

(f) 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 V

 Miscellaneous 
 Section 5.1 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 5.2 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). 

  
 FOURTH AMENDMENT TO CREDIT
AGREEMENT – Page 3 

 Section 5.3 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 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 5.4 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 5.5 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 5.6 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 

  
 FOURTH AMENDMENT TO CREDIT
AGREEMENT – Page 4 

 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

  
 Signature Page
to Fourth Amendment to Credit Agreement 

 
			
	 BANK OF AMERICA, N.A.,
 as Administrative Agent

		
	By:	 	/s/ Daniel Penkar
		 	Daniel Penkar
		 	Senior Vice President

  
 Signature Page
to Fourth Amendment to Credit Agreement 

 
			
	 BANK OF AMERICA, N.A.,
 as a Lender, L/C Issuer and Swing Line Lender

		
	By:	 	/s/ Daniel Penkar
		 	Daniel Penkar
		 	Senior Vice President

  
 Signature Page
to Fourth Amendment to Credit Agreement 

 SCHEDULE 2.01 
 COMMITMENTS 
 AND APPLICABLE PERCENTAGES 

 

									
	 Lender
	  	Commitment	 	  	Applicable
Percentage	 
	 Bank of America, N.A.
	  	$	75,000,000	  	  	 	100.000000000	% 
	 Total
	  	$	75,000,000	  	  	 	100.000000000	%

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