SEC Contract Filing

Filing Date: 2020-03-26

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10_3.htm
<DESCRIPTION>EXHIBIT 10.3
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 <div style="text-align: right; color: rgb(0, 0, 0);">Exhibit 10.3</div>
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 <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">AMENDMENT</div>
 <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">TO EMPLOYMENT AGREEMENT</div>
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 <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">THIS AMENDMENT (&#8220;<u>Amendment</u>&#8221;) is entered into as of the 26th day of March, 2020 (the &#8220;<u>Effective Date</u>&#8221;) by and between U.S. Physical Therapy, Inc. (the &#8220;<u>Company</u>&#8221;)

 and Glenn McDowell (&#8220;<u>Executive</u>&#8221;), for the purpose of amending that certain Second Amended and Restated Employment Agreement between the Company and Executive, dated as of May 21, 2019 (the &#8220;<u>Employment Agreement</u>&#8221;). The parties hereby
 agree that the Employment Agreement is hereby modified as provided herein.</div>
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 <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
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 <div style="color: rgb(0, 0, 0);">Effective as of the Effective Date, Section 4 of the Employment Agreement is amended to reduce Executive&#8217;s annualized salary by thirty five percent (35%) to an annualized salary of $331,500.00 per annum,
 payable in accordance with the Company&#8217;s standard payroll practices and subject to ordinary course withholdings.</div>
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 <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">6.</td>
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 <div style="color: rgb(0, 0, 0);">Except as provided herein, the terms and conditions of the Employment Agreement remain intact and the Company and Employee hereby ratify such terms and conditions.</div>
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 <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">IN WITNESS WHEREOF, the parties agree to the terms and conditions of this Amendment, both as to form and substance, and the parties have executed this Amendment as of the day and
 year first written above:</div>
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 <td colspan="2" rowspan="1" style="vertical-align: top;">U.S. Physical Therapy, Inc.&#160;&#160;</td>
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 <div style="color: rgb(0, 0, 0);">By:</div>
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 <div style="color: rgb(0, 0, 0);">/s/ Richard Binstein</div>
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 <div style="color: rgb(0, 0, 0);">Richard Binstein</div>
 <div style="color: rgb(0, 0, 0);">Vice President and General Counsel</div>
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 <div style="color: rgb(0, 0, 0);">EXECUTIVE:</div>
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 <div style="color: rgb(0, 0, 0);">By:</div>
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 <div style="color: rgb(0, 0, 0);">/s/ Glenn McDowell</div>
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