REEVE GRAHAM D. 4

What Happened Graham D. Reeve, Chief Operating Officer of U S Physical Therapy, reported two open-market sales: 1,807 shares sold on March 6, 2026 at $82.25 each for $148,626, and 1 share sold on March 9, 2026 at $78.52 for $79 — total proceeds about $148,705. These were sales (S) reported on a Form 4; sales are often routine insider transactions and do not by themselves indicate company outlook.

Key Details

• Transaction dates and prices: Mar 6, 2026 — 1,807 shares @ $82.25; Mar 9, 2026 — 1 share @ $78.52.
• Total shares sold: 1,808; total proceeds ≈ $148,705.
• Shares owned after transaction: Not specified in the excerpt of the filing; the Form 4 footnote indicates 21,384 shares were granted as restricted stock (see next bullet).
• Footnote (F1): 21,384 restricted shares granted under the company plan with a multi-year vesting schedule (vests in tranches from May 20, 2026 through March 6, 2030), contingent on continued employment.
• Timeliness: Form filed Mar 11, 2026. The Mar 9 trade was reported within the 2-business-day window; the Mar 6 trade was reported one business day late (reported Mar 11), per standard Section 16 reporting rules.

Context

• These were outright sales (S) rather than option exercises or awards. No indication in the filing that shares were sold immediately after exercising options (i.e., not a cashless exercise).
• Restricted shares noted in the footnote remain subject to vesting and do not necessarily reflect immediately tradable shares.
• For retail investors: purchases are usually a stronger signal than routine sales; file timing and footnote vesting can be relevant for understanding an insider’s remaining exposure.