REEVE GRAHAM D. 4

What Happened
Graham D. Reeve, Chief Operating Officer of U.S. Physical Therapy, sold 662 shares of USPH stock in open-market transactions on March 11, 2026 for a reported weighted-average price of $78.86, resulting in gross proceeds of about $52,205. The filing indicates the sale occurred in multiple transactions at prices ranging from $78.82 to $79.82 per share.

Key Details

• Transaction date: March 11, 2026 (Form 4 filed March 12, 2026). Filing appears timely.
• Price: Weighted average $78.86; per-share execution range $78.82–$79.82 (footnote F1).
• Shares sold: 662 shares; proceeds ≈ $52,205.
• Shares owned after transaction: not specified in the excerpt provided.
• Notable footnotes: F1 clarifies the weighted-average price and that sales occurred at multiple prices within the stated range and that the reporting person will provide a breakdown on request. F2 notes the reporting person’s holdings include 21,384 restricted shares granted under the company’s 2003 Stock Incentive Plan, with vesting tranches from May 20, 2026 through March 6, 2030 (detailed schedule in the filing).
• No indication in the filing of a 10b5-1 plan, option exercise, gift, or tax-withholding sale in connection with this transaction.

Context
This was a straightforward open-market sale (S = sale). Sales by insiders can be routine (e.g., for diversification or tax purposes) and do not by themselves indicate a change in company prospects; purchases are generally more informative about insider bullishness. The filing provides a price range for the multiple trades and a detailed restricted-share vesting schedule for existing holdings.