USPH Amends Executive Agreement, Special Benefits Enhanced

U.S. Physical Therapy, Inc. has announced the first amendment to the third amended and restated employment agreement with its Executive Vice President, Chris Reading. The amendment includes changes to the special benefits in the event of termination without cause or resignation for good cause.

In the event of termination without cause or resignation for good cause, the executive is entitled to two years' base compensation, the greater of the last fiscal year's bonus or the average of the bonuses over the past three fiscal years, subjective cash and restricted share awards, accrued but unused vacation days, and immediate vesting of all restricted stock owned by the executive.

The aggregate dollar amount of the special benefits will be paid bi-weekly over a 24-month period following the termination event. Additionally, if a Change in Control has occurred within six months after, or within twelve months prior to a termination event, the executive will also be entitled to special benefits.

It's important to note that apart from the changes mentioned in the amendment, all other terms and conditions of the original agreement remain in full force and effect. As a result of these announcements, the company's shares have moved 2.2% on the market, and are now trading at a price of $102.57. Check out the company's full 8-K submission here.

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