U.S. PHYSICAL THERAPY, INC. ("USPH") OBJECTIVE LONG-TERM INCENTIVE PLAN FOR SENIOR MANAGEMENT FOR 2023 ("Objective LTIP") Purpose : To incentivize and retain Executives eligible for this Objective LTIP, to achieve certai

U.S. PHYSICAL THERAPY, INC. ("USPH")

OBJECTIVE LONG-TERM INCENTIVE PLAN FOR SENIOR MANAGEMENT

FOR 2023 ("Objective LTIP")

Purpose: To incentivize and retain Executives eligible for

this Objective LTIP, to achieve certain corporate earnings criteria and reward Executives when such criteria are achieved, and to align the long-term interests of Executives and shareholders of USPH by compensating the Executives in shares of

USPH stock that vest over time, thereby increasing the Executives' equity interest in USPH.

Effective Date: The effective date of this Objective LTIP and

the establishment of performance goals and formula for the amount payable hereunder is March 2, 2023.

Eligibility: The Executives of USPH eligible for this

Objective LTIP are the Chief Executive Officer ("CEO"), the Chief Financial Officer ("CFO"), the General Counsel ("EVP"), the Chief Operating Officer West ("COO West") and the Chief Operating Officer East ("COO East"). Terms not defined herein

shall have the meaning of such term as defined in the U.S. Physical Therapy, Inc. 2003 Stock Incentive Plan (as amended) (the "2003 Plan").

Vesting and Other Terms and Provisions: Under this Objective

LTIP, Executives have an opportunity to receive Restricted Stock Awards ("RSAs") under the U. S. Physical Therapy, Inc. 2003 Stock Incentive Plan (as amended) (the "2003 Plan"), to be granted by the Compensation Committee of the Board of

Directors of USPH (as the term "Committee" is defined in Section 1.8 of the 2003 Plan) in the first quarter of 2024. The Executive must be employed by USPH or its affiliates from the Effective Date through the date of the grant to receive a RSA.

All RSAs shall be granted subject to the terms of the 2003 Plan and the specific terms and conditions (including without limitation, restrictions in transfer and substantial risk of forfeiture) as determined by the Compensation Committee in

its sole discretion. RSAs that are granted under this Objective LTIP will vest evenly over 16 quarters, beginning April 1, 2024 and ending January 1, 2028, subject to acceleration of vesting in the Committee's sole discretion and based on the

occurrence of certain events, as more specifically defined in the applicable Restricted Stock Agreement between the Executive and USPH and/or in the Executive's employment agreement with USPH.

Administration: The Compensation Committee has authority to

administer this Objective LTIP, grant awards and decide all questions of interpretation. The Compensation Committee shall set out the vesting and other terms of an RSA in writing. The Compensation Committee's determinations and interpretations

under this Objective LTIP

Objective Goals And Amounts That May Be Awarded: The

maximum amount of RSAs that may be granted under this this Objective LTIP based on achievement of the performance goals relating to 2023 are as follows: CEO = 10,000 shares; CFO = 5,000 shares; COO East = 5,000 shares; COO West = 5,000 shares

and EVP = 5,000 shares

Award Grant Date: Any RSAs granted under this program shall

be granted under the 2003 Plan in the first quarter of 2024 after the Compensation Committee determines the amount, if any, of the RSAs to be granted to each Participant. In addition, RSAs shall be granted only if the participant remains employed

by USPH (or its affiliates) continuously from the Effective Date through the date of the grant of the RSA. All RSAs shall be granted in writing and subject to the terms of the 2003 Plan and the specific terms and conditions (including without

limitation, restrictions in transfer and substantial risk of forfeiture) as determined by the Compensation Committee in its sole discretion. RSAs that are granted under this Objective LTIP will vest evenly over 16 quarters, beginning April 1,

2024 and ending January 1, 2028, subject to acceleration of vesting based on the occurrence of certain events, as more specifically defined in the applicable Restricted Stock Agreement between the Executive and USPH and/or in the Executive's

employment agreement with USPH.

Adjusted EBITDA is defined as net income attributable to USPH shareholders before interest income, interest expense, taxes, depreciation, and amortization, changes in

revaluation of put-right liability, equity-based awards compensation expense, and other extraordinary or unusual items, and related portion for non-controlling interests.