X0306 4 2019-03-14 0 0000885978 U S PHYSICAL THERAPY INC /NV USPH 0001315304 McDowell Glenn 1300 W SAM HOUSTON PKWY S SUITE 300 HOUSTON TX 77042 0 1 0 0 Chief Operating Officer Common Stock 2019-03-14 4 S 0 400 112.48 D 30702 D Common Stock 2019-03-15 4 S 0 405 110.10 D 30297 D Common Stock 2019-03-18 4 S 0 5399 106.63 D 24898 D The price reported is a weighted average price. The shares were sold in multiple transactions at prices ranging from $112.44 to $112.49 per share, both inclusive. The reporting person undertakes to provide to U.S. Physical Therapy, Inc., any of its shareholders or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4. Includes 24,898 shares of restricted stock granted under the Company's equity plans. Restrictions lapse as to 2,500 shares on each of April 1, 2019, July 1, 2019, October 1, 2019 and January 1, 2020; 1,790 shares on each of April 1, July 1 and October 1, 2020; 1,805 shares on January 1, 2021; 1,280 shares on each of April 1, July 1 and October 1, 2021 and 1,288 shares on January 1, 2022; 648 on each of April 1, July 1 and October 1, 2022; and 651 on January 1, 2023. The price reported is a weighted average price. The shares were sold in multiple transactions at prices ranging from $106.00 to $107.37 per share, both inclusive. The reporting person undertakes to provide to U.S. Physical Therapy, Inc., any of its shareholders or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4. /s/ Glenn McDowell 2019-03-18