X0306 4 2020-03-05 0 0000885978 U S PHYSICAL THERAPY INC /NV USPH 0001263096 MCAFEE LAWRANCE W 1300 W. SAM HOUSTON PKWY S. SUITE 300 HOUSTON TX 77042 1 1 0 0 Chief Financial Officer Common Stock 2020-03-05 4 S 0 3000 107.58 D 23524 D The price reported is a weighted average price. The shares were sold in multiple transactions at prices ranging from $107.00 to $108.55 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 and 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 21,694 shares which restrictions lapse as to 2,214 shares on each of April 1, July 1 and October 1, 2020; 2,229 shares on January 1, 2021; 1704 shares on each of April 1, July 1 and October 1, 2021; 1,712 shares on January 1, 2022; 1,072 shares on each of April 1, July 1 and October 1, 2022; 1,075 shares on January 1, 2023; 424 shares on each of April 1, July 1 and October 1 2023 and 436 shares on January 1, 2024, if he is employed by the Company on those dates. /s/ Lawrance W McAfee 2020-03-05