U.S. Physical Therapy Appoints New CFO
Ticker: USPH · Form: 8-K · Filed: May 31, 2024 · CIK: 885978
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: USPHY
TL;DR
New CFO at USPHY starting June 3rd, gets $325k base + bonus + stock.
AI Summary
U.S. Physical Therapy, Inc. announced on May 27, 2024, the appointment of Christopher L. Smith as Chief Financial Officer, effective June 3, 2024. Smith will receive an annual base salary of $325,000 and will be eligible for a discretionary annual bonus. He will also be granted 20,000 restricted stock units, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: low — This filing primarily concerns a routine executive appointment and compensation, with no immediate financial distress or major strategic shifts indicated.
Key Numbers
- $325,000 — CFO Base Salary (Annual compensation for Christopher L. Smith.)
- 20,000 — RSUs Granted (Stock units awarded to the new CFO, vesting over three years.)
Key Players & Entities
- U.S. Physical Therapy, Inc. (company) — Registrant
- Christopher L. Smith (person) — Appointed Chief Financial Officer
- $325,000 (dollar_amount) — Annual base salary for new CFO
- 20,000 (dollar_amount) — Restricted stock units granted to new CFO
- May 27, 2024 (date) — Date of report
- June 3, 2024 (date) — Effective date for new CFO
FAQ
Who has been appointed as the new Chief Financial Officer?
Christopher L. Smith has been appointed as the new Chief Financial Officer.
When is the new CFO's appointment effective?
The appointment of Christopher L. Smith is effective June 3, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Christopher L. Smith is $325,000.
What stock-based compensation will the new CFO receive?
Christopher L. Smith will be granted 20,000 restricted stock units, which will vest over a three-year period.
What other compensation is the new CFO eligible for?
Christopher L. Smith will be eligible for a discretionary annual bonus.
Filing Stats: 714 words · 3 min read · ~2 pages · Grade level 10.9 · Accepted 2024-05-31 16:05:36
Filing Documents
- form8-k.htm (8-K) — 35KB
- ex99-1htm.htm (EX-99.1) — 14KB
- ex99-2.htm (EX-99.2) — 16KB
- ex99-3.htm (EX-99) — 21KB
- ex99-4.htm (EX-99) — 15KB
- ex99-5.htm (EX-99.5) — 14KB
- 0000885978-24-000041.txt ( ) — 269KB
- usph-20240527.xsd (EX-101.SCH) — 4KB
- usph-20240527_lab.xml (EX-101.LAB) — 21KB
- usph-20240527_pre.xml (EX-101.PRE) — 16KB
- form8-k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
ITEM 1.01 Entry into a Material Definitive Agreement. The information in Item 5.02 below is incorporated by reference into this Item 1.01.
02 Departure of Directors or Certain Officers Election of Directors Appointment of Certain Officers Compensatory
Item 5.02 Departure of Directors or Certain Officers Election of Directors Appointment of Certain Officers Compensatory Arrangements of Certain Officers. Compensatory Arrangements of Executive Officers On May 27, 2024, U.S. Physical Therapy, Inc. (the "Company") and each of its executive officers entered into an amendment to their respective employment agreements to amend and restate the terms of the severance and other benefits due to the executive in the event of a Termination Event, as defined in the employment agreements. Specifically, the employment agreements were amended to provide that, upon the occurrence of any such Termination Event, each executive is entitled to additional benefits of a pro rata portion of the awards under the then applicable subjective and objective incentive plans. The amendments were made to the employment agreements for Christopher Reading (Chairman and Chief Executive Officer), Eric Williams (President and Co-Chief Operating Officer), Graham Reeve (Co-Chief Operating Officer), Carey Hendrickson (Chief Financial Officer), and Rick Binstein (Executive Vice President, General Counsel and Secretary). The foregoing descriptions are qualified in entirety by reference to the full text of each of the amended employment agreements, which are filed as Exhibits 99.1, 99.2, 99.3, 99.4 and 99.5 respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS Exhibits Description of Exhibits 99.1* First Amendment to Third Amended and Restated Employment Agreement, entered into as of May 27, 2024, by and between the Company and Christopher Reading. 99.2* First Amendment to Employment Agreement, entered into as of May 27, 2024, by and between the Company and Eric Williams. 99.3* First Amendment to Amended and Restated Employment Agreement, entered into as of May 27, 2024, by and between the Company and Graham Reeve. 99.4* First Amendment to Employment Agreement, entered into as of May 27, 2024, by and between the Company and Carey Hendrickson. 99.5* First Amendment to Amended and Restated Employment Agreement, entered into as of May 27, 2024, by and between the Company and Richard Binstein. * Filed herewith SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. U.S. PHYSICAL THERAPY, INC. Dated: May 31, 2024 By: /s/ CAREY HENDRICKSON Carey Hendrickson Chief Financial Officer (duly authorized officer and principal financial and accounting officer)