CEO Christopher Reading was paid $4,468,314 in fiscal year 2025: executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
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Each company listed discloses USPH in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named USPH in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Christopher Reading | $1,003,125 | — | $1,955,250 | $0 | $1,506,375 | $0 | $3,564 | $4,468,314 |
| Chief Executive Officer | ||||||||
| Eric Williams | 688,750 | — | 1,173,150 | 0 | 836,875 | 0 | 3,564 | 2,702,339 |
| President, Chief Operating Officer - East | ||||||||
| Graham Reeve | 643,029 | — | 782,100 | 0 | 804,687 | 0 | 3,564 | 2,233,380 |
| Chief Operating Officer - West | ||||||||
| Carey Hendrickson | 514,423 | — | 782,100 | 0 | 592,250 | 0 | 3,564 | 1,892,337 |
| Chief Financial Officer | ||||||||
| Richard Binstein | 424,038 | — | 782,100 | 0 | 531,250 | 0 | 6,448 | 1,743,836 |
| Executive Vice President, General Counsel and Secretary | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Christopher Reading | $4,468,314 | $4,468,314 | $4,468,314 | +0 |
| Eric Williams | 2,702,339 | 2,702,339 | 2,702,339 | +0 |
| Graham Reeve | 2,233,380 | 2,233,380 | 2,233,380 | +0 |
| Carey Hendrickson | 1,892,337 | 1,892,337 | 1,892,337 | +0 |
| Richard Binstein | 1,743,836 | 1,743,836 | 1,743,836 | +0 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Eric Williams | RSU | 16,322 | — | $1,274,585 |
| Carey Hendrickson | RSU | 12,796 | — | 999,240 |
| Christopher Reading | RSU | 29,946 | — | 2,338,483 |
| Richard Binstein | RSU | 12,624 | — | 985,808 |
| Graham Reeve | RSU | 13,348 | — | 1,042,345 |
The Company's compensation program is designed to attract and retain talented executives, motivate them to pursue corporate objectives, and align their interests with those of stockholders to maximize long-term growth. It emphasizes a balanced mix of cash and equity compensation with a strong focus on performance-based and at-risk pay, ensuring executives are rewarded for superior performance while maintaining competitive market standards.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Meridian Compensation Partners, LLC |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-19 | 13,203,434 | 894,885 | 9,913 | 93.65% | Passed |
| 2025 | 2025-05-20 | 12,429,355 | 1,166,532 | 2,075 | 91.42% | Passed |
| 2024 | 2024-05-21 | 13,582,464 | 577,982 | 3,259 | 95.92% | Passed |
| 2023 | 2023-05-16 | 10,536,366 | 1,294,634 | 3,877 | 89.06% | Passed |
| 2022 | 2022-05-17 | 11,502,365 | 254,072 | 5,318 | 97.84% | Passed |
| 2021 | 2021-05-18 | 11,177,022 | 630,135 | 19,584 | 94.66% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-19 | 93.65%a |
| 2025 | 2025-05-20 | 91.42%b |
| 2024 | 2024-05-21 | 95.92%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Dr. Bernard A. Harris JrIndependent · Lead Independent Director · Governance and Nominating (Chair) · Audit | $120,000 | $149,431 | $0 | $0 | $0 | $269,431 |
| Kathleen A. GilmartinIndependent · Governance and Nominating · Compliance · Compensation (Chair) | 85,000 | 149,431 | 0 | 0 | 0 | 234,431 |
| Regg E. SwansonIndependent · Governance and Nominating · Compliance (Chair) · Compensation | 85,000 | 149,431 | 0 | 0 | 0 | 234,431 |
| Clayton K. TrierIndependent · Governance and Nominating · Compensation · Audit · Not standing for re-election | 80,000 | 149,431 | 0 | 0 | 0 | 229,431 |
| Anne B. MotsenbockerIndependent · Governance and Nominating · Compensation · Audit (Chair) | 80,000 | 149,431 | 0 | 0 | 0 | 229,431 |
| Nancy J. HamIndependent · Governance and Nominating · Compliance · Not standing for re-election | 65,000 | 149,431 | 0 | 0 | 0 | 214,431 |
| Michael G. MayrsohnEmployee director | 0 | 0 | 0 | 0 | 180,700 | 180,700 |
| Christopher J. ReadingEmployee director · Board Chair | — | — | — | — | — | 0 |
| Peter F. MinanIndependent · Newly elected | — | — | — | — | — | — |
| Annual cash retainer | $65,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 30,000 / 20,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $515,000 |
| Equity awards (grant-date value) | $896,586 |
| All other compensation | $180,700 |
| Total cost of the board | $1,592,286 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies U S Physical Therapy names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including U S Physical Therapy.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Astrana Health, Inc. | 2025 | Brandon Sim | $850,000 | $11,999,980 | $0 | $2,059,125 | $14,930,231 |
| 2 | Addus HomeCare Corporation | 2025 | R. Dirk Allison | 1,076,923 | 9,767,870 | 0 | 1,320,000 | 12,190,449 |
| 3 | RadNet, Inc. | 2025 | Howard Berger | 3,000,000 | 8,999,966 | 0 | 0 | 12,087,934 |
| 4 | Concentra Group Holdings, Inc. | 2025 | William Newton | 843,077 | 4,356,000 | 0 | 2,125,000 | 7,399,513 |
| 5 | Surgery Partners, Inc. | 2025 | J. Eric Evans | 1,050,000 | 5,000,000 | 0 | 0 | 6,083,862 |
| 6 | U S Physical Therapy | 2025 | Christopher Reading | 1,003,125 | 1,955,250 | 0 | 1,506,375 | 4,468,314 |
| 7 | The Pennant Group, Inc. | 2025 | Brent Guerisoli | 444,711 | 662,117 | 885,588 | 1,737,874 | 3,739,476 |
| 8 | National Healthcare Corp. | 2025 | Stephen Flatt | 577,000 | 505,215 | 300,481 | 1,280,000 | 2,685,370 |
| 9 | Cross Country Healthcare, Inc. | 2025 | Kevin Clark | 18,269 | 2,177,134 | 0 | 0 | 2,355,403 |
| 10 | Corvel Corporation | 2026 | Michael Combs | 679,327 | 0 | 101,716 | 498,809 | 1,285,043 |
| — | Enhabit, Inc. | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| U S Physical Therapy | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners, LLC |
| Addus HomeCare Corporation | not disclosed | not disclosed | not disclosed | FW Cook |
| Astrana Health, Inc. | 193.8% | PSU 67 · RSU 33 | No | Pearl Meyer |
| Concentra Group Holdings, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Corvel Corporation | Between approximately 28% and 75% of base salary across NEOs% | not disclosed | No | not disclosed |
| Cross Country Healthcare, Inc. | 20% | RSU 60 · PSU 40 | No | Pearl Meyer |
| Enhabit, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| National Healthcare Corp. | not disclosed | not disclosed | not disclosed | false |
| RadNet, Inc. | not disclosed | RSU 100 | No | Pearl Meyer |
| Surgery Partners, Inc. | not disclosed | PSU 60 · Restricted Stock 40 | No | Frederic W. Cook & Co., Inc. (FW Cook) |
| The Pennant Group, Inc. | not disclosed | not disclosed | not disclosed | The Company engages periodically with a Compensation Adviser to review and advise the Compensation Committee on the Company's executive compensation. The Compensation Committee did not retain a Compensation Adviser relating to executive compensation in 2025, but did reference compensation studies performed for the Company previously. |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Christopher Reading | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Executive Compensation”. As printed: 4,468,314. Filing ↗ |
| 2 | Section 01, Eric Williams | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Executive Compensation”. As printed: 2,702,339. Filing ↗ |
| 3 | Section 01, Graham Reeve | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Executive Compensation”. As printed: 2,233,380. Filing ↗ |
| 4 | Section 01, Carey Hendrickson | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Executive Compensation”. As printed: 1,892,337. Filing ↗ |
| 5 | Section 01, Richard Binstein | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Executive Compensation”. As printed: 1,743,836. Filing ↗ |
| 6 | Section 08, Dr. Bernard A. Harris Jr | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: 269,431. Filing ↗machine: span 200402–200582 |
| 7 | Section 08, Kathleen A. Gilmartin | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: 234,431. Filing ↗machine: span 192440–192620 |
| 8 | Section 08, Regg E. Swanson | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: 234,431. Filing ↗machine: span 208395–208575 |
| 9 | Section 08, Clayton K. Trier | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: 229,431. Filing ↗machine: span 212093–212273 |
| 10 | Section 08, Anne B. Motsenbocker | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: 229,431. Filing ↗machine: span 204104–204284 |
| 11 | Section 08, Nancy J. Ham | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: 214,431. Filing ↗machine: span 196134–196314 |
| 12 | Section 08, Michael G. Mayrsohn | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: 180,700. Filing ↗machine: span 215682–215864 |
| 13 | Section 08, Christopher J. Reading | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 14 | Section 08, Peter F. Minan | DEF 14A | 2026-04-16 | 0001140361-26-014952 | Section “Director Compensation”. As printed: —. Filing ↗ |
| 15 | Section 06, 2026 vote | Form 8-K | 2026-05-19 | 0000885978-26-000027 | Item 5.07 · say-on-pay result. As reported: 93.65% (votes for as printed: 13,203,434). Filing ↗ |
| 16 | Section 06, 2025 vote | Form 8-K | 2025-05-20 | 0000885978-25-000017 | Item 5.07 · say-on-pay result. As reported: 91.42% (votes for as printed: 12,429,355). Filing ↗ |
| 17 | Section 06, 2024 vote | Form 8-K | 2024-05-21 | 0000885978-24-000033 | Item 5.07 · say-on-pay result. As reported: 95.92% (votes for as printed: 13,582,464). Filing ↗ |
| 18 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 19 | Section 09b board cost (computed) | Computed | — | — | Cash 515,000 + equity 896,586 + all other 180,700 = 1,592,286, summed across the director compensation table rows.machine: formula: Σ = 1,592,286 |
| 20 | Astrana Health, Inc., Section 10b CEO total | DEF 14A | 2026-04-17 | 0001104659-26-044536 | CEO total compensation as printed in Astrana Health, Inc.'s own proxy. As printed: 14,930,231. Filing ↗machine: span 525189–525199 |
| 21 | Addus HomeCare Corporation, Section 10b CEO total | DEF 14A | 2026-04-23 | 0001437749-26-013190 | CEO total compensation as printed in Addus HomeCare Corporation's own proxy. As printed: 12,190,449. Filing ↗machine: r2 · c24 · span 429879–429889 |
| 22 | RadNet, Inc., Section 10b CEO total | DEF 14A | 2026-04-20 | 0001683168-26-003086 | CEO total compensation as printed in RadNet, Inc.'s own proxy. As printed: 12,087,934. Filing ↗machine: t93 · r1 · c26 · span 428610–428620 |
| 23 | Concentra Group Holdings, Inc., Section 10b CEO total | DEF 14A | 2026-03-17 | 0001104659-26-029005 | CEO total compensation as printed in Concentra Group Holdings, Inc.'s own proxy. As printed: 7,399,513. Filing ↗machine: r1 · c41 · span 192704–192713 |
| 24 | Surgery Partners, Inc., Section 10b CEO total | DEF 14A | 2026-04-23 | 0001638833-26-000039 | CEO total compensation as printed in Surgery Partners, Inc.'s own proxy. As printed: 6,083,862. Filing ↗machine: r2 · c24 · span 365862–365872 |
| 25 | U S Physical Therapy (subject), Section 10b CEO total | DEF 14A | 2026-04-16 | 0001140361-26-014952 | CEO total compensation as printed in U S Physical Therapy's own proxy. As printed: 4,468,314. Filing ↗ |
| 26 | The Pennant Group, Inc., Section 10b CEO total | DEF 14A | 2026-03-31 | 0001766400-26-000027 | CEO total compensation as printed in The Pennant Group, Inc.'s own proxy. As printed: 3,739,476. Filing ↗machine: r3 · c48 · span 361512–361521 |
| 27 | National Healthcare Corp., Section 10b CEO total | DEF 14A | 2026-04-02 | 0001140361-26-013005 | CEO total compensation as printed in National Healthcare Corp.'s own proxy. As printed: 2,685,370. Filing ↗machine: r9 · c24 · span 312689–312698 |
| 28 | Cross Country Healthcare, Inc., Section 10b CEO total | DEF 14A | 2026-03-30 | 0001140361-26-011981 | CEO total compensation as printed in Cross Country Healthcare, Inc.'s own proxy. As printed: 2,355,403. Filing ↗machine: r2 · c19 · span 890078–890087 |
| 29 | Corvel Corporation, Section 10b CEO total | DEF 14A | 2026-06-26 | 0001193125-26-285509 | CEO total compensation as printed in Corvel Corporation's own proxy. As printed: 1,285,043. Filing ↗machine: span 348386–348395 |
| 30 | Section 10a, RadNet, Inc. reciprocity | DEF 14A | — | 0001683168-26-003086 | RadNet, Inc. names U S Physical Therapy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 31 | Section 10a, The Pennant Group, Inc. reciprocity | DEF 14A | — | 0001766400-26-000027 | The Pennant Group, Inc.'s most recent proxy was read; its disclosed peer group does not include U S Physical Therapy. Filing ↗ |
| 32 | Section 10a, Cross Country Healthcare, Inc. reciprocity | DEF 14A | — | 0001140361-26-011981 | Cross Country Healthcare, Inc.'s most recent proxy was read; its disclosed peer group does not include U S Physical Therapy. Filing ↗ |
| 33 | Section 10a, Surgery Partners, Inc. reciprocity | DEF 14A | — | 0001638833-26-000039 | Surgery Partners, Inc.'s most recent proxy was read; its disclosed peer group does not include U S Physical Therapy. Filing ↗ |
| 34 | Section 10a, Addus HomeCare Corporation reciprocity | DEF 14A | — | 0001437749-26-013190 | Addus HomeCare Corporation names U S Physical Therapy in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 35 | Section 10a, Corvel Corporation reciprocity | DEF 14A | — | 0001193125-24-165642 | Corvel Corporation's most recent proxy was read; its disclosed peer group does not include U S Physical Therapy. Filing ↗ |
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