Attached files
file | filename |
---|---|
8-K - FORM 8-K - U S PHYSICAL THERAPY INC /NV | h81240e8vk.htm |
EX-99.2 - EX-99.2 - U S PHYSICAL THERAPY INC /NV | h81240exv99w2.htm |
EX-99.4 - EX-99.4 - U S PHYSICAL THERAPY INC /NV | h81240exv99w4.htm |
EX-99.1 - EX-99.1 - U S PHYSICAL THERAPY INC /NV | h81240exv99w1.htm |
Exhibit 99.3
U.S. PHYSICAL THERAPY, INC. (USPH)
OBJECTIVE CASH BONUS PLAN FOR SENIOR MANAGEMENT
FOR 2011 (OBJECTIVE BONUS PLAN)
OBJECTIVE CASH BONUS PLAN FOR SENIOR MANAGEMENT
FOR 2011 (OBJECTIVE BONUS PLAN)
Purpose: To incentivize and retain Executives eligible for this Objective Bonus
Plan to achieve certain corporate earnings criteria and reward Executive Officers of USPH when such
criteria are achieved, and to align the long-term interests of Executives and shareholders of USPH.
Effective Date: The effective date of this Objective Bonus Plan and the establishment of
performance goals and formula for the amount payable hereunder is March 31, 2011.
Eligibility: The Executives of USPH eligible for this Objective Bonus Plan are the Chief
Executive Officer (CEO), the Chief Financial Officer (CFO) and the Chief Operating Officer
(COO).
Description, Conditions and Payment Date: Under this Objective Bonus Plan, Executives have
an opportunity to receive a Cash Bonus of up to 75% of the
Executives annual base salary for
2011 (Base)
as performance awards under the U. S. Physical Therapy, Inc. 2003 Stock Incentive Plan (as
amended and restated effective March 26, 2010). All amounts earned will be awarded by the Compensation Committee of the Board of
Directors of USPH (the Compensation Committee) in the first quarter of 2012. Before any Cash
Bonus is paid, the Compensation Committee shall certify in writing that the performance goals have
been obtained in accordance with Code Section 162(m), and any Cash Bonus paid hereunder shall be
made in a lump-sum amount no later than March 15, 2012. The Executive must be continuously
employed by USPH or its affiliates from the Effective Date through December 31, 2011 to receive the
Cash Bonus.
Administration: The Compensation Committee has authority to administer this Objective
Bonus Plan, grant awards and decide all questions of interpretation; provided, however, that the
Compensation Committee shall have no discretion to increase the maximum award amounts that are
payable as provided below and/or otherwise increase or modify an award which would disqualify the
award for the performance-based exception under Code Section 162(m). The Compensation Committees
determinations and interpretations under this Objective Bonus Plan shall be final and binding on
all persons.
Objective Bonus Calculation: Based on 2011 fully diluted earnings per share (EPS)
(before any extraordinary items and after consideration of the compensation expense required to be
reported in 2011 related to this Objective Bonus Plan), the goals and amounts payable are as
follows:
2011 | ||
EPS | Cash Bonus (Compared to Base) | |
$1.31 |
15.0% | |
$1.32 |
18.0% | |
$1.33 |
21.0% | |
$1.34 |
24.0% | |
$1.35 |
27.0% | |
$1.36 |
30.0% | |
$1.37 |
33.0% | |
$1.38 |
36.0% | |
$1.39 |
39.0% | |
$1.40 |
42.0% | |
$1.41 |
45.0% | |
$1.42 |
48.0% | |
$1.43 |
51.0% | |
$1.44 |
54.0% | |
$1.45 |
57.0% | |
$1.46 |
60.0% | |
$1.47 |
63.0% | |
$1.48 |
67.0% | |
$1.49 |
71.0% | |
$1.50 |
75.0% |
No Trust or Fund: There shall be no separate trust or fund for this Objective Bonus Plan.
Any amount payable hereunder shall be an unfunded obligation of USPH and shall be payable out of
the general assets of USPH and no amount payable shall be assignable by the participant.