Exhibit 99.3
COOPERATION AGREEMENT
This Cooperation Agreement (this
“Agreement”) is made and entered into as of March 19, 2026, by and among Medifast, Inc. (the “Company”),
Steamboat Capital Partners, LLC (“Steamboat”) and each of the other related Persons (as defined below) set forth on
the signature pages hereto (collectively with Steamboat, the “Steamboat Group”). The Steamboat Group and each of their
Affiliates (as defined below) and Associates (as defined below) are collectively referred to as the “Investors”. The
Company and the Investors are referred to herein as the “Parties”.
RECITALS
WHEREAS, the Steamboat Group
Beneficially Owns (as defined below) shares of common stock, par value $0.001 per share, of the Company (the “Common
Stock”) totaling, in the aggregate, 657,590 shares of Common Stock as of 5:00 pm on the date hereof; and
WHEREAS the Company and the
Investors have determined to come to an agreement with respect to the nomination of members of the Company’s board of directors
(the “Board”) at the 2026 annual meeting of stockholders of the Company (including any adjournment or postponement
thereof, the “2026 Annual Meeting”) and certain other matters, as provided in this Agreement.
NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows:
1. Board
Matters. (a) The Company agrees to take all necessary actions to nominate at the 2026 Annual Meeting the following
seven (7) persons to serve as directors of the Board with a term expiring at the 2027 annual meeting of stockholders of the
Company (including any adjournment or postponement thereof, the “2027 Annual Meeting”): Daniel Chard; Elizabeth Geary;
Scott Schlackman; Andrea Thomas; Ming Xian; Parsa Kiai; and Jeffrey Rose (the “Agreed Nominees”). The Company currently
intends to hold the 2026 Annual Meeting on May 19, 2026 and agrees to use its reasonable best efforts to hold the 2026 Annual
Meeting no later than June 19, 2026. The Company shall recommend that the Company’s stockholders vote in favor of each of the Agreed
Nominees at the 2026 Annual Meeting.
(b) Each
of the Investors agrees not to nominate any person for election to the Board at the 2026 Annual Meeting or submit any stockholder
proposal for consideration at the 2026 Annual Meeting. At the 2026 Annual Meeting, each of the Investors agrees to appear in
person or by proxy and to vote all of the Voting Securities (as defined below) it Beneficially Owns (i) in favor of the election
of the Agreed Nominees, (ii) to ratify the appointment of RSM US LLP as the Company’s independent registered public accounting
firm for the fiscal year ending December 31, 2026, (iii) in accordance with the Board’s recommendation with respect to the
Company’s “say-on-pay” proposal, (iv) in favor of an amendment to the Company’s Amended and Restated 2012 Share
Incentive Plan to increase the number of shares reserved for issuance thereunder and (v) in accordance with the Board’s recommendation
with respect to any stockholder proposals or other business presented at the meeting (other than (x) amendments to the Company’s
Certificate of Incorporation or Bylaws that diminish stockholder rights or (y) Extraordinary Transactions ((x) and (y),
collectively, the “Permitted Matters”), on which the Investors shall be permitted to vote in their discretion). As
used in this Agreement, an “Extraordinary Transaction” shall mean any tender offer or exchange offer, merger, acquisition,
business combination, reorganization, restructuring, recapitalization, sale or acquisition of assets, liquidation, or dissolution involving
the Company or any of its Affiliates or its or their securities or the assets or businesses of the Company or any of its Affiliates.
(c) Unless the Restricted Period
has expired pursuant to Section 2(d), the Company will nominate the Steamboat Designees (as defined below) (and any substitute
person appointed pursuant to Section 1(e) hereof) to its slate of nominees for election as directors of the Company at the
2027 Annual Meeting; provided, that the Company shall not be required to nominate any Steamboat Designee (as defined below)
if the Steamboat Group ceases at any time to collectively Beneficially Own two percent (2%) or more of the outstanding Voting Securities
(as defined below). The Company shall recommend that the Company’s stockholders vote in favor of each of the Steamboat Designees
at the 2027 Annual Meeting. At the 2027 Annual Meeting, each of the Investors agrees to appear in person or by proxy and to
vote all of the Voting Securities it Beneficially Owns (i) in favor of the election of the nominees recommended by the Board for
election, (ii) to ratify the appointment of the independent registered public accounting firm designated by the Board as the Company’s
independent registered public accounting firm for such fiscal year, and (iii) in accordance with the Board’s recommendation
with respect to any stockholder proposals or other business presented at the meeting (other than with respect to any Permitted Matter,
on which the Investors shall be permitted to vote in their discretion).
(d) The
Company agrees that each of the Steamboat Designees will be considered along with all other Board members for Board committee appointments
in connection with the Board’s annual review of committee composition. The Board will not utilize committees of the Board for the
purpose of excluding any of the Steamboat Designees in order to limit his or her participation in substantive deliberations of the Board.
(e) The Company agrees that
if any of Parsa Kiai or Jeffrey Rose (collectively, including any substitute person recommended pursuant to this Section 1(e),
the “Steamboat Designees”) is unable to serve as a director, resigns as a director or is removed as a director without
cause prior to the 2027 Annual Meeting, then the Steamboat Group shall have the ability to recommend a substitute person for appointment
or election to the Board; provided, that any substitute person recommended by the Steamboat Group shall qualify as “independent”
pursuant to New York Stock Exchange listing standards and have relevant financial and business experience to fill the resulting vacancy.
In the event the Nominating/Corporate Governance Committee of the Board (the “NCG Committee”) does not accept a substitute
person recommended by the Steamboat Group, the Steamboat Group will have the right to recommend additional substitute persons for consideration
by the NCG Committee. Upon the acceptance of a replacement director nominee by the NCG Committee, the Board will take such actions as
necessary to appoint such replacement director to the Board no later than five (5) business days after the NCG Committee’s
recommendation of such replacement director.
(f) As
of the date of this Agreement, each of the Parties represents and warrants to the other Parties that it is not aware of any facts that
would suggest that any of the Agreed Nominees: (i) is not “independent” in accordance with the listing standards for
the New York Stock Exchange and any other applicable director independence standards (other than Daniel Chard, the Company’s Chairman
and Chief Executive Officer); (ii) is not otherwise qualified to serve as a director of the Company in accordance with the Company’s
Corporate Governance Guidelines and Code of Conduct and Business Ethics, including all applicable conflict of interest, confidentiality,
stock ownership and insider trading policies and guidelines of the Company (collectively, the “Governance Guidelines”);
or (iii) is a party to (A) any agreement, arrangement or understanding with any Person (I) concerning how such Agreed Nominee,
if elected as a director of the Company, will act or vote on any issue or question or (II) that could limit or interfere with such
Agreed Nominee’s ability to comply, if elected as a director of the Company, with such Agreed Nominee’s fiduciary duties under
applicable law or (B) any agreement, arrangement or understanding with any person other than the Company with respect to any direct
or indirect compensation, reimbursement or indemnification in connection with service or action as a director of the Company (such agreements,
arrangements or understandings, “Restrictive Agreements”). Each of the Parties acknowledges and agrees that each of
the Agreed Nominees (and each substitute person recommended pursuant to Section 1(e) hereof) will be required to: (w) comply
with all policies, procedures, processes, codes, rules, standards and guidelines applicable to members of the Board, including the Governance
Guidelines; (x) not enter into any Restrictive Agreements; (y) keep confidential all Company Confidential Information (as defined
below) and not disclose to any third parties discussions or matters considered in meetings of the Board or Board committees (other than
to the limited extent permitted under Section 4 hereof); and (z) complete the Company’s standard director and officer
questionnaire and other reasonable and customary director documentation (including a representation and agreement as contemplated by the
Bylaws) required by the Company in connection with the election of Board members. Upon election to the Board, each of the Agreed Nominees
will be subject to the same protections and obligations, and shall have the same rights and benefits, as are applicable to all other directors
of the Company.
2. Standstill.
(a) From and after the date of this Agreement until the day that is three (3) months following the date of the 2027 Annual
Meeting (such period, the “Restricted Period”), none of the Investors shall, directly or indirectly, and each Investor
agrees and shall cause each of its Affiliates and Associates not to, directly or indirectly, with respect to the Company (it being understood
that the foregoing shall not restrict any of the Steamboat Designees from discussing such matters addressed below privately with other
members of the Board solely in his or her capacity as a director in a manner consistent with his or her fiduciary duties to the Company
so long as such discussions would not reasonably be likely to require public disclosure by the Steamboat Group):
(i) solicit
proxies or written consents of stockholders (including, without limitation, any solicitation of consents with respect to the call of a
special meeting of stockholders) or conduct any other type of referendum (binding or non-binding) with respect to, or from the holders
of, the voting securities of the Company (“Voting Securities”), or become a “participant” (as such term
is defined in Instruction 3 to Item 4 of Schedule 14A promulgated by the Securities and Exchange Commission (the “SEC”)
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) in or in any way engage or assist
any third party in any “solicitation” (as such term is defined under the Exchange Act) of any proxy, consent or other authority
to vote or withhold from voting any Voting Securities;
(ii) except
with respect to the Permitted Matters, encourage, advise or influence any Person, or assist any third party in so encouraging, advising
or influencing any Person, with respect to the giving or withholding of any proxy, consent or other authority to vote any Voting Securities
or in conducting any type of referendum;
(iii) form,
join or in any way participate in a partnership, limited partnership, syndicate or “group” (as defined under Section 13(d)
of the Exchange Act), with respect to the Voting Securities (other than a “group” that includes only other members of the
Steamboat Group), or otherwise support or participate in any effort by, or enter into any discussions, negotiations, arrangements or understandings
with, a third party with respect to the matters set forth in this Section 2;
(iv) seek
or encourage any Person to submit nominations in furtherance of a “contested solicitation” for the election or removal of
directors with respect to the Company or seek, encourage or take any other action with respect to the election or removal of any directors
or with respect to the submission of any stockholder proposal, except that this clause (iv) shall not limit the rights of the Steamboat
Group as expressly set forth in Section 1(e) of this Agreement;
(v) present
(or request to present) at any annual meeting or any special meeting of the Company’s stockholders or in connection with any action
by written consent, any proposal for consideration for action by stockholders or propose (or request to propose) any nominee for election
to the Board or seek representation on the Board or the removal of any member of the Board, except that this clause (v) shall not
limit the rights of the Steamboat Group as expressly set forth in Section 1(e) of this Agreement;
(vi) except
with respect to the Permitted Matters, grant any proxy, consent or other authority to vote with respect to any matters (other than to
the named proxies included in the Company’s proxy card for any annual meeting or special meeting of stockholders) or deposit any
Voting Securities in a voting trust or subject them to a voting agreement or other arrangement of similar effect (excluding customary
brokerage accounts, margin accounts, prime brokerage accounts and the like);
(vii) make
any request under Section 220 of the Delaware General Corporation Law (other than under Section 220(d) solely in a Steamboat
Designee’s capacity as a director in a manner consistent with his or her fiduciary duties to the Company) or other applicable legal
provisions regarding inspection of books and records or other materials (including stocklist materials);
(viii) institute,
solicit, assist or join as a party, any litigation, arbitration or other proceeding against or involving the Company or any of its current
or former directors or officers (including derivative actions), other than to enforce the provisions of this Agreement or in connection
with shares owned by members of the Steamboat Group being treated differently than other shares or in connection with claims for indemnification
by any Steamboat Designee;
(ix) engage
in any short sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar
right (including, without limitation, any put or call option or “swap” transaction) with respect to any security (other than
any index fund, exchange traded fund, benchmark fund or broad basket of securities) that includes, relates to or derives any significant
part of its value from a decline in the market price or value of the Company’s securities; or
(x) take
any action which would cause or require the Company to make public disclosure regarding any of the foregoing or request, directly or indirectly,
any amendment or waiver of the foregoing in a manner that would reasonably be likely to require public disclosure by the Investor or the
Company.
(b) As
used in this Agreement: (i) the term “Beneficial Owner” shall have the same meaning as set forth in Rule 13d-3
promulgated by the SEC under the Exchange Act, except that a Person will also be deemed to beneficially own (A) all Voting Securities
which such Person has the right to acquire pursuant to the exercise of any rights in connection with any securities or any agreement,
regardless of when such rights may be exercised and whether they are conditional, and (B) all Voting Securities in which such Person
has any economic interest, including, without limitation, pursuant to a cash settled call option or other derivative security, contract
or instrument in any way related to the price of any Voting Securities (and the term “Beneficially Own” shall have
a correlative meaning); and (ii) the terms “Person” or “Persons” shall mean any individual,
corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association,
organization or other entity of any kind or nature.
(c) Notwithstanding
the limitations set forth in this Section 2, each of the Investors shall be entitled to:
(i) vote
its shares as it determines in its sole discretion with respect to any Permitted Matter if such matters are duly brought before the 2026 Annual
Meeting or the 2027 Annual Meeting; or
(ii) disclose,
publicly or otherwise, how it intends to vote or act with respect to any Permitted Matter and its reasons for doing so; provided,
that any such disclosure shall be made in a consistent manner and include all members of the Steamboat Group.
(d) Without
limiting any of the Parties’ rights or remedies under this Agreement, in the event that the Company does not nominate or appoint
one of the Steamboat Designees as a director in accordance with the terms of this Agreement, then the Restricted Period shall be deemed
to expire on the day that is thirty (30) days prior to the expiration of the Company’s advance notice period for the nomination
of directors at the 2027 Annual Meeting.
3. Non-Disparagement.
During the Restricted Period, the Company, on the one hand, and each Investor, on the other hand, will each refrain from making, and will
cause their respective Affiliates and Associates and its and their respective Representatives (as defined below) not to make, any statement
or announcement that relates to or constitutes an ad hominem attack on, or that relates to and otherwise disparages, impugns
or is reasonably likely to damage the reputation of, (a) in the case of statements or announcements by or on behalf of such Investor,
the Company or any of its Affiliates or Associates or any of its or their respective officers, directors or employees or any person who
has served as an officer, director or employee of the Company or any of its Affiliates or Associates; and (b) in the case of statements
or announcements by or on behalf of the Company, each Investor and its respective Affiliates and Associates and its and their respective
principals, directors, officers, employees, members or general partners or any person who has served as such. The foregoing will not prevent
the making of any factual statement in any compelled testimony or the production of information, whether by legal process, subpoena or
as part of a response to a request for information from any governmental authority with jurisdiction over the Party from whom information
is sought nor any statements to members of the Board or Persons attending a meeting of the Board or any committee thereof. For purposes
of this Agreement, “Representatives”, with respect to each Party, shall mean such Party’s principals, directors,
officers, employees, general partners, members, agents, representatives, attorneys and advisors acting at the direction or on behalf of
such Party.
4. Confidentiality.
The Company understands and agrees that, subject to the terms of, and in accordance with, this Agreement, each of the Steamboat Designees
may, if and to the extent he or she desires to do so (and subject to his or her fiduciary duties), confidentially disclose information
he or she obtains while serving as a member of the Board or of any committee of the Board to the Steamboat Group. Each member of the
Steamboat Group acknowledges and agrees that this information is confidential and proprietary to the Company and may include trade secrets
or other business information the disclosure of which could harm the Company. In consideration for, and as a condition of, the information
being furnished to the Steamboat Group and, subject to the restrictions set forth in this Section 4, each member of the Steamboat
Group agrees to treat any and all information concerning or relating to the Company or any of its Affiliates or Associates that is furnished
to it or to any of the Steamboat Designees (regardless of the manner in which it is furnished, including in written or electronic format
or orally, gathered by visual inspection or otherwise) by any of the Steamboat Designees, or by or on behalf of the Company or any of
its Representatives, together with any notes, analyses, reports, models, compilations, studies, interpretations, documents, records or
extracts thereof containing, referring, relating to, based upon or derived from such information, in whole or in part (collectively,
“Company Confidential Information”), in accordance with the provisions of this Agreement. Each member of the Steamboat
Group will, and will cause its Representatives to, (a) keep the Company Confidential Information strictly confidential and (b) not
disclose any of the Company Confidential Information in any manner whatsoever without the prior written consent of the Company; provided,
however, that members of the Steamboat Group may privately disclose any of such information to their respective Representatives
(i) who need to know such information for the sole purpose of advising such member of the Steamboat Group on its investment in the
Company and (ii) who are informed by such member of the Steamboat Group of the confidential nature of such information and agree
to abide for the benefit of the Company to the terms hereof; provided, further, that such member of the Steamboat Group
will be responsible for any violation of this Agreement by its Representatives as if they were parties hereto. It is understood and agreed
that none of the Steamboat Designees shall disclose to the Steamboat Group or its Representatives any Legal Advice (as defined below)
that may be included in the Company Confidential Information with respect to which such disclosure may constitute waiver of the Company’s
attorney-client privilege or attorney work-product privilege. “Legal Advice” as used herein shall include any advice
provided by legal counsel that is protected by the attorney-client or attorney work-product privilege. The obligations set forth in this
Section 4 shall expire one (1) year after the date on which the last of the Steamboat Designees (or any other representative
of the Steamboat Group) no longer serves as a director of the Company; provided, that each member of the Steamboat Group shall
maintain in accordance with the confidentiality obligations set forth herein any Company Confidential Information constituting trade
secrets for such longer time as such information constitutes a trade secret of the Company.
5. Representations
and Warranties of the Company. The Company represents and warrants to the Steamboat Group that: (a) the Company has the
corporate power and authority to execute this Agreement and to bind it thereto; (b) this Agreement has been duly and validly authorized,
executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against
the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles;
and (c) the execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict
with any law, rule, regulation, order, judgment or decree applicable to the Company, (ii) result in any breach or violation of or
constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under
or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation
of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which
it is bound or (iii) result in or constitute a change in control for purposes of any of the Company’s existing severance, compensation
or change in control agreements and arrangements.
6. Representations
and Warranties of the Steamboat Group. Each member of the Steamboat Group represents and warrants to the Company that: (a) the
authorized signatory of such member of the Steamboat Group set forth on the signature page hereto has the power and authority to execute
this Agreement and to bind it thereto; (b) this Agreement has been duly and validly authorized, executed and delivered by such member
of the Steamboat Group, constitutes a valid and binding obligation and agreement of such member of the Steamboat Group and is enforceable
against such member of the Steamboat Group in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject
to general equity principles; (c) the execution, delivery and performance of this Agreement by such member of the Steamboat Group
does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to such member
of the Steamboat Group, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse
of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit
under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract,
commitment, understanding or arrangement to which such member of the Steamboat Group is a party or by which it is bound; and (d) as
of the date of this Agreement, (i) the Steamboat Group Beneficially Owns in the aggregate 657,590 shares of Common Stock and (ii) the
Steamboat Group does not currently have, and does not currently have any right to acquire, any interest in any other securities of the
Company or derivative or equity-linked positions therein.
7. Press
Release. Following the execution of this Agreement, the Company and the Investors shall jointly issue a mutually agreeable
press release announcing certain terms of this Agreement.
8. Specific
Performance. Each Investor, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury
to the other Parties hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including
the payment of money damages). It is accordingly agreed that each Investor, on the one hand, and the Company, on the other hand (the “Moving
Party”), shall be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof,
and the other Parties hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the
grounds that any other remedy or relief is available at law or in equity. This Section 8 is not the exclusive remedy for any
violation of this Agreement.
9. Expenses.
Each Party shall each be responsible for its own fees and expenses incurred in connection with the negotiation, execution and effectuation
of this Agreement and the transactions contemplated hereby, including, but not limited to, any matters related to the 2026 Annual
Meeting.
10. Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect
and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the Parties that
the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be
hereafter declared invalid, void or unenforceable. In addition, the Parties agree to use their best efforts to agree upon and substitute
a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable by a court
of competent jurisdiction.
11. Notices.
Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery,
when sent by email (provided no “bounceback” or similar “undeliverable” message is received by the sending Party);
or (iii) one (1) business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed
to the Party to receive the same. The addresses and email addresses for such communications shall be:
If to the Company:
Medifast, Inc.
1501 S. Clinton Street, Suite 500
Baltimore, Maryland 21224
Email: jason.groves@medifastinc.com
Attention: Jason L. Groves, Chief
Legal Officer & Corporate Secretary
With copies (which shall not constitute
notice) to:
Cadwalader, Wickersham & Taft LLP
200 Liberty Street
New York, New York 10281
Email: william.mills@cwt.com
Attention: William P. Mills
If to the Steamboat Group:
Steamboat Capital Partners LLC
370 Lexington Avenue
Suite 1702
New York, NY 10017
Email: pkiai@steamboatcp.com/jrose@steamboatcp.com
Attention: Parsa Kiai/Jeffrey Rose
12. Applicable
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without
reference to the conflict of laws principles thereof that would result in the application of the laws of another jurisdiction. Each of
the Parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations
arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising
hereunder brought by the other Parties hereto or their successors or assigns, shall be brought and determined exclusively in the Court
of Chancery of the State of Delaware (or, if any such court declines to accept jurisdiction over a particular matter, any state or federal
court within the State of Delaware) and any appellate court therefrom. Each of the Parties hereto hereby irrevocably submits with regard
to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction
of the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid
courts. Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this
Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (ii) any
claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts
(whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or
otherwise) and (iii) to the fullest extent permitted by applicable legal requirements, any claim that (A) the suit, action or
proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this
Agreement, or the subject matter hereof, may not be enforced in or by such courts.
13. Affiliates
and Associates; Construction. Each member of the Steamboat Group agrees that it will cause its Affiliates and Associates
to comply with the terms of this Agreement. As used in this Agreement, the terms “Affiliate” and “Associate”
shall have the respective meanings set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act and shall include all Persons
that at any time during the Restricted Period become Affiliates or Associates of any Person referred to in this Agreement.
14. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the Parties and delivered to the other Parties. Signatures to this Agreement transmitted
by DocuSign, by electronic mail in “portable document format” (.pdf) form, including the delivery of an executed signature
page by facsimile, scanned PDF pages, DocuSign or any other electronic signature complying with the U.S. federal ESIGN Act of 2000, shall
be binding to the same extent as an original signature page, with regard to any agreement subject to the terms hereof or any amendment
thereto, will have the same effect as physical delivery of the paper document bearing the original signature and may be used in lieu of
the original signatures for all purposes. Any Party that delivers such a signature page agrees to later deliver an original counterpart
to any Party that requests it.
15. Entire
Agreement; Amendment and Waiver; Successors and Assigns; Third-Party Beneficiaries. This Agreement contains the entire understanding
of the Parties hereto with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties,
covenants or undertakings between the Parties other than those expressly set forth herein. No modifications of this Agreement can be made
except in writing signed by an authorized representative of each of the Company and Steamboat. No failure on the part of any Party to
exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other
right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and
conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto and their respective
successors, heirs, executors, legal representatives, and permitted assigns. No Party shall assign this Agreement or any rights or obligations
hereunder without, with respect to any member of the Steamboat Group, the prior written consent of the Company, and with respect to the
Company, the prior written consent of Steamboat. This Agreement is solely for the benefit of the Parties hereto and is not enforceable
by any other Persons.
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IN WITNESS WHEREOF, this Agreement
has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.
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MEDIFAST,
INC. |
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By: |
/s/
Daniel Chard |
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Name: |
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Title: |
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[Signature Page to Cooperation Agreement]
IN WITNESS WHEREOF, this Agreement
has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.
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STEAMBOAT GROUP: |
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STEAMBOAT CAPITAL PARTNERS LLC |
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By: |
/s/ Parsa Kiai |
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Name: |
Parsa Kiai |
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Title: |
Managing Member |
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STEAMBOAT CAPITAL PARTNERS MASTER FUND, LP |
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By: Steamboat Capital Partners, LLC |
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Investment Manager |
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By: |
/s/ Parsa Kiai |
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Name: |
Parsa Kiai |
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Title: |
Managing Member |
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STEAMBOAT CAPITAL PARTNERS II, LP |
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By: Steamboat Capital Partners, LLC |
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Investment Manager |
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By: |
/s/ Parsa Kiai |
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Name: |
Parsa Kiai |
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Title: |
Managing Member |
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|
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/s/ Parsa Kiai |
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PARSA KIAI |
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/s/ Jeffrey Rose |
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JEFFREY ROSE |
[Signature Page to Cooperation Agreement]
