<SEC-DOCUMENT>0001144204-16-126917.txt : 20161005
<SEC-HEADER>0001144204-16-126917.hdr.sgml : 20161005
<ACCEPTANCE-DATETIME>20161005081009
ACCESSION NUMBER:		0001144204-16-126917
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161003
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161005
DATE AS OF CHANGE:		20161005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEDIFAST INC
		CENTRAL INDEX KEY:			0000910329
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090]
		IRS NUMBER:				133714405
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31573
		FILM NUMBER:		161921352

	BUSINESS ADDRESS:	
		STREET 1:		11445 CRONHILL DRIVE
		CITY:			OWINGS MILLS
		STATE:			MD
		ZIP:			21117
		BUSINESS PHONE:		7327640619

	MAIL ADDRESS:	
		STREET 1:		11445 CRONHILL DRIVE
		CITY:			OWINGS MILLS
		STATE:			MD
		ZIP:			21117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTHRITE INC
		DATE OF NAME CHANGE:	19951120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XX
		DATE OF NAME CHANGE:	19950619

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	00
		DATE OF NAME CHANGE:	19950619
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v450032_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
October 3, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MEDIFAST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Delaware</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">jurisdiction of incorporation)</P></TD>
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>001-31573</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>13-3714405</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-decoration: underline; text-align: center"><B><U>3600 Crondall Lane, Owings Mills, Maryland 21117</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">(Address of Principal Executive Offices) (Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">Registrant's telephone number, including area code: <B><U>(410) 581-8042</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>N/A</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
        Since Last Report)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 &#9;&#9;CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 &#9;CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02.&#9;Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective October 3, 2016, the board of directors of Medifast,
Inc. (the &ldquo;Company&rdquo;) appointed Daniel Chard to serve as Chief Executive Officer of the Company and as a member of the
board of directors. Mr. Chard will succeed Michael C. MacDonald, who previously served as Chief Executive Officer of the Company.
Mr. MacDonald will continue to serve as Executive Chairman to facilitate a smooth transition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Chard, age 52, previously served as President and Chief
Operating Officer at PartyLite, an affiliate of a portfolio company of The Carlyle Group, from October 2015 to August 2016. Prior
to that, Mr. Chard served as the President, Global Sales &amp; Operations at Nu Skin Enterprises, Inc. (&ldquo;Nu Skin&rdquo;)
from May 2009 to September 2015, Executive Vice President of Distributor Success of Nu Skin from February 2006 to May 2009, and
President of Nu Skin Europe from April 2004 to February 2006, and in various other roles of increasing responsibility since he
joined Nu Skin in 1998. He holds a Bachelor of Arts in Economics from Brigham Young University and received his Masters of Business
Administration from the University of Minnesota.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Qualifications: Mr. Chard brings to the Company&rsquo;s board
leadership skills and experience across operations, international, and marketing. He possesses extensive direct selling industry
experience along with a strong background in consumer products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with Mr. Chard&rsquo;s appointment as Chief Executive
Officer, the Company entered into an offer letter with Mr. Chard, effective October 3, 2016, setting forth the terms of his employment
(the &ldquo;Offer Letter&rdquo;). Pursuant to the terms of the Offer Letter, Mr. Chard:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>will receive an annual base salary of $650,000 (subject to annual review and adjustment);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>has a target annual bonus equal to 100% of his base salary, as then in effect (the &ldquo;Target Bonus&rdquo;), as determined
by the board of directors, beginning with a pro rata annual bonus for calendar year 2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>will be eligible to participate in the Company&rsquo;s health, dental, vision, prescription plans, life, disability and 401(k)
plans on the same basis as comparably situated employees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>will receive a relocation reimbursement of up to $175,000 for qualified moving expenses, as described in the Offer
                                                                                                               Letter                                                                                                                (which
                                                                                                               reimbursement must be repaid to the Company if Mr. Chard&rsquo;s employment terminates within 12 months of his start
                                                                                                               date for any reason other than a termination without Cause (as defined in the Offer Letter) or a resignation with Good
                                                                                                               Reason (as defined in the Offer Letter));
                                                                                                               and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>will receive an inducement award consisting of (i) a restricted share award with a grant date fair value of $600,000 that
                                                                                                               will vest 1/3 per year on each of the first, second and third anniversaries of the grant date, and (ii) a deferred share
                                                                                                               award entitling Mr. Chard to receive up to 210,000 shares of common stock of the Company based on the Company&rsquo;s
                                                                                                               achievement of certain pre-established performance goals over a three-year performance period (which may be extended by six
                                                                                                               months in certain circumstances) (the &ldquo;Performance Award&rdquo;), generally as described below:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>70,000 shares will vest upon achievement of an average annual TSR of at least 15% at the end of the performance period or
                                                                                                                               a
                                                                                                                               stock price of $56.82;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>an additional 70,000  shares will vest upon achievement of an average annual TSR of at least 25% at the end of the performance period or
a stock price of $72.96; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>an additional 70,000 shares will  vest upon achievement of an average annual TSR of at least 35% at the end of the performance period or
a stock price of $91.91.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The inducement award is intended to qualify as an employment
inducement grant under Rule 303A.08 of the New York Stock Exchange Listed Company Manual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offer Letter provides that in the event
Mr. Chard&rsquo;s employment is terminated by the Company without Cause, by Mr. Chard with Good Reason, or by Mr. Chard or
the Company within six months following a Change in Control (as defined below), Mr. Chard will be entitled to receive,
subject to his executing a general release of claims against the Company: (i) a payment equal to one year of his annual base
salary, as then in effect, plus the Target Bonus, (ii) all outstanding equity awards will accelerate and vest (other than
the Performance Award, which shall accelerate and vest based on performance through the termination date only upon a
termination by Mr. Chard or the Company within six months following a Change in Control), and (iii) medical and dental
benefit continuation for one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Offer Letter, a Change in Control is deemed to have
occurred if there is a material change in Mr. Chard&rsquo;s title and/or job duties and one of the following occurs: (i) there
is a merger or other business transaction where the members of the Board prior to the transaction do not make up a majority of
the board after the transaction or where shareholders no longer hold 51% or more of the voting power of the resulting company;
(ii) there is a disposition of substantially all of the assets of the Company; (iii) a plan of liquidation or dissolution of the
Company is approved; (iv) during a two year period, the members of the Board at the beginning of such period cease to be a majority
of the Board (unless the election of any new director is approved by the other members of the Board); or (v) there is a merger,
consolidation or other business combination that causes a material change in Mr. Chard&rsquo;s duties, responsibilities, title
and reporting responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offer Letter contains one year non-competition and non-solicitation
provisions, and customary non-disclosure and confidentiality provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing descriptions of Mr. Chard&rsquo;s compensation
arrangements and equity awards do not purport to be complete descriptions and are qualified in their entirety by reference to the
full text of the agreements filed as an exhibit to this Current Report on Form 8-K and are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are no family relationships between Mr. Chard and any
director or executive officer of the Company, or any person nominated or chosen by the Company to become a director or executive
officer. There are no arrangements or understandings between Mr. Chard and any other persons pursuant to which he was selected
as Chief Executive Officer and a member of the board of directors. Mr. Chard has no direct or indirect material interest in any
transaction or currently proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01.&#9;Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 3, 2016, the Company issued a press release entitled
&ldquo;Medifast, Inc. Announces Appointment of Direct Selling Industry Veteran Daniel R. Chard as Chief Executive Officer,&rdquo;
announcing that Mr. Chard will be joining the Company as its new Chief Executive Officer to succeed Michael C. MacDonald, who will
continue to serve as the Company&rsquo;s Executive Chairman. A copy of the press release is furnished and attached as Exhibit 99.1
hereto and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information being furnished pursuant to Item 7.01 of this
Current Report on Form 8-K and contained in Exhibit 99.1 shall not be deemed to be &ldquo;filed&rdquo; for purposes of Section
18 of the Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject to the liability of that section,
and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01.&#9;Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">Exhibit<BR>
 <U>No.</U></TD>
    <TD STYLE="width: 88%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Description </U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">10.1</TD>
    <TD STYLE="font-size: 10pt">Inducement Award Agreement, dated October 3, 2016 between the Registrant and Daniel Chard (incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Registration Statement on Form S-8 filed on October 5, 2016 (Registration No. 333-213966))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">99.1</TD>
    <TD STYLE="font-size: 10pt">Press Release dated October 3, 2016, entitled &ldquo;Medifast, Inc. Announces Appointment of Direct Selling Industry Veteran Daniel R. Chard as Chief Executive Officer&rdquo;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.5in"><B>MEDIFAST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.5in">By: <U>/s/ Jason L. Groves, Esq.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&#9;Jason L. Groves, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&#9;&nbsp;&nbsp;Executive Vice President,
General &#9;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counsel &amp; Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date:&#9;October 5, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Exhibit<BR>
 <U>No.</U></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Description </U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Inducement Award Agreement, dated October 3, 2016 between the Registrant and Daniel Chard (incorporated by reference to Exhibit 99.1 to the Company&rsquo;s Registration Statement on Form S-8 filed on October 5, 2016 (Registration No. 333-213966))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">99.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Press Release dated October 3, 2016, entitled &ldquo;Medifast, Inc. Announces Appointment of Direct Selling Industry Veteran Daniel R. Chard as Chief Executive Officer&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 39pt; width: 174pt"></P>



<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FOR IMMEDIATE RELEASE&#9; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Medifast Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tonja Paylor, Medifast, (443) 379-5012, Tonja.Paylor@choosemedifast.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Katie Turner, ICR, Inc., (646) 277-1228, Katie.Turner@icrinc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Medifast, Inc. Announces Appointment
of Direct Selling Industry Veteran </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Daniel R. Chard as Chief Executive Officer
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Michael MacDonald Continues as Executive
Chairman of the Board of Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Medifast Expects to Meet or Exceed Third
Quarter Guidance</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>OWINGS MILLS, MD., October 3, 2016</B>
&ndash; Medifast, Inc.&reg; (NYSE: MED), a leading United States manufacturer and provider of clinically proven weight-loss and
healthy living products and programs, today announced that Daniel (&ldquo;Dan&rdquo;) R. Chard has been appointed as Chief Executive
Officer and as a member of Medifast&rsquo;s Board of Directors, effective today, bringing the size of the board to 10 members.
Mr. Chard succeeds Michael MacDonald, who will stay with Medifast in the role of Executive Chairman of the Board. Mr. Chard was
selected by a search committee led by Mr. MacDonald and Medifast Independent Director, Glenn Welling, and his appointment as CEO
was unanimously approved by the Company&rsquo;s Board of Directors. The Company also announced today that it expects to meet or
exceed third quarter guidance for revenue from continuing operations in the range of approximately $64.0 million to $67.0 million
and earnings per diluted share from continuing operations in the range of $0.43 to $0.46 per diluted share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;This is a time of exciting transition
for Medifast as we further enhance the strength of our executive team with the appointment of Dan as CEO. We are fortunate to gain
a seasoned executive in Dan, who possesses extensive direct selling industry experience growing Nu Skin Enterprises, Inc. as well
as at PartyLite, an affiliate of a portfolio company of The Carlyle Group. This, along with a strong background in consumer products,
makes him ideally suited to help us take our business to the next level and accelerate our growth. Dan&rsquo;s unique combination
of leadership skills across operational, international, and marketing roles will be a tremendous asset to our team as we build
upon the success of Take Shape For Life&reg; and further optimize our unique multi-channel distribution model. We have made tremendous
progress advancing our strategic objectives and creating value for our stockholders. With our financial performance, balance sheet
position, executive talent, and momentum in Take Shape For Life with the recent <B>OPTA</B>VIA&trade; lifestyle brand and product
line introduction, Medifast is in the strongest position in our Company&rsquo;s history,&rdquo; said MacDonald. &ldquo;My passion
for this business, our partners, Health Coaches, franchisees, customers, and employees remains as strong as ever, and I look forward
to working closely with Dan and the rest of the management team in growing the Company&rsquo;s business.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Chard joins Medifast with over 25 years
of direct selling and consumer products experience. Most recently, he served as President &amp; Chief Operating Officer of PartyLite,
an affiliate of a portfolio company of The Carlyle Group. Over his 17 year tenure at Nu Skin Enterprises, Inc. (&ldquo;Nu Skin&rdquo;),
Mr. Chard held various leadership roles, including Executive Vice President of Distributor Success and then President, Global Sales
&amp; Operations from 2006 to 2015. He served as President of Nu Skin Europe from 2004 to 2006 and in many other roles of increasing
responsibility since he joined the company in 1998. Prior to Nu Skin, Mr. Chard held marketing leadership roles at PUR Recovery
Engineering and The Pillsbury Company. He holds a Bachelor of Arts in Economics from Brigham Young University and received his
Masters of Business Administration from the University of Minnesota.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;I am honored to succeed Mike as
Medifast&rsquo;s CEO and pleased to have his continued support and guidance,&rdquo; said Chard. &ldquo;With an experienced leadership
team and dedicated Health Coaches, franchisees, business partners, customers, and employees, Medifast is well positioned to capitalize
on numerous growth opportunities across its distribution channels both domestically and internationally. I look forward to continuing
to build Medifast&rsquo;s marketplace position, advancing the strong momentum we have in Take Shape For Life, investing strategically
in the key initiatives, and maintaining operational excellence as we grow the business over the next several years.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with Mr. Chard&rsquo;s appointment
as Chief Executive Officer, the Compensation Committee of the Company&rsquo;s Board of Directors approved a one-time sign-on equity
award of (i) restricted shares with a $600,000 value on grant date that will vest one-third per year on each of the first, second,
and third anniversaries of the grant date, and (ii) 210,000 deferred shares that will vest based upon the achievement of certain
pre-established performance goals over a three year performance period (which may be extended by six months in certain circumstances),
generally as follows: 70,000 would vest upon achievement of an average annual TSR of at least 15% at the end of three years or
a stock price of $56.82; an additional 70,000 would vest upon achievement of an average annual TSR of at least 25% at the end of
three years or a stock price of $72.96; and an additional 70,000 would vest upon achievement of an average annual TSR of at least
35% at the end of three years or a stock price of $91.91. The award was granted outside of the Company&rsquo;s current equity compensation
plan and is intended to qualify as an &ldquo;employment inducement award&rdquo; within the meaning of New York Stock Exchange Listing
Rule 303A.08, which requires public announcement of inducement awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MED-G</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>About Medifast </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Medifast&nbsp;(NYSE:
MED) is the leading easy-to-use, clinically proven provider of weight-loss and healthy living products and programs. Medifast aims
to help customers lead a healthier lifestyle through a holistic approach to weight-loss and weight management, nutrition education
and fitness. Medifast&rsquo;s proven results are based on the use of structured meal plans featuring Medifast Meals, which are
nutritionally designed to assist customers with successful weight-loss and weight management.&nbsp;The company sells its products
and programs via four unique distribution channels: 1) the web and national call centers, 2) the Take Shape For Life personal coaching
division, 3) Medifast&nbsp;Weight Control Centers, and 4) a national network of physicians. The company also offers sports nutrition
products under the brand Dual Fuel&trade; Nutrition that are formulated to provide athletes and active individuals with the right
balance of carbohydrates and high quality protein for top performance.&nbsp;Medifast&nbsp;was founded in 1980 and is located in
Owings Mills,&nbsp;Maryland. For more information, log onto&nbsp;www.MedifastNow.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>About Take Shape For Life:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Take Shape For Life is a thriving, vibrant
community that is redefining the path to wellbeing and creating Optimal Health&trade; through a network of Independent Health Coaches,
who provide support and personal encouragement to help Clients safely and effectively reach and sustain a healthy weight, and adopt
habits for a lifetime of health. Within the Trilogy of Optimal Health, Take Shape For Life offers individuals an opportunity to
create sustainable health in all areas of their lives &ndash; building a healthy body, developing a healthy mind, and generating
healthy finances. Take Shape For Life provides Health Coaches with tools and support; an innovative and leading edge lifestyle
program; training and knowledge; and best of all, a community of like-minded individuals working toward the common goal of getting
America healthy. In 2015, Take Shape For Life, and its parent company Medifast were ranked in the top 20 of the Direct Selling
Association's largest companies, and is a Code of Ethics member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Forward Looking Statements </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Please Note: This release
contains &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by use of phrases or terminology such as &ldquo;intend&rdquo; or other
similar words or the negative of such terminology. Similarly, descriptions of Medifast&rsquo;s objectives, strategies, plans,
goals or targets contained herein are also considered forward-looking statements. Medifast believes this release should be read
in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that
these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors
include, among others, Medifast&rsquo;s inability to attract and retain independent Health Coaches and Members, stability in the
pricing of print, TV and Direct Mail marketing initiatives affecting the cost to acquire customers, increases in competition,
litigation, regulatory changes, and its planned growth into new domestic and international markets and new channels of distribution.
Although Medifast believes that the expectations, statements, and assumptions reflected in these forward- looking statements are
reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating
each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K and Quarterly
Report on Form 10-Q, and other filings filed with the United States Securities and Exchange Commission, including its current
reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"></FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
