Document:

Exhibit
10.5

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification
Agreement (the “Agreement”) is made and entered into as of October 29, 2020 between CONX
Corp., a Nevada corporation (the “Company”), and ____________ (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly
competent persons have become more reluctant to serve corporations as directors, officers or in other capacities unless they are
provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation; 

 

WHEREAS, the
Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more
exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would
have been brought only against the Company or business enterprise itself. Chapter 78 of the Nevada Revised Statutes (the “NRS”)
and the Amended and Restated Articles of Incorporation of the Company (the “Articles”) authorize indemnification
of the directors, officers, employees, fiduciaries and agents of the Company. The Amended and Restated Bylaws of the Company (the
 “Bylaws”) provide that the Company will indemnify the directors and officers of the Company. The NRS
expressly provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and persons acting on behalf of the Company with respect to indemnification;

 

WHEREAS, the
uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such
persons;

 

WHEREAS, the
Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

WHEREAS, it
is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so indemnified;

 

     

     

    

 

WHEREAS, this
Agreement is a supplement to and in furtherance of any indemnification provisions in the Articles and/or the Bylaws of the Company
and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights
of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
does not regard the protection available under the NRS, the Bylaws and insurance as adequate in the present circumstances, and
may not be willing to serve as an officer or a director without adequate protection, and the Company desires Indemnitee to serve
in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company
on the condition that he or she be so indemnified.

 

NOW, THEREFORE,
in consideration of Indemnitee’s agreement to serve as an officer and/or a director from and after the date of this Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

1.                  
Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent
permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting
the generality thereof.

 

(a)               
Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights
of indemnification provided in this Section l(a) if, by reason of his or her Corporate Status (as hereinafter defined),
Indemnitee was or is a party, or is threatened to be made a party, to any Proceeding (as hereinafter defined) other than a Proceeding
by or in the right of the Company. Pursuant to this Section 1(a), the Company shall indemnify Indemnitee against all Expenses
(as hereinafter defined), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on
his or her behalf, in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee either (i) is not liable
pursuant to NRS 78.138 or (ii) acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s
conduct was unlawful.

 

(b)               
Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section 1(b) if, by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to
or participant in any Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 1(b), the Company shall indemnify Indemnitee against all Expenses and amounts paid in settlement actually and reasonably
incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding or any claim, issue or matters therein,
if Indemnitee either (i) is not liable pursuant to NRS 78.138 or (ii) acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company; provided, however, if applicable law so provides,
no indemnification against such Expenses or other amounts shall be made in respect of any claim, issue or matter as to which Indemnitee
shall have been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Company
or for amounts paid in settlement to the Company, unless and only to the extent that the court in which the Proceeding was brought
or other court of competent jurisdiction shall determine that in view of all the circumstances in the case, Indemnitee is fairly
and reasonably entitled to indemnity for such expenses as the court deems proper.

 

(c)               
Termination of Proceeding. The termination of any Proceeding by judgment, order, settlement, conviction or upon a
plea of nolo contendere or its equivalent, shall not, of itself, adversely affect the right of Indemnitee to indemnification or
create an inference or presumption either that Indemnitee is liable pursuant to NRS 78.138, that Indemnitee did not act in good
faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation, or,
with respect to any criminal action or proceeding, that Indemnitee had reasonable cause to believe that the conduct was unlawful.
The Company acknowledges that such a resolution, short of final judgment, may be successful on the merits if it permits a party
to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party
is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such
Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on
the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence.

 

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(d)               
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of
this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the
merits or otherwise, in any Proceeding, the Company shall indemnify Indemnitee to the maximum extent permitted by law, as such
may be amended from time to time, against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection
with the defense of the Proceeding. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee
against all Expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection with each successfully
resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter
in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue
or matter.

 

2.                  
Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for
in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee, to the fullest
extent permitted by law, as may be amended from time to time, against all Expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred by him or her, or on his or her behalf, if, by reason of his or her Corporate Status, he or she
was or is a party, or is threatened to be made a party, to any Proceeding (including a Proceeding by or in the right of the Company),
including, without limitation, all liability arising out of the simple or gross negligence, recklessness, or active or passive
wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement
shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures,
and subject to the presumptions, set forth in Section 6 and Section 7 hereof) to be unlawful.

 

3.                  
Contribution.

 

(a)               
Whether or not the indemnification provided in Section 1 and Section 2 hereof is available, in respect of
any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall
pay the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment
and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not
enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such
Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(b)               
Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason,
Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company
is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses,
judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion
to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee,
who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other
hand, from the transaction from which such Proceeding arose; provided, however, that the proportion determined on
the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative
fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with
Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the
events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which
applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees of the
Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand,
and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree
to which their conduct is active or passive.

 

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(c)               
The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought
by officers, directors, or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)               
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable
to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, amounts paid or to be paid in settlement and/or for Expenses, in connection with any
claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of
all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee
as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company
(and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

(e)               
The Company hereby acknowledges that Indemnitee may have rights to indemnification for payment of the judgment or settlement
amount provided by another entity (“Other Indemnitor(s)”). The Company agrees with Indemnitee that the
Company is the indemnitor of first resort of Indemnitee with respect to matters for which indemnification is provided under this
Agreement and that the Company will be obligated to make all payments due to or for the benefit of Indemnitee under this agreement
without regard to any rights that Indemnitee may have against the Other Indemnitor(s). The Company hereby waives any equitable
rights to contribution or indemnification from the Other Indemnitor in respect of any amounts paid to Indemnitee hereunder until
such time as the Indemnitee has been fully and finally indemnified. The Company further agrees that no payment of Expenses or losses
by the Other Indemnitor(s) to or for the benefit of Indemnitee shall affect the obligations of the Company hereunder.

 

4.                  
Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee, by reason of his or her Corporate Status, is a witness, or is made (or asked) to respond to discovery requests or otherwise
asked to participate in any Proceeding to which Indemnitee is not a party, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by him or her, or on his or her behalf, in connection therewith.

 

5.                  
Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses
incurred by or on behalf of Indemnitee in connection with defending any Proceeding within thirty (30) days after the receipt by
the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to
or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by
Indemnitee and Indemnitee shall also submit a written undertaking to repay any Expenses advanced if it shall ultimately be determined
by a court of competent jurisdiction that Indemnitee is not entitled to be indemnified by the Company against such Expenses. Any
advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free. In furtherance of the
foregoing, Indemnitee hereby undertakes to repay such amounts advanced if, and to the extent that, it shall ultimately be determined
by a court of competent jurisdiction that Indemnitee is not entitled to be indemnified by the Company pursuant to the terms of
this Agreement.

 

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6.                  
Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement
to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the NRS and public policy of the State
of Nevada. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question
as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)               
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein
or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt
of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding
the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion,
shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, the Company is actually
and materially prejudiced as a result of such failure.

 

(b)               
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods,
which shall be at the election of the Board (i) by a majority vote of a quorum consisting of Disinterested Directors (as defined
below), (ii) if a majority vote of a quorum consisting of Disinterested Directors so orders, or if a quorum of Disinterested Directors
cannot be obtained, by Independent Counsel (as defined below) in a written opinion to the Board, a copy of which shall be delivered
to Indemnitee, or (iii) by the stockholders of the Company.

 

(c)               
Notwithstanding anything to the contrary set forth in this Agreement, if a request for indemnification is made after a Change
in Control, at the election of Indemnitee made in writing to the Company, and if the Board by a majority vote of a quorum consisting
of Disinterested Directors orders the determination of Indemnitee’s entitlement to indemnification to be made by an Independent
Counsel, or if a quorum of Disinterested Directors cannot be obtained, any determination required to be made pursuant to Section
6(b) above as to whether Indemnitee is entitled to indemnification shall be made by Independent Counsel selected as provided
in this Section 6(c). The Independent Counsel shall be selected by Indemnitee, unless Indemnitee shall request that such
selection be made by the Board. The party making the selection shall give written notice to the other party advising it of the
identity of the Independent Counsel so selected. The party receiving such notice may, within seven (7) days after such written
notice of selection shall have been given, deliver to the other party a written objection to such selection. Such objection may
be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 13 hereof, and the objection shall set forth with particularity the factual basis of such assertion. Absent
a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made, the Independent
Counsel so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without
merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section
6(a) hereof, no Independent Counsel shall have been selected (or, if selected, such selection shall have been objected to)
in accordance with this paragraph, then either the Company or Indemnitee may petition the courts of the State of Nevada or other
court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the
other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court
or by such other person as the court shall designate, and the person with respect to whom an objection is favorably resolved or
the person so appointed shall act as Independent Counsel under Section 6(c) hereof. The Company shall pay any and all reasonable
fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section
6(b) hereof. The Company shall pay any and all reasonable and necessary fees and expenses incident to the procedures of this
Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

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(d)               
If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b)
hereof, the Independent Counsel shall be selected as provided in this Section 6(d). The Independent Counsel shall be selected
by the Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the
Company a written objection to such selection; provided, however, that such objection may be asserted only on the
ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 13 of this Agreement, and the objection shall set forth with particularity the factual basis of such
assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection
is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee
of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected
(or, if selected, such selection shall have been objected to) in accordance with this paragraph, then either the Company or Indemnitee
may petition the appropriate courts of the State of Nevada or other court of competent jurisdiction for resolution of any objection
which shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with
respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel under Section
6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel in connection with acting
pursuant to Section 6(b) hereof, and the Company shall pay any and all reasonable fees and expenses incident to the procedures
of this Section 6(d), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(e)               
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome
this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure
of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that
Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct.

 

(f)                
Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of
account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by
the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information
or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director,
officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement. Whether or not the foregoing provisions of this Section 6(f) are satisfied, it shall in any event
be presumed that Indemnitee has at all times acted in good faith and in a manner he or she reasonably believed to be in or not
opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence. The Company will promptly advise Indemnitee in writing with respect to any
determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which
indemnification has been denied.

 

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(g)               
Notwithstanding anything to the contrary set forth in this Agreement, if the person, persons or entity empowered or selected
under Section 6 to determine whether Indemnitee is entitled to indemnification shall not have been appointed or shall not
have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, unless
the Company establishes by written opinion of Independent Counsel that (i) a misstatement by Indemnitee of a material fact, or
an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the
request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however,
that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person,
persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional
time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the foregoing
provisions of this Section 6(g) shall not apply if the determination of entitlement to indemnification is to be made by
the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company
of the request for such determination, the Disinterested Directors resolve as required by Section 6(b)(iii) of this Agreement
to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy
five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within
fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within
sixty (60) days after having been so called and such determination is made thereat.

 

(h)               
Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any Independent Counsel or member of the Board or stockholder of the Company shall
act reasonably and in good faith in making a determination regarding Indemnitee’s entitlement to indemnification under this
Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with
the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to
Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

7.                  
Remedies of Indemnitee.

 

(a)               
In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement,
(iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) or Section 6(c) of this
Agreement within sixty (60) days after receipt by the Company of the request for indemnification, or such longer period, not to
exceed an additional thirty (30) days, to which the period may be extended pursuant to Section 6(g), (iv) payment of indemnification
is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment
of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification
or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled
to an adjudication of Indemnitee’s entitlement to such indemnification or advancement of expenses either, at Indemnitee’s
sole option, in (1) an appropriate court of the State of Nevada, or any other court of competent jurisdiction or (2) an arbitration
to be conducted by a single arbitrator, selected by mutual agreement of the Company and Indemnitee, pursuant to the rules of the
American Arbitration Association. The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

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(b)               
In the event that a determination shall have been made pursuant to Section 6(b) or Section 6(c) of this Agreement
that Indemnitee is not entitled to indemnification, (i) any judicial proceeding or arbitration commenced pursuant to this Section
7 shall be conducted in all respects de novo on the merits, and Indemnitee shall not be prejudiced by reason of any adverse
determination under Section 6(b) or Section 6(c); and (ii) in any such judicial proceeding or arbitration, the Company
shall have the burden of proving that Indemnitee is not entitled to indemnification under this Agreement.

 

(c)               
If a determination shall have been made pursuant to Section 6(b) or Section 6(c), or shall have been deemed
to have been made pursuant to Section 6(g), of this Agreement that Indemnitee is entitled to indemnification, the Company
shall be obligated to pay the amounts constituting such indemnification within five (5) days after such determination has been
made or has been deemed to have been made and shall be conclusively bound by such determination in any judicial proceeding commenced
pursuant to this Section 7, unless the Company establishes by written opinion of Independent Counsel that (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially
misleading in connection with the request for indemnification or (ii) a prohibition of such indemnification under applicable law.

 

(d)               
In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of, or an award in arbitration
to enforce, his or her rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’
and officers’ liability insurance policies maintained by the Company, the Company shall pay to him or her, or on his or her
behalf, in advance, and shall indemnify him or her against, any and all expenses (of the types described in the definition of Expenses
in Section 13 of this Agreement) actually and reasonably incurred by him or her in such judicial adjudication or arbitration, regardless
of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e)               
The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section
7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any
such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. The Company shall indemnify
Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company
of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by
Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under
this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless
of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery,
as the case may be.

 

8.                  
Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)               
The rights of indemnification and advancement of expenses as provided by this Agreement shall not be deemed exclusive of,
and shall be in addition to, any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles
or the Bylaws of the Company, any agreement, a vote of stockholders, a resolution of directors of the Company, or otherwise, and
nothing in this Agreement shall diminish or otherwise restrict Indemnitee’s rights to indemnification or advancement of expenses
under any of the foregoing. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict
any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate
Status prior to such amendment, alteration or repeal. To the extent that a change in the NRS, whether by statute or judicial decision,
permits greater indemnification than would be afforded currently under the Articles, the Bylaws and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change and Indemnitee
shall be deemed to have such greater benefits hereunder. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. The Company shall not adopt
any amendments to its Articles or Bylaws, the effect of which would be to deny, diminish or encumber Indemnitee’s right to
indemnification or advancement of expenses under this Agreement, any other agreement or otherwise, without the prior written consent
of the Indemnitee.

 

    8

     

    

 

(b)               
The Company shall use commercially reasonable efforts to obtain and maintain in effect one or more policies of insurance
with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts
and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee
shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available
for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as
an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably
insured of the Company’s directors and officers.

 

(c)               
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights (with all of
Indemnitee’s reasonable expenses, including, without limitation, attorneys’ fees and charges, related thereto to be
reimbursed by or, at the option of Indemnitee, advanced by the Company).

 

(d)               
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if
and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement
or otherwise.

 

(e)               
The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request
of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement
of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.                  
Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be
obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)               
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)               
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or similar provisions of state statutory law or common law; or

 

    9

     

    

 

(c)               
for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or
of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act
(including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase
and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

 

(d)               
for any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback
policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to
comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; or

 

(e)               
in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or
any part of any Proceeding) initiated by Indemnitee against the Company (other than to enforce Indemnitee’s rights under
this Agreement) or its directors, officers, employees or other indemnitees, unless (i) the Board of the Company authorized the
Proceeding (or such part of the Proceeding) prior to its initiation, or (ii) the Company indemnifies Indemnitee, in its sole discretion,
independently of this Agreement pursuant to the powers vested in the Company under applicable law.

 

10.              
Retroactive Effect; Duration of Agreement; Successors and Binding Agreement. All agreements and obligations of the
Company contained herein shall be deemed to have become effective upon the date Indemnitee first had Corporate Status; shall continue
during the period Indemnitee has Corporate Status; and shall continue thereafter so long as Indemnitee may be subject to any Proceeding
(or any action commenced under Section 7 hereof) by reason of his or her Corporate Status, whether or not he or she is acting
or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under
this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation, reorganization or otherwise
to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal
representatives. The Company shall require any such successor to all or substantially all of the business or assets of the Company,
by agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken
place. Except as otherwise set forth in this Section 10, this Agreement shall not be assignable or delegable by the Company.

 

11.              
Security. To the extent requested by Indemnitee and approved by the Board of the Company, the Company may at any
time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable
bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released
without the prior written consent of Indemnitee.

 

12.              
Enforcement.

 

(a)               
The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on
it hereby in order to induce Indemnitee to serve, or continue to serve, as an officer or a director of the Company, and the Company
acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as an officer or a director of the
Company.

 

(b)               
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject
matter hereof.

 

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13.              
Definitions. For purposes of this Agreement:

 

(a)               
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this
Agreement of any of the following events:

 

(i)                
Acquisition of Stock by Third Party. Other than nXgen Opportunities, LLC (the “Sponsor”)
or an affiliate thereof, any Person (as defined below) is or becomes the “beneficial owner” as defined in Rule 13d-3
under the Exchange Act (a “Beneficial Owner”), directly or indirectly, of securities of the Company representing
fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote
generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities
by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally
in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and
such acquisition would not constitute a Change in Control under part (iii) of this definition;

 

(ii)             
Change in Board of Directors. Individuals who, as of the date hereof, constitute the
Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two thirds of the directors then still in office who were directors on the date hereof or whose election
for nomination for election was previously so approved (collectively, the “Continuing Directors”), cease
for any reason to constitute at least a majority of the members of the Board;

 

(iii)           
Corporate Transactions. The effective date of a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses or
assets (a “Business Combination”), in each case, unless, following such Business Combination: (1) all
or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in
the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 51%
of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors
resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns
the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries (as defined
below)) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities
entitled to vote generally in the election of directors; (2) other than the Sponsor or an affiliate thereof, no Person (excluding
any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of fifteen percent (15%)
or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors
of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least
a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the
time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

 

(iv)            
Liquidation. The approval by the stockholders of the Company of a complete liquidation
of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of
the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such stockholder
approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction
or a series of related transactions); or

 

(v)              
Other Events. There occurs any other event of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item
on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting
requirement.

 

    11

     

    

 

 

(b)               
 “Corporate Status” means the fact that a person is or was a director, officer, employee, agent
or fiduciary of the Company or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise.

 

(c)               
“Disinterested Director” means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification is sought by Indemnitee.

 

(d)               
“Enterprise” shall mean the Company, and any other corporation, constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries)
is a party, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the
express written request of the Company as a director, officer, trustee, partner, manager, managing member, employee, agent or fiduciary.

 

(e)               
“Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript
costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, ERISA excise taxes and penalties, and all other disbursements or expenses of the types
customarily incurred or actually incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery
in a Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including,
without limitation, the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond
or its equivalent. Should any payments by the Company to or for the account of Indemnitee under this Agreement be determined to
be subject to any federal, state or local income or excise tax, Expenses shall also include such amounts as are necessary to place
Indemnitee in the same after-tax position (after giving effect to all applicable taxes) Indemnitee would have been in had no such
tax been determined to apply to those payments. The parties agree that for the purposes of any advancement of Expenses for which
Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that
are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel shall be
presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount
of judgments or fines against Indemnitee.

 

(f)                
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters
of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent (i) the Company or
Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement,
or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to
pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses,
claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(g)               
“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as
in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries
(as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the
Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

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(h)               
“Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim,
cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or
any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether
civil, criminal, administrative, legislative or investigative (formal or informal); in each case whether or not Indemnitee’s
Corporate Status existed at the time any liability or expense is incurred for which indemnification can be provided under this
Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant
to Section 7 of this Agreement to enforce his or her rights under this Agreement.

 

(i)                
“Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity
interest is owned, directly or indirectly, by that Person.

 

14.           Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee
indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any
applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to
resolve such conflict.

 

15.         
Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding
unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed
or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

16.         
Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise
receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter
which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of
any obligation which it may have to Indemnitee under this Agreement unless, and only to the extent that, the Company is actually
and materially prejudiced as a result of such delay or failure.

 

17.          
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall
be deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile, or (c)
upon delivery when sent by a nationally recognized overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent:

 

(a)             To
Indemnitee at the address set forth below Indemnitee’s signature hereto.

 

(b)             To
the Company at:

 

	 	 	CONX Corp.
	 	 	5701 S. Santa Fe Dr.
	 	 	Littleton, CO 80120

 

or to such other address
as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

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18.              
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same the same instrument. Counterparts
may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal
ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and
any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

19.              
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed
to constitute part of this Agreement or to affect the construction thereof.

 

20.              
Successors and Assigns. The terms of this Agreement shall be binding upon the Company and its successors and assigns
(including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company) and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs,
devisees, executors, administrators and other legal representatives.

 

21.              
Governing Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Nevada, without regard to its conflict of laws rules.
The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in
connection with this Agreement (other than an arbitration pursuant to Section 7 hereof) shall be brought only in the Eighth
Judicial District Court of Clark County (the “Nevada Court”), and not in any other state or federal court
in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the
Nevada Court for purposes of such action or proceeding, (iii) waive any objection to the laying of venue of any such action or
proceeding in the Nevada Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Nevada Court has been brought in an improper or inconvenient forum.

 

22.              
Waiver of Claims to Trust Account. Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees
that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any
monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company
and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising
out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.

 

[Remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	CONX CORP.

	 	 
		By:	                                     
	 	Name:
	                                   	Title:

 

	 	INDEMNITEE
	 	 
	 	 
	 	Name:	       
		Address:	         
	 	 	 
	 	 	 

 

[Signature Page to Indemnification Agreement]​

Exhibit 10.1
MEDIFAST, INC.
EXECUTIVE SEVERANCE PLAN
Medifast, Inc., a Delaware corporation (the "Company"), has adopted this Medifast, Inc. Executive Severance Plan (the "Plan") to provide key employees of the Company and its affiliates and subsidiaries with severance protection under covered circumstances.
ARTICLE I.
DEFINITIONS AND INTERPRETATIONS
Section 1.01 Definitions. Capitalized terms used in this Plan shall have the following respective meanings, except as otherwise provided or as the context shall otherwise require:
"Annual Base Salary" shall mean the base salary paid to a Participant on an annual basis exclusive of any bonus payments, commission payments or additional payments under any benefit plan of the Company.
"Administrator" shall mean be the Compensation Committee.
"Board" shall mean the Board of Directors of the Company.
"Cause" shall mean (a) indictment or conviction for, or a please of guilty or nolo contendere to, a felony or of a criminal act involving moral turpitude; (b) gross misconduct or willful and continued failure to substantially perform employment duties reasonably requested by the Company or an affiliate, after thirty (30) days' written notice by certified mail of such conduct or failure, and the failure of the Participant to remedy such conduct or failure; (c) fraud, embezzlement, or misappropriation of any amounts of money or other assets or property of the Company; (d) misconduct or negligence in connection with the business of the Company or an affiliate which has a substantial adverse effect on the Company or the affiliate; or (e) violation of any material policy of the Company, including the Company's Code of Conduct and Business Ethics. Determination of Cause shall be made by the Compensation Committee in its sole discretion.
"Change in Control" shall have the meaning set forth in the Amended and Restated 2012 Share Incentive Plan or any successor to such plan.
"Change in Control Period" shall mean the 24 month period beginning on the date of a Change in Control.
"Code" shall mean the Internal Revenue Code of 1986, as amended. Reference in this Plan to any section of the Code shall be deemed to include any amendments or successor provisions to such section and any regulations under such section.
"Compensation Committee" shall mean the Compensation Committee of the Company's Board of Directors.
"Effective Date" shall mean September 12, 2019.
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"Good Reason" shall mean a Participant's resignation of employment upon the occurrence (without the Participant's prior written consent) of (a) a material reduction in the Participant's Annual Base Salary or Target Bonus, (b) a material diminution in the Participant's authority, duties or responsibilities, (c) a relocation of the Participant's principal work location by more than 50 miles, or (d) any other action or inaction that constitutes a material breach by the Company of any written agreement under which the Participant provides services; provided, however, that, notwithstanding the foregoing, the Participant may not resign his or her employment for Good Reason unless (i) the Participant has provided the Company with at least thirty (30) days prior written notice of his or her intent to resign for Good Reason (which notice must be provided within ninety (90) days following the occurrence of the event(s) purported to constitute Good Reason); and (ii) the Company has not remedied the alleged violation(s) within the thirty (30) day period following its receipt of such notice.
"Participants" shall mean those employees of the Company or any of its subsidiaries who are from time to time designated as Participants in accordance with Section 2.01.
"Plan" shall mean this Medifast, Inc. Executive Severance Plan, as amended, supplemented or modified from time to time in accordance with its terms.
"Qualifying Termination" shall mean a Participant's Termination of Employment (a) by the Company and its subsidiaries without Cause or (b) by the Participant for Good Reason.
"Target Bonus" shall mean the Participant's target annual incentive bonus.
"Termination Date" shall mean, with respect to any Participant, the actual date of the Participant's Termination of Employment.
"Termination of Employment" shall mean the time when the employee-employer relationship between the Participant and the Company or any subsidiary of the Company is terminated for any reason, with or without Cause, including, but not by way of limitation, a termination by resignation, discharge, death, permanent disability or retirement; provided, that such "Termination of Employment" constitutes a "separation from service" within the meaning of Treasury Regulation Section 1.409A-1(h).
Section 1.02 Interpretation. In this Plan, unless a clear contrary intention appears, (a) the words "herein," "hereof" and "hereunder" refer to this Plan as a whole and not to any particular Article, Section or other subdivision, (b) reference to any Article or Section, means such Article or Section hereof and (c) the words "including" (and with correlative meaning "include") means including, without limiting the generality of any description preceding such term. The Article and Section headings herein are for convenience only and shall not affect the construction hereof.
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ARTICLE II.
ELIGIBILITY AND BENEFITS
Section 2.01 Eligible Employees. This Plan is only for the benefit of the following Participants, and no other employees, personnel, consultants or independent contractors shall be eligible to participate in this Plan or to receive any rights or benefits hereunder:
(a)   Chief Executive Officer;
(b)   Chief Financial Officer; and
(c)   All other executive officers of the Company who are direct reports of the Chief Executive Officer and are at the Executive Vice President-level or above ("Other Executives").
ARTICLE III.
SEVERANCE AND RELATED TERMINATION BENEFITS
Section 3.01 Qualifying Termination. Except as set forth in Section 3.02, in the event that a Participant incurs a Qualifying Termination, then, subject to Section 3.03, such Participant shall be entitled to receive the severance benefits set forth on Exhibit A attached hereto.
Section 3.02 Qualifying Termination Following Change in Control. In the event that, during the Change in Control Period, a Participant incurs a Qualifying Termination, then in lieu of the benefits payable pursuant to Section 3.01 and subject to Section 3.03, the Participant will be entitled to receive the severance benefits set forth on Exhibit B attached hereto.
Section 3.03 Conditions to Receipt of Severance Benefits. A Participant's receipt of any payment or benefits under this Article III shall be conditioned on and subject to such Participant's execution and non-revocation of a general waiver and release of claims in favor of the Company, within the applicable time periods for execution following the Termination Date, as set forth in such agreements.
Section 3.04 Other Terminations of Employment. For the avoidance of doubt, in no event shall the Participant be entitled to any benefit under this Plan in the event that the Participant resigns without Good Reason or otherwise terminates employment due to death, permanent disability, or retirement, or is terminated by the Company for Cause.
Section 3.05 No Duplication of Benefits. Notwithstanding anything to the contrary in this Plan, in the event that a Participant is entitled to severance benefits under any other employment agreement, severance agreement or similar agreement between the Participant and the Company, no benefits shall be payable under this Plan.
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Section 3.06 Plan Unfunded; Participant's Rights Unsecured. The Company shall not be required to establish any special or separate fund or make any other segregation of funds or assets to assure the payment of any benefit hereunder. The right of any Participant to receive the benefits provided for herein shall be an unsecured claim against the general assets of the Company.
ARTICLE IV.
CLAIMS PROCEDURES
Section 4.01 Initial Claims. A Participant who believes he or she is entitled to a payment under the Plan that has not been received may submit a written claim for benefits to the Plan within 60 days after the Participant's Qualifying Termination. Claims should be addressed and sent to:
Medifast, Inc.
Chair of the Compensation Committee
100 International Drive
Baltimore, MD 21202
If the Participant's claim is denied, in whole or in part, the Participant will be furnished with written notice of the denial within 90 days after the Administrator's receipt of the Participant's written claim, unless special circumstances require an extension of time for processing the claim, in which case a period not to exceed 180 days will apply. If such an extension of time is required, written notice of the extension will be furnished to the Participant before the termination of the initial 90-day period and will describe the special circumstances requiring the extension, and the date on which a decision is expected to be rendered. Written notice of the denial of the Participant's claim will contain the following information:
(a)   the specific reason or reasons for the denial of the Participant's claim;
(b)   references to the specific Plan provisions on which the denial of the Participant's claim was based;
(c)   a description of any additional information or material required by the Administrator to reconsider the Participant's claim (to the extent applicable) and an explanation of why such material or information is necessary; and
(d)   a description of the Plan's review procedures and time limits applicable to such procedures, including a statement of the Participant's right to bring a civil action under Section 502(a) of ERISA following a benefit claim denial on review.
Section 4.02 Appeal of Denied Claims. If the Participant's claim is denied and he or she wishes to submit a request for a review of the denied claim, the Participant or his or her authorized representative must follow the procedures described below:
(a) Upon receipt of the denied claim, the Participant (or his or her authorized representative) may file a request for review of the claim in writing with the
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Administrator. This request for review must be filed no later than 60 days after the Participant has received written notification of the denial.
(b)  The Participant has the right to submit in writing to the Administrator any comments, documents, records or other information relating to his or her claim for benefits.
(c)  The Participant has the right to be provided with, upon request and free of charge, reasonable access to and copies of all pertinent documents, records and other information that is relevant to his or her claim for benefits.
(d)  The review of the denied claim will take into account all comments, documents, records and other information that the Participant submitted relating to his or her claim, without regard to whether such information was submitted or considered in the initial denial of his or her claim.
Section 4.03 Administrator's Response to Appeal. The Administrator will provide the Participant with written notice of its decision within 60 days after the Administrator's receipt of the Participant's written claim for review. There may be special circumstances which require an extension of this 60-day period. In any such case, the Administrator will notify the Participant in writing within the 60-day period and the final decision will be made no later than 120 days after the Administrator's receipt of the Participant's written claim for review. The Administrator's decision on the Participant's claim for review will be communicated to the Participant in writing and will clearly state:
(a)  the specific reason or reasons for the denial of the Participant's claim;
(b)  reference to the specific Plan provisions on which the denial of the Participant's claim is based;
(c)  a statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, the Plan and all documents, records, and other information relevant to his or her claim for benefits; and
(d)  a statement describing the Participant's right to bring an action under Section 502(a) of ERISA.
Section 4.04 Exhaustion of Administrative Remedies. The exhaustion of these claims procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes:
(a)  no claimant shall be permitted to commence any legal action to recover benefits or to enforce or clarify rights under the Plan under Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until these claims procedures have been exhausted in their entirety; and
(b)  in any such legal action, all explicit and implicit determinations by the Administrator (including, but not limited to, determinations as to whether the claim,
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or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law.
ARTICLE V.
MISCELLANEOUS PROVISIONS
Section 5.01 No Mitigation. No Participant shall be required to mitigate the amount of any payment provided for in this Plan by seeking or accepting other employment following a termination of his or her employment with the Company or otherwise. The amount of any cash payment provided for in this Plan shall not be reduced by any cash compensation earned by a Participant as the result of employment by another employer or by retirement benefits.
Section 5.02 Amendment or Termination. The Board may amend or terminate the Plan at any time; provided, however, that no such termination or amendment may materially and adversely affect any rights of any Participant who has incurred a Qualifying Termination prior to the date of such termination or amendment; and provided, further, that the Plan cannot be terminated or materially amended during the Change in Control Period. Notwithstanding the foregoing, the Plan shall terminate when all of the obligations to Participants hereunder have been satisfied in full.
Section 5.03 Enforceability. The failure of a Participant or the Company or any of its subsidiaries to insist upon strict adherence to any term of the Plan on any occasion shall not be considered a waiver of such party's rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of the Plan.
Section 5.04 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the State of Maryland, without giving effect to its conflict of laws rules, and applicable federal law.
Section 5.05 Tax Withholding. The Company shall have the right to deduct from any payment or benefit hereunder all federal, state and local taxes which are required to be withheld therefrom.
Section 5.06 Plan Administration. The Compensation Committee shall have full and final authority to make determinations with respect to the administration of this Plan, to construe and interpret its provisions and to take all other actions deemed necessary or advisable for the proper administration of this Plan, but such authority shall be subject to the provisions of this Plan.
Section 5.07 Successors and Assigns. This Plan shall be binding upon and inure to the benefit of the Company and its successors and assigns. This Plan and all rights of each Participant shall inure to the benefit of and be enforceable by each such Participant and his or her personal or legal representatives, executors, administrators, heirs and permitted assigns. If any Participant should die while any amounts are due and payable to such Participant hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to such Participant's devisees, legatees or other designees or, if there be no such devisees, legatees or other designees, to such Participant's estate. No payments, benefits or rights arising under this Plan may be assigned or pledged by any Participant, except under the laws of descent and distribution.
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Section 5.08 Notices. All notices and other communications provided for in this Plan shall be in writing and shall be sent, delivered or mailed, addressed as follows: (a) if to the Company, at the Company's principal office address or such other address as the Company may have designated by written notice to all Participants for purposes hereof, directed to the attention of the Chief Financial Officer of the Company (or such other officer as may be designated by the Company), and (b) if to any Participant, at his or her residence address on the records of the Company or to such other address as he or she may have designated to the Company in writing for purposes hereof. Each such notice or other communication shall be deemed to have been duly given or mailed by United States certified or registered mail, return receipt requested, postage prepaid, except that any change of notice address shall be effective only upon receipt.
Section 5.09 No Employment Rights Conferred. The Plan does not alter the status of each Participant as an at-will employee of the Company. This Plan shall not be deemed to create a contract of employment between any Participant and the Company and/or any of its subsidiaries. Nothing contained in this Plan shall (a) confer upon any Participant any right with respect to continuation of employment with the Company or any of its subsidiaries or (b) subject to the rights and benefits of any Participant hereunder, interfere in any way with the right of the Company or any of its subsidiaries to terminate such Participant's employment at any time.
Section 5.10 Severability. If any provision of the Plan is, becomes, or is deemed to be invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions of this Plan shall not be affected thereby.
Section 5.11 Section 409A.
(a)  The Plan is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and administered in accordance with Section 409A of the Code. Notwithstanding any other provision of the Plan, payments provided under the Plan may only be made upon an event and in a manner that complies with Section 409A of the Code or an applicable exemption. Any payments under the Plan that may be excluded from Section 409A of the Code either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A of the Code to the maximum extent possible. For purposes of Section 409A of the Code, each installment payment provided under the Plan shall be treated as a separate payment. Any payments to be made under the Plan upon a termination of employment shall only be made upon a "separation from service" under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under the Plan comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by a Participant on account of non­compliance with Section 409A of the Code.
(b)  Notwithstanding any other provision of the Plan, if any payment or benefit provided to a Participant in connection with his or her Qualifying Termination is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code and the Participant is determined to be a "specified employee" as
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defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Qualifying Termination or, if earlier, on the Participant's death (the "Specified Employee Payment Date"). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Participant in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. Notwithstanding any other provision of the Plan, if any payment or benefit is conditioned on the Participant's execution of a Release/Severance Agreement, the first payment shall include all amounts that would otherwise have been paid to the Participant during the period beginning on the date of the Qualifying Termination and ending on the payment date if no delay had been imposed.
(c) To the extent required by Section 409A of the Code, each reimbursement or in-kind benefit provided under the Plan shall be provided in accordance with the following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; and (ii) any right to reimbursements or in-kind benefits under the Plan shall not be subject to liquidation or exchange for another benefit.
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IN WITNESS WHEREOF, and as conclusive evidence of the adoption of this Plan, Medifast, Inc. has caused this Plan to be duly executed in its name and behalf by its proper officer thereunto duly authorized as of the Effective Date.
	/S/ Daniel R. Chard
	    
	11/7/2019

	Daniel R. Chard,
	​
	Date

	Chief Executive Officer,
	​
	​

	Medifast, Inc.
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MEDIFAST®
Exhibit A
Amended on September 10, 2020
Qualifying Termination (General)
	​
	Cash
Severance
	Annual
Bonus –
Year of
Termination
	Stock
Options
	Time-Based
Restricted
Shares or
Deferred
Shares
	Performance –
Based
Restricted
Shares or
Deferred
Shares

	Chief
Executive
Officer
	1.5 times the
sum of the
Annual Base
Salary and
the Target
Bonus
	Pro-rated
annual bonus
for year of
termination,
based on the
number of
full months
during the
year the
Participant
was
employed,
paid at the
end of the
year based
on actual
Company
performance
	Fully vest
and remain
exercisable
for 90 days
	Vest on a pro-rata basis,
based on the
number of full
months during
the vesting
period the
Participant was
employed
	Vest on a pro-rata
basis, based on
the number of full
months during
the performance
period the
Participant was
employed, paid
out at the end of
the performance
period based on
actual
performance

	Other
Executives
	1 times the
sum of the
Annual Base
Salary and
the Target
Bonus
	​
	​
	​
	​

​
The Cash Severance shall be paid in a lump sum, no later than 30 days following the Termination Date, subject to Section 3.03. The Annual Bonus — Year of Termination will be paid at the same time the annual bonus is paid to active employees, subject to Section 3.03.
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MEDIFAST®
Exhibit B
Amended on September 10, 2020
Qualifying Termination Following Change in Control
​
	​
	Cash
Severance
	Annual
Bonus –
Year of
Termination
	Stock
Options
	Time-Based
Restricted
Shares or
Deferred
Shares
	Performance –
Based
Restricted
Shares or
Deferred
Shares

	Chief
Executive
Officer
	2.5 times the
sum of the
Annual Base
Salary and
the Target
Bonus
	Target
Bonus for
year of
termination,
pro-rated
based on the
number of
full months
during the
year the
Participant
was
employed
	Fully vest
and remain
exercisable
for 90 days
	Fully vest
	Vest on a pro-rata
basis, based on
the number of full
months during
the performance
period the
Participant was
employed, at the
target
performance level

	Other
Executives
	1.5 times the
sum of the
Annual Base
Salary and
the Target
Bonus
	​
	​
	​
	​

​
Cash Severance and Annual Bonus — Year of Termination shall be paid in a lump sum, no later than 30 days following the Termination Date, subject to Section 3.03.

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