Document:

Exhibit 10.2

 

MEDIFAST, INC.

 

2012 SHARE INCENTIVE PLAN

 

RESTRICTED SHARE AWARD
AGREEMENT

 

Medifast, Inc. (the “Company”)
has determined to grant to you an award of restricted shares of common stock (“Award”) of the Company under
the Medifast, Inc. 2012 Share Incentive Plan (the “Plan”). The terms of the grant are set forth in the attached
Restricted Share Award Agreement (the “Agreement”). The following provides a summary of the key terms of the
Agreement; however, you should read the entire Agreement along with the terms of the Plan, to fully understand the Agreement.

 

SUMMARY OF RESTRICTED SHARE AWARD
AGREEMENT

 

	Participant:	[___________________]

 

	Date of Grant:	[________],[______]
	 	 
	Vesting Schedule:	[______]
	 	 
	Total Number of Restricted Shares Granted:	[______]

 

The above is a summary
description of certain provisions of the Agreement and is not intended to be complete. In the event any aspect of this summary
conflicts with the terms of the Agreement, the terms of the Agreement shall govern.

 

     

     

    

 

RESTRICTED SHARE
AWARD AGREEMENT

 

This RESTRICTED SHARE
AWARD AGREEMENT (the “Agreement”), dated as of [____________],[______] (the “Date of Grant”)
is delivered by Medifast, Inc. (the “Company”), to [____________] (the “Participant”).

 

The Company has determined
to provide the Participant a restricted share award under the Medifast, Inc. 2012 Share Incentive Plan (the “Plan”)
and in accordance with the terms and conditions set forth in this Agreement. Capitalized terms that are used but not defined herein
shall have the respective meanings accorded to such terms in the Plan.

 

The Company and Participant,
intending to be legally bound hereby, agree as follows:

 

1.          Grant
of Restricted Share Award.

 

The Company grants
to Participant [_____] shares of common stock of the Company, subject to the restrictions set forth below and in the Plan
(the “Award”).

 

2.          Vesting,
Dividends and Non-assignability of Award.

 

The shares shall become
vested, according to the following vesting schedule, if the Participant continues to be employed by, or provide service to, the
Company from the Date of Grant until the applicable vesting date:

 

	Applicable Vesting Date	% of Vested Shares
	 	 
	[                                  ]	[                                  ]

 

The vesting of the
shares shall be cumulative, but shall not exceed 100% of the shares. If the foregoing schedule would produce fractional shares,
the portion of the shares that vests shall be rounded down to the nearest whole share.

 

Unless otherwise provided
in a Company-sponsored plan, policy or arrangement, or any agreement to which the Company is a party, the Participant shall forfeit
any unvested portion of the Award in the event the Participant ceases to be employed by, or provide service to, the Company prior
to the Vesting Date.

 

The Participant will
be entitled to exercise voting rights with respect to the unvested shares held under this Agreement.

 

     

     

    

 

Dividends paid on the
shares shall be either paid at the Vesting Date in the form the dividends are paid to other shareholders, in cash, or in unrestricted
shares having a Fair Market Value equal to the amount of such dividends, or subject to the terms of Section 409A of the Code, the
payment of such dividends shall be deferred and/or the amount or value thereof automatically reinvested in additional restricted
shares, other Awards, or other investment vehicles, as the Company shall determine or permit the Participant to elect. Shares distributed
in connection with a share split or share dividend, and other property distributed as a dividend, shall be subject to restrictions
and a risk of forfeiture to the same extent as the shares with respect to which such shares or other property are distributed.

 

The Award may not be
assigned, transferred, hypothecated, or encumbered, in whole or in part, either directly or by operation of law or otherwise, including,
but not limited to, by execution, levy, garnishment, attachment, pledge, bankruptcy, or in any other manner, except transfer by
will or by the laws of descent and distribution. All rights with respect to the Award shall be exercisable during the Participant’s
lifetime only by the Participant or the Participant’s guardian or legal representative.

 

3.          Dividend
Equivalents.

 

On each dividend payment
date for each cash dividend on the Shares, the Company will credit the Participant with dividend equivalents in cash (the “Cash
Dividends”). The Cash Dividends shall be subject to the same vesting requirements applicable to the Restricted Shares
in respect of which they were credited and shall be settled in accordance with, and at the time of, settlement of the vested Restricted
Shares to which they are related. Cash Dividends applicable to Restricted Shares that are subsequently forfeited shall be forfeited.
If the Participant’s vested Restricted Shares have been settled after the record date but prior to the dividend payment date,
any Cash Dividends that would be credited pursuant to this Section 3 shall be settled on or as soon as practicable after the dividend
payment date.

 

4.          Issuance
of Certificates.

 

(a)          Stock
certificates representing the Award may be issued by the Company and held in escrow by the Company until the Award vests, or the
Company may hold non-certificated shares until the Award vests.

 

(b)          When
the Participant obtains a vested right to shares from the Award, a certificate representing the vested shares shall be issued to
the Participant, free of the restrictions under Section 2 of this Agreement.

 

(c)          The
obligation of the Company to deliver shares upon the vesting of the Award shall be subject to all applicable laws, rules, and regulations
and such approvals by governmental agencies as may be deemed appropriately to comply with relevant securities laws and regulations.

 

5.          Change
in Control.

 

The provisions of the
Plan applicable to a Change in Control or other corporate transaction (as described in Sections 8 and 9 of the Plan) shall apply
to the Award.

 

    	 	2	 

     

    

 

6.          Withholding.

 

The Participant shall
be required to pay to the Company, or make other arrangements satisfactory to the Company to provide for the payment of, any federal,
state, local or other taxes that the Company is required to withhold with respect to the grant or vesting of the Award. Subject
to Committee approval, the Participant may elect to satisfy any tax withholding obligation of the Company with respect to the Award
by having shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including
FICA), state, local and other tax liabilities.

 

6.          Miscellaneous.

 

(a)          No
Right to Employment. The grant of the Award shall not be construed as giving the Participant the right to be retained by or
in the employ of the Company or any other employment right.

 

(b)          Award
Subject to Plan. By entering into this Agreement the Participant agrees and acknowledges that the Award is subject to the Plan.
The terms and provisions of the Plan, as they may be amended from time to time, are hereby incorporated herein by reference. In
the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms
and provisions of the Plan will govern and prevail.

 

(c)          Committee
Authority. By entering into this Agreement the Participant agrees and acknowledges that all decisions and determinations of
the Committee shall be final and binding on the Participant, his or her beneficiaries and any other person having or claiming an
interest in the Award.

 

(d)          Severability.
If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would
disqualify this Agreement or the Award under any applicable law, such provision shall be construed or deemed amended to conform
to applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent
of this Agreement and the grant of the Award hereunder, such provision shall be stricken as to such jurisdiction and the remainder
of this Agreement and the award shall remain in full force and effect).

 

(e)          Notices.
Any notice to be given to Company under the terms of this Agreement shall be addressed to the Company, at the attention of the
Committee, at its principal place of business, and any notice to be given to Participant may be sent to Participant’s address
as it appears in the payroll records of the Company, or at such other addresses as either party may designate in writing to the
other.

 

(f)          Governing
Law. The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof

 

(g)          Interpretation.
The Participant accepts the Award subject to all the terms and provisions of this Agreement and the terms and conditions of the
Plan.

 

(h)          Headings.
Headings are given to the paragraphs and subparagraphs of this Agreement solely as a convenience to facilitate reference. Such
headings shall not be deemed in any way material or relevant to the construction or interpretation of this Agreement or any provision
thereof.

 

    	 	3	 

     

    

 

(i)          Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement
and all of which, when taken together, will be deemed to constitute one and the same agreement. Facsimile or other electronic transmission
of any signed original document or retransmission of any signed facsimile or other electronic transmission will be deemed the same
as delivery of an original.

 

(j)          Complete
Agreement. Except as otherwise provided for herein, this Agreement and those agreements and documents expressly referred to
herein embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements
or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. The
terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Participant.

 

[Signature Page Follows]

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF,
the Company and Participant have executed this Agreement as of the grant date shown above.

 

	 	 	Medifast, Inc.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	 	GRANTEE:
	 	 	 
	 	 	 
	 	 	Name:	 

 

(Signature Page to
Restricted Share Award Agreement)Exhibit 10.4

 

MEDIFAST, INC.

 

2012 SHARE INCENTIVE PLAN

 

NON-QUALIFIED STOCK OPTION

 

Medifast, Inc. (the “Company”)
has granted you a Non-Qualified Stock Option (the “Option”) under the Medifast, Inc. 2012 Share Incentive Plan
(the “Plan”). The terms of the grant are set forth in the Non-Qualified Stock Option Award Agreement provided
to you (the “Agreement”). The following provides a summary of the key terms of the grant; however, you should
read the entire Agreement, along with the terms of the Plan, to fully understand the grant.

 

SUMMARY OF NON-QUALIFIED STOCK OPTION
AWARD

 

	Participant:	[___________________]
	 	 
	Date of Grant:	[                  ],[                  ]
	 	 
	Vesting Schedule:	[________]
	 	 
	Exercise Price Per Share:	$[________]
	 	 
	Total Number of Options Granted:	 [               ]
	 	 
	Term/Expiration Date:	  [______] Years  ([____________],[______])

 

The above is a summary description of certain
provisions of the Agreement and is not intended to be complete. In the event any aspect of this summary conflicts with the terms
of the Agreement, the terms of the Agreement shall govern.

 

     

     

    

 

MEDIFAST, INC.

 

2012 SHARE INCENTIVE PLAN

 

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

 

This NON-QUALIFIED
STOCK OPTION AWARD AGREEMENT (the “Agreement”), dated as of [_____________],[______] (the Date of Grant”),
is delivered by Medifast, Inc. (the “Company”) to [________________] (the “Participant”).

 

RECITALS

 

A.           The
Medifast, Inc. 2012 Share Incentive Plan (the “Plan”) provides for the grant of options to purchase shares of
common stock of the Company. The Company has decided to make a stock option award as an inducement for the Participant to promote
the best interests of the Company and its stockholders.

 

B.           The
Plan is administered and interpreted by the Compensation Committee of the Board of Directors of the Company (the “Board”)
(or a subcommittee thereof), or such other committee of the Board (including, without limitation, the full Board) to which the
Board has delegated power to act under or pursuant to the provisions of the Plan (the “Committee”). The Committee may
delegate authority to one or more subcommittees as it deems appropriate. If a subcommittee is appointed, all references in this
Agreement to the “Committee” shall be deemed to refer to the committee.

 

NOW, THEREFORE,
the parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

1.          Grant
of Option. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to
the Participant a Non-Qualified Stock Option (the “Option”) to purchase [_____] shares of common stock
of the Company (“Shares”) at an exercise price of $[____] per Share.

 

The Option shall become
vested and exercisable according to Paragraph 2 below.

 

2.          Vesting.
The Option shall become vested and exercisable, according to the following vesting schedule, if the Participant continues to be
employed by, or provide service to, the Company from the Date of Grant until the applicable vesting date:

 

	Vesting Date	 	# of Option Vested 
	[                      ],[               ]	 	[           ]

 

The vesting of the Option
shall be cumulative, but shall not exceed 100% of the shares subject to the Option granted above. If the foregoing schedule would
produce fractional shares, the portion of the Option that vests shall be rounded down to the nearest whole share.

 

    	 	- 1 -	 

     

    

 

3.          Term
of Option.

 

(a)          The
Option shall have a term of 10 years from the Date of Grant and shall terminate at the expiration of that period, unless it is
terminated at an earlier date pursuant to the provisions of this Agreement or the Plan.

 

(b)          Unless
a later termination date is provided for in a Company-sponsored plan, policy or arrangement, or any agreement to which the Company
is a party, the Option shall automatically terminate upon the happening of the first of the following events:

 

(i)          The
expiration of the 10 year term from the date of grant;

 

(ii)         The
expiration of the one (1) year period after the Participant ceases to be employed by, or provide service to, the Company on account
of the Participant’s death or Disability; or

 

(iii)        The
date on which the Participant ceases to be employed by, or provide services to, the Company on account of a termination by the
Company for Cause. In addition, notwithstanding the prior provisions of this Paragraph 3, if the Company determines that the Participant
has engaged in conduct that constitutes Cause at any time while the Participant is employed by, or providing services to, the Company
or after the Participant’s termination of employment or services, the Option shall terminate as of the date on which such
Cause first occurred.

 

Notwithstanding the foregoing, in no event
may the Option be exercised after the date that is immediately before the tenth anniversary of the Date of Grant. Any portion of
the Option that is not vested and exercisable at the time the Participant ceases to be employed by, or provide service to, the
Company shall immediately terminate.

 

(c)          For
the purposes of this Agreement, the following terms shall have the meanings set forth below:

 

(i)          “Disability”
shall mean a Participant’s becoming disabled within the meaning of the Company’s long-term disability plan applicable
to the Participant, or as otherwise determined by the Committee.

 

(ii)         “Cause”
shall mean, except to the extent specified otherwise by the Committee or as defined in any other agreement between the Participant
and the Company, a finding by the Committee that the Participant has (i) been convicted of a felony or crime involving moral turpitude;
(ii) engaged in willful and continued negligence in the performance of the duties assigned to the Participant by the Company, after
the Participant has received notice of and failed to cure such negligence; or (iii) breached any written confidentiality, noncompetition
or nonsolicitation agreement between the Participant and the Company.

 

    	 	- 2 -	 

     

    

 

4.          Exercise
Procedures

 

(a)          Subject
to the provisions of Paragraphs 2 and 3 above, the Participant may exercise part or all of the vested Option by giving the Company
written notice of intent to exercise in the manner provided in this Agreement, specifying the number of Shares as to which the
Option is to be exercised. At such time as the Committee shall determine, the Participant shall pay the exercise price (i) in cash,
or (ii) by such other method as the Company may approve. The Company may impose from time to time such limitations as it deems
appropriate on the use of Shares of the Company to exercise the Option.

 

(b)          The
obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and regulations
and such approvals by governmental agencies as may be deemed appropriate by the Company, including such actions as Company counsel
shall deem necessary or appropriate to comply with relevant securities laws and regulations.

 

(c)          All
obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold
amounts required to be withheld for any taxes, if applicable. Subject to Committee approval, the Participant may elect to satisfy
any tax withholding obligation of the Company with respect to the Option by having Shares withheld up to an amount that does not
exceed the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities.

 

5.          Change
in Control. The provisions of the Plan applicable to a Change in Control or other corporate transaction (as described in
Sections 8 and 9 of the Plan) shall apply to the Option.

 

6.          Restrictions
on Exercise. Except as the Company may otherwise permit pursuant to the Plan, only the Participant may exercise the Option
during the Participant’s lifetime and, after the Participant’s death, the Option shall be exercisable (subject to the
limitations specified in the Plan) solely by the legal representatives of the Participant, or by the person who acquires the right
to exercise the Option by will or by the laws of descent and distribution, to the extent that the Option is vested and exercisable
pursuant to this Agreement.

 

7.          Adjustments.
The provisions of the Plan applicable to Adjustments (as described in Section 4 of the Plan) shall apply to the Option.

 

8.          Grant
Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference,
and in all respects shall be interpreted in accordance with the Plan. The grant and exercise of the Option are subject to interpretations,
regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions
of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes,
(ii) the registration, qualification or listing of the Shares, (iii) changes in capitalization of the Company and (iv) other requirements
of applicable law. The Committee shall have the authority to interpret and construe the Option pursuant to the terms of the Plan,
and its decisions shall be conclusive as to any questions arising hereunder.

 

    	 	- 3 -	 

     

    

 

9.          No
Employment or Other Rights. The grant of the Option shall not confer upon the Participant any right to be retained by or
in the employ or service of the Company and shall not interfere in any way with the right of the Company to terminate the Participant’s
employment or service at any time. The right of the Company to terminate at will the Participant’s employment or service
at any time for any reason is specifically reserved.

 

10.         No
Shareholder Rights. Neither the Participant, nor any person entitled to exercise the Participant’s rights in the
event of the Participant’s death, shall have any of the rights and privileges of a shareholder with respect to the Shares
subject to the Option, until certificates for Shares have been issued upon the exercise of the Option.

 

11.         Assignment
and Transfers. Except as the Committee may otherwise permit pursuant to the Plan, the rights and interests of the Participant
under this Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Participant,
by will or by the laws of descent and distribution. In the event of any attempt by the Participant to alienate, assign, pledge,
hypothecate, or otherwise dispose of the Option or any right hereunder, except as provided for in this Agreement, or in the event
of the levy or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate
the Option by notice to the Participant, and the Option and all rights hereunder shall thereupon become null and void. The rights
and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents,
subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Participant’s consent.

 

12.         Applicable
Law. The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions thereof.

 

13.         Notice.
Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of the Committee, and any notice
to the Participant shall be addressed to such Participant at the current address shown on the payroll of the Company, or to such
other address as the Participant may designate to the Company in writing. Any notice shall be delivered by hand, sent by telecopy
or enclosed in a properly sealed envelope addressed as stated above, deposited, postage prepaid, in a post office regularly maintained
by the United States Postal Service.

 

    	 	- 4 -	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused its duly authorized officer to execute this Agreement, and the Participant has executed this Agreement,
effective as of the Date of Grant.

 

	 	Medifast, Inc.
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

I hereby accept the Option described in
this Agreement, and I agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all the decisions
and determinations of the Committee shall be final and binding.

 

	 	Participant:	 
	 	 	 
	 	Date:	 

 

    	 	- 5 -

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