Medifast, Inc. entered into a Cooperation Agreement dated March 19, 2026, with Steamboat Capital Partners LLC and related persons, agreeing to nominate seven specified directors at the 2026 Annual Meeting including Steamboat designees Parsa Kiai and Jeffrey Rose for the 2027 Annual Meeting, subject to standstill restrictions until three months after the 2027 Annual Meeting. Directors Jeffrey Brown and Michael Hoer will not stand for reelection, and CEO Dan Chard will step down on June 1, 2026, with Nicholas Johnson succeeding.