Company: NGVC
Filing Date: 2025-01-24
Form Type: DEF 14A
Source: 0001437749-25-001800
Chunk: 44

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-01-24
Form: DEF 14A
Chunk 44
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) | Represents the weighted average grant date fair value. Includes 3,737 restricted stock units granted to each of Ms. Buffa and Messrs. Cerkovnik, Hallé and Rooney on March 6, 2024, with a grant date fair value of $16.06 per unit. The grant date fair values have been determined in accordance with Accounting Standards Codification Topic 718, Stock Compensation. Refer to Note 13 of the Notes to Consolidated Financial Statements contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 for the assumptions used in the calculation of these amounts. |

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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</div>

Relationship with the Isely Family

Members of the Isely family controlled all of the voting power of our outstanding Common Stock prior to our IPO. As of January 13, 2024, members of the Isely family and certain trusts, accounts or entities controlled by them or for the benefit of them owned and controlled approximately 55.9% of our Common Stock. Due to their current ownership of Common Stock, members of the Isely family are able to continue to determine the outcome of virtually all matters submitted to stockholders for approval, including the election of directors, an amendment of our certificate of incorporation (except when a class vote is required by law), any merger or consolidation requiring stockholder approval, and a sale of all or substantially all of the Company’s assets. In addition, members of the Isely family can prevent change-in-control transactions as long as they maintain ownership of their controlling interest in the Company. Other than the limitations on the ability to sell shares contained in the Stockholders Agreement described below, the Isely family is not subject to any contractual obligation to retain their controlling interest in us.

Stockholders Agreement

Mr. Kemper Isely, Mr. Zephyr Isely, Ms. Heather Isely, Ms. Elizabeth Isely, certain trusts or entities controlled by them and certain other Isely family members or trusts, accounts and entities controlled by them or for the benefit of them have entered into a Stockholders Agreement pursuant to which they have agreed to, among other things, certain voting agreements and limitations on the sale of shares of our Common Stock. Most, but not all, of the parties to the Stockholders Agreement are subject to the limitations on voting, while all of the parties to the agreement are subject to the limitations on sale.

Parties subject