Company: NGVC
Filing Date: 2025-01-14
Form Type: PRE 14A
Source: 0001437749-25-001121
Chunk: 33

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-01-14
Form: PRE 14A
Chunk 33
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, 2024, Mr. Dissinger’s base salary was increased from $588,500 to $618,500. In making its decision to increase Mr. Dissinger’s base salary, the compensation committee considered his contributions to the Company’s strong management of the finance function and his contributions to the Company’s financial and operating performance during fiscal 2024.

Cash bonus awards. As discussed under “—Objectives of our executive compensation program” above, Ms. Heather Isely, Ms. Elizabeth Isely and Mr. Dissinger were eligible to receive a discretionary cash bonus for fiscal 2024. For fiscal 2024, the compensation committee awarded Ms. Heather Isely a discretionary cash bonus of $365,000 based on her contributions to the Company’s strong financial and operating performance during fiscal 2024 and her effective leadership of the Company’s human resources and other corporate functions. For fiscal 2024, the compensation committee awarded Ms. Elizabeth Isely a discretionary cash bonus of $365,000 based on her contributions to the Company’s strong financial and operating performance during fiscal 2024 and effective leadership of the Company’s new store openings and other corporate functions. For fiscal 2024, the compensation committee awarded Mr. Dissinger a discretionary cash bonus of $365,000 based on his contributions to the Company’s strong financial and operating performance during fiscal 2024 and effective leadership of the Company’s finance and accounting functions. Such bonuses were not paid pursuant to any non-equity incentive plan.

Equity compensation. We currently do not have a long-term equity incentive program in place for our NEOs. Given that all of our NEOs other than Mr. Dissinger are members of the Isely family and have a substantial ownership stake in the Company, we believe that they already have sufficient long-term incentives, and an equity compensation program for them is unnecessary. During fiscal 2024, none of our NEOs received any equity awards. On October 31, 2024, the compensation committee approved the acceleration of 13,327 unvested restricted stock units previously awarded to Mr. Dissinger, in connection with his retirement. Such acceleration was effective as of December 31, 2024.

Employment, severance and change in control arrangements. The Company does not have any agreements with the Company’s NEOs that provide for cash severance payments upon termination of employment or in connection with a change in control. Pursuant to the terms of an employment offer letter dated October 31, 2024, by and between the