Company: NGVC
Filing Date: 2025-01-24
Form Type: DEF 14A
Source: 0001437749-25-001800
Chunk: 40

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-01-24
Form: DEF 14A
Chunk 40
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 |   | $           |       — |     | $       |       — |     | $          |       — |   |
| Add: Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year |     | $           |       — |     | $       |       — |     | $          |   186,711 |     | $           |       — |     | $       |       — |     | $          |    (3,540 | ) | $           |       — |     | $       |       — |     | $          |  20,628 |   |
| Subtract: Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year  |     | $           |       — |     | $       |       — |     | $          |         — |     | $           |       — |     | $       |       — |     | $          |         — |   | $           |       — |     | $       |       — |     | $          |       — |   |
| Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation                                                   |     | $           |       — |     | $       |       — |     | $          |         — |     | $           |       — |     | $       |       — |     | $          |         — |   | $           |       — |     | $       |       — |     | $          |       — |   |
| CAP Amounts (as calculated)                                                                                                                                                            |     | $           | 638,021 |     | $       | 593,159 |     | $          | 1,465,114 |     | $           | 625,462 |     | $       | 581,044 |     | $          | 1,064,381 |   | $           | 623,107 |     | $       | 580,378 |     | $          | 903,287 |   |

<div align='center'>25</div>

Relationship Between CAP Amounts and Performance Measures

The following charts show graphically the relationships over the past three fiscal years of the CAP Amounts for our PEOs and