Company: NGVC
Filing Date: 2025-01-24
Form Type: DEF 14A
Source: 0001437749-25-001800
Chunk: 43

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-01-24
Form: DEF 14A
Chunk 43
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) | Represents a base annual retainer of $40,000 and an annual retainer of $15,000 for serving as the chair of our audit committee. |

| (4) | Represents a base annual retainer of $40,000, and an annual retainer of $5,000 for serving as a member of our audit committee. |

<div align='center'>27</div>

Compensation Committee Interlocks and Insider Participation

None of our executive officers currently serves, or in the past year has served, as a member of the board or compensation committee of any entity that has one or more executive officers serving on our Board or compensation committee. Ms. Heather Isely was chairperson of, and Mr. Kemper Isely served on, our compensation committee during fiscal 2024. Both are executive officers of the Company. Mr. Kemper Isely and Ms. Heather Isely are parties to certain related party transactions with the Company, as described in this Proxy Statement under “Certain Relationships and Related Party Transactions.”

<div align='center'>28

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</div>

The following table provides certain information with respect to the Omnibus Plan, which was the only equity compensation plan in effect as of September 30, 2024.

| Plan Category                                          |     | Number of securities to be 
 issued upon exercise of    
 outstanding options,       
 warrants and rights(1)     |         |     | Weighted‑average exercise 
 price of outstanding      
 options, warrants         
 and rights(2)             |       |     | Number of securities     
 remaining available for  
 issuance under equity    
 compensation plans       
 (excluding securities    
 reflected in column (a)) |         |
|:-------------------------------------------------------|:----|:---------------------------|--------:|:----|:--------------------------|------:|:----|:-------------------------|--------:|
| Equity compensation plans approved by security holders |     |                            | 337,950 |     | $                         | 12.19 |     |                          | 801,220 |
| Total                                                  |     |                            | 337,950 |     | $                         | 12.19 |     |                          | 801,220 |

| (1) | Represents restricted stock units granted as of September 30, 2024 that will vest between October 1, 2024 and June 1, 2028 and will be settled in shares of Common Stock. |

| (2