Company: NGVC
Filing Date: 2025-01-24
Form Type: DEF 14A
Source: 0001437749-25-001800
Chunk: 32

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-01-24
Form: DEF 14A
Chunk 32
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s at our 2027 Annual Meeting of Stockholders. Given the strong stockholder support reflected in the results of the advisory vote, we determined that it was advisable to continue our compensation structure consistent with past practices.

Role of management in setting compensation. During fiscal 2024, our Co-Presidents provided recommendations regarding pay levels for all executives, and we expect that these executive officers will continue to provide such input.

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Use of market data. An executive compensation study completed by FW Cook for the compensation committee with respect to fiscal 2023 executive compensation compiled and analyzed market data from a 19-company peer group of retail, food, restaurant and natural product companies. For fiscal 2024 executive compensation decisions, the compensation committee did not use a peer group in setting compensation, nor did it target compensation to specific benchmarks against any peer group companies.

After consideration of the Company’s performance during fiscal 2024, as well as the individual contributions and performance of Ms. Heather Isely, Ms. Elizabeth Isely and Mr. Dissinger, our compensation committee approved the compensation decisions described below.

Primary elements of compensation; Compensation decisions for fiscal 2024

Base salary. We believe that base salaries are of primary importance to our approach to executive compensation, allowing us to attract and retain our key executives, and reward consistent contributions to our long-term success, in a manner that does not encourage excessive risk taking by our executives. The compensation committee primarily based salaries of the NEOs on its collective experience and view of appropriate fixed pay in our geographic location and industry. Additionally, the compensation committee considered non-participation in our cash-based incentive compensation program by our Co-Presidents and the absence of a long-term incentive program. The compensation committee periodically reviews base salaries and considers individual performance, the Company’s performance, internal pay equity, historical compensation practice, incentive program participation and current equity ownership levels. However, our compensation committee may exercise its discretion in setting an executive’s base salary, considering the executive’s overall contribution to our success.

At fiscal year-end 2024, the base salaries of our NEOs were as follows:

| ● | Kemper Isely, Co-President, $619,800 |

| ● | Zephyr Isely, Co-President, $588,000 |

| ● | Heather Isely, Executive Vice President, $540,000 |

| ● | Elizabeth Isely, Executive Vice President, $540,000 |

| ● | Todd Dissinger, Chief Financial Officer, $588,500