Company: NGVC
Filing Date: 2025-01-24
Form Type: DEF 14A
Source: 0001437749-25-001800
Chunk: 41

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-01-24
Form: DEF 14A
Chunk 41
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 Other NEOs as compared to our (i) cumulative TSR and (ii) net income (loss).

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DIRECTOR COMPENSATION</div>

Only those directors who are considered independent directors under the rules of the NYSE receive compensation from us for their service on our Board. For fiscal 2024, our independent directors were compensated for their service as directors as follows:

| • | a base annual retainer of $40,000; |

| • | an additional annual retainer of $15,000 for serving as the chair of our audit committee and $10,000 for serving as the chair of our compensation committee, if applicable; |

| • | an additional annual retainer of $5,000 for serving as a member of our audit committee, if applicable; and |

| • | an additional annual retainer of $5,000 for serving as a member of our compensation committee, if applicable. |

The presiding director at executive sessions of the Board at which only non-management directors are present, which is determined by the independent directors in attendance at executive sessions, receives no additional compensation for such service. If our Board were to appoint a lead independent director, such director would receive an additional annual retainer of $15,000.

In addition, each independent director is granted, on an annual basis, a number of restricted stock units under the Omnibus Plan. In each of fiscal 2023 and fiscal 2024, the number of restricted stock units awarded to each independent director equaled the number of shares of our Common Stock having a value of $60,000 (based on the closing price of our Common Stock on the NYSE on the date of grant). Such awards were granted on the date of our Annual Meeting of Stockholders. The restricted stock units granted to our independent directors fully vest on the first anniversary of the date of grant if the director does not have a termination of “Service,” as defined in the Omnibus Plan, and are settled in shares of our Common Stock. Our independent directors are subject to equity ownership guidelines approved by our Board, requiring each independent director to, within five years of their initial election to our Board, achieve holdings in our equity securities, including vested and unvested restricted stock units, with a value equal to three times the annual cash retainer received. We also reimburse our directors for reasonable expenses incurred to attend meetings of our Board or any committee of our Board.

Director Compensation For Fiscal 2024

The following table shows for the fiscal year ended