Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 177

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1B
Chunk 177
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-vested restricted stock units, and the units are subject to forfeiture during the vesting period. Restricted stock units are granted at the market price of the Company’s stock on the date of grant and are expensed on a straight-line basis over the vesting period.

75

The shares of non-vested restricted stock units as of September 30, 2025 and 2024 were as follows:

			Shares

			Weighted 

			average grant 

			date fair value

			Non-vested as of September 30, 2023

			414,950

			$
			11.28

			Granted

			151,544

			13.38

			Forfeited

			(20,392
			
			)

			11.65

			Vested

			(208,152
			
			)

			12.37

			Non-vested as of September 30, 2024

			337,950

			12.19

			Granted

			331,896

			28.85

			Forfeited

			(16,934
			
			)

			13.97

			Vested

			(97,858
			
			)

			17.83

			Non-vested as of September 30, 2025

			555,054

			21.75

During the years ended September 30, 2025 and 2024, the Company accelerated the vesting of certain restricted stock units upon the retirement of the Company’s former Chief Financial Officer and for two grantees, making them fully vested, resulting in incremental share-based compensation expense of $0.5 million and $0.4 million, respectively.

In addition, during the year ended September 30, 2025, the Company awarded fully vested stock grants totaling 2,400 shares of the Company’s common stock to 24 employees who were not named executive officers.

Share-based compensation expense for restricted stock unit awards to certain employees who are not named executive officers was $2.0 million, $2.1 million and $0.9 million for the years ended September 30, 2025, 2024 and 2023, respectively. Share-based compensation expense for restricted stock unit awards to named executive officers was $1.7 million, $0.5 million and $0.3 million for