Company: NGVC
Filing Date: 2025-01-14
Form Type: PRE 14A
Source: 0001437749-25-001121
Chunk: 30

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-01-14
Form: PRE 14A
Chunk 30
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ee of the trust. The number of shares identified as beneficially owned by Mr. Zephyr Isely excludes shares of Common Stock deemed to be beneficially owned by him solely because of the Stockholders Agreement. |

| (7) | Includes 941,020 shares beneficially owned directly by Ms. Heather Isely; and 103,745 shares held by Charles L. Isely-Rice, Ms. Heather Isely’s son, who shares Ms. Heather Isely’s permanent residence. The number of shares identified as beneficially owned by Ms. Heather Isely excludes shares of Common Stock deemed to be beneficially owned by her solely because of the Stockholders Agreement. |

| (8) | Includes 1,282,666 shares beneficially owned directly by Ms. Elizabeth Isely. The number of shares identified as beneficially owned by Ms. Elizabeth Isely excludes shares of Common Stock deemed to be beneficially owned by her solely because of the Stockholders Agreement. |

| (9) | Includes the following restricted stock units which will vest within 60 days: 3,736 restricted stock units granted to each of Ms. Buffa and Messrs. Cerkovnik, Hallé and Rooney. |

| (10) | Excludes shares held by Mr. Dissinger, who retired as Chief Financial Officer on December 31, 2024. |

<div align='center'>18

EXECUTIVE COMPENSATION</div>

Compensation Discussion and Analysis

The following discussion, including the overall principles underlying our executive compensation policies, relates to the compensation of our named executive officers (“NEOs”), consisting of: (i) our Co-Presidents; (ii) our former Chief Financial Officer; and (iii) our other two most highly compensated executive officers for fiscal 2024. Mr. Dissinger retired as Chief Financial Officer of the Company effective December 31, 2024, and was succeeded by Richard Hallé effective January 1, 2025.

Our NEOs for fiscal 2024 were:

| • | Kemper Isely, Chairman and Co-President |

| • | Zephyr Isely, Co-President |

| • | Heather Isely, Executive Vice President and Corporate Secretary |

| • | Elizabeth Isely, Executive Vice President |

| • | Todd Dissinger, former Chief Financial Officer |

Objectives of our executive compensation program

Hiring and retaining our officers and other key employees is critically important to ensure the continuity and stability required to grow our business. Our executive compensation