Company: NGVC
Filing Date: 2025-01-24
Form Type: DEF 14A
Source: 0001437749-25-001800
Chunk: 2

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-01-24
Form: DEF 14A
Chunk 2
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. Even if you have voted by proxy, you may still vote in person if you virtually attend the Annual Meeting via the Internet.

<div align='center'>NATURAL GROCERS BY VITAMIN COTTAGE, INC.

12612 West Alameda Parkway

Lakewood, Colorado 80228

PROXY STATEMENT

For the Annual Meeting of Stockholders

To Be Held on March 5, 2025

Table of Contents</div>

| PROPOSAL 1 - ELECTION OF CLASS I DIRECTOR                                                      |    5 |
| PROPOSAL 2 - RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                     |    6 |
| PROPOSAL 3- APPROVAL OF AN AMENDMENT TO OUR AMENDED AND RESTATED CERTIFICATE OF INCORPORATION  |    7 |
| EXECUTIVE OFFICERS AND DIRECTORS                                                               |    9 |
| CORPORATE GOVERNANCE                                                                           |   11 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT                                 |   17 |
| EXECUTIVE COMPENSATION                                                                         |   19 |
| PAY VERSUS PERFORMANCE DISCLOSURE                                                              |   24 |
| DIRECTOR COMPENSATION                                                                          |   27 |
| SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS                             |   29 |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS                                           |   30 |
| OTHER MATTERS                                                                                  |   33 |
| APPENDIX A – CERTIFICATE OF AMENDMENT TO OUR AMENDED AND RESTATED CERTIFICATE OF INCORPORATION | null |

<div align='center'>i

NATURAL GROCERS BY VITAMIN COTTAGE, INC.

12612 West Alameda Parkway

Lakewood, Colorado 80228

PROXY STATEMENT

For the Annual Meeting of Stockholders

To Be Held on March 5, 2025</div>

Except where the context otherwise requires or where otherwise indicated, all references herein to“we,”“us,”“our,”“Natural Grocers”and the“Company”refer collectively to Natural Grocers by Vitamin Cottage, Inc., a Delaware corporation, and its consolidated subsidiaries.

Why did I receive a notice regarding the availability of proxy materials on the Internet?

Under rules adopted by the United States Securities and Exchange Commission (the “SEC”), we are furnishing proxy materials to many of our