National Vision : 2022 Annual Meeting of Stockholders of National Vision

National Vision Holdings, Inc.

2022 Proxy Statement

Notice of Annual Meeting of Stockholders

Wednesday, June 15, 2022

1:00 p.m. Eastern Time

TABLE OF CONTENTS
Letter to Stockholders from our Chairman of the Board of Directors and
Chief Executive Officer	1
Notice of Annual Meeting of Stockholders	2
Proxy Statement Summary	3
Proxy Statement	10
Board of Directors and Certain Governance Matters	10
Proposal No. 1-Electionof Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10
Board Oversight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	14
Director Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	14
Composition of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	14
Director Nomination Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	14
Leadership Structure of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16
Board Oversight of Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	17
Management Succession Planning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	18
Executive Sessions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	18
Board and Committee Evaluations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	18
Communications with the Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	18
Board Committees and Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	19
Committee Charters & Corporate Governance Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20
Code of Conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20
Hedging & Pledging Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20
Transactions with Related Persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	20
Stockholder Engagement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	21
Corporate Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	22
Human Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	23
Compensation of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	25
Executive Compensation	27
Proposal No. 2-Non-Binding Advisory Vote on Executive Compensation . . . . . . . . . . . . . . . . . . . .	27
Compensation Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	28
Compensation Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38
Summary Compensation Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	39
Grants of Plan-Based Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	41
Outstanding Equity Awards at Fiscal Year End . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42
Option Exercises and Stock Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	43
Pension Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	43
Non-Qualified Deferred Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	43
Potential Payments on Termination or Change in Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	44
Compensation Committee Interlocks and Insider Participation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	46
Equity Compensation Plan Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	47
CEO Pay Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	48

2022 Proxy Statement				i

Ownership of Our Securities	49
Delinquent Section 16(a) Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	49
Beneficial Ownership of National Vision Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	49
Audit Committee Matters	52
Proposal No. 3-Ratification of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . .	52
Report of the Audit Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	53
Important Information About Voting at the Annual Meeting	54
Other Information for Stockholders	56
Stockholder Proposals for the 2023 Annual Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	56
Householding of Proxy Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	56
Other Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	56
Questions and Answers About the Annual Meeting and Voting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	57
Appendix A-Non-GAAP Financial Measures	60

This proxy statement includes links to websites, which are provided solely for convenience purposes. The information contained or linked on these websites or otherwise connected thereto are not, and will not be deemed to be, a part of or incorporated by reference into this proxy statement or any other Company filings with the Securities and Exchange Commission (the "SEC").

This proxy statement contains forward-looking statements. All statements, other than statements of historical facts included in this proxy statement, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, may be forward-looking statements. Words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates," or "anticipates," and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, or guarantees of future performance and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. All forward-looking statements in this proxy statement, apply only as of the date of this proxy statement or as of the date they were made and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this proxy statement. These risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended January 1, 2022 (the "2021 10-K") and those described from time to time in our future reports filed with the SEC.

ii				2022 Proxy Statement

LETTER TO STOCKHOLDERS

Dear Stockholders:

We are pleased to invite you to attend the National Vision Holdings, Inc. 2022 Annual Meeting of Stockholders on Wednesday, June 15, 2022, at 1:00 p.m., Eastern Time. Due to continued concerns related to the coronavirus (COVID-19) pandemic, we will be holding a virtual Annual Meeting, as described further below.

Year in Review

2021 was another year testing our Company's ability to navigate the continued uncertainty and challenges of the ongoing COVID-19 pandemic. National Vision has been resilient in difficult times, including economic crises, and we are proud that we continued to adapt to the unknown, while staying true to our mission, prioritizing the health and safety of our associates, doctors, patients and customers, and serving our local communities. Most importantly, our associates and doctors continued to meet every challenge that came their way and we are grateful for their resilience and dedication to customer and patient care. Despite the continued volatility in 2021, we delivered another year of record annual sales and profitability, along with an increase in our overall store count by 6.1%, ending the year with 1,278 stores. Although the macro-economic environment remains dynamic, we remain confident in our ability to deliver consistent, long-term sustainable growth and capitalize on future opportunities.

Our Commitment to Corporate Responsibility-A World Worth Seeing

We are excited to have published our first Corporate Responsibility Report in 2021, allowing us to highlight our strong mission-focused culture, pursuant to which we believe everyone deserves to see their best to live their best. The report highlights our approach to environmental, social and governance (ESG) topics from a broad perspective. Our "SEE + G" framework outlines our key Corporate Responsibility pillars of social, employees, environment, and governance and serves as the foundation of our Corporate Responsibility efforts to ensure we focus on the areas in which we have the greatest opportunity to create positive impacts in our local and global communities while we grow a resilient business. We look forward to reporting on our progress through our website's Corporate Responsibility page and future Corporate Responsibility reports.

We believe the foundation of Corporate Responsibility is responsible corporate governance. We are proud that our Board of Directors, a group of industry-leading experts with diverse genders, ethnicities, skills, experiences and backgrounds, who oversee the Company's strategy and drive long-term value for our stockholders, reflects our commitment to diversity, with four women and two directors of racial/ethnic diversity.

Looking Ahead

The safety and health of our associates, doctors, patients, and customers remains our highest priority as we continue to navigate the pandemic and provide reliable and quality low cost eye care and eyewear to our patients and customers. Despite the uncertainty created by the continued pandemic and the volatility in the global economy, we remain focused on delivering value for you, our stockholders, over the long term.

Our 2022 Annual Meeting

Whether you own a few shares or many, and whether or not you plan to attend the virtual Annual Meeting, your vote is important to us. We encourage you to review the proxy materials and submit your vote today. Detailed information concerning the Annual Meeting is set forth in the Notice of Annual Meeting of Stockholders, Notice of Internet Availability of Proxy Materials and proxy statement, which describe the business to be conducted at the meeting. Whether or not you plan to attend, it is important that your shares be represented and voted during the meeting. Instructions for voting your shares are set forth in the proxy statement as well as in the Notice of Internet Availability of Proxy Materials you received in the mail. The Notice of Internet Availability of Proxy Materials, the proxy statement, and the enclosed proxy card and annual report are first being sent to stockholders on or about April 26, 2022.

On behalf of the Board of Directors and everyone at National Vision, we are grateful for your continued support. Thank you for being a stockholder of National Vision Holdings, Inc.

Sincerely,

D. Randolph Peeler	L. Reade Fahs
Chairman of the Board of Directors	Chief Executive Officer
April 26, 2022

2022 Proxy Statement				1

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

DATE & TIME	1:00 p.m. Eastern Time, on Wednesday, June 15, 2022.
VIRTUAL MEETING	The virtual Annual Meeting will be held exclusively online at meetnow.global/MYH4QL4.
INFORMATION	While you will not be able to attend the Annual Meeting at a physical location, we are
	committed to ensuring that stockholders will be afforded the same rights and
	opportunities to participate as they would at an in-person meeting. You will be able to
	attend and participate in the Annual Meeting online, vote your shares electronically and
	submit questions to be addressed during the meeting. To attend the meeting virtually,
	please visit the meeting website and enter your control number.
	We are continuing to leverage the latest technology to provide expanded access,
	improved communication and cost savings for our stockholders and the Company.
	Thus, it is very important that you retain your Notice, proxy card and related materials,
	including your control number, through the date of the virtual Annual Meeting.
ITEMS OF BUSINESS	1. To elect the three director nominees listed in the Proxy Statement, each for a term
	of one year.
	2. To approve, in a non-binding advisory vote, the compensation paid to the named
	executive officers.
	3. To ratify the appointment of Deloitte & Touche LLP as our independent registered
	public accounting firm for fiscal 2022.
	4. To consider such other business as may properly come before the Annual Meeting
	and any adjournments or postponements thereof.
RECORD DATE	You may vote at the virtual Annual Meeting if you were a stockholder of record at the
	close of business on April 18, 2022.
VOTING	You may vote your shares on the Internet, by telephone or by completing, signing and
	promptly returning a proxy card or you may attend the Annual Meeting online, vote your
	shares and submit questions during the live meeting by visiting
	meetnow.global/MYH4QL4.Voting online, by telephone or by returning your proxy card
	does not deprive you of your right to attend the Annual Meeting online. If you do attend
	the Annual Meeting online and wish to vote your shares online during the Annual
	Meeting, you may do so and such vote will supersede any prior vote recorded. Voting
	procedures are described on the following page and on the Notice of Internet
	Availability of Proxy Materials and the proxy card.
	By Order of the Board of Directors,

Jared Brandman

Senior Vice President, General Counsel and Secretary

Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to Be Held on Wednesday, June 15, 2022: This Proxy Statement and our Annual Report are available free of charge at www.edocumentview.com/EYE.

2				2022 Proxy Statement