SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Boyle Capital Opportunity Fund, LP (Last) (First) (Middle) 1230 OFFICE PLAZA DRIVE (Street) WEST DES MOINES IA 50266 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LEAF GROUP LTD. [ LEAF ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group
	3. Date of Earliest Transaction (Month/Day/Year) 08/21/2020
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/21/2020		X		4,000	A	$2	29,200	I	By Boyle Capital Opportunity Fund, LP(1)
Common Stock	08/21/2020		X		2,000	A	$3	31,200	I	By Boyle Capital Opportunity Fund, LP(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Call option (right to buy)	$2	08/21/2020		X			40	06/22/2020	08/21/2020	Common Stock	4,000	$0	0	I	By Boyle Capital Opportunity Fund, LP(1)
Call option (right to buy)	$3	08/21/2020		X			20	06/22/2020	08/21/2020	Common Stock	2,000	$0	0	I	By Boyle Capital Opportunity Fund, LP(1)

1. Name and Address of Reporting Person* Boyle Capital Opportunity Fund, LP (Last) (First) (Middle) 1230 OFFICE PLAZA DRIVE (Street) WEST DES MOINES IA 50266 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* Golden Valley Capital Partners, LLC (Last) (First) (Middle) 1230 OFFICE PLAZA DRIVE (Street) WEST DES MOINES IA 50266 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* Boyle Capital Management, L.L.C. (Last) (First) (Middle) 1230 OFFICE PLAZA DRIVE (Street) WEST DES MOINES IA 50266 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* Ritland Erik Andrew (Last) (First) (Middle) 1230 OFFICE PLAZA DRIVE (Street) WEST DES MOINES IA 50266 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* Boyle Brian Fitzgerald (Last) (First) (Middle) 1230 OFFICE PLAZA DRIVE (Street) WEST DES MOINES IA 50266 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

Explanation of Responses:

1. Golden Valley Capital Partners, LLC serves as the general partner of Boyle Capital Opportunity Fund, LP. Boyle Capital Management, LLC is the contracted investment manager of Boyle Capital Opportunity Fund, LP. Erik Ritland is a managing member of Golden Valley Capital Partners, LLC. Brian Boyle is a member of Golden Valley Capital Partners, LLC and managing member of Boyle Capital Management, LLC. Each Reporting Person expressly disclaims beneficial ownership with respect to any shares beyond his or its pecuniary interest therein.

	/s/ Erik Ritland, individually and as a Managing Partner of Boyle Capital Opportunity Fund, LP and a Managing Partner of Golden Valley Capital Partners, LLC	08/21/2020
	/s/ Brian Boyle, individually and as President of Boyle Capital Management, LLC	08/21/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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