X0306 4 2020-03-04 0001547459 Natural Grocers by Vitamin Cottage, Inc. NGVC 0001434752 Campbell Michael T C/O NATURAL GROCERS BY VITAMIN COTTAGE 12612 W. ALAMEDA PARKWAY LAKEWOOD CO 80228 1 Common Stock 2020-03-06 4 M 0 4569 0 A 40516 D Restricted Stock Units 2020-03-04 4 A 0 8219 0 A Common Stock 8219 12788 D Restricted Stock Units 2020-03-06 4 M 0 4569 D 2020-03-06 2020-03-06 Common Stock 4569 8219 D Represents shares of NGVC common stock issued to the reporting person upon the vesting of 4,569 restricted stock units on March 6, 2020, where each restricted stock unit represented the economic equivalent of one share of NGVC common stock. Each restricted stock unit represents a contingent right to receive one share of NGVC common stock. The restricted stock units vest on March 4, 2021 and will be settled in shares of NGVC common stock upon vesting. /s/ Kemper Isely, by Power of Attorney 2020-03-06