X0306 4 2022-03-02 0001547459 Natural Grocers by Vitamin Cottage, Inc. NGVC 0001556567 Cerkovnik Edward C/O NATURAL GROCERS BY VITAMIN COTTAGE 12612 W. ALAMEDA PARKWAY LAKEWOOD CO 80228 1 Common Stock 2022-03-03 4 M 0 3960 0 A 47523 D Restricted Stock Units 2022-03-02 4 A 0 3422 0 A Common Stock 3422 7382 D Restricted Stock Units 2022-03-03 4 M 0 3960 D 2022-03-03 2022-03-03 Common Stock 3960 3422 D Represents shares of NGVC common stock issued to the reporting person upon the vesting of 3,960 restricted stock units on March 3, 2022, 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. Represents restricted stock units issued to the reporting person for service on the Company's board of directors (the "Board"). The restricted stock units vest on March 2, 2023, subject to continued service on the Board, and will be settled in shares of NGVC common stock. /s/ Kemper Isely, by Power of Attorney 2022-03-04