X0508 4 2023-10-02 0001547459 Natural Grocers by Vitamin Cottage, Inc. NGVC 0001675822 Isely Raquel M. C/O NATURAL GROCERS BY VITAMIN COTTAGE 12612 WEST ALAMEDA PARKWAY LAKEWOOD CO 80228 1 13D Group Member 0 Common Stock 2023-10-02 4 M 0 480 0 A 109223 D Common Stock 2023-10-02 4 F 0 165 12.91 D 109058 D Restricted Stock Units 0 2023-10-02 4 M 0 480 0 D 2023-10-02 2023-10-02 Common Stock 480 8360 D Represents shares of NGVC common stock issued to the reporting person upon the vesting of 480 restricted stock units ("RSUs") on October 2, 2023, the business day immediately following the vesting date of October 1, 2023, where each RSU represented the economic equivalent of one share of NGVC common stock. Exempt transaction pursuant to Section 16b-3(e) - payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3. All of the shares reported as disposed of on this line were relinquished by the Reporting Person and cancelled by the Issuer in exchange for the Issuer's agreement to pay federal and state tax withholding obligations of the Reporting Person resulting from the vesting of the RSUs. Each RSU represents the economic equivalent of one share of NGVC common stock. Includes (a) 100 RSUs vesting on each of October 15, 2023 and 2024, (b) 480 RSUs vesting on each of October 1, 2024 and 2025, (c) 3,200 RSUs vesting on September 30, 2024, and (d) 4,000 RSUs vesting on November 1, 2025. The Reporting Person is a party to a Stockholders Agreement that contains voting agreements and thus is a member of a Schedule 13D group that beneficially owns more than 10% of the issuer's common stock. The number of shares identified as beneficially owned by the Reporting Person excludes shares of Common Stock deemed to be beneficially owned by her solely because of this Stockholders Agreement. /s/ Kemper Isely, by Power of Attorney 2023-10-04