X0306 4 2014-07-23 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 2014-07-23 4 M 0 944 0 A 4444 D Restricted Stock Units 2014-07-23 4 M 0 944 D 2014-07-23 2014-07-23 Common Stock 944 1186 D Represents shares of NGVC common stock issued to the reporting person upon the vesting of 944 restricted stock units on July 23, 2014, 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. /s/ Kemper Isely 2014-07-24