Robert Linnane - Sep 30, 2021 Form 4 Insider Report for Natural Grocers by Vitamin Cottage, Inc. (NGVC)

Role: 13D Group Member
Signature: /s/ Kemper Isely, by Power of Attorney
Stock symbol: NGVC
Transactions as of: Sep 30, 2021
Transactions value $: $0
Form type: 4
Date filed: 10/4/2021, 05:30 PM
Previous filing: Oct 4, 2021
Next filing: Nov 3, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NGVC	Restricted Stock Units	Award	$0	+3K		$0.00	3K	Sep 30, 2021	Common Stock	3K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents the economic equivalent of one share of NGVC common stock.
F2	These restricted stock units will vest in full on September 30, 2024.

Remarks:

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.