NGVC · Natural Grocers by Vitamin Cottage, Inc. · Insider Trading

This transaction was executed in multiple trades at prices ranging from $28.70 to $29.45. The price reported above reflects the weighted average price, rounded to the nearest hundredth. The Reporting Person undertakes to provide, upon request, to the SEC staff, the Issuer or any security holder of the Issuer full information regarding the number of shares sold at each separate price within the ranges described.

Each restricted stock unit represents a contingent right to receive one share of NGVC common stock.

Each restricted stock unit represents a contingent right to receive one share of NGVC common stock.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 1,532 restricted stock units on March 5, 2026, where each restricted stock unit represented the economic equivalent of one share of NGVC common stock.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 1,532 restricted stock units on March 5, 2026, 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 shares of NGVC common stock issued to the reporting person upon the vesting of 1,532 restricted stock units on March 5, 2026, 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 will vest on March 4, 2027, subject to continued service, and will be settled in shares 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 will vest on March 4, 2027, subject to continued service, and will be settled in shares 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 will vest on March 4, 2027, subject to continued service, and will be settled in shares of NGVC common stock.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 2,000 restricted stock units ("RSUs") on November 3, 2025, where each RSU represented the economic equivalent of one share of NGVC common stock.

Each RSU represents the economic equivalent of one share of NGVC common stock.

In addition to the transactions reported in this Form 4, includes (a) 2,000 RSUs vesting on October 31, 2026; and (b) 1,500 RSUs vesting on October 31, 2027.

Each RSU represents the economic equivalent of one share of NGVC common stock.

In addition to the transactions reported in this Form 4, includes (a) 4,000 RSUs vesting on October 31, 2026; and (b) 3,000 RSUs vesting on October 31, 2027.

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.

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.

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.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 2,000 restricted stock units ("RSUs") on November 3, 2025, where each RSU represented the economic equivalent of one share of NGVC common stock.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 4,000 restricted stock units ("RSUs") on November 3, 2025, where each RSU represented the economic equivalent of one share of NGVC common stock.

Each RSU represents the economic equivalent of one share of NGVC common stock.

In addition to the transactions reported in this Form 4, includes (a) 2,000 RSUs vesting on October 31, 2026; and (b) 1,500 RSUs vesting on October 31, 2027.

Each RSU represents the economic equivalent of one share of NGVC common stock.

These RSUs will vest in full on October 31, 2028.

Each RSU represents the economic equivalent of one share of NGVC common stock.

These RSUs will vest in full on October 31, 2028.

Each RSU represents the economic equivalent of one share of NGVC common stock.

These RSUs will vest in full on October 31, 2028.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 480 restricted stock units ("RSUs") on October 1, 2025, 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) 4,000 RSUs vesting on November 1, 2025, (b) 4,000 RSUs vesting on October 31, 2026, and (c) 3,000 RSUs vesting on October 31, 2027.

This transaction was executed in multiple trades at prices ranging from $44.01 to $44.61. The price reported above reflects the weighted average price, rounded to the nearest hundredth. The Reporting Person undertakes to provide, upon request, to the SEC staff, the Issuer or any security holder of the Issuer full information regarding the number of shares sold at each separate price within the ranges described.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 3,736 restricted stock units on March 6, 2025, 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.

Each restricted stock unit represents a contingent right to receive one share of NGVC common stock.

These RSUs will vest in full on November 4, 2029.

Each restricted stock unit represents a contingent right to receive one share of NGVC common stock.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 3,736 restricted stock units on March 6, 2025, where each restricted stock unit represented the economic equivalent of one share of NGVC common stock.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 3,736 restricted stock units on March 6, 2025, 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.

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 issuance of the restricted stock unit.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 3,736 restricted stock units on March 6, 2025, 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 restricted stock units will vest on March 5, 2026, subject to continued service, and will be settled in shares 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 restricted stock units will vest on March 5, 2026, subject to continued service, and will be settled in shares 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 restricted stock units will vest on March 5, 2026, subject to continued service, and will be settled in shares of NGVC common stock.

Each RSU represents a contingent right to receive one share of NGVC common stock.

Remaining RSUs will be forfeited following reporting person's retirement on December 31, 2024.

Represents shares of NGVC common stock issued to the reporting person upon the vesting of 45,203 restricted stock units ("RSUs") including: 31,876 shares received upon vesting of RSUs granted September 30, 2022; 1,920 shares received upon acceleration of RSUs granted on October 1, 2020; and 11,407 shares received upon acceleration of RSUs granted on August 15, 2023. 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.

This transaction was executed in multiple trades at prices ranging from $43.58 to $43.85. The price reported above reflects the weighted average price, rounded to the nearest hundredth. The Reporting Person undertakes to provide, upon request, to the SEC staff, the Issuer or any security holder of the Issuer full information regarding the number of shares sold at each separate price within the ranges described.

This transaction was executed in multiple trades at prices ranging from $43.89 to $45.45. The price reported above reflects the weighted average price, rounded to the nearest hundredth. The Reporting Person undertakes to provide, upon request, to the SEC staff, the Issuer or any security holder of the Issuer full information regarding the number of shares sold at each separate price within the ranges described.

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 issuance of the stock grant.

Represents a fully vested grant of NGVC common stock issued to the reporting person on November 4, 2024.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of NGVC common stock.

These RSUs will vest in full on November 4, 2029. Such RSUs will become fully vested upon the occurrence of a change in control or corporate transaction affecting the issuer.

In addition to the transactions reported on this Form 4, includes 3,736 RSUs vesting on March 6, 2025.

Each restricted stock unit ('RSU') represents the economic equivalent of one share of NGVC common stock.

These RSUs will vest in full on October 31, 2027.

In addition to the transaction reported by this Form 4, includes (i) 2,000 RSUs vesting on November 1, 2025, and (ii) 2,000 RSUs vesting on October 31, 2026.

Each restricted stock unit ("RSU") represents the economic equivalent of one share of NGVC common stock.

These RSUs will vest in full on October 31, 2027.

In addition to the transactions reported by this Form 4, includes: (a) 480 RSUs vesting on October 1, 2025, (b) 4,000 RSUs vesting on November 1, 2025, and (c) 4,000 RSUs vesting on October 31, 2026.