Natural Grocers (NGVC) Form 4: 2,000 RSUs vest; 593 withheld

Natural Grocers by Vitamin Cottage (NGVC) filed a Form 4 showing routine equity compensation activity.

Rhea-AI Filing Summary

Natural Grocers by Vitamin Cottage (NGVC) filed a Form 4 showing routine equity compensation activity. On 11/03/2025, the reporting person acquired 2,000 shares of common stock at $0 upon vesting of restricted stock units (RSUs) and had 593 shares withheld at $32.09 to cover taxes. Direct common stock ownership stood at 13,697 shares after these transactions.

Following the conversions, the person reported 4,667 RSUs outstanding, including 2,000 RSUs vesting on October 31, 2026; 1,500 vesting on October 31, 2027; and a separate 1,167 RSUs tranche that vests in full on October 31, 2028.

Insider Trade Summary

3,167 shares exercised/converted

Exercise 4 txns

Insider Isely Charity

Role Insider

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	2,000	$0.00	$0.00
Exercise	Common Stock	2,000	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	593	$32.09	$19K
Exercise	Restricted Stock Units	1,167	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 11,334 contracts (Direct); Common Stock — 13,697 shares (Direct)

Footnotes (5)

1. F1. 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.
2. F2. 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.
3. F3. Each RSU represents the economic equivalent of one share of NGVC common stock.
4. F4. These RSUs will vest in full on October 31, 2028.
5. F5. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NGVC disclose in this Form 4?

The reporting person received 2,000 shares from RSU vesting on 11/03/2025 and had 593 shares withheld at $32.09 for taxes.

How many NGVC shares does the person own after the transactions?

Direct common stock ownership is 13,697 shares after the reported transactions.

What RSUs remain outstanding for the reporting person at NGVC?

The person reports 4,667 RSUs outstanding after the transactions.

When do the remaining NGVC RSUs vest?

The filing lists vesting of 2,000 RSUs on Oct 31, 2026, 1,500 RSUs on Oct 31, 2027, and a separate 1,167 RSUs vesting in full on Oct 31, 2028.

What was the tax withholding price on the NGVC shares?

Shares were withheld at $32.09 to satisfy tax obligations related to RSU vesting.

Was this part of a 10b5-1 trading plan?

The excerpt does not indicate that a Rule 10b5-1(c) plan box was checked.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 11/04/2025 - 06:00 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Isely Charity

(Last) (First) (Middle)

C/O NATURAL GROCERS BY VITAMIN COTTAGE

12612 WEST ALAMEDA PARKWAY

(Street)

LAKEWOOD CO 80228

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Natural Grocers by Vitamin Cottage, Inc. [ NGVC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			13D Group Member

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/03/2025		M		2,000(1)	A	$0	14,290	D
Common Stock	11/03/2025		F		593(2)	D	$32.09	13,697	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0(3)	10/31/2025		M		1,167		(4)	(4)	Common Stock	1,167	$0	6,667	D
Restricted Stock Units	$0(3)	11/03/2025		M			2,000	11/03/2025	11/03/2025	Common Stock	2,000	$0	4,667(5)	D

Explanation of Responses:

1. 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.

2. 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.

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

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

5. 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.

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.

	/s/ Kemper Isely, by Power of Attorney	11/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.