[Form 4] NATURAL GROCERS BY VITAMIN COTTAGE, INC Insider Trading Activity

Rhea-AI Filing Summary

Natural Grocers insider Isely Lark reported a sale of 2,000 shares of common stock on 08/19/2025 at a price of $40 per share, leaving beneficial ownership of 4,682 shares. The filing was signed by Kemper Isely by power of attorney on 08/21/2025. The report identifies the filer as an officer/other (13D group member) and shows a direct ownership form.

Positive

• Reporting compliance: The filing discloses the transaction and was signed via power of attorney, indicating timely regulatory compliance
• Continued ownership: The reporting person retains 4,682 shares after the sale

Negative

• Insider sale: The reporting person sold 2,000 shares at $40 per share on 08/19/2025

Insights

Securities Analyst

TL;DR: Insider sale of 2,000 shares at $40 reduces direct holdings to 4,682 shares; transaction appears routine.

The Form 4 discloses a straightforward open-market sale (code S) executed on 08/19/2025 for 2,000 common shares at $40 each. The reporting person is identified as an officer/other and as a 13D group member, and ownership after the sale remains direct at 4,682 shares. There are no derivative transactions or additional contextual disclosures in this filing.

Corporate Governance Expert

TL;DR: Transaction is a standard Section 16 disclosure; no governance red flags are evident from this form alone.

The Form 4 provides the required disclosure for a change in beneficial ownership. The signature executed via power of attorney is common. The filing does not show executive departures, related-party transfers, or derivative activity. As submitted, the disclosure meets Section 16 reporting requirements but offers no material governance changes.

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
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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 Lark

(Last) (First) (Middle)

C/O NATURAL GROCERS BY VITAMIN COTTAGE

12612 W. 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)
08/19/2025

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	08/19/2025		S		2,000	D	$40	4,682	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

Explanation of Responses:

	/s/ Kemper Isely, by Power of Attorney	08/21/2025
	** 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.

FAQ

What did the Form 4 for NGVC report?

The Form 4 reports a sale of 2,000 common shares by Isely Lark on 08/19/2025 at $40 per share, leaving 4,682 shares beneficially owned.

Who signed the NGVC Form 4 and when?

The Form 4 was signed by /s/ Kemper Isely, by Power of Attorney on 08/21/2025.

Was the transaction direct or indirect ownership?

The filing indicates direct ownership (D) both for the transaction and the shares held following the sale.

Does the Form 4 show any derivative transactions for NGVC?

No. Table II (derivative securities) contains no entries; only a non-derivative sale is reported.

What relationship does the reporting person have to Natural Grocers (NGVC)?

The reporting person is labeled as an Officer (other) and a 13D group member per the form.