# EDGAR Filing Document

**Accession Number:** 0001547459
**File Stem:** 0001437749-25-033087
**Filing Date:** 2025-11
**Character Count:** 7450
**Document Hash:** dd417c9d52328332877e8feea4f0a60c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-033087.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001437749-25-033087

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Isely Raquel M.
- **CENTRAL INDEX KEY:** 0001675822

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35608
- **FILM NUMBER:** 251450999

**MAIL ADDRESS:**
- **STREET 1:** NATURAL GROCERS BY VITAMIN COTTAGE, INC.
- **STREET 2:** 12612 WEST ALAMEDA PARKWAY
- **CITY:** LAKEWOOD
- **STATE:** CO
- **ZIP:** 80228
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Natural Grocers by Vitamin Cottage, Inc.
- **CENTRAL INDEX KEY:** 0001547459
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-GROCERY STORES [5411]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 841444517
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**BUSINESS ADDRESS:**
- **STREET 1:** 12612 W. ALAMEDA PARKWAY
- **CITY:** LAKEWOOD
- **STATE:** CO
- **ZIP:** 80228
- **BUSINESS PHONE:** 877-986-4600

**MAIL ADDRESS:**
- **STREET 1:** 12612 W. ALAMEDA PARKWAY
- **CITY:** LAKEWOOD
- **STATE:** CO
- **ZIP:** 80228

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Isely Raquel M.<br><sub>(Last) (First) (Middle)</sub><br>C/O NATURAL GROCERS BY VITAMIN COTTAGE<br>12612 WEST ALAMEDA PARKWAY<br><sub>(Street)</sub><br>LAKEWOOD, CO 80228<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-10-31 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_13D Group Member_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Natural Grocers by Vitamin Cottage, Inc. [ NGVC ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-11-03 |  | M |  | 4000<sup>(1)</sup> | A | $0 | 116119 | D |  |
| Common Stock | 2025-11-03 |  | F |  | 1150<sup>(2)</sup> | D | $32.09 | 114969 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | 0<sup>(3)</sup> | 2025-10-31 |  | M |  | 2334 |  | <sup>(4)</sup> | <sup>(4)</sup> | Common Stock | 2334 | $0 | 13334 | D |  |
| Restricted Stock Units | 0<sup>(3)</sup> | 2025-11-03 |  | M |  |  | 4000 | 2025-11-03 | 2025-11-03 | Common Stock | 4000 | $0 | 9334<sup>(5)</sup> | D |  |

---

### Footnotes:

(1) 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.

(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) 4,000 RSUs vesting on October 31, 2026; and (b) 3,000 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 solely because of this Stockholders Agreement.

**Signature:** /s/ Kemper Isely, by Power of Attorney  
**Date:** 2025-11-04

### Remarks:

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.**