Buffa Sandra 4

What Happened Sandra Buffa, a director of Natural Grocers by Vitamin Cottage, reported that 1,532 restricted stock units (RSUs) vested and were converted into 1,532 shares of NGVC common stock on March 5, 2026. The conversion/exercise was reported at $0.00 per share (no cash exercise price); shares were issued upon vesting. The Form 4 also reports a separate RSU grant on March 4, 2026 related to Board service that will vest on March 4, 2027.

Key Details

• Primary transaction: 1,532 RSUs vested → 1,532 shares issued on 2026-03-05 (reported as exercise/conversion, code M); price listed $0.00.
• Additional grant: RSUs reported 2026-03-04 (code A); filing lists amount as N/A in the table but footnote states these RSUs were issued for Board service and will vest 2027-03-04.
• Footnotes: F1 confirms shares issued upon vesting of 1,532 RSUs; F2 explains each RSU equals a contingent right to one share; F3 describes the board-service RSU grant and vesting date.
• Shares owned after the transaction: not specified in the provided summary of the filing.
• Timeliness: Form 4 was filed 2026-03-06 for transactions on 2026-03-04 and 2026-03-05 — the filing shows no late-filing indication in the disclosed data.

Context RSUs are equity awards that convert to shares upon vesting; no cash is required when the award converts (hence $0.00 reported). Receiving shares via RSU vesting is a routine compensation/board-service event and does not necessarily signal executive buying or selling intent. This report documents issuance on vesting and a separate RSU grant that vests next year.