<html><head>
	<title>ngvc20191201_s8.htm</title>

	<!-- Generated by ThunderDome Portal - 12/5/2019 10:39:40 PM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding: 0in 0.1in; cursor: auto;">
<p style="font-size:1pt;margin:0pt;text-align:right;">&nbsp;</p>

<p style="font-size:2pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 80%;"><b>As filed with the Securities and Exchange Commission on December 5, 2019&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</b></td>
			<td style="width: 20%;"><b>Registration No. 333-</b></td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<hr style="height: 3px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 0 0 3pt 0">
<p style="font-family: &quot;Times New Roman&quot;; font-size: 16pt; margin: 0pt; text-align: center;"><b>UNITED STATES</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 16pt; margin: 0pt; text-align: center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C. 20549</b></p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family: &quot;Times New Roman&quot;; font-size: 16pt; margin: 0pt; text-align: center;"><b>FORM S-8</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>REGISTRATION STATEMENT</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 14pt; margin: 0pt; text-align: center;"><b>U<font style="text-transform:uppercase;">nder</font></b><font style="text-transform:uppercase;"> <b>t</b></font><b><font style="text-transform:uppercase;">he Securities&nbsp;Act of</font> 1933</b></p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family: &quot;Times New Roman&quot;; font-size: 16pt; margin: 0pt; text-align: center;"><b>Natu</b><b>ral Grocers by Vitamin Cottage, </b><b>Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of registrant as specified in its charter)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-size:2pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>45-5034161</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction of incorporation or organization)</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer Identification No.)</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>12612 West Alameda Parkway</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Lakewood, Colorado 80228</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of Principal Executive Offices) (Zip Code)</p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Natural Grocers by Vitamin Cottage, Inc. 2012 Omnibus Incentive Plan</b><b>, As Amended</b></p>

<p style="margin: 0pt; text-align: center;">(Full title of the plan)</p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>Kemper Isely</b></p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>C</b><b>hairman and C</b><b>o-President</b></p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Natural Grocers by Vitamin Cottage, Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>12612 West Alameda Parkway</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Lakewood, Colorado 80228</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(303) 986-4600</b></p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Name and address of agent for service) (Telephone number, including area code, of agent for service)</p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><i><b>Cop</b></i><i><b>ies</b></i><i><b> to:</b></i></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:99.9%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:50%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Lucy Schlauch Stark, Esq.</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Partner</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Holland &amp; Hart LLP</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>555 17</b><sup><b>th</b></sup><b> Street, Suite 3200</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Denver, Colorado 80202</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(303) 295-8000</b></p>
			</td>
			<td style="vertical-align:top;width:50%;">
			<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>John S. Fischer, Esq.</b></p>

			<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>General Counsel</b></p>

			<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Natural Grocers by Vitamin Cottage, Inc.</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>12612 West Alameda Parkway</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Lakewood, Colorado 80228</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(303) 986-4600</b></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Large accelerated filer &#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Accelerated filer &#9746;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Non-accelerated filer &#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Smaller reporting company &#9746;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:49%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:49%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Emerging growth company &#9744;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CALCULATION OF REGISTRATION FEE</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">

		<tr>
			<td style="vertical-align: bottom; width: 38%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Title of Securities to</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>be Registered</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 15%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Amount</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>to be<br>
			Registered</b><sup><b>(1)</b></sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 12%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Proposed<br>
			Maximum<br>
			Offering Price<br>
			per Share</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 12%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Proposed<br>
			Maximum<br>
			Aggregate</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Offering Price</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 15%; border-bottom: 1px solid rgb(0, 0, 0); border-top: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Amount of</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Registration Fee</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 38%; border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Common Stock, $0.001 par value per share</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-right: 1px solid rgb(0, 0, 0); border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 15%; border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">600,000 shares<sup>(</sup><sup>2</sup><sup>)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-right: 1px solid rgb(0, 0, 0); border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 12%; border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$9.33<sup>(3)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-right: 1px solid rgb(0, 0, 0); border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 12%; border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$5,598,000<sup>(</sup><sup>3</sup><sup>)</sup></p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-right: 1px solid rgb(0, 0, 0); border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1%; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td>
			<td style="vertical-align: bottom; width: 15%; border-bottom: 3px double rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$726.62</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">

		<tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">
			<td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; vertical-align: top;"><sup>(1)</sup>&nbsp;&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: left;">Pursuant to Rule&nbsp;416(a)&nbsp;promulgated under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this registration statement shall be deemed to cover any additional shares of Registrant&#8217;s common stock, $0.001 par value per share (&#8220;Common Stock&#8221;), that become issuable under the Natural Grocers by Vitamin Cottage,&nbsp;Inc. 2012 Omnibus Incentive Plan, as amended (the &#8220;2012 Plan&#8221;), by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant&#8217;s receipt of consideration that results in an increase in the number of outstanding shares of Common Stock.&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">
			<td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; vertical-align: top;"><sup>(2)</sup>&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Represents 600,000 additional shares of Common Stock that are reserved for issuance under the 2012 Plan.</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">
			<td style="width: 18pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; vertical-align: top;"><sup>(</sup><sup>3</sup><sup>)</sup>&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Estimated solely for the purpose of calculating the registration fee in accordance with Rules 457(c) and (h) promulgated under the Securities Act on the basis of $9.33 per share, the average of the high and low prices of the Registrant&#8217;s common stock on December 2, 2019, as reported on the New York Stock Exchange.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EXPLANATORY NOTE</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Registration of Additional Shares of Common Stock Under the 2012 Plan; Extension of Term of 2012 Plan</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">This registration statement on Form S-8 is being filed pursuant to General Instruction E of Form S-8 for the purpose of registering an additional 600,000 shares of common stock, $0.001 par value per share (&#8220;Common Stock&#8221;), of Natural Grocers by Vitamin Cottage, Inc. (the &#8220;Registrant&#8221;) issuable under the Natural Grocers by Vitamin Cottage, Inc. 2012 Omnibus Incentive Plan, as amended (the &#8220;2012 Plan&#8221;). Such additional shares of Common Stock are in addition to the 1,090,151 shares of Common Stock registered on the Registrant&#8217;s registration statement on Form S-8 filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on July 27, 2012 (Commission File No. 333-182886) (the &#8220;Prior Registration Statement&#8221;).</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The 2012 Plan is described in the Company&#8217;s Definitive Proxy Statement on Schedule 14A, filed with the Commission on January 18, 2019. On March 6, 2019, at the Company&#8217;s 2019 Annual Meeting of Stockholders, the Company&#8217;s stockholders approved amendments to the 2012 Plan pursuant to which, effective as of that date: (i) the aggregate number of shares of Common Stock available for issuance under the 2012 Plan was increased by 600,000 shares and (ii) the term of the 2012 Plan was extended by five years, through July 19, 2027.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Incorporation by Reference</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">This registration statement relates to securities of the same class as that to which the Prior Registration Statement relates, and is submitted in accordance with General Instruction E to Form S-8. Pursuant to General Instruction E of Form S-8, the contents of the Prior Registration Statement are incorporated herein by reference and made part of this registration statement, except as amended, modified or superseded hereby.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PART II</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The following documents filed by the Registrant with the Commission are incorporated by reference into this Registration Statement:</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 78.5pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contents of the Prior Registration Statement;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 78.5pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#8217;s Annual Report on Form 10-K for the year ended September 30, 2019, filed with the Commission on December 5, 2019;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 78.5pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Company&#8217;s Common Stock filed as Exhibit 4.6 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended September 30, 2019, filed with the Commission on December 5, 2019, and any amendment or report filed with the Commission for the purpose of updating such description.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this registration statement, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which de-registers all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of filing of such documents, except as to any portion of any future annual, quarterly or current report of the Registrant or document that is not deemed filed under such provisions. Unless expressly incorporated into this registration statement, a report (or portion thereof) &#8220;furnished&#8221; on Form 8-K shall not be incorporated by reference into this registration statement. Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">2</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Exhibit<br>
			Number</b></p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Description</b></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Form</b></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>File </b><b>No.</b></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Exhibit<br>
			Number</b></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Filing </b><b>Date</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">3.1</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1547459/000104746912007048/a2210104zex-3_1.htm" style="-sec-extract:exhibit;">Amended and Restated Certificate of Incorporation</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Form S-1/A</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">333-182186</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">3.1</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">July 5, 2012</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">3.2</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1547459/000104746912007048/a2210104zex-3_2.htm" style="-sec-extract:exhibit;">Amended and Restated Bylaws</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Form S-1/A</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">333-182186</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">3.2</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">July 5, 2012</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.1</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Reference is made to Exhibits <a href="http://www.sec.gov/Archives/edgar/data/1547459/000104746912007048/a2210104zex-3_1.htm" style="-sec-extract:exhibit;">3.1</a> and <a href="http://www.sec.gov/Archives/edgar/data/1547459/000104746912007048/a2210104zex-3_2.htm" style="-sec-extract:exhibit;">3.2</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.2</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1547459/000104746912007321/a2210224zex-4_2.htm" style="-sec-extract:exhibit;">Specimen Common Stock Certificate</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Form S-1/A</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">333-182186</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.2</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">July 20, 2012</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.3</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1547459/000110465912051730/a12-9792_18ex4d2.htm" style="-sec-extract:exhibit;">Form&nbsp;of Notice of Grant of Stock Unit Award</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Form S-8</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">333-182886</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.2</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">July 27, 2012</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.4</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1547459/000104746912007048/a2210104zex-4_3.htm" style="-sec-extract:exhibit;">Form&nbsp;of Registration Rights Agreement</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Form S-1/A</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">333-182186</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.3</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">July 5, 2012</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.5</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1547459/000143774919023923/ex_166004.htm" style="-sec-extract:exhibit;">Form&nbsp;of Notice of Stock Grant Award</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">10-K</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">333-182186</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.5</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">December 5, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.6</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1547459/000143774919023923/ex_166005.htm" style="-sec-extract:exhibit;">Description of Capital Stock</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">10-K</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">333-182186</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.6</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">December 5, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">5.1</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_166215.htm" style="-sec-extract:exhibit;">Opinion letter of Holland &amp; Hart LLP</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">10.49</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="http://www.sec.gov/Archives/edgar/data/1547459/000143774919004480/ex_136881.htm" style="-sec-extract:exhibit;">Natural Grocers by Vitamin Cottage, Inc. 2012 Omnibus Incentive Plan, as amended</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">8-K</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">001-35608</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">10.49</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">March 8, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">23.1</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_166215.htm" style="-sec-extract:exhibit;">Consent of Holland &amp; Hart LLP (included in Exhibit 5.1)</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.2%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">23.2</p>
			</td>
			<td style="vertical-align:bottom;width:2%;">&nbsp;</td>
			<td style="vertical-align:top;width:44.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_166216.htm" style="-sec-extract:exhibit;">Consent of KPMG LLP</a></p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:9.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:7.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
			<td style="vertical-align:bottom;width:1.8%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8212;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">3</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lakewood, State of Colorado, on this 5th day of December, 2019.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:50%;">&nbsp;</td>
			<td colspan="2" style="vertical-align:top;width:50%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Natural Grocers by Vitamin Cottage, Inc.</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50%;">&nbsp;</td>
			<td style="vertical-align:top;width:4.4%;">&nbsp;</td>
			<td style="vertical-align:top;width:45.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50%;">&nbsp;</td>
			<td style="vertical-align:top;width:4.4%;">&nbsp;</td>
			<td style="vertical-align:top;width:45.5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50%;">&nbsp;</td>
			<td style="vertical-align:top;width:4.4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:</p>
			</td>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:45.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">/s/ KEMPER ISELY</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50%;">&nbsp;</td>
			<td style="vertical-align:top;width:4.4%;">&nbsp;</td>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:45.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Kemper Isely,</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50%;">&nbsp;</td>
			<td style="vertical-align:top;width:4.4%;">&nbsp;</td>
			<td style="vertical-align:top;width:45.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><i>Co-President</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>POWER OF ATTORNEY</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;"><b>KNOW ALL PERSONS BY THESE PRESENTS</b>, that each person whose signature appears below constitutes and appoints Kemper Isely and Heather Isely, and each or any one of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution for him or her, and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:24.5pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Name</b></p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Title</b></p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:bottom;border-bottom:solid 1px #000000;;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Date</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:39.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">/s/ KEMPER ISELY</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Principal Executive Officer, Co-President,</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Kemper Isely</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Director)</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">December 5, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:39.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">/s/ ZEPHYR ISELY</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Principal Executive Officer, Co-President,</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Zephyr Isely</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Director)</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">December 5, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:39.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">/s/ TODD DISSINGER</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Principal Financial and Accounting Officer,</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Todd Dissinger</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Chief Financial Officer)</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">December 5, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:39.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">/s/ ELIZABETH ISELY</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Director</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Elizabeth Isely</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">December 5, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:39.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">/s/ HEATHER ISELY</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Director</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Heather Isely</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">December 5, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:39.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Director</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Michael Campbell</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:39.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom:solid 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">/s/ EDWARD CERKOVNIK</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Director</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Edward Cerkovnik</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">December 5, 2019</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:39.8%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 39.8%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">/s/ RICHARD HALL<font style="text-transform:uppercase;">&#233;</font></p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Director</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:top;border-bottom: 1px #000000;;width:39.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Richard Hall&#233;</p>
			</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:36%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:2.1%;">&nbsp;</td>
			<td style="vertical-align:top;width:20%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">December 5, 2019</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>


</body></html>
[{"type": "S-8", "sequence": "1", "filename": "ngvc20191201_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 68210}]
{"company-data": {"conformed-name": "Natural Grocers by Vitamin Cottage, Inc.", "cik": "0001547459", "assigned-sic": "5411", "irs-number": "841444517", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-235379", "film-number": "191271331"}, "business-address": {"street1": "12612 W. ALAMEDA PARKWAY", "city": "LAKEWOOD", "state": "CO", "zip": "80228", "phone": "877-986-4600"}, "mail-address": {"street1": "12612 W. ALAMEDA PARKWAY", "city": "LAKEWOOD", "state": "CO", "zip": "80228"}}
ngvc20191201_s8.htm
As filed with the Securities and Exchange Commission on December 5, 2019
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
U
nder
t
he Securities Act of
1933
Natu
ral Grocers by Vitamin Cottage,
Inc.
(Exact name of registrant as specified in its charter)
Delaware
45-5034161
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
12612 West Alameda Parkway
Lakewood, Colorado 80228
(Address of Principal Executive Offices) (Zip Code)
Natural Grocers by Vitamin Cottage, Inc. 2012 Omnibus Incentive Plan
, As Amended
(Full title of the plan)
Kemper Isely
C
hairman and C
o-President
Natural Grocers by Vitamin Cottage, Inc.
12612 West Alameda Parkway
Lakewood, Colorado 80228
(303) 986-4600
(Name and address of agent for service) (Telephone number, including area code, of agent for service)
Cop
ies
to:
Lucy Schlauch Stark, Esq.
Partner
Holland & Hart LLP
555 17
th
Street, Suite 3200
Denver, Colorado 80202
(303) 295-8000
John S. Fischer, Esq.
General Counsel
Natural Grocers by Vitamin Cottage, Inc.
12612 West Alameda Parkway
Lakewood, Colorado 80228
(303) 986-4600
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☒
Non-accelerated filer ☐
Smaller reporting company ☒
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF REGISTRATION FEE
Title of Securities to
be Registered
Amount
to be
Registered
(1)
Proposed
Maximum
Offering Price
per Share
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration Fee
Common Stock, $0.001 par value per share
600,000 shares
(
2
)
$9.33
(3)
$5,598,000
(
3
)
$726.62
(1)
Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall be deemed to cover any additional shares of Registrant's common stock, $0.001 par value per share ("Common Stock"), that become issuable under the Natural Grocers by Vitamin Cottage, Inc. 2012 Omnibus Incentive Plan, as amended (the "2012 Plan"), by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration that results in an increase in the number of outstanding shares of Common Stock.
(2)
Represents 600,000 additional shares of Common Stock that are reserved for issuance under the 2012 Plan.
(
3
)
Estimated solely for the purpose of calculating the registration fee in accordance with Rules 457(c) and (h) promulgated under the Securities Act on the basis of $9.33 per share, the average of the high and low prices of the Registrant's common stock on December 2, 2019, as reported on the New York Stock Exchange.
EXPLANATORY NOTE
Registration of Additional Shares of Common Stock Under the 2012 Plan; Extension of Term of 2012 Plan
This registration statement on Form S-8 is being filed pursuant to General Instruction E of Form S-8 for the purpose of registering an additional 600,000 shares of common stock, $0.001 par value per share ("Common Stock"), of Natural Grocers by Vitamin Cottage, Inc. (the "Registrant") issuable under the Natural Grocers by Vitamin Cottage, Inc. 2012 Omnibus Incentive Plan, as amended (the "2012 Plan"). Such additional shares of Common Stock are in addition to the 1,090,151 shares of Common Stock registered on the Registrant's registration statement on Form S-8 filed with the Securities and Exchange Commission (the "Commission") on July 27, 2012 (Commission File No. 333-182886) (the "Prior Registration Statement").
The 2012 Plan is described in the Company's Definitive Proxy Statement on Schedule 14A, filed with the Commission on January 18, 2019. On March 6, 2019, at the Company's 2019 Annual Meeting of Stockholders, the Company's stockholders approved amendments to the 2012 Plan pursuant to which, effective as of that date: (i) the aggregate number of shares of Common Stock available for issuance under the 2012 Plan was increased by 600,000 shares and (ii) the term of the 2012 Plan was extended by five years, through July 19, 2027.
Incorporation by Reference
This registration statement relates to securities of the same class as that to which the Prior Registration Statement relates, and is submitted in accordance with General Instruction E to Form S-8. Pursuant to General Instruction E of Form S-8, the contents of the Prior Registration Statement are incorporated herein by reference and made part of this registration statement, except as amended, modified or superseded hereby.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.     Incorporation of Documents by Reference
The following documents filed by the Registrant with the Commission are incorporated by reference into this Registration Statement:
(a)     The contents of the Prior Registration Statement;
(b)     The Registrant's Annual Report on Form 10-K for the year ended September 30, 2019, filed with the Commission on December 5, 2019;
(c)     The description of the Company's Common Stock filed as Exhibit 4.6 to the Registrant's Annual Report on Form 10-K for the year ended September 30, 2019, filed with the Commission on December 5, 2019, and any amendment or report filed with the Commission for the purpose of updating such description.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this registration statement, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which de-registers all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of filing of such documents, except as to any portion of any future annual, quarterly or current report of the Registrant or document that is not deemed filed under such provisions. Unless expressly incorporated into this registration statement, a report (or portion thereof) "furnished" on Form 8-K shall not be incorporated by reference into this registration statement. Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.
2
Item 8.     EXHIBITS
Exhibit
Number
Description
Form
File
No.
Exhibit
Number
Filing
Date
3.1
Amended and Restated Certificate of Incorporation
Form S-1/A
333-182186
3.1
July 5, 2012
3.2
Amended and Restated Bylaws
Form S-1/A
333-182186
3.2
July 5, 2012
4.1
Reference is made to Exhibits
3.1
and
3.2
4.2
Specimen Common Stock Certificate
Form S-1/A
333-182186
4.2
July 20, 2012
4.3
Form of Notice of Grant of Stock Unit Award
Form S-8
333-182886
4.2
July 27, 2012
4.4
Form of Registration Rights Agreement
Form S-1/A
333-182186
4.3
July 5, 2012
4.5
Form of Notice of Stock Grant Award
10-K
333-182186
4.5
December 5, 2019
4.6
Description of Capital Stock
10-K
333-182186
4.6
December 5, 2019
5.1
Opinion letter of Holland & Hart LLP
—
—
—
—
10.49
Natural Grocers by Vitamin Cottage, Inc. 2012 Omnibus Incentive Plan, as amended
8-K
001-35608
10.49
March 8, 2019
23.1
Consent of Holland & Hart LLP (included in Exhibit 5.1)
—
—
—
—
23.2
Consent of KPMG LLP
—
—
—
—
3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lakewood, State of Colorado, on this 5th day of December, 2019.
Natural Grocers by Vitamin Cottage, Inc.
By:
/s/ KEMPER ISELY
Kemper Isely,
Co-President
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each person whose signature appears below constitutes and appoints Kemper Isely and Heather Isely, and each or any one of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution for him or her, and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Name
Title
Date
/s/ KEMPER ISELY
(Principal Executive Officer, Co-President,
Kemper Isely
Director)
December 5, 2019
/s/ ZEPHYR ISELY
(Principal Executive Officer, Co-President,
Zephyr Isely
Director)
December 5, 2019
/s/ TODD DISSINGER
(Principal Financial and Accounting Officer,
Todd Dissinger
Chief Financial Officer)
December 5, 2019
/s/ ELIZABETH ISELY
Director
Elizabeth Isely
December 5, 2019
/s/ HEATHER ISELY
Director
Heather Isely
December 5, 2019
Director
Michael Campbell
/s/ EDWARD CERKOVNIK
Director
Edward Cerkovnik
December 5, 2019
/s/ RICHARD HALL
é
Director
Richard Hallé
December 5, 2019
4