On July 8, 2020, Michael T. Campbell, a member of the Board of Directors of Natural Grocers by Vitamin Cottage, Inc. (the Company), notified the company of his decision to retire from the Board for personal reasons. Mr. Campbell, 75, has served on the Board since 2012. Mr. Campbell's resignation will be effective upon the Board's election of a new director to fill Mr. Campbell's seat on the Board.