Sec Form 3 Filing - Osmium Partners, LLC @ LEAF GROUP LTD. - 2020-06-15

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Osmium Partners, LLC 2. Issuer Name and Ticker or Trading Symbol LEAF GROUP LTD. [ LEAF] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) X __ Other (specify below) May be member of 10% group (Last) (First) (Middle) 300 DRAKES LANDING ROAD, SUITE 172 3. Date of Earliest Transaction (MM/DD/YY) 06/15/2020 (Street) GREENBRAE, CA94904 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 552,755 I By Osmium Capital, LP ( 1 ) Common Stock 226,485 I By Osmium Capital II, LP ( 1 ) Common Stock 265,304 I By Osmium Spartan, LP ( 1 ) Common Stock 697,826 I By Osmium Diamond, LP ( 1 ) Common Stock 86,648 I By John H. Lewis ( 1 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 Put option (obligation to buy) $ 2 06/22/2020 08/21/2020 Common Stock 63,000 I By Osmium Capital, LP ( 1 ) Put option (obligation to buy) $ 2 06/22/2020 08/21/2020 Common Stock 28,000 I By Osmium Capital II, LP ( 1 ) Put option (obligation to buy) $ 2 06/22/2020 08/21/2020 Common Stock 39,000 I By Osmium Spartan, LP ( 1 ) Put option (obligation to buy) $ 2 06/22/2020 08/21/2020 Common Stock 40,300 I By Osmium Diamond, LP ( 1 ) Call option (right to buy) $ 2 06/22/2020 08/21/2020 Common Stock 7,700 I By John H. Lewis ( 1 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Osmium Partners, LLC 300 DRAKES LANDING ROAD, SUITE 172 GREENBRAE, CA94904 May be member of 10% group OSMIUM CAPITAL LP 300 DRAKES LANDING ROAD, SUITE 172 GREENBRAE, CA94904 May be member of 10% group Osmium Capital II, LP 300 DRAKES LANDING ROAD, SUITE 172 GREENBRAE, CA94904 May be member of 10% group OSMIUM SPARTAN L P 300 DRAKES LANDING ROAD, SUITE 172 GREENBRAE, CA94904 May be member of 10% group Osmium Diamond, LP 300 DRAKES LANDING ROAD, SUITE 172 GREENBRAE, CA94904 May be member of 10% group Lewis John Hartnett 300 DRAKES LANDING ROAD, SUITE 172 GREENBRAE, CA94904 May be member of 10% group Signatures By: /s/ John H. Lewis, for himself and as Managing Member of Osmium Partners, LLC, for itself and as General Partner of Osmium Capital, LP, Osmium Capital II, LP and Osmium Spartan, LP 06/24/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The general partner of Osmium Capital, LP, Osmium Capital II, LP, Osmium Spartan, LP and Osmium Diamond, LP is Osmium Partners, LLC. John H. Lewis is the controlling member of Osmium Partners, LLC, and Mr. Lewis may be deemed to have voting and dispositive power with respect to the shares held by Osmium Capital, LP, Osmium Capital II, LP, Osmium Spartan, LP and Osmium Diamond, LP. Mr. Lewis disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that Mr. Lewis is the beneficial owner of the shares for purposes of Section 16 of the Securities and Exchange Act of 1934 or for any other purpose.

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).

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