SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 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 (Last) (First) (Middle) 300 DRAKES LANDING ROAD, SUITE 172 (Street) GREENBRAE CA 94904 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 06/15/2020	3. Issuer Name and Ticker or Trading Symbol LEAF GROUP LTD. [ LEAF ]
		4. 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	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
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 Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Put option (obligation to buy)	06/22/2020	08/21/2020	Common Stock	63,000	$2	I	By Osmium Capital, LP(1)
Put option (obligation to buy)	06/22/2020	08/21/2020	Common Stock	28,000	$2	I	By Osmium Capital II, LP(1)
Put option (obligation to buy)	06/22/2020	08/21/2020	Common Stock	39,000	$2	I	By Osmium Spartan, LP(1)
Put option (obligation to buy)	06/22/2020	08/21/2020	Common Stock	40,300	$2	I	By Osmium Diamond, LP(1)
Call option (right to buy)	06/22/2020	08/21/2020	Common Stock	7,700	$2	I	By John H. Lewis(1)

1. Name and Address of Reporting Person* Osmium Partners, LLC (Last) (First) (Middle) 300 DRAKES LANDING ROAD, SUITE 172 (Street) GREENBRAE CA 94904 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* OSMIUM CAPITAL LP (Last) (First) (Middle) 300 DRAKES LANDING ROAD, SUITE 172 (Street) GREENBRAE CA 94904 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* Osmium Capital II, LP (Last) (First) (Middle) 300 DRAKES LANDING ROAD, SUITE 172 (Street) GREENBRAE CA 94904 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* OSMIUM SPARTAN L P (Last) (First) (Middle) 300 DRAKES LANDING ROAD, SUITE 172 (Street) GREENBRAE CA 94904 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* Osmium Diamond, LP (Last) (First) (Middle) 300 DRAKES LANDING ROAD, SUITE 172 (Street) GREENBRAE CA 94904 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

1. Name and Address of Reporting Person* Lewis John Hartnett (Last) (First) (Middle) 300 DRAKES LANDING ROAD, SUITE 172 (Street) GREENBRAE CA 94904 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) May be member of 10% group

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.

	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
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