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) 02/12/2021	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) See Explanation of Responses	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	898,136	I	By Osmium Capital, LP(1)(2)
Common Stock	366,074	I	By Osmium Capital II, LP(1)(2)
Common Stock	362,454	I	By Osmium Spartan, LP(1)(2)
Common Stock	812,826	I	By Osmium Diamond, LP(1)(2)
Common Stock	94,348	I	By John H. Lewis(1)(2)

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
Call Option (Right to buy)	(3)	12/17/2021	Common Stock	161,200	$5	I	By Osmium Capital, LP(1)(2)
Call Option (Right to buy)	(3)	12/17/2021	Common Stock	67,500	$5	I	By Osmium Capital II, LP(1)(2)
Call Option (Right to buy)	(3)	12/17/2021	Common Stock	76,500	$5	I	By Osmium Spartan, LP(1)(2)
Call Option (Right to buy)	(3)	12/17/2021	Common Stock	69,800	$5	I	By Osmium Diamond, LP((1)(2)
Put Option (Obligation to buy)	(3)	12/17/2021	Common Stock	161,200	$5	I	By Osmium Capital, LP(1)(2)
Put Option (Obligation to buy)	(3)	12/17/2021	Common Stock	67,500	$5	I	By Osmium Capital II, LP(1)(2)
Put Option (Obligation to buy)	(3)	12/17/2021	Common Stock	76,500	$5	I	By Osmium Spartan, LP(1)(2)
Put Option (Obligation to buy)	(3)	12/17/2021	Common Stock	69,800	$5	I	By Osmium Diamond, LP(1)(2)

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) See Explanation of Responses

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) See Explanation of Responses

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) See Explanation of Responses

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) See Explanation of Responses

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) See Explanation of Responses

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) See Explanation of Responses

Explanation of Responses:

1. The Reporting Persons may be deemed to be members of a Section 13(d) group with VIEX Opportunities Fund, LP - Series One, a series of VIEX, Opportunities Fund, LP, VIEX GP, LLC, VIEX Capital Advisors, LLC, Eric Singer, Oak Investment Partners XI, Limited Partnership, Oak Associates XI, LLC, Oak Investment Partners XII, Limited Partnership, Oak Associates XII, LLC, Oak Management Corporation, Grace A. Ames, Bandel L. Carano, Edward F. Glassmeyer, Fredric W. Harman, Ann H. Lamont, Mike McConnell and John Mutch that collectively beneficially owns more than 10% of the Issuer's outstanding shares of Common Stock.

2. 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.

3. The derivative securities that reference this footnote are immediately exercisable "American-style" options.

	/s/ John Lewis, By John H. Lewis, for for himself and as Managing Member of Osmium Partners, LLC, for itself and as General Partner of Osmium Capital, LP, Osmium Capital II, LP, Osmium Spartan, LP and Osmium Diamond, LP	02/22/2021
	** Signature of Reporting Person	Date
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