GEG

SEC source: 0000950103-26-014395 · dp253788_4-milzgeg.xml · derivative · entry 3

Milz Nichole · CIK 0001945563 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 50,000

Underlying: Common Stock · 50,000 shares

Expires 2031-09-20

F3 · shares: Ms. Milz was awarded options to purchase 50,000 shares of common stock of Great Elm Group, Inc., 50% of which vested on the grant date, September 21, 2026, and the remainder of which will vest on September 20, 2027, contingent on continued employment by Great Elm Group, Inc.

F3 · derivative.exercise_date: Ms. Milz was awarded options to purchase 50,000 shares of common stock of Great Elm Group, Inc., 50% of which vested on the grant date, September 21, 2026, and the remainder of which will vest on September 20, 2027, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0000950103-26-014395 · dp253788_4-milzgeg.xml · nonDerivative · entry 2

Milz Nichole · CIK 0001945563 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 219,881

F2 · shares: Reflects the net share settlement of awards of restricted stock in connection with vesting thereof that is exempt pursuant to Rule 16b-3.

SEC source: 0000950103-26-014395 · dp253788_4-milzgeg.xml · nonDerivative · entry 1

Milz Nichole · CIK 0001945563 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 243,582

F1 · shares: Ms. Milz was awarded 48,698 shares of restricted stock, one-quarter of which vested on the grant date, September 21, 2026, and the remainder of which vest in equal annual installments on September 20th of each year until September 20, 2029, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0000950103-26-014392 · dp253786_4-davisgeg.xml · derivative · entry 3

Davis Keri · CIK 0001770670 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,000

Underlying: Common Stock · 20,000 shares

Expires 2031-09-20

F3 · shares: Mr. Davis was awarded options to purchase 20,000 shares of common stock of Great Elm Group, Inc., 50% of which vested on the grant date, September 21, 2026, and the remainder of which will vest on September 20, 2027, contingent on continued employment by Great Elm Group, Inc.

F3 · derivative.exercise_date: Mr. Davis was awarded options to purchase 20,000 shares of common stock of Great Elm Group, Inc., 50% of which vested on the grant date, September 21, 2026, and the remainder of which will vest on September 20, 2027, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0000950103-26-014392 · dp253786_4-davisgeg.xml · nonDerivative · entry 2

Davis Keri · CIK 0001770670 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 55,846

F2 · shares: Reflects the net share settlement of awards of restricted stock in connection with vesting thereof that is exempt pursuant to Rule 16b-3.

SEC source: 0000950103-26-014392 · dp253786_4-davisgeg.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,488

F1 · shares: Ms. Davis was awarded 20,052 shares of restricted stock, one-quarter of which vested on the grant date, September 21, 2026, and the remainder of which vest in equal annual installments on September 20th of each year until September 20, 2029, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0000950103-26-014389 · dp253784_4-kleinmangeg.xml · derivative · entry 3

Kleinman Adam M · CIK 0001715823 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,000

Underlying: Common Stock · 40,000 shares

Expires 2031-09-20

F3 · shares: Mr. Kleinman was awarded options to purchase 40,000 shares of common stock of Great Elm Group, Inc., 50% of which vested on the grant date, September 21, 2026, and the remainder of which will vest on September 20, 2027, contingent on continued employment by Great Elm Group, Inc.

F3 · derivative.exercise_date: Mr. Kleinman was awarded options to purchase 40,000 shares of common stock of Great Elm Group, Inc., 50% of which vested on the grant date, September 21, 2026, and the remainder of which will vest on September 20, 2027, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0000950103-26-014389 · dp253784_4-kleinmangeg.xml · nonDerivative · entry 2

Kleinman Adam M · CIK 0001715823 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 608,131

F2 · shares: Reflects the net share settlement of awards of restricted stock in connection with vesting thereof that is exempt pursuant to Rule 16b-3.

SEC source: 0000950103-26-014389 · dp253784_4-kleinmangeg.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 625,498

F1 · shares: Mr. Kleinman was awarded 40,104 shares of restricted stock, one-quarter of which vested on the grant date, September 21, 2026, and the remainder of which vest in equal annual installments on September 20th of each year until September 20, 2029, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0001193125-26-399423 · ownership.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · See remarks · 10% owner

Imperial Capital Asset Management, LLC · CIK 0002047704 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,141,828

F4 · kind: Mr. Reese was awarded 137,501 shares of restricted stock of Great Elm Capital Corp. (the "Issuer") on September 21, 2026 (the "Grant Date"). The restricted stock vests in four equal annual installments, with the first installment vesting on the Grant Date, and the remaining installments vesting on each of September 20, 2027, September 20, 2028 and September 20, 2029, contingent upon Mr. Reese's continued service as a member of the board of directors of the Issuer.

SEC source: 0001013594-26-000739 · form4.xml · derivative · entry 4

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

Northern Right Long Only Master Fund LP · CIK 0002052537 · 10% owner

Northern Right Fund GP LLC · CIK 0002053060 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: Not disclosed

Underlying: Common Stock · 3,769 shares

Expires 2030-02-26

F5 · kind: Represents a rebalancing transaction by Northern Right Management whereby Northern Right QP transferred an aggregate principal amount of $13,087 of 5.0% Convertible Senior PIK Notes due 2030 (the "Notes") constituting a conversionary interest, subject to adjustment as provided in the Notes, in 13,087 shares of Common Stock to NRC LO.

F6 · derivative.exercise_date: On July 10, 2026, Northern Right QP, NRC LO, and Matthew A. Drapkin entered into a letter agreement (the "Forbearance Agreement") with the Issuer, pursuant to which Northern Right QP, NRC LO, and Matt A. Drapkin, irrevocably agreed to forbear from exercising its rights to convert the Notes (and any additional Notes issued pursuant to the Notes) into Common Stock until July 15, 2027.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,654,444 shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of 625,034 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As general partner of NRC LO, Northern Right Fund GP LLC ("NRC Fund GP") may be deemed to be the beneficial owner of the securities held by NRC LO. As investment manager of NRC LO, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC LO. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001013594-26-000739 · form4.xml · derivative · entry 3

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

Northern Right Long Only Master Fund LP · CIK 0002052537 · 10% owner

Northern Right Fund GP LLC · CIK 0002053060 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: Not disclosed

Underlying: Common Stock · 3,769 shares

Expires 2030-02-26

F5 · kind: Represents a rebalancing transaction by Northern Right Management whereby Northern Right QP transferred an aggregate principal amount of $13,087 of 5.0% Convertible Senior PIK Notes due 2030 (the "Notes") constituting a conversionary interest, subject to adjustment as provided in the Notes, in 13,087 shares of Common Stock to NRC LO.

F6 · derivative.exercise_date: On July 10, 2026, Northern Right QP, NRC LO, and Matthew A. Drapkin entered into a letter agreement (the "Forbearance Agreement") with the Issuer, pursuant to which Northern Right QP, NRC LO, and Matt A. Drapkin, irrevocably agreed to forbear from exercising its rights to convert the Notes (and any additional Notes issued pursuant to the Notes) into Common Stock until July 15, 2027.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,654,444 shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of 625,034 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As general partner of NRC LO, Northern Right Fund GP LLC ("NRC Fund GP") may be deemed to be the beneficial owner of the securities held by NRC LO. As investment manager of NRC LO, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC LO. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001013594-26-000739 · form4.xml · nonDerivative · entry 2

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

Northern Right Long Only Master Fund LP · CIK 0002052537 · 10% owner

Northern Right Fund GP LLC · CIK 0002053060 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 4,243,168

F1 · kind: Represents a rebalancing transaction by Northern Right Management (as defined herein) whereby Northern Right Capital (QP), L.P. ("Northern Right QP") transferred 7,887 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock"), to Northern Right Long Only Master Fund LP ("NRC LO").

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,654,444 shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of 625,034 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As general partner of NRC LO, Northern Right Fund GP LLC ("NRC Fund GP") may be deemed to be the beneficial owner of the securities held by NRC LO. As investment manager of NRC LO, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC LO. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001013594-26-000739 · form4.xml · nonDerivative · entry 1

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

Northern Right Long Only Master Fund LP · CIK 0002052537 · 10% owner

Northern Right Fund GP LLC · CIK 0002053060 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 4,243,168

F1 · kind: Represents a rebalancing transaction by Northern Right Management (as defined herein) whereby Northern Right Capital (QP), L.P. ("Northern Right QP") transferred 7,887 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock"), to Northern Right Long Only Master Fund LP ("NRC LO").

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,654,444 shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of 625,034 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As general partner of NRC LO, Northern Right Fund GP LLC ("NRC Fund GP") may be deemed to be the beneficial owner of the securities held by NRC LO. As investment manager of NRC LO, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC LO. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001193125-26-252179 · ownership.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · See remarks · 10% owner

Imperial Capital Asset Management, LLC · CIK 0002047704 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,004,327

F4 · kind: Reflects an exempt gift made by Mr. Reese to a charitable giving fund.

SEC source: 0001193125-26-094011 · ownership.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · See remarks · 10% owner

Imperial Capital Asset Management, LLC · CIK 0002047704 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,103,964

F4 · kind: The Reporting Person was awarded 27,022 shares of restricted stock of GEG, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of Great Elm Capital Corp.

SEC source: 0000950103-26-000408 · dp239877_4-nathan.xml · nonDerivative · entry 1

Nathan Lloyd · CIK 0002080826 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 49,348

F1 · ownership.direct: The Reporting Person was awarded 26,531 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0000950103-26-000407 · dp239878_4-matter.xml · nonDerivative · entry 2

Matter David · CIK 0001931402 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 539,377

F2 · ownership.direct: The Reporting Person was awarded 30,612 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of GEG. These shares were awarded at the Reporting Person's election in lieu of a cash retainer.

SEC source: 0000950103-26-000407 · dp239878_4-matter.xml · nonDerivative · entry 1

Matter David · CIK 0001931402 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 508,765

F1 · ownership.direct: The Reporting Person was awarded 26,531 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0000950103-26-000406 · dp239876_4-drapkin.xml · nonDerivative · entry 5

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 843,035

F7 · ownership.direct: The Reporting Person was awarded 26,531 shares of restricted stock of GEG, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of Great Elm Capital Corp.

SEC source: 0000950103-26-000406 · dp239876_4-drapkin.xml · nonDerivative · entry 4

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 816,504

F6 · ownership.direct: The Reporting Person was awarded 61,224 shares of restricted stock of GEG, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of GEG. These shares were awarded at the Reporting Person's election in lieu of a cash retainer.

SEC source: 0000950103-26-000406 · dp239876_4-drapkin.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 755,280

F5 · ownership.direct: The Reporting Person was awarded 26,531 shares of restricted stock of Great Elm Group, Inc. ("GEG"), which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0000950103-26-000405 · dp239873_4-schwartz.xml · nonDerivative · entry 2

Schwartz David W. · CIK 0002094133 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 659,408

F2 · ownership.direct: The Reporting Person was awarded 32,877 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of GEG. These shares were awarded at the Reporting Person's election in lieu of a cash retainer.

SEC source: 0000950103-26-000405 · dp239873_4-schwartz.xml · nonDerivative · entry 1

Schwartz David W. · CIK 0002094133 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 626,531

F1 · ownership.direct: The Reporting Person was awarded 26,531 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0000950103-26-000404 · dp239874_4-smith.xml · nonDerivative · entry 2

Smith Booker · CIK 0002084069 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 74,213

F2 · ownership.direct: The Reporting Person was awarded 30,612 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of GEG. These shares were awarded at the Reporting Person's election in lieu of a cash retainer.

SEC source: 0000950103-26-000404 · dp239874_4-smith.xml · nonDerivative · entry 1

Smith Booker · CIK 0002084069 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 43,601

F1 · ownership.direct: The Reporting Person was awarded 26,531 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0000950103-26-000403 · dp239879_4-parmelee.xml · nonDerivative · entry 2

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 513,442

F2 · ownership.direct: The Reporting Person was awarded 48,980 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of GEG. These shares were awarded at the Reporting Person's election in lieu of a cash retainer.

SEC source: 0000950103-26-000403 · dp239879_4-parmelee.xml · nonDerivative · entry 1

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 464,462

F1 · ownership.direct: The Reporting Person was awarded 26,531 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0000950103-26-000402 · dp239872_4-scheyer.xml · nonDerivative · entry 2

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 478,862

F2 · ownership.direct: The Reporting Person was awarded 30,612 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of GEG. These shares were awarded at the Reporting Person's election in lieu of a cash retainer.

SEC source: 0000950103-26-000402 · dp239872_4-scheyer.xml · nonDerivative · entry 1

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 448,250

F1 · ownership.direct: The Reporting Person was awarded 26,531 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2026 through December 31, 2026, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001193125-25-280194 · ownership.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · See remarks · 10% owner

Imperial Capital Asset Management, LLC · CIK 0002047704 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,076,942

F4 · kind: Reflects an exempt gift made by Mr. Reese to a charitable giving fund.

F5 · balance_after: Reflects shares directly beneficially owned by Mr. Reese.

SEC source: 0000950103-25-012106 · dp234799_4-davisgeg.xml · nonDerivative · entry 2

Davis Keri · CIK 0001770670 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 43,436

F2 · shares: Reflects the net share settlement of awards of restricted stock in connection with vesting thereof that is exempt pursuant to Rule 16b-3.

SEC source: 0000950103-25-012103 · dp234800_4-kleinmangeg.xml · nonDerivative · entry 2

Kleinman Adam M · CIK 0001715823 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 585,394

F2 · shares: Reflects the net share settlement of awards of restricted stock in connection with vesting thereof that is exempt pursuant to Rule 16b-3.

SEC source: 0000950103-25-012101 · dp234801_4-milzgeg.xml · nonDerivative · entry 2

Milz Nichole · CIK 0001945563 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 194,884

F2 · shares: Reflects the net share settlement of awards of restricted stock in connection with vesting thereof that is exempt pursuant to Rule 16b-3.

SEC source: 0001193125-25-213703 · ownership.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · See remarks · 10% owner

Imperial Capital Asset Management, LLC · CIK 0002047704 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,176,942

F4 · shares: On September 20, 2025, Jason Reese was awarded 183,823 shares of restricted stock, 25% of which vested on September 20, 2025, with 25% to vest on each of September 20, 2026, September 20, 2027 and September 20, 2028.

F5 · balance_after: Reflects shares directly beneficially owned by Mr. Reese.

F3 · ownership.direct: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

SEC source: 0000950103-25-012106 · dp234799_4-davisgeg.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 48,854

F1 · shares: Ms. Davis was awarded 9,191 shares of restricted stock, one-quarter of which vested on the grant date, September 19, 2025, and the remainder of which vest in equal annual installments on September 20th of each year until September 20, 2028, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0000950103-25-012103 · dp234800_4-kleinmangeg.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 603,707

F1 · shares: Mr. Kleinman was awarded 22,977 shares of restricted stock, one-quarter of which vested on the grant date, September 19, 2025, and the remainder of which vest in equal annual installments on September 20th of each year until September 20, 2028, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0000950103-25-012101 · dp234801_4-milzgeg.xml · nonDerivative · entry 1

Milz Nichole · CIK 0001945563 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 213,111

F1 · shares: Ms. Milz was awarded 36,764 shares of restricted stock, one-quarter of which vested on the grant date, September 19, 2025, and the remainder of which vest in equal annual installments on September 20th of each year until September 20, 2028, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0000950103-25-011468 · dp234197_4-smith.xml · nonDerivative · entry 2

Smith Booker · CIK 0002084069 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,070

F2 · ownership.direct: The Reporting Person was awarded 8,535 shares of restricted stock, which vest in two equal installments on each quarter end date of September 30, 2025 and December 31, 2025, in each case, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0000950103-25-011468 · dp234197_4-smith.xml · nonDerivative · entry 1

Smith Booker · CIK 0002084069 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,535

F1 · ownership.direct: The Reporting Person was awarded 8,535 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on September 30, 2025 through December 31, 2025, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG") through each such vesting date.

SEC source: 0000950103-25-011467 · dp234196_4-nathan.xml · nonDerivative · entry 1

Nathan Lloyd · CIK 0002080826 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,817

F1 · ownership.direct: The Reporting Person was awarded 10,220 shares of restricted stock, which vest in two equal installments on each quarter end date of September 30, 2025 and December 31, 2025, in each case, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0000950103-25-010148 · dp232915_4-nathan.xml · nonDerivative · entry 1

Nathan Lloyd · CIK 0002080826 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,597

F1 · ownership.direct: The Reporting Person was awarded 12,597 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on August 31, 2025 through December 31, 2025, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001013594-25-000854 · form4.xml · derivative · entry 4

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Northern Right Fund GP LLC · CIK 0002053060 · 10% owner

Northern Right Long Only Master Fund LP · CIK 0002052537 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: Not disclosed

Underlying: Common Stock · 94,415 shares

Expires 2030-02-26

F5 · kind: Represents a rebalancing transaction by Northern Right Management whereby Northern Right QP transferred an aggregate principal amount of $327,829 of 5.0% Convertible Senior PIK Notes due 2030 (the "Notes") constituting a conversionary interest, subject to adjustment as provided in the Notes, in 94,415 shares of Common Stock to NRC LO.

F6 · derivative.exercise_date: On December 6, 2024, Northern Right QP and Matt A. Drapkin entered into a letter agreement (the "Forbearance Agreement") with the Issuer, pursuant to which they irrevocably agreed to forbear from exercising its rights to convert the Notes (and any additional Notes issued pursuant to the Notes) into Common Stock until December 5, 2025. On January 13, 2025, Northern Right QP, NRC LO and Matt A. Drapkin entered into an amendment to the Forbearance Agreement with the Issuer, which added NRC LO as a party thereto and extended the forbearance period until January 13, 2026. On July 15, 2025, the parties to the Forbearance Agreement entered into an amendment thereto which, among other things, extend the forbearance period until July 15, 2026.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,662,331 shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of 617,147 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As general partner of NRC LO, Northern Right Fund GP LLC ("NRC Fund GP") may be deemed to be the beneficial owner of the securities held by NRC LO. As investment manager of NRC LO, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC LO. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001013594-25-000854 · form4.xml · derivative · entry 3

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Northern Right Fund GP LLC · CIK 0002053060 · 10% owner

Northern Right Long Only Master Fund LP · CIK 0002052537 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: Not disclosed

Underlying: Common Stock · 94,415 shares

Expires 2030-02-26

F5 · kind: Represents a rebalancing transaction by Northern Right Management whereby Northern Right QP transferred an aggregate principal amount of $327,829 of 5.0% Convertible Senior PIK Notes due 2030 (the "Notes") constituting a conversionary interest, subject to adjustment as provided in the Notes, in 94,415 shares of Common Stock to NRC LO.

F6 · derivative.exercise_date: On December 6, 2024, Northern Right QP and Matt A. Drapkin entered into a letter agreement (the "Forbearance Agreement") with the Issuer, pursuant to which they irrevocably agreed to forbear from exercising its rights to convert the Notes (and any additional Notes issued pursuant to the Notes) into Common Stock until December 5, 2025. On January 13, 2025, Northern Right QP, NRC LO and Matt A. Drapkin entered into an amendment to the Forbearance Agreement with the Issuer, which added NRC LO as a party thereto and extended the forbearance period until January 13, 2026. On July 15, 2025, the parties to the Forbearance Agreement entered into an amendment thereto which, among other things, extend the forbearance period until July 15, 2026.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,662,331 shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of 617,147 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As general partner of NRC LO, Northern Right Fund GP LLC ("NRC Fund GP") may be deemed to be the beneficial owner of the securities held by NRC LO. As investment manager of NRC LO, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC LO. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001013594-25-000854 · form4.xml · nonDerivative · entry 2

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Northern Right Fund GP LLC · CIK 0002053060 · 10% owner

Northern Right Long Only Master Fund LP · CIK 0002052537 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 4,243,168

F1 · kind: Represents a rebalancing transaction by Northern Right Management (as defined herein) whereby Northern Right Capital (QP), L.P. ("Northern Right QP") transferred 207,570 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock"), to Northern Right Long Only Master Fund LP ("NRC LO").

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,662,331 shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of 617,147 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As general partner of NRC LO, Northern Right Fund GP LLC ("NRC Fund GP") may be deemed to be the beneficial owner of the securities held by NRC LO. As investment manager of NRC LO, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC LO. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001013594-25-000854 · form4.xml · nonDerivative · entry 1

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Northern Right Fund GP LLC · CIK 0002053060 · 10% owner

Northern Right Long Only Master Fund LP · CIK 0002052537 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 4,243,168

F1 · kind: Represents a rebalancing transaction by Northern Right Management (as defined herein) whereby Northern Right Capital (QP), L.P. ("Northern Right QP") transferred 207,570 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock"), to Northern Right Long Only Master Fund LP ("NRC LO").

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,662,331 shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of 617,147 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As general partner of NRC LO, Northern Right Fund GP LLC ("NRC Fund GP") may be deemed to be the beneficial owner of the securities held by NRC LO. As investment manager of NRC LO, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC LO. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000950170-25-006002 · ownership.xml · derivative · entry 2

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: Not disclosed

Underlying: Common Stock · 176,376 shares

Expires 2030-02-26

F5 · kind: Represents a transfer by Northern Right QP for no consideration of an aggregate principal amount of $612,413.00 of 5.0% Convertible Senior PIK Notes due 2030 (the "Notes") constituting a conversionary interest, subject to adjustment as provided in the Notes, in 176,376 shares of Common Stock to NRC LO.

F6 · derivative.exercise_date: On January 13, 2025, Northern Right QP entered into a letter agreement (the "Forbearance Agreement") with the Issuer, NRC LO and Matthew A. Drapkin, pursuant to which Northern Right QP irrevocably agreed to forbear from exercising its rights to convert the Notes (and any additional Notes issued pursuant to the Notes) into Common Stock until January 13, 2026.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,869,901 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000950170-25-006002 · ownership.xml · nonDerivative · entry 1

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 3,833,591

F1 · kind: Represents a transfer by Northern Right Capital (QP), L.P. ("Northern Right QP") for no consideration of 409,577 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock"), to Northern Right Long Only Master Fund LP ("NRC LO"). NRC LO will be joining the "group," as such term is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended, whose members include the Reporting Persons named herein.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,869,901 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000950170-25-051109 · ownership.xml · derivative · entry 2

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: Not disclosed

Underlying: Common Stock · 176,376 shares

Expires 2030-02-26

F5 · kind: Represents a rebalancing transaction by Northern Right Management whereby Northern Right QP transferred an aggregate principal amount of $612,413.00 of 5.0% Convertible Senior PIK Notes due 2030 (the "Notes") constituting a conversionary interest, subject to adjustment as provided in the Notes, in 176,376 shares of Common Stock to NRC LO.

F6 · derivative.exercise_date: On January 13, 2025, Northern Right QP entered into a letter agreement (the "Forbearance Agreement") with the Issuer, NRC LO and Matthew A. Drapkin, pursuant to which Northern Right QP irrevocably agreed to forbear from exercising its rights to convert the Notes (and any additional Notes issued pursuant to the Notes) into Common Stock until January 13, 2026.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,869,901 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000950170-25-051109 · ownership.xml · nonDerivative · entry 1

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 3,833,591

F1 · kind: Represents a rebalancing transaction by Northern Right Management (as defined herein) whereby Northern Right Capital (QP), L.P. ("Northern Right QP") transferred 409,577 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock"), to Northern Right Long Only Master Fund LP ("NRC LO"). NRC LO will be joining the "group," as such term is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended, whose members include the Reporting Persons named herein.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,869,901 shares of Common Stock. Managed accounts (the "Managed Accounts"), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"), beneficially own 1,963,690 shares of Common Stock.

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by Northern Right QP. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management.

F4 · ownership.nature: Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.