GEG

SEC source: 0001140361-22-018914 · form4.xml · nonDerivative · entry 1

Harbin Thomas S · CIK 0001719963 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 243,603

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.63 to $1.65, inclusive. The Reporting Person undertakes to provide to Great Elm Group, Inc. ("GEG"), any security holder of GEG, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased in each transaction at each separate price within the ranges set forth herein.

SEC source: 0001140361-22-018541 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 276,711

F1 · ownership.direct: The Reporting Person was awarded 46,230 shares of restricted stock. 3,184 shares vested on May 6, 2022 with the balance to vest in equal quarterly installments on the end of each quarter beginning on June 30, 2022 through March 31, 2023. The Reporting Person has elected to defer delivery of the shares, pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the shares and (b) termination of the Reporting Person's service as a member board of directors of GEG.

F2 · ownership.direct: Includes 132,472 Restricted Stock Units ("RSUs") previously reported and that were deferred pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member board of directors of GEG.

SEC source: 0000899243-22-017109 · doc4.xml · nonDerivative · entry 1

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 4,027,982

F1 · price: Price determined pursuant to the terms of an Asset Purchase Agreement (the "Agreement") between the Issuer and Imperial Capital Asset Management, LLC ("ICAM"), dated May 4, 2022.

F2 · ownership.nature: Consists of 2,657,998 shares held directly by Long Ball Partners, LLC ("Long Ball") and 1,369,984 shares held directly by ICAM. Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball.

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

SEC source: 0001140361-22-000683 · form4.xml · nonDerivative · entry 2

Harbin Thomas S · CIK 0001719963 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 241,397

F2 · ownership.direct: The Reporting Person was awarded 36,408 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-22-000683 · form4.xml · nonDerivative · entry 1

Harbin Thomas S · CIK 0001719963 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 204,989

F1 · ownership.direct: The Reporting Person was awarded 31,553 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-22-000682 · form4.xml · nonDerivative · entry 2

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 197,425

F2 · ownership.direct: The Reporting Person was awarded 41,262 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-22-000682 · form4.xml · nonDerivative · entry 1

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 156,163

F1 · ownership.direct: The Reporting Person was awarded 31,553 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-22-000679 · form4.xml · nonDerivative · entry 2

Serota Jeffrey · CIK 0001394808 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 175,145

F2 · ownership.direct: The Reporting Person was awarded 31,553 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-22-000679 · form4.xml · nonDerivative · entry 1

Serota Jeffrey · CIK 0001394808 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 143,592

F1 · ownership.direct: The Reporting Person was awarded 31,553 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-22-000681 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 230,481

F2 · ownership.direct: The Reporting Person was awarded 41,262 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of GEG. The Reporting Person has elected to defer delivery of the shares, pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the shares and (b) termination of the Reporting Person's service as a member board of directors of GEG.

F3 · ownership.direct: Includes 59,657 Restricted Stock Units ("RSUs") previously reported and that were deferred pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member board of directors of GEG.

SEC source: 0001140361-22-000681 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 189,219

F1 · ownership.direct: The Reporting Person was awarded 31,553 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG"). The Reporting Person has elected to defer delivery of the shares, pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the shares and (b) termination of the Reporting Person's service as a member board of directors of GEG.

F3 · ownership.direct: Includes 59,657 Restricted Stock Units ("RSUs") previously reported and that were deferred pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member board of directors of GEG.

SEC source: 0001140361-22-000680 · form4.xml · nonDerivative · entry 2

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 191,213

F2 · ownership.direct: The Reporting Person was awarded 41,262 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-22-000680 · form4.xml · nonDerivative · entry 1

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,951

F1 · ownership.direct: The Reporting Person was awarded 31,553 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-22-000678 · form4.xml · nonDerivative · entry 2

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 152,037

F2 · ownership.direct: The Reporting Person was awarded 46,117 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-22-000678 · form4.xml · nonDerivative · entry 1

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 105,920

F1 · ownership.direct: The Reporting Person was awarded 31,553 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0000899243-22-000901 · doc4.xml · nonDerivative · entry 2

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 405,085

F2 · ownership.direct: On January 3, 2022, Jason Reese was awarded 84,951 shares of restricted stock, which vest in four even installments at the end of each calendar quarter in 2022.

SEC source: 0000899243-22-000901 · doc4.xml · nonDerivative · entry 1

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 320,134

F1 · ownership.direct: On January 3, 2022, Jason Reese was awarded 31,553 shares of restricted stock, which vest monthly in twelve equal installments on month end.

SEC source: 0000899243-21-038106 · doc4.xml · nonDerivative · entry 1

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 288,581

F1 · ownership.direct: On September 24, 2021, Jason Reese was awarded 104,602 restricted stock units, 25% of which vested on the date of grant, and 25% of the units will vest on each of the next three anniversaries thereof.

SEC source: 0001140361-21-032826 · form4.xml · derivative · entry 2

Pearson Brent J · CIK 0001755895 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,278

Underlying: Common Stock · 12,278 shares

Expires 2026-09-24

F2 · derivative.exercise_date: Mr. Pearson was awarded 12,278 stock options, 3,070 of which vested on the grant date, September 24, 2021 and the remainder of which vest in equal annual installments on each anniversary of the grant date until September 24, 2024.

SEC source: 0001140361-21-032826 · form4.xml · nonDerivative · entry 1

Pearson Brent J · CIK 0001755895 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,563

F1 · ownership.direct: Mr. Pearson was awarded 5,230 restricted stock units, 1,308 of which vested on the grant date, September 24, 2021, and the remainder of which vest in equal annual installments on each anniversary of the grant date until September 24, 2024.

SEC source: 0000899243-21-027306 · doc4.xml · nonDerivative · entry 2

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 183,979

F2 · ownership.direct: On July 1, 2021, Jason Reese was awarded 36,920 restricted stock units, 50% of which will vest on September 30, 2021, and the remainder of the units will vest on December 31, 2021.

SEC source: 0001140361-21-023394 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 157,666

F2 · ownership.direct: The Reporting Person was awarded 17,932 RSUs, 50% of which vest on September 30, 2021, and the remainder of which vest on December 31, 2021, contingent upon continued service as a member of the Company's board of directors. The Reporting Person has elected to defer delivery of the shares, pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member of the Company's board of directors.

F3 · ownership.direct: Includes 32,281 RSUs previously reported and that were deferred pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member of the Company's board of directors.

SEC source: 0001140361-21-023383 · form4.xml · nonDerivative · entry 2

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 118,398

F2 · ownership.direct: The Reporting Person was awarded 17,932 RSUs, 50% of which vest on September 30, 2021, and the remainder of which vest on December 31, 2021, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc.

SEC source: 0001140361-21-023376 · form4.xml · nonDerivative · entry 2

Harbin Thomas S · CIK 0001719963 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 173,436

F2 · ownership.direct: The Reporting Person was awarded 15,823 RSUs, 50% of which vest on September 30, 2021, and the remainder of which vest on December 31, 2021, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc.

SEC source: 0001140361-21-023374 · form4.xml · nonDerivative · entry 1

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 124,610

F1 · ownership.direct: The Reporting Person was awarded 17,932 restricted stock units, 50% of which vest on September 30, 2021, and the remainder of which vest on December 31, 2021, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc.

SEC source: 0001140361-21-023367 · form4.xml · nonDerivative · entry 1

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 74,367

F1 · ownership.direct: The Reporting Person was awarded 20,042 restricted stock units, 50% of which vest on September 30, 2021, and the remainder of which vest on December 31, 2021, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc.

SEC source: 0001140361-21-023363 · form4.xml · nonDerivative · entry 1

Serota Jeffrey · CIK 0001394808 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 112,039

F1 · ownership.direct: The Reporting Person was awarded 13,713 restricted stock units, 50% of which vest on September 30, 2021, and the remainder of which vest on December 31, 2021, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc.

SEC source: 0000899243-21-027306 · doc4.xml · nonDerivative · entry 1

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 147,059

F1 · ownership.direct: On June 30, 2021, Jason Reese was awarded 19,444 restricted stock units, 100% of which vested on the date of grant.

SEC source: 0001140361-21-023394 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 139,734

F1 · ownership.direct: The Reporting Person was awarded 9,444 restricted stock units ("RSUs") that fully vested on the grant date, June 30, 2021. The Reporting Person has elected to defer delivery of the shares, pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member board of directors of the Great Elm Group, Inc. (the "Company").

F3 · ownership.direct: Includes 32,281 RSUs previously reported and that were deferred pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member of the Company's board of directors.

SEC source: 0001140361-21-023383 · form4.xml · nonDerivative · entry 1

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,466

F1 · ownership.direct: The Reporting Person was awarded 9,444 restricted stock ("RSUs") units that fully vested on the grant date, June 30, 2021.

SEC source: 0001140361-21-023376 · form4.xml · nonDerivative · entry 1

Harbin Thomas S · CIK 0001719963 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 157,613

F1 · ownership.direct: The Reporting Person was awarded 8,333 restricted stock units ("RSUs") that fully vested on the grant date, June 30, 2021.

SEC source: 0000899243-21-022099 · doc4.xml · nonDerivative · entry 1

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 106,678

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.7400 to $2.7600, inclusive. The Reporting Person undertakes to provide to Great Elm Group, Inc. ("GEG"), any security holder of GEG, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased in each transaction at each separate price within the ranges set forth herein.

SEC source: 0001140361-21-019241 · form4.xml · nonDerivative · entry 1

Harbin Thomas S · CIK 0001719963 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,280

SEC source: 0001140361-21-018252 · form4.xml · nonDerivative · entry 3

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

NRC Partners I, LP · CIK 0001763594 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,567,084

F3 · shares: Represents 18,934 shares of common stock of GEG purchased by Northern Right QP, 6,002 shares of common stock of GEG purchased by NRC Partners and 4,341 shares of common stock of GEG purchased by the Account.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,243,038 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 33,687 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,290,359 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Account and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. 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,

F6 · ownership.nature: (continued from footnote 5) 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 forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-21-020291 · doc4.xml · nonDerivative · entry 3

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,657,998

F3 · price: The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.15 to $2.40, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F4 · ownership.nature: This Common Stock is held directly by Long Ball Partners, LLC ("Long Ball"). Mr. Reese is Portfolio manager to Long Ball and is Chairman and Chief Executive Officer of Imperial Capital Asset Management, LLC ("ICAM"), which is the managing member of and investment manager to Long Ball. Each of Mr. Reese and ICAM disclaims beneficial ownership of the securities held by Long Ball except to the extent of that person's pecuniary interest therein. Each of Long Ball and ICAM disclaims beneficial ownership of the securities held directly by Mr. Reese.

SEC source: 0001140361-21-018248 · form4.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,567,084

F3 · shares: Represents 18,934 shares of common stock of GEG purchased by Northern Right QP, 6,002 shares of common stock of GEG purchased by NRC Partners and 4,341 shares of common stock of GEG purchased by the Account.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,243,038 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 33,687 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,290,359 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Account and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, Mr. Drapkin may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by BCA. Mr. Drapkin disclaims such beneficial ownership of the 2,567,084 shares indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-21-018252 · form4.xml · nonDerivative · entry 2

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

NRC Partners I, LP · CIK 0001763594 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,537,807

F2 · shares: Represents 84,032 shares of common stock of GEG purchased by Northern Right QP, 26,642 shares of common stock of GEG purchased by NRC Partners and 19,264 shares of common stock of GEG purchased by the Account.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,243,038 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 33,687 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,290,359 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Account and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. 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,

F6 · ownership.nature: (continued from footnote 5) 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 forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-21-020291 · doc4.xml · nonDerivative · entry 2

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,599,423

F2 · price: The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.245 to $2.40, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F4 · ownership.nature: This Common Stock is held directly by Long Ball Partners, LLC ("Long Ball"). Mr. Reese is Portfolio manager to Long Ball and is Chairman and Chief Executive Officer of Imperial Capital Asset Management, LLC ("ICAM"), which is the managing member of and investment manager to Long Ball. Each of Mr. Reese and ICAM disclaims beneficial ownership of the securities held by Long Ball except to the extent of that person's pecuniary interest therein. Each of Long Ball and ICAM disclaims beneficial ownership of the securities held directly by Mr. Reese.

SEC source: 0001140361-21-018248 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,537,807

F2 · shares: Represents 84,032 shares of common stock of GEG purchased by Northern Right QP, 26,642 shares of common stock of GEG purchased by NRC Partners and 19,264 shares of common stock of GEG purchased by the Account.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,243,038 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 33,687 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,290,359 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Account and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, Mr. Drapkin may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by BCA. Mr. Drapkin disclaims such beneficial ownership of the 2,567,084 shares indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-21-018252 · form4.xml · nonDerivative · entry 1

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

NRC Partners I, LP · CIK 0001763594 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,407,869

F1 · shares: Represents 3,280 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 1,043 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 754 shares of common stock of GEG purchased by a managed account (the "Account") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Account.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,243,038 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 33,687 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,290,359 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Account and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. 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,

F6 · ownership.nature: (continued from footnote 5) 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 forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-21-020291 · doc4.xml · nonDerivative · entry 1

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,339,541

F1 · price: The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.03 to $2.25, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F4 · ownership.nature: This Common Stock is held directly by Long Ball Partners, LLC ("Long Ball"). Mr. Reese is Portfolio manager to Long Ball and is Chairman and Chief Executive Officer of Imperial Capital Asset Management, LLC ("ICAM"), which is the managing member of and investment manager to Long Ball. Each of Mr. Reese and ICAM disclaims beneficial ownership of the securities held by Long Ball except to the extent of that person's pecuniary interest therein. Each of Long Ball and ICAM disclaims beneficial ownership of the securities held directly by Mr. Reese.

SEC source: 0001140361-21-018248 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,407,869

F1 · shares: Represents 3,280 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 1,043 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 754 shares of common stock of GEG purchased by a managed account (the "Account") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Account.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,243,038 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 33,687 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,290,359 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Account and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, Mr. Drapkin may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by BCA. Mr. Drapkin disclaims such beneficial ownership of the 2,567,084 shares indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-21-011452 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 130,290

F1 · ownership.direct: The Reporting Person was awarded 8,709 restricted stock units ("RSUs") that fully vested on the grant date, March 31, 2021. The Reporting Person has elected to defer delivery of the shares, pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member of the Company's board of directors.

F2 · ownership.direct: Includes 23,572 RSUs previously reported and that were deferred pursuant to a pre-established deferral election. The shares will be delivered in a single lump sum upon the earlier of (a) three years from the grant date of the RSUs and (b) termination of the Reporting Person's service as a member of the Company's board of directors.

SEC source: 0001140361-21-011450 · form4.xml · nonDerivative · entry 1

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 91,022

F1 · ownership.direct: The Reporting Person was awarded 8,709 restricted stock units that fully vested on the grant date, March 31, 2021.

SEC source: 0001140361-21-011446 · form4.xml · nonDerivative · entry 1

Harbin Thomas S · CIK 0001719963 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 139,280

F1 · ownership.direct: The Reporting Person was awarded 7,684 restricted stock units that fully vested on the grant date, March 31, 2021.

SEC source: 0000899243-21-014539 · doc4.xml · nonDerivative · entry 1

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

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 127,615

SEC source: 0001140361-21-009682 · form4.xml · nonDerivative · entry 2

Serota Jeffrey · CIK 0001394808 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 98,326

F2 · ownership.direct: The Reporting Person was awarded 19,751 restricted stock units, one-tenth of which vested on March 19, 2021, and the remainder of which vest in equal monthly installments on the first of each month beginning April 1, 2021 through December 1, 2021, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-21-009682 · form4.xml · nonDerivative · entry 1

Serota Jeffrey · CIK 0001394808 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 78,575

F1 · ownership.direct: The Reporting Person was awarded 7,706 restricted stock units that fully vested on March 19, 2021.

SEC source: 0001140361-21-009680 · form4.xml · nonDerivative · entry 2

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 101,678

F2 · ownership.direct: The Reporting Person was awarded 19,751 restricted stock units, one-tenth of which vested on March 19, 2021, and the remainder of which vest in equal monthly installments on the first of each month beginning April 1, 2021 through December 1, 2021, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-21-009680 · form4.xml · nonDerivative · entry 1

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 81,927

F1 · ownership.direct: The Reporting Person was awarded 7,706 restricted stock units that fully vested on March 19, 2021.