GEG

SEC source: 0000899243-22-031949 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,368,971

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 2,428 shares of common stock of GEG purchased by Northern Right QP, 778 shares of common stock of GEG purchased by NRC Partners I and 4,169 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,504,411 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 120,548 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,744,012 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F6 · ownership.nature: (Continued from footnote 5) 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: 0000899243-22-032166 · 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: 4,829,846

F1 · kind: This purchase was effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.03 to $2.05, inclusive. The reporting person undertakes 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.

F3 · ownership.nature: Consists of 3,459,862 shares held directly by Long Ball and 1,369,984 shares held directly by Imperial Capital Asset Management, LLC ("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.

F4 · 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: 0000899243-22-031714 · 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: 4,822,472

F3 · kind: This purchase was effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F4 · ownership.nature: Consists of 3,452,488 shares held directly by Long Ball and 1,369,984 shares held directly by Imperial Capital Asset Management, LLC ("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.

F5 · 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: 0001140361-22-034582 · 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: 1,739,843

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-034582 · 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: 119,770

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-034582 · 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: 1,501,983

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-22-031949 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,361,596

F1 · shares: Represents 1,988 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 647 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 3,453 shares of common stock of GEG purchased by managed accounts (the "Managed Accounts") on behalf of investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as the investment manager for the Managed Accounts.

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,504,411 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 120,548 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,744,012 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F6 · ownership.nature: (Continued from footnote 5) 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: 0001140361-22-034142 · form4.xml · nonDerivative · entry 2

Kleinman Adam M · CIK 0001715823 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 487,792

F2 · ownership.direct: Mr. Kleinman was awarded 100,000 shares of restricted stock, which vest on September 20, 2024, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0001140361-22-034142 · form4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 387,792

F1 · ownership.direct: Mr. Kleinman was awarded 49,230 shares of restricted stock, one-quarter of which vested on the grant date, September 20, 2022, and the remainder of which vest in equal annual installments on each anniversary of the grant date until September 20, 2025, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0001140361-22-034141 · form4.xml · nonDerivative · entry 1

Pearson Brent J · CIK 0001755895 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,517

F1 · ownership.direct: Mr. Pearson was awarded 39,954 shares of restricted stock, one-quarter of which vested on the grant date, September 20, 2022, and the remainder of which vest in equal annual installments on each anniversary of the grant date until September 20, 2025, contingent on continued employment by Great Elm Group, Inc.

SEC source: 0001140361-22-034140 · form4.xml · nonDerivative · entry 1

Milz Nichole · CIK 0001945563 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 48,544

F1 · ownership.direct: Ms. Milz was awarded 48,544 shares of restricted stock, which will vest in equal one-third amounts on the first, second, and third year anniversaries of the grant date, contingent upon continued employment by Great Elm Group, Inc.

SEC source: 0000899243-22-031714 · 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: 564,902

F1 · shares: On September 20, 2022, Jason Reese was awarded 159,817 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.

F2 · balance_after: Reflects shares directly beneficially owned by Mr. Reese.

F5 · ownership.direct: 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: 0001140361-22-034143 · form4.xml · derivative · entry 1

Reed Peter A · CIK 0001643733 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 125,000

Underlying: Common Stock · 125,000 shares

Expires 2027-09-18

F1 · derivative.exercise_date: On September 16, 2022, Great Elm Group, Inc. ("GEG") amended the award agreement for certain options previously granted to Mr. Reed to extend the term of options to purchase 125,000 shares of GEG's common stock until September 18, 2027.

SEC source: 0000899243-22-030852 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,355,508

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · shares: Represents 2,050 shares of common stock of GEG purchased by Northern Right QP, 685 shares of common stock of GEG purchased by NRC Partners I and 3,630 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,499,995 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 119,123 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,736,390 shares of common stock of GEG.

F6 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F7 · ownership.nature: (Continued from Footnote 6): 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. 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: 0000899243-22-030829 · 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 Footnotes

Disclosed balance after: 4,816,383

F1 · kind: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F4 · 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.

F6 · ownership.nature: Consists of 3,446,399 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

SEC source: 0001140361-22-033106 · form4.xml · nonDerivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,736,390

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-033106 · form4.xml · nonDerivative · entry 8

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 119,123

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-033106 · form4.xml · nonDerivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,499,995

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-22-030852 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,349,143

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 2,631 shares of common stock of GEG purchased by Northern Right QP, 875 shares of common stock of GEG purchased by NRC Partners I and 4,647 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,499,995 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 119,123 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,736,390 shares of common stock of GEG.

F6 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F7 · ownership.nature: (Continued from Footnote 6): 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. 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: 0000899243-22-030829 · 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 Footnotes

Disclosed balance after: 4,810,019

F1 · kind: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F4 · 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.

F5 · ownership.nature: Consists of 3,440,035 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

SEC source: 0001140361-22-033106 · form4.xml · nonDerivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,732,760

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-033106 · form4.xml · nonDerivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 118,438

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-033106 · form4.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,497,945

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-22-030852 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,340,990

F1 · shares: Represents 1,412 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 466 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 2,483 shares of common stock of GEG purchased by managed accounts (the "Managed Accounts") on behalf of investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as the investment manager for the Managed Accounts.

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,499,995 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 119,123 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,736,390 shares of common stock of GEG.

F6 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F7 · ownership.nature: (Continued from Footnote 6): 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. 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: 0000899243-22-030829 · 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: 4,801,866

F1 · kind: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.03 to $2.05, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Consists of 3,431,882 shares held directly by Long Ball and 1,369,984 shares held directly by Imperial Capital Asset Management, LLC ("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.

F4 · 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: 0001140361-22-033106 · 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: 1,728,113

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-033106 · 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: 117,563

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-033106 · 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: 1,495,314

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-032424 · form4.xml · nonDerivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,725,630

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-032424 · form4.xml · nonDerivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 117,097

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-032424 · form4.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,493,902

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-22-030512 · 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 Footnotes

Disclosed balance after: 4,797,505

F1 · kind: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F4 · ownership.nature: Consists of 3,427,521 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

F5 · 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: 0000899243-22-030507 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,336,629

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 405 shares of common stock of GEG purchased by Northern Right QP, 133 shares of common stock of GEG purchased by NRC Partners I and 709 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,493,902 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 117,097 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,725,630 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F6 · ownership.nature: (Continued from Footnote 5) 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: 0001140361-22-032424 · 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: 1,724,921

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-032424 · 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: 116,964

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-032424 · 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: 1,493,497

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-22-030512 · 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: 4,796,258

F1 · kind: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.04 to $2.05, inclusive. The reporting person undertakes 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.

F3 · ownership.nature: Consists of 3,426,274 shares held directly by Long Ball and 1,369,984 shares held directly by Imperial Capital Asset Management, LLC ("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.

F5 · 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: 0000899243-22-030507 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,335,382

F1 · shares: Represents 785 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 260 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 1,377 shares of common stock of GEG purchased by managed accounts (the "Managed Accounts") on behalf of investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as the investment manager for the Managed Accounts.

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,493,902 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 117,097 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,725,630 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F6 · ownership.nature: (Continued from Footnote 5) 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: 0000899243-22-029104 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,332,960

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · shares: Represents 660 shares of common stock of GEG purchased by Northern Right QP, 218 shares of common stock of GEG purchased by NRC Partners I and 1,149 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,492,712 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 116,704 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,723,544 shares of common stock of GEG.

F6 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F7 · ownership.nature: (continued from footnote 6) 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: 0001140361-22-030174 · form4.xml · nonDerivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,723,544

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-030174 · form4.xml · nonDerivative · entry 8

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 116,704

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-030174 · form4.xml · nonDerivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,492,712

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-22-029366 · 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: 4,793,837

F1 · kind: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F2 · ownership.nature: Consists of 3,423,853 shares held directly by Long Ball and 1,369,984 shares held directly by Imperial Capital Asset Management, LLC ("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: 0000899243-22-028879 · 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 Footnotes

Disclosed balance after: 4,791,810

F1 · kind: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.00 to $2.05, inclusive. The reporting person undertakes 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.

F7 · ownership.nature: Consists of 3,421,826 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

F8 · 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: 0000899243-22-029104 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,330,933

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 5,151 shares of common stock of GEG purchased by Northern Right QP, 1,710 shares of common stock of GEG purchased by NRC Partners I and 9,016 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,492,712 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 116,704 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,723,544 shares of common stock of GEG.

F6 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F7 · ownership.nature: (continued from footnote 6) 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: 0001140361-22-030174 · form4.xml · nonDerivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,722,395

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-030174 · form4.xml · nonDerivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 116,486

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-22-030174 · form4.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,492,052

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-22-028879 · 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 Footnotes

Disclosed balance after: 4,775,932

F1 · kind: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F4 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.00 to $2.05, inclusive. The reporting person undertakes 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.

F5 · ownership.nature: Consists of 3,405,948 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

F8 · 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: 0000899243-22-029104 · doc4.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

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: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,315,056

F1 · shares: Represents 8,496 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 2,813 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 14,841 shares of common stock of GEG purchased by managed accounts (the "Managed Accounts") on behalf of investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as the investment manager for the Managed Accounts.

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,492,712 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 116,704 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,723,544 shares of common stock of GEG.

F6 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F7 · ownership.nature: (continued from footnote 6) 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.