Great Elm Capital Corp. — Director's Dealing 2021

Sep 28, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Great Elm Capital Corp. (GECC)
CIK: 0001675033
Period of Report: 2021-09-24

Reporting Person: Great Elm Group, Inc. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-09-24	Common Stock	J	220217	—	Disposed	5319507	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	439063	Indirect

Footnotes

F1: On September 24, 2021, Great Elm Group, Inc. ("GEG") agreed to transfer an aggregate of 220,217 shares of common stock of Great Elm Capital Corp. owned by GEG as compensation to certain of GEG's employees. The shares vest in equal annual installments beginning on the grant date, September 24, 2021, and in equal annual installments on each anniversary of the grant date through September 24, 2024, subject to continued service with GEG. GEG will retain voting rights over the unvested portion of the shares.

F2: Represents shares of common stock of GECC held directly by Great Elm Opportunities Fund I, LP, a Delaware limited partnership ("GEOF"). As the general partner of GEOF, Great Elm Opportunities GP, Inc., a Delaware corporation ("GEOF GP") and a wholly-owned subsidiary of GEG may be deemed to be the beneficial owner of the shares of common stock held by GEOF. As the parent of GEOF GP, GEG may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by GEOF GP.