Great Elm Group, Inc. — Director's Dealing 2021

May 21, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Great Elm Group, Inc. (GEG)
CIK: 0001831096
Period of Report: 2021-05-18

Reporting Person: Reese Jason W. (Director, 10% Owner)
Reporting Person: Imperial Capital Asset Management, LLC (10% Owner)
Reporting Person: LONG BALL PARTNERS LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-18	Common stock, par value $0.01 per share ("Common Stock")	P	10229	$2.1801	Acquired	2339541	Indirect
2021-05-19	Common Stock	P	259882	$2.3984	Acquired	2599423	Indirect
2021-05-20	Common Stock	P	58575	$2.3166	Acquired	2657998	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	127615	Direct

Footnotes

F1: 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.

F2: 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.

F3: 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: 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.