Great Elm Group, Inc. — Director's Dealing 2022

May 6, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Great Elm Group, Inc. (GEG)
CIK: 0001831096
Period of Report: 2022-05-04

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
2022-05-04	Common stock, par value $0.01 per share ("Common Stock")	P	1369984	$1.81	Acquired	4027982	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	405085	Direct

Footnotes

F1: 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: 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: 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.

F4: Consists of shares held directly by Mr. Reese.