Great Elm Group, Inc. - Jun 15, 2022 Form 4 Insider Report for Great Elm Capital Corp. (GECC)

Role: 10%+ Owner
Signature: /s/ Adam M. Kleinman, attorney-in-fact
Stock symbol: GECC
Transactions as of: Jun 15, 2022
Transactions value $: $17,501,125
Form type: 4
Date filed: 6/17/2022, 04:57 PM
Previous filing: May 12, 2022
Next filing: Jan 24, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GECC	Common Stock	Options Exercise	$10.2M	+814K	+100%	$12.50	1.63M	Jun 15, 2022	Direct	F1
transaction	GECC	Common Stock	Other	$2.32M	+186K	+11.42%	$12.50	1.81M	Jun 15, 2022	Direct	F2
transaction	GECC	Common Stock	Options Exercise	$1.25K	+100	+100%	$12.50	200	Jun 15, 2022	Forest Investments, Inc.	F3, F5
transaction	GECC	Common Stock	Other	$5M	+400K	+363627.27%	$12.50	400K	Jun 15, 2022	Forest Investments, Inc.	F4, F5
holding	GECC	Common Stock						73.2K	Jun 15, 2022	Great Elm Opportunities Fund I, LP	F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	GECC	Subscription Rights	Options Exercise	$0	-1M	-100%	$0.00^*	0	Jun 15, 2022	Common Stock	1M	$12.50	Direct
transaction	GECC	Subscription Rights	Options Exercise	$0	-400K	-100%	$0.00^*	0	Jun 15, 2022	Common Stock	400K	$12.50	Forest Investments, Inc.

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On June 15, 2022, the Reporting Person exercised in full its primary subscription rights (each 1 subscription right entitling it to purchase 1 share of Common Stock), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.
F2	Reflects additional shares of Common Stock acquired by GEG in connection with the Issuer's rights offering pursuant to the over-subscription privilege.
F3	On June 15, 2022, Forest Investments, Inc. ("Forest") exercised in full its primary subscription rights (each 1 subscription right entitling Forest to purchase 1 share of Common Stock), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.
F4	Reflects additional shares of Common Stock acquired by Forest in connection with the Issuer's rights offering pursuant to the over-subscription privilege.
F5	Represents shares of common stock of GECC held directly by Forest. As the parent of Forest, GEG may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Forest.
F6	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.