Matthew A. Drapkin - Jan 5, 2023 Form 4 Insider Report for Great Elm Group, Inc. (GEG)

Role: Director, 10%+ Owner
Signature: /s/ Adam M. Kleinman, attorney-in-fact
Stock symbol: GEG
Transactions as of: Jan 5, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/9/2023, 06:25 PM
Previous filing: Nov 8, 2022
Next filing: Feb 24, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GEG	Common Stock	Award	$0	+29.4K	+10.63%	$0.00	306K	Jan 5, 2023	Direct	F6
transaction	GEG	Common Stock	Award	$0	+97.3K	+31.78%	$0.00	403K	Jan 5, 2023	Direct	F7
holding	GEG	Common Stock						1.58M	Jan 5, 2023	See Footnote	F1, F4, F5
holding	GEG	Common Stock						146K	Jan 5, 2023	See Footnote	F2, F4, F5
holding	GEG	Common Stock						1.82M	Jan 5, 2023	See Footnote	F3, F4, F5

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

Explanation of Responses:

Id	Content
F1	Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").
F2	Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").
F3	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	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	(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.
F6	The Reporting Person was awarded 29,412 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").
F7	The Reporting Person was awarded 97,285 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of GEG.