X0306 4 2016-07-18 0 0001082506 Great Elm Capital Group, Inc. GEC 0001525202 Chernicoff Richard C/O GREAT ELM CAPITAL GROUP, INC. 20 FIRST STREET, FIRST FLOOR LOS ALTOS CA 94022 1 1 0 0 CHIEF EXECUTIVE OFFICER Stock Option (right to buy) 6.99 2016-07-18 4 A 0 141437 0.00 A 2026-07-18 COMMON STOCK 141437 141437 D Shares subject to option shall vest and become exercisable ratably in equal quarterly installments commencing on July 18, 2016 and ending on the two year anniversary of the date of grant. /s/ Kathlene Smith as Attorney-in-Fact for Reporting Person 2016-07-20