X0306 4 2017-09-18 0 0001082506 Great Elm Capital Group, Inc. GEC 0001643733 Reed Peter A C/O GREAT ELM CAPITAL GROUP, INC. 200 CLARENDON ST. 51ST FLOOR BOSTON MA 02116 1 1 0 0 Chief Executive Officer Option (right to buy) 3.60 2017-09-18 4 A 0 213000 0.00 A 2027-09-18 Common Stock 213000 213000 D Option (right to buy) 3.60 2017-09-18 4 A 0 461165 0.00 A 2022-09-18 Common Stock 461165 461165 D The Reporting Person was awarded stock options that vest commencing on September 18, 2018 and vest in full on September 18, 2022, contingent upon his continued service. The Reporting Person was awarded stock options that vest commencing on March 18, 2018 and vest in full on September 18, 2018, contingent upon his continued service. /s/ Richard S Chernicoff as Attorney-in-Fact for Reporting Person 2017-09-20