X0306 4 2019-11-08 0 0001082506 Great Elm Capital Group, Inc. GEC 0001458693 Drapkin Matthew A C/O NORTHERN RIGHT CAPITAL MANAGEMENT, L.P., 9 OLD KINGS HWY S., 4TH FLOOR DARIEN CT 06820 1 0 0 0 Common Stock 2019-11-08 4 A 0 18482 0.00 A 68273 D Common Stock 1266000 I See Footnote Common Stock 1136792 I See Footnote The Reporting Person was awarded restricted shares that vest commencing November 1, 2019, with one-twelfth vesting each monthly anniversary of such date, contingent upon continued service as a member of the board of directors of Great Elm Capital Group, Inc. ("GEC"). Represents shares of common stock purchased by Northern Right Capital Management, L.P., a Texas limited partnership ("Northern Right Management"), on behalf of a separate managed account on behalf of an investment advisory client (the "Managed Account") pursuant to the exercise of a warrant issued by GEC to Northern Right Management on September 18, 2017. Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP"). As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the shares of common stock held by Northern Right QP. As the investment manager of the Managed Account, Northern Right Management may also be deemed to be the beneficial owner of the shares of common stock held by the Managed Account. 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, Mr. Drapkin may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA. Mr. Drapkin disclaims such beneficial ownership of the 2,402,792 shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein. /s/ Adam M. Kleinman, attorney-in-fact 2019-12-12