X0306 4 2021-03-19 0001831096 Great Elm Group, Inc. GEG 0001394808 Serota Jeffrey C/O GREAT ELM GROUP, INC. 800 SOUTH STREET, SUITE 230 WALTHAM MA 02453 true Common Stock 2021-03-19 4 A 0 7706 0 A 78575 D Common Stock 2021-03-19 4 A 0 19751 0 A 98326 D The Reporting Person was awarded 7,706 restricted stock units that fully vested on March 19, 2021. The Reporting Person was awarded 19,751 restricted stock units, one-tenth of which vested on March 19, 2021, and the remainder of which vest in equal monthly installments on the first of each month beginning April 1, 2021 through December 1, 2021, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG"). As of December 29, 2020, GEG became the successor issuer to, and parent holding company of, Forest Investments, Inc., a Delaware corporation ("Forest"), formerly known as Great Elm Capital Group, Inc., pursuant to a holding company reorganization in which all of Forest's outstanding shares were automatically converted into equivalent corresponding shares of GEG. /s/ Adam M. Kleinman, attorney-in-fact 2021-03-23