Great Elm (GEG) President Adam Kleinman Receives Awards; Shares Withheld

What Happened Adam M. Kleinman, President of Great Elm Group, Inc. (GEG), was granted 40,104 restricted shares and awarded options on September 21, 2026. One-quarter of the restricted stock (10,026 shares) vested immediately; the remainder vests annually through September 20, 2029. He was also granted options to purchase 40,000 shares (50% vested immediately — 20,000 options — with the balance vesting on September 20, 2027). To cover tax withholding on the restricted stock vesting, 17,367 shares were surrendered/withheld at $2.15 per share for a cash value of approximately $37,339.

Key Details

• Transaction date(s): September 21, 2026; Form 4 filed September 23, 2026 (appears timely).
• Awards: 40,104 restricted shares (grant A, $0.00 per share); 40,000 stock options (derivative award A).
• Immediate vesting: 10,026 restricted shares (25%) and 20,000 options (50%) vested on grant date.
• Tax withholding: 17,367 shares surrendered (code F) at $2.15/share, reported value ~$37,339; noted as a net share settlement exempt under Rule 16b-3 (footnote F2).
• Vesting contingencies: remaining restricted shares vest annually through 9/20/2029; remaining options vest 9/20/2027 (both contingent on continued employment) (footnotes F1, F3).
• Shares owned after transaction: not specified in the provided filing data.

Context These transactions are company awards and standard tax withholding on vesting rather than open-market buys or discretionary sales. The options were granted (partly vested) — they were not exercised and no immediate sale of option shares was reported. Tax-withheld share disposals are routine and typically reflect withholding obligations, not a market sale by the insider.