Document:

EXHIBIT 4.4

 

GREAT ELM CAPITAL GROUP, INC.

2016 EMPLOYEE STOCK PURCHASE PLAN

		1.	GENERAL; PURPOSE

		1.1	General. The Plan provides a means by which Eligible Employees of the Company and certain
designated Related Corporations may be given an opportunity to purchase shares of Common Stock. The Plan permits the Company to
grant a series of Purchase Rights to Eligible Employees under an Employee Stock Purchase Plan.

		1.2	Purpose. The Company, by means of the Plan, seeks to retain the services of such Employees,
to secure and retain the services of new Employees and to provide incentives for such persons to exert maximum efforts for the
success of the Company and its Related Corporations.

		2.	ADMINISTRATION

		2.1	Board. The Board will administer the Plan unless and until the Board delegates administration
of the Plan to a Committee or Committees, as provided in Section 2(c).

		2.2	Powers. The Board will have the power, subject to, and within the limitations of, the express
provisions of the Plan:

		(a)	To determine how and when Purchase Rights will be granted and the provisions of each Offering (which
need not be identical).

		(b)	To designate from time to time which Related Corporations of the Company will be eligible to participate
in the Plan.

		(c)	To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules
and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency
in the Plan, in a manner and to the extent it deems necessary or expedient to make the Plan fully effective.

		(d)	To settle all controversies regarding the Plan and Purchase Rights granted under the Plan.

		(e)	To suspend or terminate the Plan at any time as provided in Section 12.

		(f)	To amend the Plan at any time as provided in Section 12.

		(g)	Generally, to exercise such powers and to perform such acts as it deems necessary or expedient
to promote the best interests of the Company and its Related Corporations and to carry out the intent that the Plan be treated
as an Employee Stock Purchase Plan.

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		(h)	To adopt such procedures and sub-plans as are necessary or appropriate to permit participation
in the Plan by Employees who are foreign nationals or employed outside the United States.

		2.3	Delegation. The Board may delegate some or all of the administration of the Plan to a Committee
or Committees. If administration is delegated to a Committee, the Committee will have, in connection with the administration of
the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate
to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the
Board will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions
of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the
Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether or not
the Board has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions
of policy and expediency that may arise in the administration of the Plan.

		2.4	Final Authority. All determinations, interpretations and constructions made by the Board
in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

		3.	SHARES OF COMMON STOCK SUBJECT TO THE PLAN

		3.1	Base Share Count. Subject to the provisions of Sections 11(a) and 3.2, the maximum number
of shares of Common Stock that may be issued under the Plan will not exceed 944,000 shares of Common Stock.

		3.2	Evergreen. The number of shares issuable hereunder will automatically increase on January
1st of each year, for ten years, commencing on January 1 of the year following the year in which the Effective Date occurs, in
an amount equal to one percent of the total number of shares of capital stock of the Company outstanding on December 31st of the
preceding calendar year. The Board may act prior to January 1st of a given year to provide that there will be no January 1st increase
in the number of shares issuable hereunder for such year or that the increase in the number of shares issuable hereunder for such
year will be a smaller number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence.

		3.3	Unexercised Shares. If any Purchase Right granted under the Plan terminates without having
been exercised in full, the shares of Common Stock not purchased under such Purchase Right will again become available for issuance
under the Plan.

		3.4	Treasury Stock. The stock purchasable under the Plan will be shares of authorized but unissued
or reacquired Common Stock, including shares repurchased by the Company on the open market.

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		4.	GRANT OF PURCHASE RIGHTS; OFFERING

		4.1	Grant of Purchase Rights. The Board may from time to time grant or provide for the grant
of Purchase Rights to Eligible Employees under an Offering (consisting of one or more Purchase Periods) on an Offering Date or
Offering Dates selected by the Board. Each Offering will be in such form and will contain such terms and conditions as the Board
will deem appropriate, and will comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase
Rights will have the same rights and privileges. The terms and conditions of an Offering shall be incorporated by reference into
the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering will include
(through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period
during which the Offering will be effective, which period will not exceed 27 months beginning with the Offering Date, and the substance
of the provisions contained in Sections 5 through 8, inclusive.

		4.2	Exercise. If a Participant has more than one Purchase Right outstanding under the Plan,
unless he or she otherwise indicates in forms delivered to the Company: (a) each form will apply to all of his or her Purchase
Rights under the Plan, and (b) a Purchase Right with a lower exercise price (or an earlier-granted Purchase Right, if different
Purchase Rights have identical exercise prices) will be exercised to the fullest possible extent before a Purchase Right with a
higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical exercise prices) will be exercised.

		4.3	Fair Market Value. The Board will have the discretion to structure an Offering so that if
the Fair Market Value of a share of Common Stock on the first Trading Day of a new Purchase Period within that Offering is less
than or equal to the Fair Market Value of a share of Common Stock on the Offering Date for that Offering, then (a) that Offering
will terminate immediately as of that first Trading Day, and (b) the Participants in such terminated Offering will be automatically
enrolled in a new Offering beginning on the first Trading Day of such new Purchase Period.

		5.	ELIGIBILITY

		5.1	Eligible Employees. Purchase Rights may be granted only to Employees of the Company or,
as the Board may designate in accordance with Section 2(b), to Employees of a Related Corporation. Except as provided in Section
5(b), an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the
employ of the Company or the Related Corporation, as the case may be, for such continuous period preceding such Offering Date as
the Board may require, but in no event will the required period of continuous employment be equal to or greater than two years.
In addition, the Board may provide that no Employee will be eligible to be granted Purchase Rights under the Plan unless, on the
Offering Date, such Employee’s customary employment with the Company or the Related Corporation is more than 20 hours per
week and more than five months per calendar year or such other criteria as the Board may determine consistent with Section 423
of the Code.

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		5.2	New Hires. The Board may provide that each person who, during the course of an Offering,
first becomes an Eligible Employee will, on a date or dates specified in the Offering which coincides with the day on which such
person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which Purchase Right
will thereafter be deemed to be a part of that Offering. Such Purchase Right will have the same characteristics as any Purchase
Rights originally granted under that Offering, as described herein, except that:

		(a)	the date on which such Purchase Right is granted will be the “Offering Date” of such
Purchase Right for all purposes, including determination of the exercise price of such Purchase Right;

		(b)	the period of the Offering with respect to such Purchase Right will begin on its Offering Date
and end coincident with the end of such Offering; and

		(c)	the Board may provide that if such person first becomes an Eligible Employee within a specified
period of time before the end of the Offering, he or she will not receive any Purchase Right under that Offering.

		5.3	Ineligible Employees.

		(a)	No Employee will be eligible for the grant of any Purchase Rights if, immediately after any such
Purchase Rights are granted, such Employee owns stock possessing five percent or more of the total combined voting power or value
of all classes of stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d)
of the Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all
outstanding Purchase Rights and options will be treated as stock owned by such Employee.

		(b)	As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights
only if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and
any Related Corporations, do not permit such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation
to accrue at a rate which exceeds $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and
which, with respect to the Plan, will be determined as of their respective Offering Dates) for each calendar year in which such
rights are outstanding at any time.

		5.4	Eligibility of Officers. Officers of the Company and any designated Related Corporation,
if they are otherwise Eligible Employees, will be eligible to participate in Offerings under the Plan. Notwithstanding the foregoing,
the Board may provide in an Offering that Employees who are highly compensated Employees within the meaning of Section 423(b)(4)(D)
of the Code will not be eligible to participate.

		6.	PURCHASE RIGHTS; PURCHASE PRICE

		6.1	Purchase Rights. On each Offering Date, each Eligible Employee, pursuant to an Offering
made under the Plan, will be granted a Purchase Right to purchase up to that number of shares of Common Stock purchasable either
with a percentage or with a maximum dollar amount, as designated by the Board, but in either case not exceeding 15% of such Employee’s
earnings (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the
Board determines for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end
of the Offering.

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		6.2	Purchase Dates. The Board will establish one or more Purchase Dates during an Offering on
which Purchase Rights granted for that Offering will be exercised and shares of Common Stock will be purchased in accordance with
such Offering.

		6.3	Offered Terms. In connection with each Offering made under the Plan, the Board may specify
(a) a maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during such Offering,
(b) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering and/or
(c) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants on any Purchase Date under the
Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under the Offering
would exceed any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s
accumulated Contributions) allocation of the shares of Common Stock available will be made in as nearly a uniform manner as will
be practicable and equitable.

		6.4	Minimum Purchase Price. The purchase price of shares of Common Stock acquired pursuant to
Purchase Rights will be not less than the lesser of:

		(a)	an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date;
or

		(b)	an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable
Purchase Date.

		7.	PARTICIPATION; WITHDRAWAL; TERMINATION

		7.1	Participation. An Eligible Employee may elect to authorize payroll deductions as the means
of making Contributions by completing and delivering to the Company, within the time specified in the Offering, an enrollment form
provided by the Company. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified
by the Board. Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan
and will be deposited with the general funds of the Company except where applicable law requires that Contributions be deposited
with a third party. If permitted in the Offering, a Participant may begin such Contributions with the first payroll occurring on
or after the Offering Date (or, in the case of a payroll date that occurs after the end of the prior Offering but before the Offering
Date of the next new Offering, Contributions from such payroll will be included in the new Offering). If permitted in the Offering,
a Participant may thereafter reduce (including to zero) or increase his or her Contributions. If specifically provided in the Offering,
in addition to making Contributions by payroll deductions, a Participant may make Contributions through the payment by cash or
check prior to a Purchase Date.

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		7.2	Withdrawal. During an Offering, a Participant may cease making Contributions and withdraw
from the Offering by delivering to the Company a withdrawal form provided by the Company. The Company may impose a deadline before
a Purchase Date for withdrawing. Upon such withdrawal, such Participant’s Purchase Right in that Offering will immediately
terminate and the Company will distribute to such Participant all of his or her accumulated but unused Contributions and such Participant’s
Purchase Right in that Offering shall thereupon terminate. A Participant’s withdrawal from that Offering will have no effect
upon his or her eligibility to participate in any other Offerings under the Plan, but such Participant will be required to deliver
a new enrollment form to participate in subsequent Offerings.

		7.3	Termination. Purchase Rights granted pursuant to any Offering under the Plan will terminate
immediately if the Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment
participation period required by law) or (ii) is otherwise no longer eligible to participate. The Company will distribute to such
individual all of his or her accumulated but unused Contributions.

		7.4	Non Transferability. During a Participant’s lifetime, Purchase Rights will be exercisable
only by such Participant. Purchase Rights are not transferable by a Participant, except by will, by the laws of descent and distribution,
or, if permitted by the Company, by a beneficiary designation as described in Section 10.

		7.5	No Interest Accrual. Unless otherwise specified in the Offering, the Company will have no
obligation to pay interest on Contributions.

		8.	EXERCISE OF PURCHASE RIGHTS.

		8.1	Exercise of Purchase Rights. On each Purchase Date, each Participant’s accumulated
Contributions will be applied to the purchase of shares of Common Stock, up to the maximum number of shares of Common Stock permitted
by the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will be issued unless
specifically provided for in the Offering.

		8.2	Rollover. If any amount of accumulated Contributions remains in a Participant’s account
after the purchase of shares of Common Stock and such remaining amount is less than the amount required to purchase one share of
Common Stock on the final Purchase Date of an Offering, then such remaining amount will be held in such Participant’s account
for the purchase of shares of Common Stock under the next Offering under the Plan, unless such Participant withdraws from or is
not eligible to participate in such Offering, in which case such amount will be distributed to such Participant after the final
Purchase Date, without interest. If the amount of Contributions remaining in a Participant’s account after the purchase of
shares of Common Stock is at least equal to the amount required to purchase one whole share of Common Stock on the final Purchase
Date of an Offering, then such remaining amount will not roll over to the next Offering and will instead be distributed in full
to such Participant after the final Purchase Date of such Offering without interest.

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		8.3	Registration Required. No Purchase Rights may be exercised to any extent unless the shares
of Common Stock to be issued upon such exercise under the Plan are covered by an effective registration statement pursuant to the
Securities Act and the Plan is in material compliance with all applicable federal, state, foreign and other securities and other
laws applicable to the Plan. If on a Purchase Date the shares of Common Stock are not so registered or the Plan is not in such
compliance, no Purchase Rights will be exercised on such Purchase Date, and the Purchase Date will be delayed until the shares
of Common Stock are subject to such an effective registration statement and the Plan is in material compliance, except that the
Purchase Date will in no event be more than six months from the Offering Date. If, on the Purchase Date, as delayed to the maximum
extent permissible, the shares of Common Stock are not registered and the Plan is not in material compliance with all applicable
laws, no Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed to the Participants
without interest.

		9.	COVENANTS OF THE COMPANY. The Company will seek to obtain from each federal, state, foreign or other regulatory commission
or agency having jurisdiction over the Plan such authority as may be required to grant Purchase Rights and issue and sell shares
of Common Stock thereunder. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel
for the Company deems necessary for the grant of Purchase Rights or the lawful issuance and sale of Common Stock under the Plan,
and at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or
to issue and sell Common Stock upon exercise of such Purchase Rights.

		10.	DESIGNATION OF BENEFICIARY.

		10.1	Designation. The Company may, but is not obligated to, permit a Participant to submit a
form designating a beneficiary who will receive any shares of Common Stock and/or Contributions from the Participant’s account
under the Plan if the Participant dies before such shares and/or Contributions are delivered to the Participant. The Company may,
but is not obligated to, permit the Participant to change such designation of beneficiary. Any such designation and/or change must
be on a form approved by the Company.

		10.2	Effects of Death. If a Participant dies, and in the absence of a valid beneficiary designation,
the Company will deliver any shares of Common Stock and/or Contributions to the executor or administrator of the estate of the
Participant. If no executor or administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion,
may deliver such shares of Common Stock and/or Contributions to the Participant’s spouse, dependents or relatives, or if
no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

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		11.	ADJUSTMENTS UPON CHANGES IN COMMON STOCK; CORPORATE TRANSACTIONS.

		11.1	Capitalization Adjustment. In the event of a Capitalization Adjustment, the Board will appropriately
and proportionately adjust: (a) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (b)
the class(es) and maximum number of securities by which the share reserve is to increase automatically each year pursuant to Section
3(a), (c) the class(es) and number of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase
Rights, and (d) the class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering.
The Board will make these adjustments, and its determination will be final, binding and conclusive.

		11.2	Corporate Transaction. In the event of a Corporate Transaction, then: (a) any surviving
corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue
outstanding Purchase Rights or may substitute similar rights (including a right to acquire the same consideration paid to the stockholders
in the Corporate Transaction) for outstanding Purchase Rights, or (b) if any surviving or acquiring corporation (or its parent
company) does not assume or continue such Purchase Rights or does not substitute similar rights for such Purchase Rights, then
the Participants’ accumulated Contributions will be used to purchase shares of Common Stock within ten business days prior
to the Corporate Transaction under the outstanding Purchase Rights, and the Purchase Rights will terminate immediately after such
purchase.

		12.	AMENDMENT, TERMINATION OR SUSPENSION OF THE PLAN.

		12.1	Amendment. The Board may amend the Plan at any time in any respect the Board deems necessary
or advisable. However, except as provided in Section 11(a) relating to Capitalization Adjustments, stockholder approval will be
required for any amendment of the Plan for which stockholder approval is required by applicable law or listing requirements, including
any amendment that either (a) materially increases the number of shares of Common Stock available for issuance under the Plan,
(b) materially expands the class of individuals eligible to become Participants and receive Purchase Rights, (c) materially increases
the benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be purchased
under the Plan, (d) materially extends the term of the Plan, or (e) expands the types of awards available for issuance under the
Plan, but in each of (a) through (e) above only to the extent stockholder approval is required by applicable law or listing requirements.

		12.2	Discretionary Suspension or Termination. The Board may suspend or terminate the Plan at
any time. No Purchase Rights may be granted under the Plan while the Plan is suspended or after it is terminated.

		12.3	Effect of Amendment, Suspension or Termination. Any benefits, privileges, entitlements and
obligations under any outstanding Purchase Rights granted before an amendment, suspension or termination of the Plan will not be
materially impaired by any such amendment, suspension or termination except (a) with the consent of the person to whom such Purchase
Rights were granted, (b) as necessary to comply with any laws, listing requirements, or governmental regulations (including, without
limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance issued thereunder relating
to Employee Stock Purchase Plans) including without limitation any such regulations or other guidance that may be issued or amended
after the date the Plan is adopted by the Board, or (c) as necessary to obtain or maintain favorable tax, listing, or regulatory
treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment
is necessary to ensure that the Purchase Right and/or the Plan complies with the requirements of Section 423 of the Code.

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		13.	EFFECTIVE DATE OF THE PLAN. The Plan will become effective upon approval by the holders of a majority of the shares
present or represented by proxy at a special meeting of stockholders of the Company entitled to vote on approval of the Plan. No
Purchase Rights will be exercised unless and until the Plan has been approved by the stockholders of the Company, which approval
must be within 12 months before or after the date the Plan is adopted (or if required under Section 12.1, materially amended) by
the Board.

		14.	MISCELLANEOUS PROVISIONS

		14.1	Proceeds. Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights will
constitute general funds of the Company.

		14.2	No Stockholder Rights. A Participant will not be deemed to be the holder of, or to have
any of the rights of a holder with respect to, shares of Common Stock subject to Purchase Rights unless and until the Participant’s
shares of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent).

		14.3	No Employment Contract or Guarantee. The Plan and Offering do not constitute an employment
contract. Nothing in the Plan or in the Offering will in any way alter the at will nature of a Participant’s employment or
be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company
or a Related Corporation, or on the part of the Company or a Related Corporation to continue the employment of a Participant.

		14.4	Drafting Context; Captions. Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.
The words “Article,” “Section,” and “paragraph” herein shall refer to provisions of the Plan,
unless expressly indicated otherwise. The words “include,” “includes,” and “including” herein
shall be deemed to be followed by “without limitation” whether or not they are in fact followed by such words or words
of similar import, unless the context otherwise requires. The headings and captions appearing herein are inserted only as a matter
of convenience. They do not define, limit, construe, or describe the scope or intent of the provisions of the Plan.

		14.5	No Waiver. No failure or delay in the exercise or assertion of any right of the Company
hereunder will impair such right or be construed to be a waiver of, or acquiescence in, or create an estoppel with respect to any
covenant herein, nor will any single or partial exercise of any such right preclude other or further exercise thereof or of any
other right.

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		14.6	Severability. Any term or provision hereof that is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable in any situation in any jurisdiction will not affect the validity or enforceability
of the remaining terms and provisions hereof or the validity or enforceability of the invalid, void or unenforceable term or provision
in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction or other authority
declares any term or provision hereof invalid, void or unenforceable, the court or other authority making such determination will
have the power to and will, subject to the discretion of such body, reduce the scope, duration, area or applicability of the term
or provision, to delete specific words or phrases, or to replace any invalid, void or unenforceable term or provision with a term
or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term
or provision.

		14.7	Governing Law. The provisions of the Plan will be governed by the laws of the State of Delaware
applicable to contracts made in and to be performed entirely within the State of Delaware.

		14.8	No Effect on Other Plans. Neither the adoption of the Plan nor anything contained herein
shall affect any other compensation or incentive plans or arrangements of the Company or any of its subsidiaries or affiliates,
or prevent or limit the right of the Company or any of its subsidiaries or affiliates to establish any other forms of incentives
or compensation for their directors, officers, eligible employees or consultants or grant or assume options or other rights otherwise
than under the Plan.

		14.9	Section 16 of Exchange Act. Unless otherwise stated in the Offering document, notwithstanding
any other provision of the Plan, any right granted hereunder shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3) that are requirements for the application of such exemptive
rule, and the Plan and the Offering document shall be deemed amended to the extent necessary to conform to such limitations.

		14.10	Requirements of Law; Limitations on Awards.

		(a)	The making of Offerings and the issuance of shares of Common Stock under the Plan shall be subject
to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges
as may be required.

		(b)	If at any time the Committee shall determine, in its discretion, that the listing, registration
and/or qualification of shares of Common Stock upon any securities exchange or under any state, Federal or non-United States law,
or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with,
the sale or purchase of shares of Common Stock hereunder, the Company shall have no obligation to allow the grant, exercise or
payment of the Purchase Price, or to issue or deliver evidence of title for shares of Common Stock issued under the Plan, in whole
or in part, unless and until such listing, registration, qualification, consent and/or approval shall have been effected or obtained,
or otherwise provided for, free of any conditions not acceptable to the Committee.

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		(c)	If at any time counsel to the Company shall be of the opinion that any sale or delivery of shares
of Common Stock in an Offering is or may be in the circumstances unlawful or result in the imposition of excise taxes on the Company
or any of its subsidiaries or affiliates under the statutes, rules or regulations of any applicable jurisdiction, the Company shall
have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration
under the Securities Act, or otherwise with respect to shares of Common Stock and the right to purchase shall be suspended until,
in the opinion of such counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the
Company or any of its subsidiaries or affiliates.

		(d)	Upon termination of any period of suspension under this Section 14.10(d), any Offering affected
by such suspension which shall not then have expired or terminated shall be reinstated as to all shares of Common Stock available
before such suspension and as to the shares of Common Stock which would otherwise have become available during the period of such
suspension, but no suspension shall extend the term of any Offering.

		(e)	The Committee may require each person receiving shares of common stock in connection with any Offering
to represent and agree with the Company in writing that such person is acquiring such shares of common stock for investment without
a view to the distribution thereof, and/or provide such other representations and agreements as the Committee may prescribe. The
Committee, in its absolute discretion, may impose such restrictions on the ownership and transferability of the shares purchasable
or otherwise receivable by any person in any Offering as it deems appropriate. Any such restrictions shall be set forth in the
applicable Offering document, and the certificates evidencing such shares may include any legend that the Committee deems appropriate
to reflect any such restrictions.

		(f)	Each Offering and any shares of common stock received upon the exercise or payment of an Offering
shall be subject to such other transfer and/or ownership restrictions and/or legending requirements as the Committee may establish
in its discretion and may be referred to on the certificates evidencing such shares, including restrictions under applicable Federal
securities laws, under the requirements of any stock exchange or market upon which such shares are then listed and/or traded, and
under any blue sky or state securities laws applicable to such shares.

		14.11	Participants Deemed to Accept Plan. By accepting any benefit under the Plan, each Participant
and each person claiming under or through any such Participant shall be conclusively deemed to have indicated their acceptance
and ratification of, and consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the Board,
the Committee or the Company, in any case in accordance with the terms and conditions of the Plan.

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		14.12	Definitions.As used in the Plan, the following
definitions will apply to the capitalized terms indicated below:

		(a)	“Board” means the Board of Directors of the Company.

		(b)	“Capital Stock” means each and every class of common stock of the Company, regardless
of the number of votes per share.

		(c)	“Capitalization Adjustment” means any change that is made in, or other events that
occur with respect to, the Common Stock subject to the Plan or subject to any Purchase Right after the date the Plan is adopted
by the Board without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization,
reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating
dividend, combination of shares, exchange of shares, change in corporate structure or other similar equity restructuring transaction,
as that term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto).
Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization
Adjustment.

		(d)	“Code” means the Internal Revenue Code of 1986, as amended, including any applicable
regulations and guidance thereunder.

		(e)	“Committee” means a committee of one or more members of the Board to whom authority
has been delegated by the Board in accordance with Section 2(c).

		(f)	“Common Stock” means, the common stock of the Company, par value $0.001 per share.

		(g)	“Company” means Great Elm Capital Group, Inc., a Delaware corporation.

		(h)	“Contributions” means the payroll deductions and other additional payments specifically
provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional
payments into his or her account if specifically provided for in the Offering, and then only if the Participant has not already
had the maximum permitted amount withheld during the Offering through payroll deductions.

		(i)	“Corporate Transaction” means the consummation, in a single transaction or in a series
of related transactions, of any one or more of the following events:

(i)                
a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the
consolidated assets of the Company and its Subsidiaries;

(ii)             
a sale or other disposition of at least 90% of the outstanding securities of the Company;

(iii)           
a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

    	 	12 	 

     

    

(iv)            
a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares
of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by
virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

		(j)	“Director” means a member of the Board.

		(k)	“Eligible Employee” means an Employee who meets the requirements set forth in the document(s)
governing the Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements
for eligibility to participate set forth in the Plan.

		(l)	“Employee” means any person, including an Officer or Director, who is “employed”
for purposes of Section 423(b)(4) of the Code by the Company or a Related Corporation. However, service solely as a Director, or
payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

		(m)	“Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to
be options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code.

		(n)	“Exchange Act” means the Securities Exchange Act of 1934, as amended and the rules
and regulations promulgated thereunder.

		(o)	“Fair Market Value” means, as of any date, the value of the Common Stock determined
as follows:

(i)                
If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market
Value of a share of Common Stock will be the closing sales price for such stock as quoted on such exchange or market (or the exchange
or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in such source as
the Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the
date of determination, then the Fair Market Value will be the closing sales price on the last preceding date for which such quotation
exists.

(ii)             
In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good
faith in compliance with applicable laws and in a manner that complies with Sections 409A of the Code.

		(p)	“Offering” means the grant to Eligible Employees of Purchase Rights, with the exercise
of those Purchase Rights automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering
will generally be set forth in the “Offering Document” approved by the Board for that Offering.

		(q)	“Offering Date” means a date selected by the Board for an Offering to commence.

    	 	13 	 

     

    

		(r)	“Officer” means a person who is an officer of the Company or a Related Corporation
within the meaning of Section 16 of the Exchange Act.

		(s)	“Participant” means an Eligible Employee who holds an outstanding Purchase Right.

		(t)	“Plan” means this Great Elm Capital Group, Inc. 2016 Employee Stock Purchase Plan.

		(u)	“Purchase Date” means one or more dates during an Offering selected by the Board on
which Purchase Rights will be exercised and on which purchases of shares of Common Stock will be carried out in accordance with
such Offering.

		(v)	“Purchase Period” means a period of time specified within an Offering, generally beginning
on the Offering Date or on the first Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist
of one or more Purchase Periods.

		(w)	“Purchase Right” means an option to purchase shares of Common Stock granted pursuant
to the Plan.

		(x)	“Related Corporation” means any “parent corporation” or “subsidiary
corporation” of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and 424(f),
respectively, of the Code.

		(y)	“Securities Act” means the Securities Act of 1933, as amended.

		(z)	“Trading Day” means any day on which the exchange(s) or market(s) on which shares of
Common Stock are listed, including but not limited to the NYSE, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq
Capital Market or any successors thereto, is open for trading.

 

 

 

 

    	 	14Exhibit 10.1

 

ASSET ACQUISITION AGREEMENT

 

THIS ASSET ACQUISITION
AGREEMENT (the “Agreement”), made as of 25 December, 2020 (the “Effective Date”), by and among Hangzhou
Lanlian Technology Co., Ltd. 杭州蓝链科技有限公司
(the “Seller”), and Lion Group Holding Ltd. or any entity designated by Lion Group Holding Ltd. (“the
“Buyer”). Seller and Buyer, individually are referred to herein as a “Party,” and collectively as
the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, Seller
has full ownership of the patents as listed in Schedule A (the “Assets”);

 

WHEREAS, the
Seller desires to sell the Assets for an aggregate purchase price of US$8,000,000 (the “Purchase Price”), and
the Buyer desires to purchase the Assets based upon the terms and conditions hereinafter set forth.

 

NOW, THEREFORE,
in consideration of the mutual promises, covenants, representations and warranties contained herein, and subject to the terms and
conditions hereof, the Parties hereby agree as follows:

 

1. Asset Acquisition.
At the Closing (as hereinafter defined) and subject to the terms and conditions of this Agreement, the Seller shall sell, convey,
and deliver to the Buyer, and the Buyer shall purchase and accept from the Seller, the Assets for the Purchase Price specified
in Section 2 below .

 

2. Purchase Price.
In exchange for the Assets, the Buyer shall pay in aggregate US$8,000,000 to the Seller upon and subject to such payment terms
as may be mutually agreed by the Parties; otherwise the Purchase Price shall be payable upon Closing.

 

3. Closing. The
Closing of the transaction described in this Agreement shall take place on such date as mutually determined by the parties hereto
(the “Closing”), which Closing is expected to be on or before 30 June, 2021, unless extended by mutual consent
of the Parties. On or before the Closing:

 

(a) the Seller succeeds
in obtaining the consents and approvals from the competent governmental authority in the PRC in relation with the export of the
Assets and the registration of the Assets and warrants that at the time of Closing there are no limitation to the transfer of the
Assets to an offshore entity;

 

(b) the Seller shall
assign to the Buyer all control of the Assets; and

 

     

     

    

 

(c) the Seller shall
deliver to the Buyer or its appointed agent all supporting documents in relation with the Assets as reasonably requested by the
Buyer, including but not limited to the source code, source programs, underlying technical data ; and

 

(d) the Buyer or its
appointed agent shall have been issued with the registration certificate(s) under the name of the Buyer evidencing the assignment
of control of the Assets.

 

4. Representation
and Warranties of the Seller. The Seller represents and warrants that:

 

(a) Authority. The Seller
has all necessary power and authority to execute, deliver and perform this Agreement and to consummate the transactions provided
for herein. This Agreement has been duly authorized, executed and delivered by the Seller and constitutes a valid and binding obligation
of the Seller and is enforceable in accordance with its terms. The execution, delivery and performance of this Agreement by the
Seller do not and will not violate any provision of any law, regulation or order, or conflict with or result in the breach of,
or constitute a default under, any material agreement or instrument to which the Seller is a party or by which the Seller may be
bound or affected. No consent of any person or any other action by, or notice to or filing with, any governmental authority or
regulatory body is required in connection with the Seller’s execution, delivery or performance, or with respect to the validity
or enforceability of this Agreement.

 

(b) Title. The Seller
has good and marketable title to the Assets free and clear of all liens and encumbrances.

 

(c) Legal Proceedings.
The Seller hereby represents and warrants to the Buyer that no litigation, arbitration or administrative proceedings are current
or pending or, to the Seller’s knowledge, threatened, involving or affecting the Assets or which could reasonably be expected
to have a material adverse effect on its ability to perform its obligations hereunder, and none of the Assets are subject to any
order, writ, injunction, execution or attachment.

 

(d) Taxes and fees. The
Seller warrants that all documentary, stamp, or other taxes or fees that may be owed in connection with the acquisition contemplated
herein shall be timely paid by the Seller.

 

(e) Assistance. The Seller
undertakes that the Seller shall promptly assist with the Buyer in the registration of assignment of the Assets, including but
not limited to registration of this Agreement, obtainment of registration certificate of this Agreement, change of registrant at
copyright office.

 

(f) Disclosure. The Seller
warrants that the Seller has disclosed to the Buyer in this Agreement all material facts related to the transactions contemplated
by this Agreement. No representation or warranty of the Seller contained in this Agreement or other agreements and instrument referred
to in this Agreement, and no statement contained in any certificate, schedule, list or other writing furnished to the Buyer pursuant
to the provisions of this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary
in order to make the statements herein or therein not misleading.

 

    2

     

    

 

5. Representation
and Warranties of the Buyer. The Buyer represents and warrants that:

 

(a) Authority. The Buyer
has all necessary power and authority to execute, deliver and perform this Agreement and to consummate the transactions provided
for herein. This Agreement has been duly executed and delivered by the Buyer and constitutes a valid and binding obligation of
the Buyer, enforceable in accordance with its terms. The execution, delivery and performance of this Agreement by the Buyer does
not and will not violate any provision of any law, regulation or order, or result in the breach of, or constitute a default under,
any material agreement or instrument to which Buyer is a party or by which Buyer may be bound or affected.

 

(b) Disclosure. Buyer
warrants that Buyer has disclosed to the Seller in this Agreement all material facts related to the transactions contemplated by
this Agreement. No representation or warranty of the Buyer contained in this Agreement or other agreements and instrument referred
to in this Agreement, and no statement contained in any certificate, schedule, list or other writing furnished to Seller pursuant
to the provisions of this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary
in order to make the statements herein or therein not misleading.

 

6. Entire Agreement.
This Agreement constitutes the complete understanding between the parties hereto with respect to the subject matter hereof, and
no alteration, amendment or modification of any of the terms and provisions hereof shall be valid unless made pursuant to an instrument
in writing signed by each party. This Agreement supersedes and terminates any and all prior agreements or understandings between
the parties regarding the subject matter hereof.

 

7. Fees and Costs.
The Seller and the Buyer shall each bear their own fees and costs incurred in connection with this Agreement.

 

8. Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives,
executors, successors and assigns.

 

9. Governing Law.
This Agreement has been made in and shall be construed and enforced in accordance with the laws of the Hong Kong Special Administrative
Region of the People’s Republic of China (“Hong Kong”).

 

10. Survival of
Representations and Warranties. All representations and warranties made by the Seller and the Buyer shall survive the Closing.

 

11. Jurisdiction
and Venue. Any claim or controversy arising out of or relating to the interpretation, application or enforcement of any provision
of this Agreement, shall be submitted for resolution to a court of competent jurisdiction in Hong Kong. The Parties submit to the
non-exclusive jurisdiction of the courts in Hong Kong.

 

12. Construction
and Severability. In the event any provision in this Agreement shall, for any reason, be held to be invalid or unenforceable,
this Agreement shall be construed as though it did not contain such invalid or unenforceable provision, and the rights and obligations
of the parties hereto shall continue in full force and effect and shall be construed and enforced in accordance with the remaining
provisions hereof.

 

13. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

14. Paragraph Headings.
The paragraph headings contained in this Agreement are for convenience only and shall not affect in any manner the meaning or interpretation
of this Agreement.

 

[Signature Page Follows]

 

    3

     

    

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first above written.

 

Buyer:

	 	 
	Lion Group Holding Ltd.	 
	 	 
	By: 	/s/ Chunning Wang	 
	Name: Chunning Wang	 
	Title: CEO and Director	 
	 	 
	Seller:	 
	 	 
	Hangzhou Lanlian Technology Co., Ltd.	 
	(杭州蓝链科技有限公司) (company seal)	 
	 	 
	By: 	/s/ Ni Xingbiao        	 
	Name: Ni Xingbiao	 
	Title: Legal Representative	 

 

    4

     

    

 

Schedule A

 

	No.	Software (English Translation)	Software (Chinese)	Certificate number issued by Copyright Protection Center of China
	1.	Lion Brokers HD	Lion Brokers HD 软件	2020SR1833226
	2.	Lion Brokers Pro	Lion Brokers Pro 软件	2020SR1833160
	3.	Lion Brokers Pro PC	Lion Brokers Pro PC软件	2020SR1833225
	4.	Lion Brokers Operation Center	狮子国际运营中心系统	2020SR1833071
	5.	Monitoring and Early-warning System	监控预警平台软件	2020SR1833276
	6	Futures Trading System	期货交易系统软件	2020SR1833069
	7	Futures Trading Copy System	期货交易跟单系统	2020SR1833277
	8	Futures Risk Management System	期货风控系统软件	2020SR1833070

 

 

5

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