July 31, 2025
Re:	KLIM Investment

This letter agreement (the “Agreement”) is entered into as of July 31, 2025, by and among the entities listed on Schedule Iattached hereto (each, an “Investor” and together, the “Investors”), Great Elm Real Estate Ventures, LLC, a Delaware limited liability company (“GEG Ventures”), and, solely for purposes of Paragraphs2and 3, Great Elm Group, Inc., a Delaware corporation (“GEG”). The Investors and GEG Ventures are referred to herein as the “Parties,” and each, a “Party.”

In consideration of the mutual promises of the Parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is mutually agreed by and among the Parties hereto as follows:

1.

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PURSUANT TO THE TERMS OF SECTION 1 OF THIS WARRANT, ALL OR A PORTION OF THIS WARRANT MAY HAVE BEEN EXERCISED, AND THEREFORE THE ACTUAL NUMBER OF WARRANT SHARES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE AMOUNT SET FORTH ON THE FACE HEREOF.

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “securities ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE securities ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE securities ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE LAW.

great elm Group, Inc.

Warrant To Purchase Common Stock

Warrant Tranche: Series A

Number of Shares of Common Stock: 1,000,000

Date of Issuance: August 27, 2025 (“Original Issuance Date”)

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Execution Version

STOCK PURCHASE AGREEMENT

STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of July 31, 2025, by and among Great Elm Group, Inc., a Delaware corporation (the “Company”), and Kennedy Lewis Capital Partners Master Fund III LP, a Cayman Islands limited partnership (“Fund III”), Kennedy Lewis (EU) SPV LP, a Cayman Islands limited partnership (“KLIMEU SPV”), KLIM Delta Hqc3 LP, a Cayman Islands limited partnership (“KLIMDelta Hqc3”), and Kennedy Lewis Capital Partners Master Fund IV-B LP, a Cayman Islands limited partnership (“Fund IV-B,” and, together with Fund III, KLIM EU SPV, and KLIM Delta Hqc3, each a “Purchaser” and collectively, the “Purchasers”).

WHEREAS:

A.

The Company and each Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act;

B.

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AMENDMENT TO

GREAT ELM GROUP, INC.

AMENDED AND RESTATED 2016 LONG-TERM INCENTIVE COMPENSATION PLAN (AS AMENDED, EFFECTIVE NOVEMBER 21, 2022)

This amendment to the Great Elm Group, Inc. Amended and Restated 2016 Long-Term Incentive Compensation Plan (the “Plan”), is effective as of October 9, 2024.

1. Section 4.3(a) of the Plan is hereby amended by removing the second sentence thereof and replacing it with the following sentence:

In connection with a Participant’s commencement of service (in their capacity as an Employee and/or as a Consultant) for the Company, any Affiliate or Subsidiary, as applicable, a Participant may be granted Options and SARs for up to an additional 3 million Shares which shall not count against the limit set forth in the previous sentence or, for purpose of clarity, the limits set forth in Section 4.3(b).

For reference: Section 4.3, as amended hereby, will read in its entirety as follows (additions noted):

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PURSUANT TO THE TERMS OF SECTION 1 OF THIS WARRANT, ALL OR A PORTION OF THIS WARRANT MAY HAVE BEEN EXERCISED, AND THEREFORE THE ACTUAL NUMBER OF WARRANT SHARES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE AMOUNT SET FORTH ON THE FACE HEREOF.

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “securities ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE securities ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE securities ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE LAW.

great elm Group, Inc.

Warrant To Purchase Common Stock

Warrant Tranche: Series B

Number of Shares of Common Stock: 1,000,000

Date of Issuance: August 27, 2025 (“Original Issuance Date”)

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ExecutionVersion

ThisFirstAmendmenttoLetterAgreement,datedMay12,2026(this“Amendment”)isbyandamongthe entitieslistedonScheduleIattachedtotheProfitsAgreement(asdefinedbelow)(each,an“Investor”and together, the “Investors”), Great Elm Real Estate Ventures, LLC, a Delaware limited liability company (“GEG Ventures”), and Great Elm Group, Inc., a Delaware corporation (“GEG”). The Investors and GEG Ventures are referred to herein as the “Parties,” and each, a “Party.” Reference is hereby made to that certain Loan Agreement (the “Loan Agreement”), dated July 31, 2025 (as amended from time to time), among Monomoy Properties REIT, LLC (the “Borrower”), certain funds managed by Kennedy Lewis Investment Management, LLC, as lenders (collectively, the “Lenders”), and ALTER DOMUS (US) LLC, as administrative agent for the Lenders

Whereas,the Investors,GEGVenturesandGEGare partytothatcertainletteragreement,datedJuly31, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the “Profits Agreement”); and

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THIRD AMENDMENT AND ASSIGNMENT TO LEASE AGREEMENT

THIS THIRDAMENDMENT AND ASSIGNMENT OF LEASE(this "Amendment") is entered into as of March 2, 2026 (the “Effective Date”), by and between REEP-OFC FINANCIAL CENTER FL LLC, a Delaware limited liability company ("Landlord"), IMPERIAL CAPITAL ASSET MANAGEMENT, LLC, a Delaware limited liability company ("Assigning Tenant"), and GREAT ELM GROUP, INC., a Delaware corporation ("Tenant")1.

R E C I T A L S:

A.

3801 PGA Acquisition Company (the "Original Landlord") and Imperial Capital, LLC (the "Original Tenant") entered into that certain Office Lease dated September 11, 2014 (the "Original Lease"), as amended by (i) that certain First Amendment to Lease Agreement dated August 17, 2017, and as amended and assigned to Assigning Tenant by (ii) that certain Second Amendment and Assignment to Lease Agreement dated January 21, 2021 (collectively, the "Lease") for approximately 6,337 square feet of rentable area (the "Premises") in the building located at 3801 PGA Boulevard, Palm Beach Gardens, FL 33410 (the "Building").

B.

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SECURITIES PURCHASE AGREEMENT

SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of August 27, 2025, by and among Great Elm Group, Inc., a Delaware corporation (the “Company”), and Woodstead Value Fund, L.P., a Texas limited partnership (the “Purchaser”).

WHEREAS:

A.

The Company and the Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act;

B.

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Fiscal Year 2027 Officer Bonus Plan

The Personnel and Compensation Committee of the Board of Directors of Electromed, Inc. (the “Company”) has established the Fiscal Year 2027 Officer Bonus Plan (the “Bonus Plan”) for officers of the Company, including its named executive officers. The Bonus Plan is effective for the fiscal year ending June 30, 2027 and provides an opportunity for each participant to earn an annual cash bonus based on Company revenue growth and earnings before interest and taxes (“EBIT”) versus the fiscal year ended June 30, 2026. The committee has established target payouts of 50% and 45% of annual base salary for our Chief Executive Officer and Chief Financial Officer, respectively, under the Bonus Plan. The following summarizes the potential payments under the Bonus Plan:

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RETENTION AGREEMENT

THIS RETENTION AGREEMENT (this “Agreement”) is entered into as of June 23, 2026 by and between Bio-Techne Corporation, a Minnesota corporation (the “Company”), and [Executive Officer]** **(“Employee”).

W I T N E S S E T H

WHEREAS, Employee is currently employed by the Company or one of its affiliates and Employee’s services and knowledge are valuable to the Company;

WHEREAS, the Company, Merck KGaA, Darmstadt, Germany (“Parent”), and EMD Holdings NewCo, Inc., a Minnesota corporation and wholly-owned subsidiary of Parent (“Merger Sub”) currently intend to enter into** **an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will be merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent (the “Merger” and the date on which the Merger is consummated, the “Closing Date”);

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Exhibit 10.T

Execution Version

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between NAPCO Security Technologies, Inc., its successors and assigns (the “Company”) and Kevin S. Buchel (the “Executive”) as of the date first written below.

WHEREAS, the Company desires to continue to employ the Executive as its Chief Executive Officer and President and the Executive desires to serve in such capacity on behalf of the Company.

WHEREAS, the Company and Executive desire and intend that this Agreement shall govern the terms and conditions of the Executive’s employment with the Company as of the Effective Date (as defined below) and this Agreement shall supersede all prior employment agreements, offer letters, severance agreements and discussions of employment between the Company and the Executive, including that certain Severance Agreement between the Company and the Executive, dated December 30, 2015 (the “Prior Agreement”).

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Exhibit 10.S

Execution Version

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between NAPCO Security Technologies, Inc., its successors and assigns (the “Company”) and Richard L. Soloway (the “Executive”) as of the date first written below.

WHEREAS, the Executive was a co-founder of the Company and has served as Chief Executive Officer for numerous decades; and

WHEREAS, the Company desires to continue to employ the Executive as its Executive Chairman and the Executive desires to serve in such capacity on behalf of the Company.

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