Exhibit 10.3

 

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

 

ROBERT G. BROWN,

 

Plaintiff,

 

v.

 

LORRENCE T. KELLAR,
CHRISTIAAN M. OLIVIER,
ARTHUR B. DROGUE, JACK W.
PARTRIDGE, and R. ERIC
MCCARTHY,

 

Defendants.

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C.A. No. 2018-0687-MTZ

 

STIPULATION AND [PROPOSED] ORDER OF DISMISSAL

WHEREAS, on September 18, 2018, Robert G. Brown (“Plaintiff”) filed a Verified
Complaint in this action pursuant to 8 Del. C. § 225 seeking, among other
things, a declaration that Lorrence T. Kellar was validly removed as a director
of SPAR Group, Inc. (“SGRP” or the “Company”) and Jeffrey Mayer was validly
elected as a director of the Company;

WHEREAS, since the filing of the action, the Board of SGRP, including
Defendants, have accepted the resignation of Mr. Kellar as a director,
acknowledged that Mr. Mayer was validly elected as a director and adopted,
approved and authorized the resolutions in support thereof;

WHEREAS, each of the directors has tendered to SGRP certain letters of
retirement and resignation, which would be effective as and when, and effective
upon, such person failing to be re-elected by the required majority vote at any
future meeting of stockholders at which such person is subject to re-election;

 

 

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WHEREAS, the parties have conferred and agreed to the mutual limited release of
certain claims and causes of action asserted in this matter;

WHEREAS, counsel for Plaintiff has been or will be provided with a reasonable
opportunity to review and comment on the form of disclosure, to be included in
any Form 8-K, press release or other public disclosure filed or issued by SGRP,
announcing the settlement, provided, however, that the Company retains full
discretion regarding the content of any such disclosure;

WHEREAS, the parties hereby respectfully request that the Court vacate the
Status Quo Order entered on November 20, 2018 [Tr. Id. No. 62685783] (the
“Status Quo Order”);

IT IS HEREBY STIPULATED AND AGREED by and between the parties hereto that:

1.     This action shall be dismissed without prejudice and with each party to
bear their own costs and expenses pursuant to Court of Chancery Rule
41(a)(1)(ii).

2.     The Status Quo Order is hereby vacated.

 

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MORRIS, NICHOLS, ARSHT &

TUNNELL, LLP

 

 

/s/ David J. Teklits                      

David J. Teklits (#3221)

Elizabeth A. Mullin (#6380)

1201 N. Market Street

Wilmington, DE 19801
(302) 658-9200

 

 

 

Attorneys for Plaintiff

COLE SCHOTZ P.C.

 

 

 

/s/ Michael F. Bonkowki                    

Michael F. Bonkowski (#2219)

Nicholas J. Brannick (#5721)

G. David Dean (#6403)

Bradley P. Lehman (#5921)

500 Delaware Avenue, Suite 1410

Wilmington, DE 19801

(302) 651-2002

 

Attorneys for Lorrence T. Kellar,

Christiaan M. Olivier, Arthur B.

Drogue, Jack W. Partridge & R. Eric

McCarthey

 

 

IT IS HEREBY ORDERED that the Status Quo Order is vacated. 

 

 

     

Vice Chancellor Morgan T. Zurn

 

 

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