Exhibit 10.2

 

In the COURT OF CHANCERY of the state of delaware

     

SPAR GROUP, INC.,

 

Plaintiff,

 

v.

 

ROBERT G. BROWN and
WILLIAM H. BARTELS,

 

Defendants.

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C.A. No. 2018-0650-MTZ

 

 

STIPULATION OF DISMISSAL

WHEREAS, on September 4, 2018, SPAR Group, Inc. (“SGRP” or the “Company”) filed
its Verified Complaint in this action, which it later amended, seeking, among
other things, a declaration that certain amendments to the Company’s by-laws
adopted by Defendants were invalid;

WHEREAS, the parties met and agreed to resolve any outstanding disputes between
them by agreeing upon the amendments that would be made to the Company’s
by-laws;

 

 

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WHEREAS, the Board of the Company thereafter met and approved the Amended and
Restated By-laws of the Company attached hereto as Exhibit A;

WHEREAS, the Company hereby represents to Messrs. Brown and Bartels
(“Defendants”) that the Company and its subsidiaries have not, since
September 18, 2018 through the date hereof, taken any action or entered into any
transaction of the type contemplated by Section 3.12 of Exhibit A hereto;

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

WHEREAS, Mr. Bartels and counsel for Defendants 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;

IT IS HEREBY STIPULATED AND AGREED, by the parties hereto that this action shall
be dismissed pursuant to Court of Chancery Rule 41(a)(1)(ii), without prejudice
to Defendants’ right to seek advancement and/or indemnification for their costs
and expenses.

 

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COLE SCHOTZ P.C.

 

 

 

/s/ Michael F. Bonkowski              

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 Plaintiff

 

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 Defendants

 

 

Dated: January 18, 2019

 

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