# EDGAR Filing Document

**Accession Number:** 0001004989
**File Stem:** 0001437749-25-028638
**Filing Date:** 2025-9
**Character Count:** 8236
**Document Hash:** 752829dc4487b0f6403cb50213f6f088
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-028638.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001437749-25-028638

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250902

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Matacunas Mike R.
- **CENTRAL INDEX KEY:** 0001580576

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27408
- **FILM NUMBER:** 251302438

**MAIL ADDRESS:**
- **STREET 1:** 500 VOLVO PARKWAY
- **CITY:** CHESAPEAKE
- **STATE:** VA
- **ZIP:** 23320
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPAR Group, Inc.
- **CENTRAL INDEX KEY:** 0001004989
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 330684451
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1910 OPDYKE COURT
- **CITY:** AUBURN HILLS
- **STATE:** MI
- **ZIP:** 48326
- **BUSINESS PHONE:** 2483647727

**MAIL ADDRESS:**
- **STREET 1:** 1910 OPDYKE COURT
- **CITY:** AUBURN HILLS
- **STATE:** MI
- **ZIP:** 48326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPAR GROUP INC
- **DATE OF NAME CHANGE:** 19990713

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIA MERCHANDISING SERVICES INC
- **DATE OF NAME CHANGE:** 19951220

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Matacunas Mike R.<br><sub>(Last) (First) (Middle)</sub><br>C/O SPAR GROUP, INC.<br>1910 OPDYKE COURT<br><sub>(Street)</sub><br>AUBURN HILLS, MI 48326<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-09-02 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Executive Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>SPAR Group, Inc. [ SGRP ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, $.01 par value<sup>(1)(2)</sup> | 2025-09-02 |  | M |  | 96154 | A | 0<sup>(4)</sup> | 263120<sup>(5)</sup> | D |  |
| Common Stock, $.01 par value<sup>(1)(2)(3)</sup> | 2025-09-02 |  | M |  | 28915 | D | 1.17<sup>(3)</sup> | 234205<sup>(5)</sup> | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units, Based on Common Stock $.01 par value<sup>(1)(2)</sup> | $0 | 2025-09-02<sup>(1)(2)</sup> |  | M |  |  | 96154 | 2025-09-02 | <sup>(4)</sup> | Common Stock, $.01 par value | 96154 | $0 | 0 | D |  |

---

### Footnotes:

(1) As previously reported, on February 22, 2021, the Reporting Person received an inducement award approved by the Board of Directors of SPAR Group, Inc. (the "Issuer") for Restricted Stock Units ("RSUs") for $100,000 of shares of the Issuer's Common Stock, issuable on May 15 of each year he remains employed by the Issuer (the "Continuing Award"), which commenced in 2022.

(2) As previously reported, on May 15, 2025, under the Continuing Award (see footnote (1), above), the Reporting Person automatically received from the Issuer RSUs for 96,154 shares of the Issuer's Common Stock (the "2025 RSUs") based on the market price of $1.04 per share on May 14, 2025 (the last trading day preceding the 2025 RSU issuance date).  The 2025 RSUs were to become payable (at the option of the Issuer) either in cash or Common Stock on May 15, 2026 for no payment (other than tax withholdings). Subject to the Transition Agreement dated August 25, 2025, between the Issuer and the Reporting Person, the 2025 RSUs accelerated and vested in full on September 2, 2025.

(3) Represents shares withheld upon vesting of 2025 RSUs to cover required tax withholdings.

(4) Not applicable.

(5) That beneficial ownership does not include the shares that could be acquired under the following options. As previously reported, on February 22, 2021, the Reporting Person received an inducement award approved by the Issuer's Board of Directors for options to purchase 630,000 shares of the Common Stock of the Issuer at an exercise price of $1.90 per share (which was the market price on February 22, 2021, the date the options were issued). On February 22, 2022, the options automatically vested and became exercisable at the option of the Reporting Person, which requires notice and payment of $1.90 per share to the Issuer to effect such exercise. The options were to automatically expire on February 22, 2031, however, subject to the Transition Agreement dated August 25, 2025, the options shall remain outstanding and exercisable until the earlier of three years after the end of the Transition Period and the expiration date set forth in the grant agreement of such options.

**Signature:** /s/ Michael R. Matacunas  
**Date:** 2025-09-09

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**