SEC Contract Filing

Filing Date: 2024-04-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>9
<FILENAME>ex_643962.htm
<DESCRIPTION>EXHIBIT 10.13
<TEXT>
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.13</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SPAR GROUP, INC.</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Phantom Stock Grant and Agreement </u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>This Restricted Stock Unit Grant and Agreement</b> has been entered into and is effective as of April 3, 2023 (as the same may be supplemented, modified, amended, restated or replaced from time to time in the manner provided herein, this "<u>Agreement</u>"), between the<b> </b><b>SPAR</b><b> Group, Inc.</b>, a Delaware corporation ("<u>SGRP</u>" or the "<u>Corporation</u>"), currently having an address at 1910 Opdyke Court, Auburn Hills, MI 48326, and <b>Michael R. Matacunas,</b> (the "<u>Grantee</u>"), whose name and current address are set forth on the signature page below. The Grantee and the Corporation may be referred to individually as a "<u>Party</u>" and collectively as the "<u>Parties"</u>.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>W</u></b><b> </b><b><u>I</u></b><b> </b><b><u>T</u></b><b> </b><b><u>N</u></b><b> </b><b><u>E</u></b><b> </b><b><u>S</u></b><b> </b><b><u>S</u></b><b> </b><b><u>E</u></b><b> </b><b><u>T</u></b><b> </b><b><u>H</u></b><b>:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;<b><u>SGRP and Phantom Stock Awards Generally</u></b>. The <u>Corporation </u>has listed its shares of Common Stock (the "<u>SGRP Shares</u>") for trading through the Nasdaq Stock Market LLC ("<u>Nasda</u>q") under the trading symbol "<u>SGRP</u>" and periodically files reports with the Securities and Exchange Commission ("<u>SEC</u>"). The Corporation from time to time may grant incentive awards (each a "<u>Phantom Stock Award</u>") bases on phantom units of individual SGRP Shares (each a "<u>Phantom Stock Unit</u>") providing for cash payments to key executives and employees in order to provide a monetary reward where the award's value will follow the market price of the SGRP Shares and incentivize recipients to drive long-term success of the Corporation as an element of SGRP's total compensation package. The Corporation is making the Phantom Stock Awards as a cash-based alternative in satisfaction and in lieu of the<u> </u>comparable Restricted Stock Units (<u>RSUs</u>") approved by the Board of Directors of the Corporation (the "<u>Board</u>"), which the Board expressly approved be potentially payable in stock or cash, but RSUs payable in stock cannot be delivered currently due to the lack of an underlying shareholder approved stock-based plan permitting payments in stock.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Certain Mutual Definitions, Etc.</u></b><b> </b> Certain Mutual Definitions and Interpretations (and other provisions) applicable to this Agreement are set forth in Exhibit A hereto (as the same may thereafter be supplemented, modified, amended, restated or replaced from time to time, the "<u>Mutual Interpretations</u>"). Capitalized terms used and not otherwise defined herein shall have the meanings respectively assigned to them in the Mutual Interpretations. The Mutual Interpretations and all other exhibits and schedules attached to or incorporated by reference into this Agreement are part of and incorporated by reference into this Agreement as if fully set forth herein.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Independent Grant; No Plan</u></b>. The Corporation hereby irrevocably grants a Phantom Stock Award to the Grantee equal to 378788 Phantom Stock Units (which correspond to the same number of SGRP Shares), effective as of April 3, 2023 (the "<u>Grant Date</u>"). For informational pu