Spar Group Inc SEC Filings

SPAR Group, Inc. has appointed Steven Hennen as its Chief Financial Officer, effective December 8, 2025. The company announced the leadership change on December 10, 2025, positioning Hennen as both an executive and an officer who will report directly to President and CEO William Linnane.

Hennen brings more than 25 years of finance and operational leadership experience, including senior roles at Baker & Taylor, Red Ventures and several other companies, plus an early career at KPMG. Under his offer letter, he will receive a base salary of $375,000 per year and, starting in 2026, will be eligible for SGRP bonus plans with a performance bonus opportunity of up to 60% of base salary. The company also includes standard forward-looking statement cautions about risks and uncertainties.

SPAR Group, Inc. (SGRP)Panagiotis Nikolaos Lazaretos currently has no beneficial ownership of the company’s securities. A Form 3 is used when an insider, such as a director or large shareholder, is first required to report their holdings. In this case, the disclosure clearly states that no securities are beneficially owned, and both the non-derivative and derivative securities tables are effectively empty. This indicates that, at the time of the reported event, the director held no SPAR Group shares or related derivative instruments in either a direct or indirect capacity.

SPAR Group, Inc. reported that it has released its financial results for the third quarter ended September 30, 2025, through a press release attached as Exhibit 99.1. The company also announced that on November 12, 2025, its Board of Directors appointed William Linnane as Chief Executive Officer and as a director to fill the CEO Board seat, effective immediately. Linnane previously served as the company’s Global Strategy & Growth Officer and then as President.

The report includes extensive forward-looking statements language highlighting risks related to collecting a termination fee from Highwire Capital, potential non-compliance with Nasdaq listing rules, and the possible impact of selling certain subsidiaries on revenues, earnings and cash, as well as broader uncertainties affecting the company’s financial condition and plans.

SPAR Group (SGRP) reported an insider share purchase on a Form 4. President and Interim CEO William Linnane bought 173,000 restricted shares of the company’s treasury common stock at $1.02 per share on October 3, 2025 (transaction code P). The filing notes a $250,000 one-time cash award to the executive with the understanding that the after-tax proceeds would be used to purchase company shares. Following the transaction, Linnane beneficially owned 190,909 shares directly.

SPAR Group, Inc. (SGRP) reported a Form 4 for President William Linnane to correct a prior report dated October 13, 2022. The filing reflects a tax withholding transaction (Code F) on August 2, 2022, tied to the vesting of 26,882 shares of common stock. To satisfy withholding taxes, 8,973 shares were withheld at a price of $1.15 per share.

After the reported transaction, Linnane beneficially owned 17,909 shares directly.

SPAR Group (SGRP) entered an Eighth Modification Agreement with North Mill Capital d/b/a SLR Business Credit, extending its secured revolving credit facility to October 10, 2027 and increasing borrowing capacity. The US Revolving Credit Facility rose to US$30 million, and the Canadian Revolving Credit Facility increased to US$6 million.

The amendment lifts caps on eligible unbilled accounts in the borrowing bases to US$15 million for the US borrower (from US$7 million) and US$2 million for the Canadian borrower (from CDN$800,000). Interest is Prime + 1.25%, with a minimum 6.75% per annum. Facility fees are 0.60% on benchmark advance amounts, plus US$6,000 at the first occurrence of each US$1.0 million increment (up to the respective limits). The Canadian facility’s minimum interest charges now assume a US$1,000,000 minimum outstanding balance (from US$500,000).

The lender issued limited waivers of specified defaults related to delayed July 31, 2025 and August 31, 2025 financial statements, compliance certificates, and certain Canadian corporate credit card indebtedness, subject to post-closing conditions. Covenants include maintaining positive trailing EBITDA and restrictions on indebtedness, compensation increases, capital expenditures, and non-ordinary course transactions.

SPAR Group, Inc. disclosed a planned CEO transition: Michael R. Matacunas resigned as Chief Executive Officer and as a director effective October 3, 2025, consistent with a prior transition agreement dated August 25, 2025. The filing states the resignation was not due to any disagreement with the company on operations, policies, or practices. The Board appointed William Linnane, age 51, as interim Chief Executive Officer effective October 3, 2025; Mr. Linnane will continue to serve as President per his employment agreement dated August 25, 2025. The filing notes that Mr. Linnane has no family relationships with company officers or directors and disclosed compensation and biographical details were previously filed.

SPAR Group, Inc. (SGRP) Form 4 reports insider transactions by Director Robert G. Brown. The filing shows multiple reported transactions dated 09/25/2025 that include dispositions and acquisitions of the issuer's Common Stock, $.01 par value. The report discloses a disposition of 454,355 shares and an apparent corresponding acquisition allocation of 454,355 shares described as a correction for incorrect allocation.

The filing also shows a sale of 10,000 shares at $1.07 and reports indirect ownership stakes: 538,194 shares held by SPAR Business Services, Inc., and 3,000,000 shares held indirectly by Innovative Global Technologies LLC. The filer disclaims beneficial ownership of 55,000 shares owned by his spouse and notes additional estimated shares held in a defined benefit pension trust.

Timothy Patrick Cook, identified as a director of SPAR Group, Inc. (SGRP), submitted an initial Form 3 reporting the event date of 08/12/2025. The filing explicitly states that no securities are beneficially owned by the reporting person, and shows a manual signature dated 09/29/2025. The form contains no entries in Table I or Table II for non-derivative or derivative securities, indicating the reporting person holds no reportable equity or option positions in SGRP.