SPAR Group Insider Filing: 10,000-Share Sale at $1.07; 3M Indirect Shares Disclosed

Rhea-AI Filing Summary

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.

Positive

• Correction disclosed for an incorrect allocation of stock, improving record accuracy
• Clear identification of indirect holdings and relationships (SPAR Business Services, Innovative Global Technologies LLC)
• Spousal ownership disclaimer (55,000 shares) and pension trust disclosure enhance transparency

Negative

• Reported disposition of 454,355 shares may reduce reported direct holdings following allocation adjustments
• Open-market sale of 10,000 shares at $1.07 represents some insider selling activity

Insights

Securities Analyst

TL;DR: Insider reported reallocations and a small open-market sale; substantial indirect holdings remain concentrated.

The Form 4 documents both a large reallocation (a 454,355-share disposition with a corrective acquisition allocation of the same amount) and a 10,000-share sale at $1.07. These entries appear administrative and corrective in nature rather than a clear signal of new trading intent. Materiality for public investors hinges on total share count and float; the filing also confirms sizeable indirect holdings including 3,000,000 shares via an affiliated LLC and 538,194 shares via SPAR Business Services, which imply sustained insider exposure despite the reported transactions.

Corporate Governance Expert

TL;DR: Disclosure reflects corrective allocation and related-party holdings; governance transparency is maintained by clarifying ownership relationships.

The report includes explicit clarifications: a correction for incorrect allocation and statements identifying roles (Manager of Innovative Global Technologies LLC; controlling officer of SPAR Business Services, Inc.). It also discloses the filer disclaims beneficial ownership of 55,000 shares held by his spouse and notes pension-trust holdings. These disclosures improve transparency about direct versus indirect ownership and related-party interests, aiding stakeholder assessment of insider control and potential conflicts.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

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

1. Name and Address of Reporting Person^*

BROWN ROBERT G/

(Last) (First) (Middle)

C/O SPAR GROUP, INC.

1910 OPDYKE COURT

(Street)

AUBURN HILLS MI 48326

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SPAR Group, Inc. [ SGRP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $.01 par value	09/25/2025		J(1)		454,355	D	(2)	538,194	I	By SPAR Business Services, Inc.(6)
Common Stock, $.01 par value	09/25/2025		J(1)		454,355	A	(2)	2,901,489(3)(4)	D
Common Stock, $.01 par value	09/25/2025		S		10,000	D	$1.07	2,891,489(3)(4)	D
Common Stock, $.01 par value								3,000,000	I	By Innovative Global Technologies LLC.(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Correction for incorrect allocation of stock.

2. Not applicable.

3. Includes 55,000 shares owned by Jean Brown, the wife of Robert G. Brown, as to which Robert G. Brown disclaims any beneficial ownership.

4. Includes estimated shares deemed to be beneficially owned by Robert and Jean Brown in a defined benefit pension trust due to receiving a pension.

5. Robert G. Brown is a Manager of Innovative Global Technologies LLC.

6. Robert G. Brown is the controlling officer/director and a significant stockholder of SPAR Business Services, Inc. (SBS).

	Robert G. Brown	09/29/2025
	** Signature of Reporting Person	Date
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.
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FAQ

What transactions did Robert G. Brown report on the SGRP Form 4?

The filing reports transactions dated 09/25/2025 including a disposition of 454,355 shares, a corrective acquisition allocation of 454,355 shares, and a sale of 10,000 shares at $1.07.

How many shares does Robert G. Brown indirectly hold according to the filing?

The filing shows indirect holdings of 538,194 shares through SPAR Business Services, Inc. and 3,000,000 shares via Innovative Global Technologies LLC.

Does the filing disclose any related-party or spousal ownership for SGRP?

Yes. It discloses that 55,000 shares are owned by Jean Brown (the wife of Robert G. Brown), and the filer disclaims beneficial ownership of those shares.

Did the filer provide any explanation for the transactions on the Form 4?

Yes. The filing states the 454,355-share entry is a correction for incorrect allocation of stock and explains the nature of indirect ownership through affiliated entities and a pension trust.

What roles does Robert G. Brown have in the entities mentioned on the Form 4?

The filing states Robert G. Brown is a Manager of Innovative Global Technologies LLC and the controlling officer/director and significant stockholder of SPAR Business Services, Inc.