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OMB APPROVAL
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OMB Number 3235-0287
Expires: January 31, 2005
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check box if no longer subject of Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Brown Robert G.
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(Last) (First) (Middle)
c/o SPAR Group, Inc.
580 White Plains Road
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(Street)
Tarrytown New York 10591
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
SPAR Group, Inc. ("SGRP")
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Statement for Month/Day/Year
April 25, 2003
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [X] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Chairman, Chief Executive Officer and President
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
2A. 3. Disposed of (D) Securities Form: 7.
Deemed Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Execution Code -------------------------- Owned at End (D) or Indirect
1. Transaction Date, if (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date any ----------- Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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Common Stock,
par value $.01 04/25/2003 P 500 A $3.55 I (1)
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Common Stock,
par value $.01 2,111,750 I (1)(2)(3)
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Common Stock,
par value $.01 6,219,282 D
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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10.
9. Owner-
Number ship
of Form
2. 6. Deriv- of
Conver- 5. Date 7. ative Deriv- 11.
sion Number of Exercisable Title and Amount Secur- ative Nature
or Derivative and of Underlying 8. ities Secur- of
Exer- 4. Securities Expiration Date Securities Price Bene- ity: In-
cise 3. 3A. Trans- Acquired (A) (Month/Day/Year) (Instr. 3 and 4) of ficially Direct direct
Price Trans- Deemed action or Disposed ---------------- ---------------- Deriv- Owned (D) or Bene-
1. of action Execution Code of(D) Amount ative at End In- ficial
Title of Deriv- Date Date, if (Instr. (Instr. 3, or Secur- of direct Owner-
Derivative ative (Month/ any 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ (Month/Day ------ ----------- Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Common
Option to Stock,
buy Common $.01 par 95,747
Stock $1.30 (4) 8/2/11 value (5) D
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Common
Option to Stock,
buy Common $.01 par
Stock $1.30 (6) 8/2/11 value 191,493 D
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Common
Option to Stock,
buy Common $.01 par
Stock $1.43 (7) 8/2/11 value 191,493 D
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Common
Option to Stock,
buy Common $.01 par
Stock value 478,733 D
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Explanation of Responses:
(1) Owned as Trustee under Defined Benefit Pension Trust of SP/R, Inc. (f/k/a
SPAR/Burgoyne, Inc), under which the Reporting Person is the sole
beneficiary.
(2) Owned as Trustee under Grantor Trust I of Robert G. Brown
Dated March 22, 1999, for the benefit of Reporting Person's children.
(3) Owned as Trustee under Grantor Trust II of Robert G. Brown Dated March 22,
1999, for the benefit of Reporting Person's children.
(4) Vests as to 95,747 shares on August 2, 2003.
(5) 382,986 option shares were granted on August 2, 2001; 287,239.5 shares have
vested and been exercised;
(6) All Shares become immediately vested and exercisable when the fair market
value of shares is $10.00.
(7) Shares are eligible to vest in five equal vesting periods through each of
December 31, 2001, 2002, 2003, 2004 and 2005. For each period, Twenty
percent of the options may become vested and exercisable if the fair market
value of the shares equals at least $10.00 at some time such during period.
On January 1, 2006 through August 2, 2006, all options which did not vest
during the earlier vesting periods will become immediately exercisable if
the fair market value of the shares, at any time during this seven month
period, equals no less than $10.00.
/s/ James Segreto 4/28/03
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**Signature of Reporting Person Date
James Segreto, as attorney-in-fact under
Power of Attorney Grant and Confirming Statement
dated November 7, 2002.
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 provided is insufficient, see Instruction 6 for procedure.
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