Kori G. Belzer - 12 Aug 2024 Form 4 Insider Report for SPAR Group, Inc. (SGRP)

Footnote F1

On August 12, 2021, the Reporting Person received an award for Restricted Stock Units (RSUs) for $45,000 of shares of SGRP's Common Stock having a value of its market price of $1.81 per share on the day awarded, which equals 24,862 shares of SGRP's Common Stock (the "2021 RSUs"). The 2021 RSUs are scheduled to vest and will be payable in cash or Common Stock (at the option of the Issuer) over a three (3) year period following the date of grant annually in three (3) annual installments of 8,287 each starting on the first anniversary of the 2021 RSU grant date, subject to certain conditions, but no exercise price or other payment for such shares is required.

Footnote F2

Not applicable.

Footnote F3

On August 12, 2024: having satisfied the applicable conditions (including the Reporting Person's continued employment by the Issuer at such time), 8,287 of the 2021 RSUs automatically vested and automatically converted and became payable either (at the option of the Issuer) in cash or Common Stock issued directly from the Issuer, but no exercise price or other payment for such shares was required (other than tax withholdings); and the Issuer elected in a letter to issue Common Stock in satisfaction of the vesting of those 2021 RSUs, giving rise to the Reporting Person's right to receive such Common Stock. Although the Reporting Person was entitled to receive 8,287 shares of the Issuer's Common Stock upon such vesting, the Reporting Person elected to satisfy her tax withholding obligations by using a portion of those shares, and accordingly only 5,421 shares of the Issuer's Common Stock were issued to the Reporting Person under those vested 2021 RSUs.

Footnote F4

There was no conversion price to be paid.

Footnote F5

The 2021 RSUs were issued based on a value of $1.18 per share. See Footnote 1 above.

Footnote F6

On August 12, 2024, 0 of the 2021 RSUs remain unvested. See Footnote 1 above.

Footnote F7

This "Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)" applies only to the remaining unvested 2021 RSU shares. It does not include any shares of the Issuer's Common Stock that the Reporting Person may acquire through her exercise of her outstanding options, which have been previously reported. It also does not include any SGRP Common Stock shares beneficially owned by the Reporting Person, which are reported in Table I - Item 5 above.

Footnote F8

Beneficial ownership now includes an additional 1,880 SGRP Common Stock shares received by Reporting Person on April 6, 2021, transferred from her 401(k) account in a like kind rollover to her IRA account and not previously reported.