SPAR Group enters Change of Control Agreement with majority stockholders, issues preferred shares, amends bylaws

SPAR Group, Inc.

Entered CIC Agreement with Robert Brown and William Bartels, issuing 2M Series B preferred shares and $250K cash to Brown.
Board amended bylaws to set size at 7 directors, require 3 super independent directors, and raise stockholder amendment threshold to 75%.
Directors James R. Brown Sr. and Panagiotis Lazaretos retired; both signed consulting agreements ($55K and $10K/month respectively).
Company assumed ~$474K in claims related to Affinity Insurance and released mutual claims with majority stockholders.
Certificate of Elimination filed for Series A preferred; Series B created with no voting/dividend rights, convertible 1:1.5.

item 1.01 item 5.03 item 5.02 item 3.02 item 5.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

James R. Brown, Sr.

Director

SGRP · SPAR Group, Inc.

Filed: January 28, 2022, 6:59 PM ET

On January 25, 2022, the Board received written notices that James R. Brown, Sr. and Panagiotis Lazaretos intend to retire from all positions held with the Company.

Departed

Panagiotis Lazaretos

Director

SGRP · SPAR Group, Inc.

Filed: January 28, 2022, 6:59 PM ET

On January 25, 2022, the Board received written notices that James R. Brown, Sr. and Panagiotis Lazaretos intend to retire from all positions held with the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

James R. Brown, Sr. retired as Director at SPAR Group, Inc..

Action: retired
Role: Director

Exact text from the filing

On January 25, 2022, the Board received written notices that James R. Brown, Sr. and Panagiotis Lazaretos intend to retire from all positions held with the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Panagiotis Lazaretos retired as Director at SPAR Group, Inc..

Action: retired
Role: Director

Exact text from the filing

On January 25, 2022, the Board received written notices that James R. Brown, Sr. and Panagiotis Lazaretos intend to retire from all positions held with the Company.

View on SEC.gov

SPAR Group, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-22-001867

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