Ownership Submission

FORM 4

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

BELZER KORI

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

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

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Global Chief Operating Officer

(Last)

(First)

(Middle)

C/O SPAR GROUP, INC., 1910 OPDYKE COURT

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2024

(Street)

AUBURN HILLS, MI 48326

4. If Amendment, Date 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

(City)

(State)

(Zip)

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	05/20/2024		M		13,227 ⁽¹⁾ ⁽²⁾	A	$ 2.17	25,921	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option to buy Common Stock ⁽¹⁾

$ 0.92

05/20/2024

6,250 ⁽²⁾

05/17/2021

05/18/2027

Common Stock, $.01 par value

6,250 ⁽²⁾

$ 0 ⁽³⁾

32,500 ⁽⁴⁾

Option to buy Common Stock ⁽¹⁾

$ 1.23

05/20/2024

5,000 ⁽²⁾

05/03/2019

05/03/2028

Common Stock, $.01 par value

5,000 ⁽²⁾

$ 0 ⁽³⁾

27,500 ⁽⁴⁾

Option to buy Common Stock ⁽¹⁾

$ 1.23

05/20/2024

5,000 ⁽²⁾

05/03/2020

05/03/2028

Common Stock, $.01 par value

5,000 ⁽²⁾

$ 0 ⁽³⁾

22,500 ⁽⁴⁾

Option to buy Common Stock ⁽¹⁾

$ 1.23

05/20/2024

5,000 ⁽²⁾

05/03/2021

05/03/2028

Common Stock, $.01 par value

5,000 ⁽²⁾

$ 0 ⁽³⁾

17,500 ⁽⁴⁾

Option to buy Common Stock ⁽¹⁾

$ 1.23

05/20/2024

5,000 ⁽²⁾

05/03/2022

05/03/2028

Common Stock, $.01 par value

5,000 ⁽²⁾

$ 0 ⁽³⁾

12,500 ⁽⁴⁾

Option to buy Common Stock ⁽¹⁾

$ 0.64

05/20/2024

6,250 ⁽²⁾

04/05/2022

04/05/2029

Common Stock, $.01 par value

6,250 ⁽²⁾

$ 0 ⁽³⁾

6,250 ⁽⁴⁾

Option to buy Common Stock ⁽¹⁾

$ 0.64

05/20/2024

6,250 ⁽²⁾

04/05/2023

04/05/2029

Common Stock, $.01 par value

6,250 ⁽²⁾

$ 0 ⁽³⁾

0 ⁽⁴⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
BELZER KORI C/O SPAR GROUP, INC. 1910 OPDYKE COURT AUBURN HILLS, MI 48326			Global Chief Operating Officer

Signatures

/s/ Kori G. Belzer		06/07/2024
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Reporting Person received the options listed in Table II at various times, which were exercisable and would have expired at the dates specified in Table II and required the payment of the exercise price specified in Table II.
(2)	Reporting Person exercised options covering a total of 38,750 shares and received net shares of 13,227 after the cashless exercise of the options and applicable tax withholdings.
(3)	Not applicable.
(4)	This "Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)" applies only to the shares of the Issuer's Common Stock that the Reporting Person may acquire through her exercise of her remaining outstanding options. It does not include any remaining unvested 2021 RSU shares, which have been previously reported.

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