SEC FORM 3

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

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1. Name and Address of Reporting Person^*

Mastrogiannis Panagiotis

(Last)

(First)

(Middle)

C/O SPAR GROUP, INC.

333 WESTCHESTER AVE, SOUTH BLDG, STE 204

(Street)

WHITE PLAINS

10604

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
04/03/2015

3. Issuer Name and Ticker or Trading Symbol
SPAR GROUP INC [ SGRP ]

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

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Option to buy Common Stock	⁽¹⁾	08/07/2024	Common Stock, $.01 par value	5,000	⁽¹⁾	D
Option to buy Common Stock	08/06/2014	08/06/2023	Common Stock, $.01 par value	15,000	$2.14	D
Option to buy Common Stock	08/01/2013	08/01/2022	Common Stock, $.01 par value	10,000	$1.09	D
Option to buy Common Stock	08/04/2012	08/04/2021	Common Stock, $.01 par value	10,000	$1.23	D
Option to buy Common Stock	08/05/2011	08/05/2020	Common Stock, $.01 par value	10,000	$1	D
Option to buy Common Stock	08/06/2010	08/06/2019	Common Stock, $.01 par value	68,250	$0.4	D

Explanation of Responses:

1. On August 7, 2014, the Reporting Person received a restricted stock award for 5,000 shares of SGRP's common stock, which had a market price of $1.42 per share on the day awarded. 1,250 of those shares will vest and become unrestricted on each of August 7, 2015, 2016, 2017 and 2018, subject to certain conditions, but no exercise price or other payment for such shares is required.

	/s/ Panagiotis Mastrogiannis	04/07/2015
	** 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 5 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.