1. Prepare Parmesan Grits: Bring 1/2 tsp. salt and 4 cups water to a boil in a medium saucepan; gradually whisk in grits. Cook over medium heat, stirring occasionally, 8 minutes or until thickened. Whisk in cheese and pepper. Keep warm.
2. Prepare Creamy Shrimp Sauce: Peel shrimp; devein, if desired. Sprinkle shrimp with pepper and 1/8 tsp. salt. Cook in a large nonstick skillet coated with cooking spray over medium-high heat 1 to 2 minutes on each side or just until shrimp turn pink. Remove from skillet. Reduce heat to medium. Add oil; heat 30 seconds. Whisk in flour; cook 30 seconds to 1 minute. Whisk in broth and next 5 ingredients; cook 2 to 3 minutes or until thickened. Stir in shrimp and spinach; cook 1 minute or until spinach is slightly wilted. Serve immediately over grits.
Note: Nutritional analysis includes 1/2 cup grits and about 1/3 cup sauce.