Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 369

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 9B
Chunk 369
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 Common Stock as determined
by reference to the closing price of the Company’s Common Stock as reported on the NASDAQ Capital Market on March 16, 2010, the
date of grant. The options have an original expiration date ten years from the date of grant, unless terminated earlier in accordance
with the terms of the 2010 Incentive Plan. The options are subject to both time and market-based vesting requirements, each of which
must be satisfied before options are fully vested and eligible to be exercised. Pursuant to the time vesting requirements, the options
vest over a period of five years, with 20,000 options vesting upon each one-year anniversary of the date of grant. Pursuant to the market
vesting requirements, the options vest in increments of 20,000 shares upon each increase of $2.00 or more in the market price of the
Company’s common stock above the exercise price ($10.30) of the options. To satisfy this requirement, the common stock must trade
at that increased level for a period of at least ten trading days during any one quarter. As of June 30, 2025, all vesting conditions
have been satisfied and the options expire March 16, 2026.

On
December 28, 2019, the Compensation Committee of the Board of Directors recommended to the Board amendments to the 2010 Incentive Plan
which would amend Section 1.3 to extend the term from ten years to sixteen years, and Section 6.4 to change “tenth (10th) anniversary
date” to “twentieth (20th) anniversary date”. These amendments increased the term of the 2010 Incentive Plan to twenty
years (expiring in February 2030 instead of February 2020) and also permitted options with a term longer than ten years. These amendments,
among things, enabled extension of the 2010 Winfield option to March 16, 2026. The recommended amendments were approved by shareholders
on February 25, 2020.

In
February 2012, the Compensation Committee awarded 90,000 stock options to the Company’s Chairman, President and Chief Executive,
John V. Winfield to purchase up to 90,000 shares of common stock. The per share exercise price of the options is $19.77 which is the
fair value of the Company’s Common Stock as reported on NASDAQ on February 28, 2012