Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 510

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 8
Chunk 510
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 common stock pursuant to the 2010 Incentive
Plan. The exercise price of the options is $10.30, which is 100% of the fair market value of the Company’s 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 had 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 shall be 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. Consistent with stockholder-approved plan amendments
in 2020 permitting extended terms, these options were extended to March 16, 2026. As of June 30, 2025, all market-vesting conditions
had been satisfied.

On
December 28, 2019, the Compensation Committee of the Board of Directors recommended, and the Board approved, amendments to the 2010 Incentive
Plan which amend Section 1.3 to extend the term from ten years to twenty years, and Section 6.4 to change “tenth (10th) anniversary
date” to “twentieth (20th) anniversary date”. This increased the term of the 2010 Incentive Plan to twenty years (expiring
in February 2030 instead of February 2020) and also permits the existence of options with a term longer than ten years. The purpose of
the amendment to the term is to extend its existence as our only incentive plan. The purpose of amendment of the allowable term of options
is so that the Board may extend the term of the 100,000 options granted to John Winfield on March 16, 2010