Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 106

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 1
Chunk 106
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0) 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 from ten years to sixteen
years so that these options will terminate on March 16, 2026 instead of on March 16, 2020, in recognition of Mr. Winfield’s contributions
to and leadership of our Company. The recommended amendments were approved by shareholders on February 25, 2020.

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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. The options expire ten years from the date
of grant. The options are subject to both time and market-based vesting requirements, each of which must be satisfied before the 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 18,000 options vesting upon each one-year anniversary of the date of grant. Pursuant to the market vesting requirements, the options
vest in increments of 18,000 shares upon each increase of $2.00 or more in the market price of the Company’s common stock above
the exercise price ($19.77) 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. On January 21, 2022, Mr. Winfield exercised 90,000 of his vested stock options by
surrendering 35,094 shares of the Company’s common stock at fair value as payment of the exercise price, resulting in a net issuance
to him of 54,906 shares. No additional compensation expense was recorded related to the issuance. This intrinsic value of the cashless
exercise of 54,906 stock options was approximately $2,784,000 at January 21, 2022 when the Company’s common stock