Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 130

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 1
Chunk 130
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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.

On
December 26, 2013, the Compensation Committee authorized, subject to shareholder approval, a grant of non-qualified and incentive stock
options for an aggregate of 160,000 shares (the “Option Grant”) to the Company’s President and Chief Executive Officer,
John V. Winfield. The stock option grant was approved by shareholders on February 19, 2014. The grant of stock options was made pursuant
to, and consistent with, the 2010 Incentive Plan, as proposed to be amended. The non-qualified stock options are for 133,195 shares and
have a term of ten years, expiring on December 26, 2023, with an exercise price of $18.65 per share. The incentive stock options are
for 26,805 shares and have a term of five years, expiring on December 26, 2018, with an exercise price of $20.52 per share. In accordance
with the terms of the 2010 Incentive Plan, the exercise prices were based on 100% and 110%, respectively, of the fair market value of
the Company’s common stock as determined by reference to the closing