UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 12, 2024

UTG INC
(Exact name of registrant as specified in its charter)

Delaware
 
000-16867
 
20-2907892
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

205 NORTH DEPOT STREET
STANFORD, Kentucky 40484
(Address of principal executive offices, including zip code)

(217) 241-6300
(Registrant's telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Section 5 – Corporate Governance and Management

Item 5.02.  Compensatory Arrangements of Certain Officers.

At a meeting of the Compensation Committee of the Board of Directors on February 12, 2024, bonuses were approved for Mr. Jesse T. Correll, CEO and Chairman of the Board of Directors, Mr. Douglas P. Ditto, Vice President, Mr. Daniel T. Roberts, Vice President and Mr. Theodore C. Miller, CFO.

 
 
Cash Bonus
 
Stock Bonus*
Total Bonus
Jesse T. Correll
             $            9
$ 234,991
$ 235,000
Douglas P. Ditto
$ 200,000
$            0
$ 200,000
Daniel T. Roberts
$   35,020
$   29,980
$   65,000
Theodore C. Miller
$   69,900
$   30,100
$ 100,000
Total
$ 304,929
$ 295,071
$ 600,000

* UTG stock is valued at $30.10 per share, the current market value reported on the date of bonus approval.

The bonuses are based on the Company’s 2023 operating results and are not the result of any written agreement or specific formula.

Additionally, a salary increase was approved for the below executive officer of the Company.  The new salary becomes effective February 1, 2024.  All other executive officer salaries remained unchanged.

Mr. Daniel Roberts, Vice President, annual increase of $25,000 making his new annual salary $100,000.

Mr. Correll is a member of the Board of Directors but is not a member of the Compensation Committee.  The Company continues to have neither written employment agreements nor oral arrangements with any of its corporate officers.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UTG, INC.

Date:
February 12, 2024
 
By:
/s/ Theodore C. Miller
       
Theodore C. Miller
       
Senior Vice President and Chief Financial Officer

v3.24.0.1
Document and Entity Information
Feb. 12, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 12, 2024
Entity File Number 000-16867
Entity Registrant Name UTG INC
Entity Central Index Key 0000832480
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 20-2907892
Entity Address, Address Line One 205 NORTH DEPOT STREET
Entity Address, City or Town STANFORD
Entity Address, State or Province KY
Entity Address, Postal Zip Code 40484
City Area Code 217
Local Phone Number 241-6300
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false

UTG (PK) (USOTC:UTGN)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024 UTG (PK) 차트를 더 보려면 여기를 클릭.
UTG (PK) (USOTC:UTGN)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024 UTG (PK) 차트를 더 보려면 여기를 클릭.