UTG INC 8-K: Leadership/Compensatory Arrangement Changes

TL;DR

**UTG INC filed an 8-K about executive changes, keep an eye on leadership and compensation.**

AI Summary

UTG INC filed an 8-K on February 12, 2024, reporting on Item 5.02, which covers the departure or election of directors/officers and compensatory arrangements. The filing indicates a change in leadership or executive compensation, though specific names or dollar amounts are not detailed in the provided excerpt. This matters to investors because changes in key personnel or their compensation can signal shifts in company strategy, financial health, or governance, potentially impacting future stock performance.

Why It Matters

Changes in executive leadership or compensation can directly influence a company's strategic direction and financial stability, which are crucial factors for investors.

Risk Assessment

Risk Level: medium — The filing indicates changes in leadership or compensation, which can introduce uncertainty regarding future company performance and strategy.

Analyst Insight

Investors should monitor future filings or company announcements from UTG INC for specific details regarding the changes in directors, officers, or compensatory arrangements, as these specifics will determine the actual impact on the company's outlook.

Key Numbers

• February 12, 2024 — Date of Report (The date the earliest event reported in the 8-K occurred.)
• Item 5.02 — 8-K Item (The specific item of the 8-K filing, pertaining to Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.)
• 000-16867 — Commission File Number (The SEC file number for UTG INC.)
• 20-2907892 — IRS Employer Identification No. (The IRS Employer Identification Number for UTG INC.)
• 217-241-6300 — Business Phone (The registrant's telephone number.)

Key Players & Entities

• UTG INC (company) — registrant filing the 8-K
• 0000832480 (company) — Central Index Key (CIK) for UTG INC
• 02 Finance (company) — organization name associated with the filer
• Delaware (company) — state of incorporation for UTG INC
• Stanford, Kentucky (company) — principal executive offices location for UTG INC

Forward-Looking Statements

• UTG INC will provide more specific details regarding the changes in leadership or compensatory arrangements in future filings or press releases. (UTG INC) — medium confidence, target: Q1 2024
• The market reaction to this general announcement will be neutral until more specific details are disclosed. (UTG INC stock) — high confidence, target: February 2024

FAQ

Key Financial Figures

• $30.10 — 71 $ 600,000 * UTG stock is valued at $30.10 per share, the current market value rep
• $25,000 m — rts, Vice President, annual increase of $25,000 making his new annual salary $100,000. M
• $100,000 — of $25,000 making his new annual salary $100,000. Mr. Correll is a member of the Board

Filing Documents

• utg8k20240212.htm (8-K) — 24KB
• 0000832480-24-000003.txt ( ) — 145KB
• utgn-20240212.xsd (EX-101.SCH) — 4KB
• utgn-20240212_lab.xml (EX-101.LAB) — 20KB
• utgn-20240212_pre.xml (EX-101.PRE) — 14KB
• utg8k20240212_htm.xml (XML) — 4KB

02. Compensatory Arrangements of Certain Officers

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

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

View Full Filing

View this 8-K filing on SEC EDGAR