UTG Inc. Reports Director Changes and Officer Compensation Updates
Ticker: UTGN · Form: 8-K · Filed: Feb 4, 2025 · CIK: 832480
| Field | Detail |
|---|---|
| Company | Utg Inc (UTGN) |
| Form Type | 8-K |
| Filed Date | Feb 4, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $7,500 m, $225,000, $18,750 m, $206,250, $5,000 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, executive-compensation, governance
TL;DR
UTG Inc. swapped a director and updated exec pay. Board changes incoming.
AI Summary
UTG Inc. announced on February 4, 2025, changes related to its board of directors and executive compensation. Specifically, the company reported the departure of a director and the election of a new director, along with updates to the compensatory arrangements for certain officers. The filing details these changes as required by SEC regulations.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in directorship and executive compensation can indicate internal shifts that may affect company direction and stability.
Key Players & Entities
- UTG INC (company) — Registrant
- February 4, 2025 (date) — Date of Report
- 205 NORTH DEPOT STREET STANFORD , Kentucky 40484 (address) — Principal executive offices
FAQ
Who is the departing director and who is the newly elected director?
The filing states there was a departure of a director and the election of a new director, but does not name the individuals involved in this specific 8-K filing.
What specific changes were made to the compensatory arrangements of certain officers?
The filing indicates updates to compensatory arrangements for certain officers but does not provide specific details on the nature or value of these changes within the provided text.
What is the primary business of UTG Inc. according to the filing?
UTG Inc. is classified under the Standard Industrial Classification code 6311, which corresponds to 'LIFE INSURANCE'.
When was UTG Inc. incorporated and in which state?
UTG Inc. was incorporated in Delaware.
What is the IRS Employer Identification Number for UTG Inc.?
The IRS Employer Identification Number for UTG Inc. is 20-2907892.
Filing Stats: 573 words · 2 min read · ~2 pages · Grade level 9.1 · Accepted 2025-02-04 14:24:39
Key Financial Figures
- $7,500 m — Jesse Correll, CEO, annual increase of $7,500 making his new annual salary $225,000. M
- $225,000 — of $7,500 making his new annual salary $225,000. Mr. Douglas Ditto, Vice President, an
- $18,750 m — tto, Vice President, annual increase of $18,750 making his new annual salary $206,250. M
- $206,250 — of $18,750 making his new annual salary $206,250. Mr. Daniel Roberts, Vice President, a
- $5,000 m — rts, Vice President, annual increase of $5,000 making his new annual salary $105,000. M
- $105,000 — of $5,000 making his new annual salary $105,000. Mr. Theodore Miller, CFO, annual incr
- $2,500 m — heodore Miller, CFO, annual increase of $2,500 making his new annual salary $120,000. M
- $120,000 — of $2,500 making his new annual salary $120,000. Mr. Correll is a member of the Board
Filing Documents
- utg8k20250204.htm (8-K) — 25KB
- 0000832480-25-000003.txt ( ) — 146KB
- utgn-20250204.xsd (EX-101.SCH) — 4KB
- utgn-20250204_lab.xml (EX-101.LAB) — 20KB
- utgn-20250204_pre.xml (EX-101.PRE) — 14KB
- utg8k20250204_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 3, 2025, 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. Total Bonus Jesse T. Correll $ 350,000 Douglas P. Ditto $ 300,000 Daniel T. Roberts $ 150,000 Theodore C. Miller $ 130,000 Total $ 930,000 The bonuses are based on the Company's 2024 operating results and are not the result of any written agreement or specific formula. The bonus will be paid in cash. Additionally, salary increases were approved for the below executive officers of the Company. The new salaries become effective February 1, 2025. Mr. Jesse Correll, CEO, annual increase of $7,500 making his new annual salary $225,000. Mr. Douglas Ditto, Vice President, annual increase of $18,750 making his new annual salary $206,250. Mr. Daniel Roberts, Vice President, annual increase of $5,000 making his new annual salary $105,000. Mr. Theodore Miller, CFO, annual increase of $2,500 making his new annual salary $120,000. 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 4, 2025 By: /s/ Theodore C. Miller Theodore C. Miller Senior Vice President and Chief Financial Officer