UTG Inc. Announces Annual Meeting of Shareholders on June 28, 2024

TL;DR

<b>UTG Inc. will hold its Annual Shareholder Meeting on June 28, 2024, to elect directors and vote on executive compensation.</b>

AI Summary

UTG INC (UTGN) filed a Proxy Statement (DEF 14A) with the SEC on May 15, 2024. The Annual Meeting of Shareholders for UTG Inc. will be held on Friday, June 28, 2024. The meeting will take place at 9:30 a.m. eastern time at UTG, Inc.'s offices in Stanford, Kentucky. Shareholders will vote to elect nine directors for a one-year term. A non-binding advisory vote will be held to approve executive compensation. The filing is a Definitive Proxy Statement (DEF 14A) filed on May 15, 2024.

Why It Matters

For investors and stakeholders tracking UTG INC, this filing contains several important signals. This meeting is a critical governance event where shareholders exercise their voting rights on board composition and executive pay. The outcome of the director elections and the advisory vote on compensation can signal shareholder confidence in the company's leadership and strategy.

Risk Assessment

Risk Level: low — UTG INC shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational risks indicated.

Analyst Insight

Shareholders should review the proxy materials to make informed voting decisions on director nominees and executive compensation.

Key Numbers

• June 28, 2024 — Annual Meeting Date (Date of the Annual Meeting of Shareholders)
• 9:30 a.m. eastern time — Meeting Time (Time of the Annual Meeting)
• nine — Directors to Elect (Number of directors to be elected at the meeting)
• one (1) year — Director Term (Length of the term for elected directors)

Key Players & Entities

• UTG INC (company) — Registrant name
• June 28, 2024 (date) — Date of Annual Meeting
• 205 North Depot Street, Stanford, Kentucky 40484 (location) — Meeting location
• nine (number) — Number of directors to be elected
• one (1) year (duration) — Term for elected directors
• DEF 14A (document_type) — Filing type
• 2024-05-15T00:00:00.000Z (date) — Filing date

FAQ

Industry Context

UTG Inc. operates in the Life Insurance industry, as indicated by its SIC code 6311.

Regulatory Implications

The filing is made under Schedule 14A of the Securities Exchange Act of 1934, governing proxy solicitations.

What Investors Should Do

1. Review the list of director nominees and their qualifications.
2. Understand the proposals related to executive compensation.
3. Cast your vote by the proxy deadline to ensure your voice is heard.

Key Dates

• 2024-06-28: Annual Meeting of Shareholders — Shareholders will vote on director elections and executive compensation.
• 2024-05-15: Filing Date — Definitive Proxy Statement (DEF 14A) filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the 2024 Annual Meeting of Shareholders; prior period comparative data is not available in this excerpt.

Key Financial Figures

• $100,000 — ficers whose salary plus bonus exceeded $100,000 for fiscal 2023, and with respect to al

Filing Documents

• 2024utgproxy.htm (DEF 14A) — 197KB
• image0.jpg (GRAPHIC) — 44KB
• image1.jpg (GRAPHIC) — 32KB
• image2.jpg (GRAPHIC) — 18KB
• 0000832480-24-000006.txt (&nbsp;) — 329KB

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS Principal Holders of Securities The following tabulation sets forth the name and address of the entity known to be the beneficial owners of more than 5% of UTG's Common Stock and shows: (i) the total number of shares of Common Stock beneficially owned by such person as of February 1, 2024 and the nature of such ownership; and (ii) the percent of the issued and outstanding shares of Common Stock so owned as of the same date. Title Amount Percent of Name and Address and Nature of Of Class of Beneficial Owner (2) Beneficial Ownership Class (1) Common Jesse T. Correll 154,312 (3)(5) 4.9% Stock, no First Southern Bancorp, Inc. 1,406,785 (3)(4)(5) 44.4% par value First Southern Funding, LLC 400,000 (3)(4)(5) 12.6% First Southern Holdings, LLC 1,201,876 (3)(4)(5) 37.9% WCorrell, Limited Partnership 72,750 (3)(5) 2.3% Cumberland Lake Shell, Inc. 128,750 (5) 4.1% (1) The percentage of shares owned is based on 3,169,527 shares of Common Stock outstanding as of May 1, 2024. (2) The address for each of Jesse Correll, First Southern Bancorp, Inc. ("FSBI"), First Southern Funding, LLC ("FSF"), First Southern Holdings, LLC ("FSH"), and WCorrell, Limited Partnership ("WCorrell LP"), is 205 North Depot Street, Stanford, Kentucky 40484. The address for Cumberland Lake Shell, Inc. ("CLS") is P.O. Box 430, 150 Railroad Drive, Somerset, Kentucky 42502. (3) The share ownership of Jesse Correll listed includes 81,562 shares of Common Stock owned by him individually. The share ownership of Mr. Correll also includes 72,750 shares of Common Stock held by WCorrell, Limited Partnership, a limited partnership in which Jesse Correll serves as managing general partner and as such, has sole voting and dispositive power over the shares held by the entity. In addition, by virtue of his ownership of voting securities of FSF and FSBI, and in turn, their ownership

Security Ownership of Management of UTG

Security Ownership of Management of UTG The following tabulation shows with respect to each of the Directors of UTG, UTG's Chief Executive Officer and each of UTG's two most highly compensated executive officers whose salary plus bonus exceeded $100,000 for fiscal 2023, and with respect to all executive officers and Directors of UTG as a group: (i) the total number of shares of Common Stock beneficially owned by such person as of May 1, 2024 and the nature of such ownership; and (ii) the percent of the issued and outstanding shares of stock so owned as of the same date. Title of Name and Address of Amount and Nature of Percent of Class Beneficial Owner Beneficial Ownership Class (1) UTG's April R. Chapman Redmond, WA 1,545 * Common Jesse T. Correll Stanford, KY 2,089,847 (2) 65.9% Stock, no Preston H. Correll Stanford, KY 2,859 (3) * Par value John M. Cortines Georgetown, TN 3,910 (4) * Thomas F. Darden, II Raleigh, NC 63,391 2.0% Howard L. Dayton, Jr. Sanford, FL 11,174 (5) * Douglas P. Ditto Danville, KY 50,394 (6) 1.6% Thomas E. Harmon Springfield, IL 4,020 * Theodore C. Miller Stanford, KY 16,292 * Gabriel J. Molnar Louisville, KY 3,444 * Peter L. Ochs Valley Center, KS 7,911 (7) * Daniel Roberts Stanford, KY 1,856 (8) * All Directors and executive officers as a group (twelve in number) 2,256,643 71.2% * Less than 1% (1) The percentage of outstanding shares for UTG is based on 3,169,527 shares of Common Stock outstanding as of May 1, 2024. (2) The share ownership of Jesse Correll listed includes 81,562 shares of Common Stock owned by him individually. The share ownership of Mr. Correll also includes 72,750 shares of Common Stock held by WCorrell, Limited Partnership, a limited partnership in which Jesse Correll serves as managing general partner and as such, has sole voting and dispositive power over the shares held by the entity. In addition, by virtue of his ownership of voting securitie

View Full Filing

View this DEF 14A filing on SEC EDGAR