UTG, INC. (OTCMKTS:UTGN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; 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 5, 2019, bonuses were approved for Mr. Jesse T. Correll, CEO and Chairman of the Board of Directors, Mr. Douglas P. Ditto, Vice President, Mr. James P. Rousey, President and Mr. Theodore C. Miller, Corporate Secretary and CFO.
|
Cash Bonus |
|||
|
Stock Bonus* |
Total Bonus |
||
|
Jesse T. Correll |
$90,000 |
$0 |
$90,000 |
|
Douglas P. Ditto |
$0 |
$125,000 |
$125,000 |
|
James P. Rousey |
$90,000 |
$35,000 |
$125,000 |
|
Theodore C. Miller |
$60,000 |
$ 0 |
$60,000 |
|
Total |
$240,000 |
$160,000 |
$400,000 |
* UTG stock is valued at $30.11 per share, the current market value reported on the date of bonus approval.
The bonuses are based on the Company’s 2018 operating results and are not the result of any written agreement or specific formula.
Messrs. Correll and Rousey are members of the Board of Directors but are not members of the Compensation Committee. The Company continues to have neither written employment agreements nor oral arrangements with any of its corporate officers.
About UTG, INC. (OTCMKTS:UTGN)
UTG, Inc. is an insurance holding company. The Company is engaged in the individual life insurance business, which includes the servicing of existing insurance business in-force, the acquisition of other companies in the insurance business, and the administration processing of life insurance business for other entities. It operates through the life insurance segment. Its direct subsidiary is Universal Guaranty Life Insurance Company (UG). UG’s product portfolio consists of various life insurance product offerings, such as Ten Pay Whole Life, Tradition and Kid Kare. Ten Pay Whole Life has a level face amount and level premium payable for the first 10 policy years. This product is available for issue ages 0 to 65. The Tradition policy is a fixed premium whole life insurance policy for issue ages 0 to 75. The Kid Kare product is a single premium level term policy to age 21. The Company offers mortgage loans, which include commercial loans and residential loans.
