0000832480-20-000007.txt : 20200327 0000832480-20-000007.hdr.sgml : 20200327 20200327140140 ACCESSION NUMBER: 0000832480-20-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20200327 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20200327 DATE AS OF CHANGE: 20200327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UTG INC CENTRAL INDEX KEY: 0000832480 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 202907892 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16867 FILM NUMBER: 20750563 BUSINESS ADDRESS: STREET 1: 205 NORTH DEPOT STREET CITY: STANFORD STATE: KY ZIP: 40484 BUSINESS PHONE: 2173236300 MAIL ADDRESS: STREET 1: 205 NORTH DEPOT STREET CITY: STANFORD STATE: KY ZIP: 40484 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TRUST GROUP INC DATE OF NAME CHANGE: 20001206 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TRUST INC /IL/ DATE OF NAME CHANGE: 19920703 8-K 1 utg8k2020327.htm COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
 
 
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): March 27, 2020
UTG, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
Delaware
 
0-16867
 
20-2907892
(State or other jurisdiction of
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
incorporation or organization)
 
 
 
 
 205 North Depot Street
Stanford, Kentucky 40484
(Address of principal executive offices and 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):
□ Written communications pursuant to Rule 425 under the Securities Act
□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act


Section 5 – Corporate Governance and Management

Item 5.02.  Compensatory Arrangements of Certain Officers.

Executive Management of the Company determined that in light of the current economic environment brought on by the COVID-19 outbreak that they would voluntarily reduce their base pay to help the Company weather this downturn.  As such, each of the named individuals have requested their base pay be adjusted down as so indicated.  The change becomes effective April 1, 2020.

Mr. Jess T. Correll, CEO, annual salary decrease of $18,750 making his new annual salary $161,250.

Mr. Douglas P. Ditto, Vice President, annual salary decrease of $11,250 making his new annual salary $131,250.

Mr. James P. Rousey, President, annual salary decrease of $7,500 making his new annual salary $92,500.

Mr. Theodore C. Miller, CFO, annual salary decrease of $5,000 making his new annual salary $85,000.

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:
March 27, 2020
  
By:
/s/ Theodore C. Miller
       
Theodore C. Miller
       
Senior Vice President and Chief Financial Officer