UTG INC
For the period ended Dec 31, 2025. Filed Mar 25, 2026.
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FY2025 · Filed Mar 25, 2026
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Item 11. Executive Compensation
Executive Compensation Table
The following table sets forth certain information regarding compensation paid to or earned by UTG’s Chief Executive Officer, and each of UTG’s two most highly compensated executive officers whose salary plus bonus exceeded $100,000 during UTG’s last fiscal year:
| Name and Principal position | Year | Salary | Bonus | Stock Awards(1) | All Other Compensation(2) | Total |
|---|---|---|---|---|---|---|
| Jesse T. CorrellChief Executive Officer | 2025 | $225,000 | $350,000 | $0 | $13,331 | $588,331 |
| 2024 | 217,500 | 9 | 234,991 | 13,050 | 465,550 | |
| Douglas P. DittoVice President | 2025 | 206,250 | 300,000 | 0 | 11,953 | 518,203 |
| 2024 | 187,500 | 200,000 | 0 | 11,250 | 398,750 | |
| Daniel T. RobertsVice President | 2025 | 105,000 | 150,000 | 0 | 6,188 | 261,188 |
| Theodore C. MillerChief Financial Officer | 2025 | 120,000 | 130,000 | 0 | 7,144 | 257,144 |
| 2024 | 117,500 | 69,900 | 30,100 | 7,050 | 224,550 | |
| Casey J. Willis (3)Vice President | 2025 | 210,000 | 250,000 | 0 | 12,400 | 472,400 |
| 2024 | 200,000 | 300,000 | 49,998 | 12,000 | 561,998 |
| (1) | Stock awards in the form of an annual bonus of 0 and 11,726 shares were issued in 2025 and 2024, respectively. |
| (2) | All Other Compensation consists of matching contributions to an Employee Savings Trust 401(k) Plan |
| (3) | Casey Willis is not deemed to be an executive officer. |
Outstanding Equity Awards at Fiscal Year End
On June 27, 2025, the UTG shareholders approved a stock option plan for the Company which provides for the grant of qualified incentive stock options and nonqualified stock options to employees, directors, consultants, and advisors. The plan has an aggregate of 300,000 shares that can be granted. The purpose of the plan is to enable the Company to attract and retain they types of employees, officers, directors, consultants, and advisors who will contribute to UTG long-range success and to promote the successes of UTG’s business through the award of options to purchase shares of common stock of UTG. The plan terminates 10 years from the approval by shareholders.
On September 4, 2025, the Company’s compensation committee granted stock options to certain employees of the Company including certain named executive officers and significant employees.
The following table reflects the stock options outstanding issued to the named executive officers and other significant employees as of December 31, 2025:
| Name | Number ofsecuritiesunderlyingunexercised options(#) exercisable | Number ofsecuritiesunderlyingunexercisedoptions (#)unexercisable | Option exerciseprice ($) | Option expirationdate |
|---|---|---|---|---|
| Jesse T. Correll, Chief Executive Officer | 0 | 15,000 | $48.40 | September 4, 2030 |
| Douglas P. Diito, Vice President | 0 | 15,000 | $44.00 | September 4, 2035 |
| Daniel T. Roberts, Vice President | 0 | 15,000 | $44.00 | September 4, 2035 |
| Theodore C. Miller, Chief Financial Officer | 0 | 10,000 | $44.00 | September 4, 2035 |
| Casey J. Willis, Vice President | 0 | 15,000 | $44.00 | September 4, 2035 |
The shares granted will vest evenly over a 5-year period starting one year after the grant date.
Compensation of Directors
Effective January 1, 2025, a new compensation arrangement was approved whereby each outside Director annually receives $5,000 as a retainer and $3,750 per meeting attended. The compensation, however, is paid in UTG Common Stock. The value is determined annually on the close of business December 20 or the next business day should December 20 be a weekend or holiday, based on the activity of the year just ending. Reasonable travel expenses are reimbursed in cash as incurred. UTG's Director Compensation policy provides that Directors who are officers of UTG or its affiliates do not receive any compensation for their services as Directors except for reimbursement for reasonable travel expenses for attending each meeting. The following table reflects compensation paid to all Directors who served in 2025.
| Name | Fees Earned or Paid in Cash | Stock Awards(1) | All Other Compensation(2) | Total |
|---|---|---|---|---|
| Jesse T. Correll, Chief Executive Officer | $0 | $0 | $0 | $0 |
| Charles W. Perry, Director | 0 | 12,500 | 0 | 12,500 |
| Preston H. Correll, Director | 0 | 20,000 | 0 | 20,000 |
| John M. Cortines, Director | 0 | 23,750 | 0 | 23,750 |
| Thomas F. Darden, II, Director | 0 | 23,750 | 0 | 23,750 |
| Howard L. Dayton, Director (retired during 2025) | 0 | 16,250 | 0 | 16,250 |
| Thomas E. Harmon, Director | 0 | 20,000 | 0 | 20,000 |
| Gabriel J. Molnar, Director | 0 | 23,750 | 0 | 23,750 |
| Peter L. Ochs, Director | 0 | 20,000 | 0 | 20,000 |
(1) Market value of stock on earned date was $59.80 per share.
(2) Other Compensation represents payment for consulting services performed relative to management enrichment.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.