UTG INC
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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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 | 2023 | $217,500 | $6 | $289,994 | $13,050 | $520,550 | |||||
| 2022 | 217,500 | 2 | 199,998 | 11,681 | 429,181 | ||||||
| Douglas P. DittoVice President | 2023 | 187,500 | 99,991 | 150,009 | 11,250 | 448,750 | |||||
| 2022 | 187,500 | 15 | 174,985 | 9,984 | 372,484 | ||||||
| Theodore C. MillerChief Financial Officer | 2023 | 117,292 | 49,880 | 50,120 | 7,038 | 224,330 | |||||
| 2022 | 112,500 | 57,900 | 27,100 | 5,969 | 203,469 | ||||||
| Casey Willis (3)Vice President | 2023 | 200,000 | 274,800 | 50,120 | 12,000 | 536,920 | |||||
| 2022 | 200,000 | 167,480 | 32,520 | 10,625 | 410,625 | ||||||
| (1) | Stock awards in the form of an annual bonus of 21,958 and 16,037 shares were issued in 2023 and 2022, 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
As of December 31, 2023, there were no unexercised options, stock that has not vested or equity incentive plan awards outstanding for any of the above named executive officers.
Compensation of Directors
Effective January 1, 2018, a new compensation arrangement was approved whereby each outside Director annually receives $5,000 as a retainer and $2,500 per meeting attended. The compensation, however, is paid in UTG Common Stock. The value is determined annually on the close of business December 20th or the next business day should December 20 th 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 employees 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 2023.
| 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 |
| April R. Chapman, Director | 0 | 12,484 | 0 | 12,484 |
| Preston H. Correll, Director | 0 | 17,496 | 3,500 | 20,996 |
| John M. Cortines, Director | 0 | 17,496 | 0 | 17,496 |
| Thomas F. Darden, II, Director | 0 | 14,975 | 0 | 14,975 |
| Howard L. Dayton, Director | 0 | 17,496 | 0 | 17,496 |
| Thomas E. Harmon, Director | 0 | 17,496 | 0 | 17,496 |
| Gabriel J. Molnar, Director | 0 | 17,496 | 3,500 | 20,996 |
| Peter L. Ochs, Director | 0 | 12,484 | 0 | 12,484 |
(1) Market value of stock on earned date was $30.01 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.