UTG Inc Announces Bonuses and Salary Increases for Executive Officers

UTG Inc (OTCMKTS: UTGN) revealed in a recent Form 8-K filing that bonuses and salary raises have been approved for its executive officers. The compensation decisions were made during a meeting of the Compensation Committee of the Board of Directors on February 3, 2025.

The bonuses were awarded to key executives based on the company’s 2024 operating performance. Mr. Jesse T. Correll, CEO and Chairman of the Board of Directors, is set to receive a bonus of $350,000. Meanwhile, Mr. Douglas P. Ditto, Vice President, will be granted $300,000, Mr. Daniel T. Roberts, Vice President, will receive $150,000, and Mr. Theodore C. Miller, CFO, is entitled to $130,000, totaling $930,000 in bonuses. The bonuses will be disbursed in cash and were not determined by any formal agreement or specific calculation.

Furthermore, salary increments were approved for the executives, effective February 1, 2025. Mr. Jesse Correll will see an annual increase of $7,500, taking his new annual salary to $225,000. Mr. Douglas Ditto will receive an annual increase of $18,750, resulting in a new annual salary of $206,250. Mr. Daniel Roberts will experience a $5,000 annual raise, bringing his new annual salary to $105,000, and Mr. Theodore Miller will have a $2,500 annual increase, setting his new annual salary at $120,000.

It is noteworthy that Mr. Correll, though a member of the Board of Directors, is not part of the Compensation Committee. Additionally, UTG Inc confirmed that it does not have written employment contracts or verbal agreements with any corporate officers at present.

The Form 8-K also included the required signature by Theodore C. Miller, Senior Vice President and Chief Financial Officer of UTG Inc, dated February 4, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read UTG’s 8K filing here.

UTG Company Profile

UTG, Inc, an insurance holding company, provides individual life insurance products and services in the United States. Its individual life insurance includes 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.