Form 8-K
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): June 20, 2007
UTG,
INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-16867
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20-2907892
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(State
or other jurisdiction of
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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incorporation
or organization)
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5250
South Sixth Street
Springfield,
Illinois 62703
(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):
o
Written
communications pursuant to Rule 425 under the Securities Act
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
o
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.
At
the
meeting of the Board of Directors on June 20, 2007, the Board approved a bonus
of $25,000 each to be paid to Mr. Jess Correll, Chief Executive Officer and
Mr.
Randall Attkisson, Chief Operating Officer of UTG, Inc. and its subsidiaries.
The bonuses are based on the Company’s 2006 operating results and are to be paid
as soon as practical. The bonuses are not the result of any written agreement
or
specific formula.
At
the
same meeting, the Board of Directors also approved an increase in base salary
for each of Messrs. Correll and Attkisson. Effective July 1, 2007, the base
salary of each shall be $150,000. Each previously had a base salary of $75,000
that has remained unchanged since April 1, 2001 when they began receiving a
salary for their services. Each has held their respective positions since March
2000.
Messrs.
Correll and Attkisson are also members of the Board of Directors, but did not
participate in the above discussions, nor did they vote. The Company continues
to have no 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: June 21, 2007 By:
/s/
Theodore C.
Miller
Theodore C. Miller
Senior
Vice President and Chief Financial Officer