X0304 4 2011-08-26 0 0000832480 UTG INC UTGN.OB 0001064892 CORRELL JESSE T FIRST SOUTHERN BANCORP P. O. BOX 328 STANFORD KY 40484 1 1 1 0 Chairman & CEO Common Stock 341997 I By First Southern Funding, LLC Common Stock 72750 I By WCorrell, Limited Partnership Common Stock 229069 I By First Southern Bancorp, Inc. Common Stock 1277716 I By First Southern Holdings, LLC Common Stock 2011-08-26 4 X 0 100000 10.00 D 18308 D Call Option (obligation to sell) 10.00 2011-08-26 4 X 0 100000 0 D 2009-08-27 2011-08-27 Common Stock 100000 0 I See footnote Call Option (obligation to sell) 10.00 2011-08-26 4 X 0 100000 0 D 2009-08-27 2011-08-27 Common Stock 100000 0 I See footnote Call Option (obligation to sell) 10.00 2009-08-27 2012-08-27 Common Stock 100000 100000 I See footnote Call Option (obligation to sell) 10.00 2009-08-27 2012-08-27 Common Stock 100000 100000 I See footnote By First Southern Bancorp, Inc. (FSB) of which the reporting person is Chairman and President. On August 27, 2009, FSB and First Southern Holdings, LLC (FSH), individually and collectively, granted call options under which a total of 200,000 shares of the Issuer's common stock could be purchased. Under the terms of the options, FSB and FSH, in their sole discretion, could determine the number of shares each of them would sell to the exercising optionee. On August 26, 2011, the holders of the options exercised the options with respect to a total of 100,000 shares of the Issuer's common stock and FSB and FSH transferred to the reporting person their respective obligations under the options with respect to the 100,000 shares exercised. By FSH of which the reporting person is the President. On August 27, 2009, FSB and FSH, individually and collectively, granted call options under which a total of 200,000 shares of the Issuer's common stock could be purchased. Under the terms of the options, FSB and FSH, in their sole discretion, could determine the number of shares each of them could sell to the exercising optionee. On August 26, 2011, the holders of the options exercised the options with respect to a total of 100,000 shares of the Issuer's common stock and FSB and FSH transferred to the reporting person their respective obligations under the options with respect to the 100,000 shares exercised. /s/ Jill Martin, Attorney-in-Fact 2011-08-30