SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CORRELL JESSE T

(Last)

(First)

(Middle)

P. O. BOX 328

(Street)

STANFORD

40484

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
UTG INC [ UTGN.OB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman & CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								341,997	I	See Footnote⁽¹⁾
Common Stock								72,750	I	See Footnote⁽²⁾
Common Stock								118,308	D
Common Stock	08/27/2009		S		20,000	D	$10	229,069	I	See Footnote⁽³⁾
Common Stock	08/27/2009		S		80,000	D	$10	1,277,716	I	See Footnote⁽⁴⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Call Option (obligation to sell)⁽⁵⁾	$10	08/27/2009		S			100,000	08/27/2009	08/27/2011	Common Stock	100,000	⁽⁶⁾	100,000	I	See Footnote⁽³⁾
Call Option (obligation to sell)⁽⁵⁾	$10	08/27/2009		S			100,000	08/27/2009	08/27/2012	Common Stock	100,000	⁽⁶⁾	100,000	I	See Footnote⁽³⁾
Call Option (obligation to sell)⁽⁵⁾	$10	08/27/2009		S			100,000	08/27/2009	08/27/2011	Common Stock	100,000	⁽⁶⁾	100,000	I	See Footnote⁽⁴⁾
Call Option (obligation to sell)⁽⁵⁾	$10	08/27/2009		S			100,000	08/27/2009	08/27/2012	Common Stock	100,000	⁽⁶⁾	100,000	I	See Footnote⁽⁴⁾

Explanation of Responses:

1. The reported securities are held by First Southern Funding, LLC(FSF) of which the reporting person is President and manager.

2. By WCorrell, Limited Partnership of which the reporting person is a managing general partner.

3. The reported securities are held by First Southern Bancorp, Inc., of which the reporting person is Chairman and President.

4. By First Southern Holdings, LLC, of which the reporting person is the President.

5. On August 27, 2009, First Southern Bancorp, Inc. (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 may be purchased. If the options are exercised, FSB and FSH, in their sole discretion, may determine the number of shares each of them will sell to the exercising optionee, up to the full 200,000 optioned shares.

6. This call option was granted without the payment of any premium concurrently with the optionee's purchase of additional shares of the Issuer's common stock as reflected on Table I.

Remarks:

	Jill Martin, Attorney-in-Fact	08/31/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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