Amendments to the Shared Services Agreement between UTG, Inc. and FSNB. Amendment #6 to the Shared Services Agreement effective March 1, 2023. [Prior amendments incorporated by reference to the Registrants form 10-K, for the year ended December 31, 2018 originally filed as Exhibits 10.15, 10.16 and 10.17]
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EX-10.15 9 exhibit1015.htm SHARED SERVICES AGREEMENT
Amendment #6
Dated and Effective: March 1, 2023
To the
SHARED SERVICES AGREEMENT
By and between
FIRST SOUTHERN NATIONAL BANK
And
UTG, INC.
Dated
January 1, 2017
Purpose: To amend and replace Item 1-Services of above said agreement in its entirety.
| 1. | Services. During the term of this Agreement, the parties hereby agree to share personnel and the employee costs of certain groups of employees of both entities. The initial Shared Services of the two entities shall be as follows: |
| FSNB percentage | UTG percentage | |
| Accounting | 50% | 50% |
| CLG | * | * |
| Human Resources | 85% | 15% |
| People & Culture | 75% | 25% |
| Information Technology | 50% | 50% |
| Investments | 50% | 50% |
| Leadership | * | * |
| Marketing | 75% | 25% |
| Real Estate | 50% | 50% |
| Grounds | 50% | 50% |
*See attached allocations per Exhibit A.
The Shared Services of each entity shall include the base pay, bonuses paid, payroll related taxes and costs of employee benefits provided for each individual covered.
Allocated costs shall first be reduced for reimbursements, if any, received from other entities or third parties.
Additional employees or groups of employees may be added as shared services upon mutual agreement of both parties and attached hereto as an addendum to this Agreement.
Corporate performance-based bonuses or awards are specifically excluded from this formula and sharing arrangement. Such bonuses or awards shall be borne entirely by the individual entity and determined exclusively by the management of each entity. Individuals covered under this agreement may receive such corporate performance-based bonuses from either or both entities.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized as of the date first above written.
UTG, INC. FIRST SOUTHERN NATIONAL BANK
By: _/s/Theodore C. Miller______________ By: _/s/ Tommy Roberts________________
Theodore C. Miller Tommy Roberts
Sr. Vice President CEO
Attest: Attest:
__/s/Bradley J. Betack_____________ _/s/Bradley J. Betack__________________
Bradley J. Betack Bradley J. Betack
Secretary Secretary
Shared Services Agreement FSNB/UTG Exhibit A
CLG
| Name | FSNB % | UTG % | ||
| Joe Hafley | 80% | 20% | ||
| Shay Pendygraft | 20% | 80% | ||
| Leah Baker | 20% | 80% | ||
| Mike Taylor | 80% | 20% |
Leadership
| Name | FSNB % | UTG % | ||
| Jess Correll | 25% | 75% | ||
| Doug Ditto | 25% | 75% | ||
| Cynthia Woodcock | 25% | 75% | ||
| Daniel Roberts | 50% | 50% | ||
| Candice Brown | 50% | 50% | ||
| Suzanne Short | 50% | 50% | ||
| Sara Downey | 50% | 50% | ||
| Carrie Davis | 50% | 50% | ||
| Christopher Davis | 75% | 25% | ||
| Max Appel | 85% | 15% | ||
| Brad Betack | 50% | 50% | ||
| Julie Cox | 50% | 50% | ||
| Denise Henderson | 25% | 75% |
