Company: L
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001140361-25-011755
Chunk: 50

Company: LOEWS CORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 50
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 Incentive Compensation Plan

Unless prohibited by the applicable award terms, a participant may elect, within 30 days after the date of the grant of the restricted stock, to recognize immediately (as ordinary income) the fair market value of the shares of Common Stock awarded (less any amount the participant may have paid for the shares), determined on the date of grant (without regard to the forfeiture conditions and transfer restrictions) and will be subject to Employment Taxes. This election is made pursuant to Section 83(b) of the Internal Revenue Code and the regulations thereunder. If a participant makes this election, the holding period will begin the day after the date of grant, dividends paid on the shares will be subject to the normal rules regarding distributions on stock and no additional income will be recognized by the participant upon the Vesting Date. However, if a participant forfeits the restricted stock before the Vesting Date, no deduction or capital loss will be available to the participant (even though the participant previously recognized income with respect to the forfeited shares). RESTRICTED STOCK UNITS A participant will not be subject to tax upon the grant of an RSU. Upon vesting of the RSU, a participant will be subject to Employment Taxes, and upon distribution of the shares of Common Stock and/or cash underlying the RSUs, a participant will recognize as ordinary income an amount equal to the fair market value (measured on the date of distribution) of the shares and/or cash received. This amount of income will be subject to income tax withholding on the date of distribution. A participant’s basis in any shares received will be equal to the fair market value of the shares on the date of distribution, and the holding period in the shares will begin on the day following the date of distribution. If any dividend equivalent amounts are paid to a participant, they will be includible in the participant’s income as additional compensation (and not as dividend income). DISPOSITION OF SHARES Unless stated otherwise above, upon the subsequent disposition of shares of Common Stock acquired under any awards, a participant will recognize capital gain or loss based upon the difference between the amount realized on the disposition and the basis in the shares, and the amount will be long-term capital gain or loss if the shares were held for more than 12 months. DEDUCTIONS The Company generally will be entitled to a tax deduction equal to the amount recognized as ordinary income by the recipient in connection with the delivery of shares of Common Stock pursuant to an RSU, the exercise of an option or SAR or the lapse of restrictions