Company: L
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001140361-25-011755
Chunk: 20

Company: LOEWS CORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 20
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| Any net income or loss attributable to changes in deferred income tax assets and liabilities resulting from a change in income tax rates in 2024                                                                                                                                                                                                |     | Several of Loews’s subsidiaries, by the nature of their business, recognize significant deferred income tax assets and liabilities, which have accumulated over many years. A change in the income tax rate could have a significant impact on these deferred tax items and on Loews’s net income since the impact in the year of this change would involve the entire historical balance of deferred tax assets or liabilities. The Compensation Committee determined to exclude this item since any change in income tax rates is, of course, unpredictable and not within the company’s control, and the resulting impact on net income and loss would not be a suitable indication of current performance. |
| Any gain or loss on disposal of discontinued operations (but not income from operations of the discontinued operations)                                                                                                                                                                                                                         |     | The Compensation Committee determined to exclude both gains and losses from the disposal of discontinued operations in the belief that the results from a disposition, whether positive or negative, relate to the generally multi-year holding period of the asset disposed of, even though fully recognized in the year of disposal. Therefore, any such gains or losses could distort net income in the year of disposition.                                                                                                                                                                                                                                                                                |

For 2024, performance-based income ultimately amounted to $1,865 million compared to consolidated net income of $1,414 million.

| Loews Corporation2025 Proxy Statement |     | 31 |

TABLE OF CONTENTS Executive Compensation

PERFORMANCE-BASED STOCK-BASED AWARDS The third principal element of our compensation program for named executive officers and other executive officers is stock-based awards, which in 2024 consisted of performance-based RSUs (“PRSUs”). The PRSUs, similar to the time-vesting RSUs granted in 2024 to our non-executive officers and certain other managerial and professional employees (“non-executive RSUs”), will vest in two equal tranches (subject to earlier vesting in the case of death, disability, termination without cause and certain retirements):

| ▪ | 50% on the second anniversary of the grant date; and |

| ▪ | 50% on the third anniversary of the grant date. |

In addition, for dividends, the PRSUs (along with non-executive RSUs) are credited cash (accruing interest each year at the one-year Treasury rate applicable in January of the year the dividend is paid) in respect of dividends paid,