Company: L
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001140361-25-011755
Chunk: 18

Company: LOEWS CORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 18
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 While these provisions are no longer applicable, the base salary for our named executive officers in 2024 remained capped at $1 million as the relative lower weight of base salary to performance-based compensation is consistent with the Committee’s belief that performance-based compensation should be the substantially greater part of the compensation of each of our named executive officers. CASH INCENTIVE COMPENSATION AWARDS The largest portion of the compensation earned by our named executive officers in 2024 came from cash awards under our Incentive Compensation Plan. This element of our compensation program ensures that a significant portion of each executive’s annual compensation is dependent on Loews’s annual achievement of a metric that we call “performance-based income.”

| Defining Performance-based Income                                                                                                                                                                                                                                                                                                                                                                                            
 Performance-based income is defined in our Incentive Compensation Plan as our consolidated net income as adjusted by the Compensation Committee under the terms of our Incentive Compensation Plan to account for specific factors that may impact our business, but which the Compensation Committee deems reasonable and appropriate to exclude or include in determining performance for incentive compensation purposes. |

PROCESS OF ESTABLISHING ANNUAL INCENTIVE COMPENSATION AWARDS

| STEP 1                                                                                                                                                                                                                                            |     | Establish annual performance bonus pool |     | First quarter of each year |
| First, the Compensation Committee establishes an annual performance bonus pool expressed as a percentage of our performance-based income for that year.                                                                                           |     |                                         |     |                            |
| The performance bonus pool is not an expectation of the bonus amounts that will, in fact, be paid; rather, it sets the outer limit of compensation that can be paid to all executive officers in our incentive compensation program for the year. |     |                                         |     |                            |
| The Committee allocates a portion of the performance bonus pool to each of the named executive officers and other executive officers who participate in the incentive compensation program.                                                       |     |                                         |     |                            |

| STEP 2                                                                                                                                                                                                                                                                            |     | Establish Target Award |     | First quarter of each year |
| Then, the Compensation Committee establishes a target award (expressed as a dollar amount) for each participant, based on, among other things, an assessment of the individual’s expected performance.                                                                            |     |                        |     |                            |
| The intention is that the incentive compensation award generally will not exceed the target award (even if the portion of the performance bonus pool allocated to a participant is in excess of the established target), except based on the Compensation Committee’s discretion. |