Company: L
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001140361-25-011755
Chunk: 41

Company: LOEWS CORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 41
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 adjustment for certain business transactions and changes in capital structure. Any shares of our Common Stock issued in respect of awards under the 2025 Plan will be counted against this limit as one share for every one share subject to such award. Shares of our Common Stock issuable under the 2025 Plan may be either authorized but unissued shares or shares that have been reacquired by us in the open market, in private transactions or otherwise. If any shares subject to an award are forfeited, canceled, exchanged or surrendered or if an award otherwise terminates or expires without a distribution of shares to the participant, then the shares of Common Stock with respect to such award will again be available for awards under the 2025 Plan. Shares tendered by a participant or withheld by the Company in payment of the exercise price of an option or to satisfy any Taxes (as defined below under “Tax Withholding”) with respect to any award will not again be available for awards. The closing price of our common stock on the New York Stock Exchange on March 18, 2025 was $86.94. BURN RATE AND POTENTIAL DILUTION When granting awards under our equity compensation program, our Compensation Committee considers, among other things, the following two metrics: “historical burn rate” and “overhang.”

| ▪ | Historical Burn Rate.Our historical burn rate is equal to the number of shares subject to equity awards granted during a period, assuming the target payout for performance-based restricted stock units, in proportion to our weighted average number of outstanding shares during such period. Our burn rate for fiscal year 2024 was 0.1%, and our three-year average burn rate for fiscal years 2022 through 2024 was 0.1%. |

| ▪ | Overhang.Our overhang is equal to the number of shares subject to equity awards outstanding at fiscal year-end plus the number of shares available for future grants in proportion to our shares outstanding at fiscal year-end. Our overhang for fiscal year 2024 was 2.7%. |

ADMINISTRATION The 2025 Plan will be administered by our Compensation Committee, unless the Board determines otherwise. Any power of the Committee may also be exercised by the Board and in the event the Board exercises its authority, references to the Committee will be deemed to refer to the Board. The Committee has the authority to, among other things, grant awards, determine the recipients of awards and when awards will be granted, determine the types of awards and the number of shares of our Common Stock or