Company: L
Filing Date: 2025-02-18
Form Type: 8-K
Source: 0000060086-25-000052
Chunk: 0

Company: LOEWS CORP
Filing Date: 2025-02-18
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Executive Officer Compensation

On February 17, 2025, in connection with the previously announced appointment of Benjamin J. Tisch, effective January 1, 2025, as President and Chief Executive Officer of Loews Corporation (the “ Corporation”), the Compensation Committee of the Board of Directors of the Corporation (the “ Compensation Committee”) established the following compensation for Mr. Tisch: an annual base salary of $1,000,000; a target cash incentive compensation award for 2025 of $2,600,000; and a target performance-based restricted stock unit (“ PRSU”) award for 2025 of 10,690 PRSUs, representing a grant date fair value of $900,000. Mr. Tisch’s cash incentive compensation and PRSU awards were made pursuant to the Registrant’s 2016 Incentive Compensation Plan and the terms of such awards are substantially the same as those granted to the Corporation’s other executive officers.

Special Stock Appreciation Right Awards

In addition, on February 17, 2025, in connection with the leadership transition, the Compensation Committee approved special grants of stock appreciation rights (“ SARs”) to each of Benjamin J. Tisch, Alexander H. Tisch, Vice President of the Corporation and President and Chief Executive Officer of the Corporation’s subsidiary, Loews Hotels & Co, and Jane J. Wang, Senior Vice President and Chief Financial Officer of the Corporation. The SARs awards are not part of the executives’ regular annual compensation and will not be awarded on a regularly recurring basis.

The following table sets forth the number of SARs awarded to each executive at the applicable exercise prices:

                          Exercise Price                                      
                          $100/share          $150/share        $200/share    
  Benjamin J. Tisch       100,000 SARs        150,000 SARs      200,000 SARs  
  Alexander H. Tisch      100,000 SARs        150,000 SARs      200,000 SARs  
  Jane J. Wang            75,000 SARs         112,500 SARs      150,000 SARs  

The SARs have a 10-year term and become exercisable seven years after the grant date.

For the SARs to provide value, the price of the Corporation’s common stock must appreciate from its current trading price