Company: L
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001140361-25-011755
Chunk: 45

Company: LOEWS CORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 45
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 but in no event later than ten days following the change in control, subject to Section 409A. |

Cashout of Awards. The Compensation Committee may provide that any outstanding award that is not continued, assumed or substituted in connection with a change in control, except as would otherwise result in adverse tax consequences under Section 409A, will, immediately upon the occurrence of a change in control, be canceled in exchange for a payment in cash or shares of our Common Stock equal to the value of the award (where in the case of options and SARs, the value of the awards, if any, is equal to their intrinsic value, if any, as determined by the Committee). Without limiting the generality of the foregoing, in the event that the consideration paid per share in the change in control is less than or equal to the exercise price, base price or purchase price per share of an award, then the Committee may cancel the award without any consideration upon the occurrence of a change in control.

| 54 |     | Loews Corporation2025 Proxy Statement |

TABLE OF CONTENTS Proposal No. 4: Approval of the Loews Corporation 2025 Incentive Compensation Plan General Provisions TRANSFERABILITY; DEFERRALS Awards granted under the 2025 Plan may not be assigned, transferred or otherwise encumbered or disposed of except as designated by the participant by will or by the laws of descent and distribution or as otherwise expressly permitted by the Compensation Committee. The Committee may permit participants to elect to defer the issuance of shares of stock or the settlement of awards in cash to the extent that the deferral complies with Section 409A. CLAWBACK Awards under the 2025 Plan will be subject to the Company’s existing clawback policy and any future clawback or recapture policy adopted from time to time to the extent provided in any such policy or as required by law and, in accordance with any such policy or law, may be subject to the requirement that the awards be repaid to the Company after they have been distributed to the participant. PROHIBITION ON REPRICING The 2025 Plan prohibits the Company from reducing the exercise price or base price of a stock option or SAR once granted, and from replacing a stock option or SAR with an award that has a lower exercise price or base price, another type of award or cash payment, in each case, without shareholder approval. TAX WITHHOLDING The Company and its subsidiaries and affiliates, as applicable, are authorized to withhold, from any award and