ex10_16.htm


    
      
        

      
Exhibit 10.16

    


    


    
      
        	 
      	
                February
      10, 2009

              


      

    

    


    


    Mr.
Jonathan M. Tisch

    667
Madison Avenue

    New York,
New York  10065

    


    Dear Mr.
Tisch:

    


    Reference
is made to your Amended and Restated Employment Agreement with Loews Corporation
(the “Company”) dated February 25, 2008 (the “Employment
Agreement”).

    


    This will
confirm our agreement that the Employment Agreement is amended as
follows:

    


    1.   Term of
Employment.  The period of your employment under and pursuant
to the Employment Agreement is hereby extended for an additional period through
and including March 31, 2010 upon all the terms, conditions and provisions of
the Employment Agreement, as hereby amended.

    


    2.   Compensation.  You
shall be paid as basic compensation (the “Basic Compensation”) for your services
to the Company and its subsidiaries under and pursuant to the Employment
Agreement a salary at the rate of Nine Hundred Seventy-Five Thousand ($975,000)
Dollars per annum through March 31, 2010.  Basic Compensation shall be
payable in accordance with the Company's customary payroll practices as in
effect from time to time, and shall be subject to such increases as the Board of
Directors of the Company, in its sole discretion, may from time to time
determine.

    


    3.   Incentive Compensation
Plan.  In addition to receipt of Basic Compensation under the
Employment Agreement, you shall participate in the Incentive Compensation Plan
for Executive Officers of the Company (the “Compensation Plan”) and shall be
eligible to receive incentive compensation under the Compensation Plan as may be
awarded in accordance with its terms.

    


    4.   Other
Compensation.  The compensation provided pursuant to this
Letter Agreement shall be exclusive of compensation and fees, if any, to which
you may be entitled as an officer or director of a subsidiary of the
Company.

    


    Except as
herein modified or amended, the Employment Agreement shall remain in full force
and effect.


    
      
         


      

      
         


        
          

        

      

      
         


      

    


    Mr.
Jonathan M. Tisch

    As of
February 10, 2009

    Page
2

    


    


    If the
foregoing is in accordance with your understanding, would you please sign the
enclosed duplicate copy of this Letter Agreement at the place indicated below
and return the same to us for our records.

    


    


    
      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                LOEWS
      CORPORATION

              


      

    

    


    


    
      
        	 
      	
                By:

              	
                /s/
      Gary W. Garson

              
	 
      	 
      	
                Gary
      W. Garson

              
	 
      	 
      	
                Senior
      Vice President

              


      

    

    


    


    
      
        	
                ACCEPTED
      AND AGREED TO:

              	
                     

              
	 
      	 
      
	
                /s/
      Jonathan M. Tisch

              	 
      
	
                Jonathan
      M. Tisch