Document:

Exhibit 10.25

                                      As of January 1, 2003

Mr. Jonathan M. Tisch
667 Madison Avenue
New York, New York  10021

Dear Mr. Tisch:

  Reference is made to your Employment Agreement with Loews Corporation (the
"Company"), dated January 1, 1999, as amended by agreement dated January 1,
2002 (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 December 31, 2003 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 Eight Hundred
Thousand ($800,000) Dollars per annum for the extension period January 1, 2003
through December 31, 2003. 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 January 1, 2003
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

                                      2Exhibit 10.33

                             AMENDMENT NO. 1 TO
                             ------------------
                      SUPPLEMENTAL RETIREMENT AGREEMENT
                      ---------------------------------

  This AMENDMENT NO. 1 TO SUPPLEMENTAL RETIREMENT AGREEMENT made as of the
first day of January, 2003 between LOEWS CORPORATION (the "Company") and
ANDREW H. TISCH (the "Executive").

                            W I T N E S S E T H:

  WHEREAS, the Executive is currently serving as an executive officer of the
Company;

  WHEREAS, pursuant to a Supplemental Retirement Agreement dated as of January
1, 2002 (the "Supplemental Retirement Agreement"), the Company has agreed to
provide to the Executive supplemental retirement benefits;

  WHEREAS, the Company and the Executive desire that the Executive's
retirement benefits be further supplemented on the terms and conditions
hereinafter set forth; and

  WHEREAS, all capitalized terms used herein without definition are used as
defined in the Supplemental Retirement Agreement.

  NOW, THEREFORE, the Company and the Executive agree that the Supplemental
Retirement Agreement is hereby amended as follows:

  1.  In connection with the Executive's employment with the Company and to
provide supplemental retirement benefits to the Executive in addition to the
Executive's compensation and other benefits, the Executive's Supplemental
Retirement Account shall be credited as follows:

  (a)   The Supplemental Retirement Account shall be credited with an
      additional sum of $250,000, effective January 1, 2003 (the "2003
      Amount"), and the Executive shall become vested in the 2003 Amount as
      of December 31, 2003.

  (b)   On December 31, 2003 the 2003 Amount credited to the Executive's
        Supplemental Retirement Account shall be credited with the Pay-Based
        Credit which would have been credited under Section 3.2 of the Plan as
        if the definition of "Compensation" under Section 1.9 of the Plan had
        not included the second sentence thereof.

  2.  Except as herein amended, the Supplemental Retirement Agreement shall
remain in full force and effect. All references to the Supplemental Retirement
Account in the Supplemental Retirement Agreement, as amended hereby, shall
mean and include the Supplemental Retirement Account as increased by the 2003
Amount and all subsequent amounts credited to the Supplemental Retirement
Account pursuant to the Supplemental Retirement Agreement as amended hereby.

  3.  This Agreement sets forth the entire understanding between the Company
and the Executive with respect to the supplemental retirement benefits which
are the subject matter hereof and supercedes all prior understandings and
agreements with respect thereto. No change, termination or waiver of any of
the provisions hereof shall be binding unless in writing signed by the party
against whom the same is sought to be enforced. This Agreement is governed by
and shall be construed in accordance with the laws of the State of New York,
without giving effect to principles of conflicts of law.

  IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                                      LOEWS CORPORATION

                                      By:         /s/ Gary W. Garson
                                          ------------------------------------
                                                    Gary W. Garson
                                                 Senior Vice President

                                                  /s/ Andrew H. Tisch
                                          ------------------------------------
                                                    Andrew H. Tisch

                                      2Exhibit 10.35

                             AMENDMENT NO. 1 TO
                             ------------------
                      SUPPLEMENTAL RETIREMENT AGREEMENT
                      ---------------------------------

  This AMENDMENT NO. 1 TO SUPPLEMENTAL RETIREMENT AGREEMENT made as of the
first day of January, 2003 between LOEWS CORPORATION (the "Company") and JAMES
S. TISCH (the "Executive").

                            W I T N E S S E T H:

  WHEREAS, the Executive is currently serving as an executive officer of the
Company;

  WHEREAS, pursuant to a Supplemental Retirement Agreement dated as of January
1, 2002 (the "Supplemental Retirement Agreement"), the Company has agreed to
provide to the Executive supplemental retirement benefits;

  WHEREAS, the Company and the Executive desire that the Executive's
retirement benefits be further supplemented on the terms and conditions
hereinafter set forth; and

  WHEREAS, all capitalized terms used herein without definition are used as
defined in the Supplemental Retirement Agreement.

  NOW, THEREFORE, the Company and the Executive agree that the Supplemental
Retirement Agreement is hereby amended as follows:

  1.  In connection with the Executive's employment with the Company and to
provide supplemental retirement benefits to the Executive in addition to the
Executive's compensation and other benefits, the Executive's Supplemental
Retirement Account shall be credited as follows:

  (a)   The Supplemental Retirement Account shall be credited with an
      additional sum of $250,000, effective January 1, 2003 (the "2003
      Amount"), and the Executive shall become vested in the 2003 Amount as
      of December 31, 2003.

  (b)   On December 31, 2003 the 2003 Amount credited to the Executive's
        Supplemental Retirement Account shall be credited with the Pay-Based
        Credit which would have been credited under Section 3.2 of the Plan as
        if the definition of "Compensation" under Section 1.9 of the Plan had
        not included the second sentence thereof.

  2.  Except as herein amended, the Supplemental Retirement Agreement shall
remain in full force and effect. All references to the Supplemental Retirement
Account in the Supplemental Retirement Agreement, as amended hereby, shall
mean and include the Supplemental Retirement Account as increased by the 2003
Amount and all subsequent amounts credited to the Supplemental Retirement
Account pursuant to the Supplemental Retirement Agreement as amended hereby.

  3.  This Agreement sets forth the entire understanding between the Company
and the Executive with respect to the supplemental retirement benefits which
are the subject matter hereof and supercedes all prior understandings and
agreements with respect thereto. No change, termination or waiver of any of
the provisions hereof shall be binding unless in writing signed by the party
against whom the same is sought to be enforced. This Agreement is governed by
and shall be construed in accordance with the laws of the State of New York,
without giving effect to principles of conflicts of law.

  IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                                      LOEWS CORPORATION

                                      By:         /s/ Gary W. Garson
                                          ------------------------------------
                                                    Gary W. Garson
                                                 Senior Vice President

                                                  /s/ James S. Tisch
                                          ------------------------------------
                                                    James S. Tisch

                                      2

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