Document:

Exhibit 10.20

                                          As of January 1, 2004

Mr. Preston R. 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 March 1, 1971, as amended by agreements dated February 27,
1974, March 1, 1976, May 10, 1977, July 17, 1979, June 16, 1981, May 10, 1983,
May 10, 1984, October 15, 1985, February 24, 1987, October 14, 1988, March 1,
1990, October 22, 1992, October 18, 1994, February 20, 1996, November 3, 1998,
January 1, 2001 and as of January 1, 2003 (the "Employment Agreement").

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

  1. The period of your employment under and pursuant to the Employment
Agreement is hereby extended for an additional period through and including
March 31, 2005 upon all the terms, conditions and provisions of the Employment
Agreement, as hereby amended.

  2. You shall be paid a basic salary (the "Basic Salary") for your services
under and pursuant to the Employment Agreement at the rate of $950,000 per
annum for the extension period January 1, 2004 through  March 31, 2005. Basic
Salary shall be payable in accordance with the Company's customary payroll
practices for executives 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. Such Basic Salary shall be
exclusive of fees received by you as a director and as a member of Committees
of the Boards of Directors of other corporations, including subsidiaries,
affiliates and investees of the Company.

  3. In addition to receipt of Basic Salary under the Employment Agreement,
you shall participate in and shall receive incentive compensation under the
Incentive Compensation Plan for Executive Officers of the Company (the
"Compensation Plan") as awarded by the Incentive Compensation Committee of the
Board of Directors of the Company.

Mr. Preston R. Tisch
As of January 1, 2004
Page 2

  4. Incentive based compensation awarded in relation to applicable years
under the Compensation Plan shall be included in the computation of
pensionable earnings in determining your Supplemental Benefits under the
Employment Agreement. In no event, however, shall such Supplemental Benefits
duplicate benefits under the Company's Benefit Equalization Plan as amended
from time to time.

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

  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/Preston R. Tisch
-----------------------
    Preston R. TischExhibit 10.24

                                           As of January 1, 2004

Mr. Andrew H. 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 agreements dated as of
January 1, 2002 and as of January 1, 2003 (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, 2005 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 for the extension period
January 1, 2004 through  March 31, 2005. 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. Andrew H. Tisch
As of January 1, 2004
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/Andrew H. Tisch
-------------------------
     Andrew H. TischExhibit 10.27

                               AMENDMENT NO. 2 TO
                               ------------------
                       SUPPLEMENTAL RETIREMENT AGREEMENT
                       ---------------------------------

  This AMENDMENT NO. 2 TO SUPPLEMENTAL RETIREMENT AGREEMENT made as of the
first day of January, 2004 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, 2004 (the "2004
       Amount"), and the Executive shall become vested in the 2004 Amount as
       of December 31, 2004.

  (b)  On December 31, 2004 the 2004 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 2004 Amount and all other amounts credited to the
     Supplemental Retirement Account pursuant to the Supplemental Retirement
     Agreement as the same has been and may hereafter be amended.

  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

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