Kenneth I. Siegel - Feb 8, 2023 Form 4 Insider Report for LOEWS CORP (L)

Signature
/s/ Thomas H. Watson, by power of attorney for Kenneth I. Siegel
Stock symbol
L
Transactions as of
Feb 8, 2023
Transactions value $
-$262,609
Form type
4
Date filed
2/9/2023, 01:20 PM
Previous filing
Feb 8, 2023
Next filing
Feb 13, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction L Common Stock Options Exercise $0 +7.57K +108.21% $0.00 14.6K Feb 8, 2023 Direct F1
transaction L Common Stock Tax liability -$263K -4.19K -28.74% $62.75 10.4K Feb 8, 2023 Direct F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction L Restricted Stock Units Options Exercise $0 -7.57K -50% $0.00 7.57K Feb 8, 2023 Common Stock 7.57K Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents the conversion upon vesting of restricted stock units ("RSUs") into common stock. On February 8, 2021, the Reporting Person was awarded 15,134 RSUs, subject to the Issuer achieving a pre-determined level of performance based income ("PBI Metric") for 2021. The Issuer's Compensation Committee determined that the Issuer achieved the PBI Metric on February 7, 2022 and the 2021 RSUs were then reported on a Form 4 filed with the Securities and Exchange Commission. 50% of these RSUs vested on February 8, 2023. The remaining 2021 RSUs will vest on February 8, 2024. Shares of the Issuer's common stock will be delivered to the Reporting Person within 30 days after vesting, subject to any election to defer delivery of shares by the Reporting Person.
F2 The Reporting Person is reporting the withholding, by the Issuer, of 4,185 shares of common stock that vested in respect of the 2021 RSUs on February 8, 2023 but were not issued in order to satisfy the Reporting Person's tax withholding obligations in connection therewith.
F3 Each RSU represents a contingent right to receive one share of the Issuer's common stock.