Jonathan M. Tisch - Feb 8, 2023 Form 4 Insider Report for LOEWS CORP (L)

Role
Co-Ch. of Bd/Off. of the Pres., Director
Signature
/s/ Thomas H. Watson, by power of attorney for Jonathan M. Tisch
Stock symbol
L
Transactions as of
Feb 8, 2023
Transactions value $
-$600,183
Form type
4
Date filed
2/9/2023, 01:40 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 +9.59K $0.00 9.59K Feb 8, 2023 Direct F1
transaction L Common Stock Tax liability -$333K -5.31K -55.31% $62.75 4.29K Feb 8, 2023 Direct F2
transaction L Common Stock Sale -$267K -4.29K -100% $62.35 0 Feb 8, 2023 Direct F3
holding L Common Stock 8.68M Feb 8, 2023 By Trusts

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 -9.59K -50% $0.00 9.59K Feb 8, 2023 Common Stock 9.59K Direct F1, F4
* 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 19,184 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 5,305 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 Represents the weighted average price of multiple transactions with a range of prices between $62.07 and $62.54. The Reporting Person, upon request by the SEC Staff, the Issuer or a security holder of the Issuer, undertakes to provide further information regarding the number of securities at each separate price sold.
F4 Each RSU represents a contingent right to receive one share of the Issuer's common stock.