Jonathan M. Tisch - Feb 10, 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 10, 2023
Transactions value $
-$523,688
Form type
4
Date filed
2/13/2023, 01:41 PM
Previous filing
Feb 9, 2023
Next filing
Aug 7, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction L Common Stock Options Exercise $0 +8.48K $0.00 8.48K Feb 10, 2023 Direct F1
transaction L Common Stock Tax liability -$290K -4.69K -55.31% $61.75 3.79K Feb 10, 2023 Direct F2
transaction L Common Stock Sale -$234K -3.79K -100% $61.73 0 Feb 10, 2023 Direct F3
holding L Common Stock 8.68M Feb 10, 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 -8.48K -100% $0.00* 0 Feb 10, 2023 Common Stock 8.48K 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 10, 2020, the Reporting Person was awarded 16,963 RSUs, subject to the Issuer achieving a pre-determined level of performance based income ("PBI Metric") for 2020. The Issuer's Compensation Committee determined that the Issuer achieved the PBI Metric on February 8, 2021 and the 2020 RSUs were then reported on a Form 4 filed with the Securities and Exchange Commission. 50% of these RSUs previously vested on February 10, 2022. The remaining 2020 RSUs vested on February 10, 2023. 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 4,691 shares of common stock that vested in respect of the 2020 RSUs on February 10, 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 $61.65 and $61.84. 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.