David B. Edelson - Feb 10, 2022 Form 4 Insider Report for LOEWS CORP (L)

Signature
/s/ Thomas H. Watson, by power of attorney for David B. Edelson
Stock symbol
L
Transactions as of
Feb 10, 2022
Transactions value $
-$425,495
Form type
4
Date filed
2/14/2022, 03:29 PM
Previous filing
Feb 8, 2022
Next filing
Mar 1, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction L Common Stock Options Exercise $0 +5.02K +16.83% $0.00 34.8K Feb 10, 2022 Direct F1
transaction L Common Stock Tax liability -$171K -2.78K -7.97% $61.58 32.1K Feb 10, 2022 Direct F2
transaction L Common Stock Options Exercise $0 +7.41K +23.13% $0.00 39.5K Feb 11, 2022 Direct F3
transaction L Common Stock Tax liability -$255K -4.1K -10.39% $62.10 35.4K Feb 11, 2022 Direct F4

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 -5.02K -42.86% $0.00 6.69K Feb 10, 2022 Common Stock 5.02K Direct F1, F5
transaction L Restricted Stock Units Options Exercise $0 -7.41K -100% $0.00* 0 Feb 11, 2022 Common Stock 7.41K Direct F3, F5
* 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 13,382 RSUs, subject to the Issuer achieving a pre-determined level of performance based income ("PBI Metric") for 2020. The Reporting Person elected to defer delivery of 25% of the shares of the Issuer's common stock underlying the 2020 RSUs that would be deliverable upon vesting. 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 (the "SEC"). 50% of the 2020 RSUs vested on February 10, 2022. The remaining 2020 RSUs will vest 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 the Reporting Person's election to defer delivery of 25% of such shares.
F2 The Reporting Person is reporting the withholding, by the Issuer, of 2,775 shares of common stock that vested in respect of the 2020 RSUs on February 10, 2022 but were not issued in order to satisfy the Reporting Person's tax withholding obligations in connection therewith.
F3 Represents the conversion upon vesting of RSUs into common stock. On February 11, 2019, the Reporting Person was awarded 14,827 RSUs, subject to the Issuer achieving a PBI Metric for 2019. The Issuer's Compensation Committee determined that the Issuer achieved the PBI Metric on February 10, 2020 and the 2019 RSUs were then reported on a Form 4 filed with the SEC. 50% of these RSUs previously vested on February 11, 2021. The remaining 2019 RSUs vested on February 11, 2022.
F4 The Reporting Person is reporting the withholding, by the Issuer, of 4,100 shares of common stock that vested in respect of the 2019 RSUs on February 11, 2022 but were not issued in order to satisfy the Reporting Person's tax withholding obligations in connection therewith.
F5 Each RSU represents a contingent right to receive one share of the Issuer's common stock.