Loews Corp (L) director exercises stock appreciation right and sells shares

Q: What derivative security did the Loews Corp (L) director exercise?

The director exercised a stock appreciation right covering 2,250 shares of Loews common stock with an exercise price of $38.67 per share and an expiration date of December 31, 2025 .

Q: What is the role of the reporting person in Loews Corp (L)?

The reporting person is identified as a director of Loews Corporation, filing individually as one reporting person.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Loews Corporation director reports stock transactions under a pre-set plan. A reporting person serving as a director of Loews Corp (ticker L) filed a Form 4 detailing activity on December 1, 2025. The director exercised a stock appreciation right covering 2,250 shares of common stock at an exercise price of $38.67 per share and acquired the underlying shares. On the same date, the director reported dispositions of 806 shares at $108.13 per share and a sale of 1,444 shares at $108.10 per share. Following these transactions, the director beneficially owned 6,686 shares of Loews common stock directly. The filing notes that these trades were made pursuant to a Rule 10b5-1 trading plan adopted on August 7, 2024.

Insider Trade Summary

Net Seller: 1,444 shares ($156,096)

Net Sell 4 txns

Insider BERMAN ANN E

Role Director

Sold 1,444 shs ($156K)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	2,250	$0.00	--
Exercise	Common Stock	2,250	$38.67	$87K
Disposition	Common Stock	806	$108.13	$87K
Sale	Common Stock	1,444	$108.10	$156K

Holdings After Transaction: Stock Appreciation Right — 0 shares (Direct); Common Stock — 8,936 shares (Direct)

Footnotes (1)

The transactions reported in this Form 4 were pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 7, 2024. The Reporting Person received the Derivative Security pursuant to a stock appreciation right grant at no cost.

Form 4 Insider Transactions: What Each Field Means →

12/02/2025 - 04:30 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BERMAN ANN E

(Last)

(First)

(Middle)

C/O LOEWS CORPORATION

9 WEST 57TH STREET

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LOEWS CORP [ L ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/01/2025		M⁽¹⁾		2,250	A	$38.67	8,936	D
Common Stock	12/01/2025		D⁽¹⁾		806	D	$108.13	8,130	D
Common Stock	12/01/2025		S⁽¹⁾		1,444	D	$108.1	6,686	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Appreciation Right	$38.67	12/01/2025		M⁽¹⁾			2,250	12/31/2015	12/31/2025	Common Stock	2,250	$0⁽²⁾	0	D

Explanation of Responses:

1. The transactions reported in this Form 4 were pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 7, 2024.

2. The Reporting Person received the Derivative Security pursuant to a stock appreciation right grant at no cost.

Remarks:

	/s/ Thomas H. Watson by power of attorney for Ann E. Berman	12/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider stock transactions did Loews Corp (L) report on this Form 4?

The Form 4 shows a Loews Corp director exercised a stock appreciation right for 2,250 shares at $38.67 per share and reported dispositions of 806 shares at $108.13 and 1,444 shares at $108.10 on December 1, 2025.

How many Loews Corp (L) shares does the reporting person own after these transactions?

After the reported transactions, the director beneficially owned 6,686 shares of Loews Corporation common stock in direct ownership.

Was the Loews Corp (L) insider trading activity part of a Rule 10b5-1 plan?

Yes. The filing states that the transactions were carried out under a Rule 10b5-1 trading plan adopted by the reporting person on August 7, 2024.

What derivative security did the Loews Corp (L) director exercise?

The director exercised a stock appreciation right covering 2,250 shares of Loews common stock with an exercise price of $38.67 per share and an expiration date of December 31, 2025.

What is the role of the reporting person in Loews Corp (L)?

The reporting person is identified as a director of Loews Corporation, filing individually as one reporting person.