Loews (NYSE: L) director reports stock appreciation right exercise and share sales

Rhea-AI Filing Summary

Loews Corporation director Paul J. Fribourg reported several equity transactions in company stock. On December 1, 2025, he exercised a stock appreciation right covering 2,250 shares of Loews common stock at a conversion or exercise price of $38.67 per share, increasing his direct holdings. The filing then shows dispositions of 808 shares at $107.87 per share and a sale of 1,442 shares at $108.13 per share, leaving him with 400 shares of Loews common stock held directly after these transactions.

The derivative position reported as a stock appreciation right for 2,250 underlying shares was reduced to zero following the exercise. All of the transactions were carried out under a Rule 10b5-1 trading plan adopted on August 6, 2024, and the stock appreciation right had originally been granted at no cost to the director.

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).

X

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^*

FRIBOURG PAUL J

(Last) (First) (Middle)

C/O LOEWS CORPORATION

9 WEST 57TH STREET

(Street)

NEW YORK NY 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/01/2025		M(1)		2,250	A	$38.67	2,650	D
Common Stock	12/01/2025		D(1)		808	D	$107.87	1,842	D
Common Stock	12/01/2025		S(1)		1,442	D	$108.13	400	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
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 6, 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 Paul J. Fribourg	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.

FAQ

What insider transaction did Loews (L) report in this Form 4?

The Form 4 shows that director Paul J. Fribourg exercised a stock appreciation right for 2,250 shares of Loews common stock and then sold portions of the resulting shares.

How many Loews (L) shares did the director sell and at what prices?

The director disposed of 808 shares at $107.87 per share and sold 1,442 shares at $108.13 per share on December 1, 2025.

How many Loews (L) shares does the director hold after these transactions?

After the reported transactions, the Form 4 shows the director holding 400 shares of Loews common stock directly.

What happened to the stock appreciation right reported for Loews (L)?

The Form 4 reports a stock appreciation right with 2,250 underlying shares being exercised at $38.67 per share, leaving 0 derivative securities beneficially owned afterward.

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

Yes. The transactions were carried out under a Rule 10b5-1 trading plan adopted by the reporting person on August 6, 2024, as noted in the explanation of responses.

Did the Loews (L) director pay for the original stock appreciation right grant?

No. The filing states that the reporting person received the stock appreciation right grant at no cost.