Insider Filing: Paul J. Fribourg Acquires Shares, Receives 2,250 SARs at $35.52

Rhea-AI Filing Summary

Paul J. Fribourg, a director of Loews Corporation (L), reported multiple equity transactions on 09/02/2025 under a Rule 10b5-1 trading plan adopted 08/06/2024. He was granted 2,250 stock appreciation rights (SARs) exercisable into 2,250 shares with an exercise price of $35.52 and an expiration date of 09/30/2025; the SARs were granted at no cost. On the same date he acquired 2,250 common shares at $35.52 and completed transactions disposing of 828 shares at $96.69 and selling 1,422 shares at $96.69, leaving him with 1,571 shares beneficially owned directly.

Insights

Financial Analyst

TL;DR: Insider executed a traded plan combining a low-cost SAR grant with purchases and disposals, leaving modest direct ownership.

The Form 4 shows coordinated transactions under an established 10b5-1 plan, indicating pre-authorized activity rather than opportunistic trading. The grant of 2,250 SARs at no cost aligns executive incentive compensation practice and ties value to share performance above a $35.52 threshold. Net change reduced direct holdings to 1,571 shares; without company-wide context this appears routine and not materially dilutive.

Corporate Governance Expert

TL;DR: Use of a 10b5-1 plan and a no-cost SAR grant are standard governance and compensation mechanisms.

The disclosure properly notes the 10b5-1 plan adoption date and that transactions were pursuant to that plan. The SAR grant at no cost is disclosed and exercisable into common stock; such awards are common to align director incentives. Signature by power of attorney is documented. The filing contains clear execution details and appropriate remarks.

Insider Trade Summary

Net Seller: 1,422 shares ($137,493)

Net Sell 4 txns

Insider FRIBOURG PAUL J

Role Director

Sold 1,422 shs ($137K)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	2,250	$0.00	--
Exercise	Common Stock	2,250	$35.52	$80K
Disposition	Common Stock	828	$96.69	$80K
Sale	Common Stock	1,422	$96.69	$137K

Holdings After Transaction: Stock Appreciation Right — 0 shares (Direct); Common Stock — 2,399 shares (Direct)

Footnotes (1)

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. 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 →

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)
09/02/2025

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	09/02/2025		M(1)		2,250	A	$35.52	2,399	D
Common Stock	09/02/2025		D(1)		828	D	$96.69	1,571	D
Common Stock	09/02/2025		S(1)		1,422	D	$96.69	149	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	$35.52	09/02/2025		M(1)			2,250	09/30/2015	09/30/2025	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	09/03/2025
	** 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.
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