L.NYSELoews CORP

Form 4: Loews Corp Executive Kenneth Siegel Reports Stock Transactions Following RSU Vesting

Sentiment:

SEC Form 4

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Senior Vice President Kenneth Siegel reports the vesting and subsequent tax withholding of Loews Corporation common stock related to restricted stock units (RSUs).

Summary

  • Kenneth Siegel, a Senior Vice President at Loews Corporation, filed a Form 4 detailing changes in his beneficial ownership of Loews Corp [L] stock.
  • On February 6, 2025, 6,606 restricted stock units (RSUs) vested and were converted into common stock.
  • Also on February 6, 2025, 2,699 shares were withheld by the issuer to satisfy tax obligations related to the vesting of the 2023 RSUs, at a price of $86.28.
  • On February 7, 2025, 6,579 RSUs vested and were converted into common stock.
  • On February 7, 2025, 2,896 shares were withheld by the issuer to satisfy tax obligations related to the vesting of the 2022 RSUs, at a price of $86.81.
  • On February 10, 2025, 10,951 RSUs were awarded to the Reporting Person subject to the Issuer achieving a PBI Metric for 2024.
  • These transactions resulted in adjustments to Siegel's direct ownership of Loews Corporation common stock and derivative securities.

Sentiment

Score: 6

Explanation: The document is neutral, reporting routine stock transactions related to executive compensation. The vesting of RSUs suggests the company met performance targets, which is mildly positive.

Positives

  • The vesting of RSUs indicates that Loews Corporation achieved pre-determined performance-based income (PBI) metrics, as determined by the Compensation Committee.

Future Outlook

The remaining 2023 RSUs vest on February 6, 2026. 50% of the 2024 RSUs vest on February 5, 2026 and the remaining 50% vest on February 5, 2027.

Industry Context

Form 4 filings are a routine part of executive compensation and provide transparency into the trading activities of company insiders.

Stakeholder Impact

  • The vesting of RSUs and subsequent tax withholding impacts the executive's ownership stake and tax liabilities.
  • Shareholders may view the achievement of performance metrics positively.

Key Dates

DateDescription
February 7, 2022Reporting Person was awarded 13,157 RSUs ('2022 RSUs'), subject to the Issuer achieving a PBI Metric for 2022.
February 6, 2023The Issuer's Compensation Committee determined that the Issuer achieved the PBI Metric for 2022 and the 2022 RSUs were then reported on a Form 4 filed with the SEC.
February 6, 2023The Reporting Person was awarded 13,213 RSUs ('2023 RSUs'), subject to the Issuer achieving a pre-determined level of performance based income ('PBI Metric') for 2023.
February 5, 2024The Issuer's Compensation Committee determined that the Issuer achieved the PBI Metric on February 5, 2024 and the 2023 RSUs were then reported on a Form 4 filed with the Securities and Exchange Commission (the 'SEC').
February 6, 20256,606 RSUs vested and were converted into common stock.
February 6, 20252,699 shares were withheld by the issuer to satisfy tax obligations related to the vesting of the 2023 RSUs.
February 7, 20256,579 RSUs vested and were converted into common stock.
February 7, 20252,896 shares were withheld by the issuer to satisfy tax obligations related to the vesting of the 2022 RSUs.
February 10, 202510,951 RSUs were awarded to the Reporting Person subject to the Issuer achieving a PBI Metric for 2024.
February 5, 202650% of the RSUs vest.
February 5, 2027The remaining 50% vest.

Keywords

Form 4, Loews Corporation, Kenneth Siegel, RSU, Restricted Stock Units, Beneficial Ownership, Stock Vesting, Tax Withholding, PBI Metric

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