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AMENDED AND RESTATED
EMPLOYMENT
AGREEMENT
AGREEMENT (this “Agreement”) made as of the
twenty fifth (25 th
) day of February, 2008 between LOEWS CORPORATION (the
“Company”) and JAMES S. TISCH (the
“Executive”).
W I T N E S S E T H:
WHEREAS,
the Executive is currently serving as an executive employee of
the Company pursuant to that certain Employment Agreement
dated as of January 1, 1999 between the Company and the
Executive (as the same has been amended through the date
hereof, the “Existing Agreement”);
and
WHEREAS,
the Company and the Executive desire that the
Executive’s employment be continued and that the
Existing Agreement be amended and restated on the terms and
condition set forth herein.
NOW,
THEREFORE, in consideration of the premises and the covenants
and agreements hereinafter set forth, the parties agree as
follows:
1.
Term
of Employment . The Company does hereby
engage and employ the Executive and the Executive hereby
accepts such Employment in an executive capacity, for a term
commencing on the date hereof and continuing through March 31,
2009 (the “Term”).
2.
Duties
. The Executive accepts such employment and agrees
that the Executive shall be employed as a senior executive
officer of the Company and as such shall perform the duties
which he heretofore performed as a senior executive officer of
the Company and such other duties, as may be required of him
from time to time by the Board of Directors in keeping with
his position as a senior executive officer of the Company. His
office will be in New York City.
3.
Other
Activities . The Executive hereby agrees
that during the Term he will not render services for any
person, firm or corporation other than the Company and its
subsidiary and affiliated corporations; provided, however,
that the Executive may continue to devote a reasonable portion
of his time and attention to supervision of his own
investments, to charitable and civic activities and to
membership on the Board of Directors or Trustees of other
non-competitive companies or organizations, but
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