Exhibit 10.20
As of January 1, 2004
Xx. Xxxxxxx X. Xxxxx
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Xx. Xxxxx:
Reference is made to your Employment Agreement with Loews Corporation (the
"Company"), dated March 1, 1971, as amended by agreements dated February 27,
1974, March 1, 1976, May 10, 1977, July 17, 1979, June 16, 1981, May 10, 1983,
May 10, 1984, October 15, 1985, February 24, 1987, October 14, 1988, March 1,
1990, October 22, 1992, October 18, 1994, February 20, 1996, November 3, 1998,
January 1, 2001 and as of January 1, 2003 (the "Employment Agreement").
This will confirm our agreement that the Employment Agreement is amended as
follows:
1. The period of your employment under and pursuant to the Employment
Agreement is hereby extended for an additional period through and including
March 31, 2005 upon all the terms, conditions and provisions of the Employment
Agreement, as hereby amended.
2. You shall be paid a basic salary (the "Basic Salary") for your services
under and pursuant to the Employment Agreement at the rate of $950,000 per
annum for the extension period January 1, 2004 through March 31, 2005. Basic
Salary shall be payable in accordance with the Company's customary payroll
practices for executives as in effect from time to time, and shall be subject
to such increases as the Board of Directors of the Company, in its sole
discretion, may from time to time determine. Such Basic Salary shall be
exclusive of fees received by you as a director and as a member of Committees
of the Boards of Directors of other corporations, including subsidiaries,
affiliates and investees of the Company.
3. In addition to receipt of Basic Salary under the Employment Agreement,
you shall participate in and shall receive incentive compensation under the
Incentive Compensation Plan for Executive Officers of the Company (the
"Compensation Plan") as awarded by the Incentive Compensation Committee of the
Board of Directors of the Company.
Xx. Xxxxxxx X. Xxxxx
As of January 1, 2004
Page 2
4. Incentive based compensation awarded in relation to applicable years
under the Compensation Plan shall be included in the computation of
pensionable earnings in determining your Supplemental Benefits under the
Employment Agreement. In no event, however, shall such Supplemental Benefits
duplicate benefits under the Company's Benefit Equalization Plan as amended
from time to time.
Except as herein modified or amended, the Employment Agreement shall remain
in full force and effect.
If the foregoing is in accordance with your understanding, would you please
sign the enclosed duplicate copy of this Letter Agreement at the place
indicated below and return the same to us for our records.
Very truly yours,
LOEWS CORPORATION
By: /s/Xxxx X. Xxxxxx
--------------------------
Xxxx X. Xxxxxx
Senior Vice President
ACCEPTED AND AGREED TO:
/s/Xxxxxxx X. Xxxxx
-----------------------
Xxxxxxx X. Xxxxx
