American Express (AXP) director acquires deferred share equivalent units

Rhea-AI Filing Summary

American Express Company director reports a deferred compensation transaction involving derivative securities. On 12/31/2025, the director acquired 92.431 share equivalent units tied to American Express common stock at a derivative price of $378.66 per unit. These units were received under the Directors' Deferred Compensation Plan, with settlement to occur in cash after the director's service ends.

Each share equivalent unit reflects the value of one common share, and the units are convertible immediately upon termination of service with no expiration date. Following this transaction, the director beneficially owned 45,854.26 share equivalent units, including amounts accumulated through a dividend reinvestment feature and a prior share equivalent unit plan for directors. The holdings are reported as directly owned by the insider.

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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^*

VASELLA DANIEL

(Last) (First) (Middle)

C/O AMERICAN EXPRESS COMPANY

200 VESEY STREET

(Street)

NEW YORK NY 10285-5001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AMERICAN EXPRESS CO [ AXP ]

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)
12/31/2025

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

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
Share Equivalent Units	(1)	12/31/2025		A(2)		92.431		(3)	(3)	Common Stock	92.431	$378.66	45,854.26(4)	D

Explanation of Responses:

1. Each Share Equivalent Unit reflects the value of one common share.

2. The reported Share Equivalent Units were acquired pursuant to the Directors' Deferred Compensation Plan and will be settled in cash following termination of service as a Director.

3. The Share Equivalent Units are convertible immediately upon termination of service as a Director and have no expiration date.

4. Includes Share Equivalent Units acquired pursuant to a dividend reinvestment feature of the Directors' Deferred Compensation Plan and/or the 2003 Share Equivalent Unit Plan for Directors.

	/s/ James J. Killerlane III, attorney-in-fact	01/05/2026
	** 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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FAQ

What insider transaction did the American Express (AXP) director report?

The director reported acquiring 92.431 share equivalent units on 12/31/2025 under a deferred compensation arrangement tied to American Express common stock.

What are share equivalent units in the American Express (AXP) director filing?

The filing states that each share equivalent unit reflects the value of one common share of American Express, but is part of a deferred compensation plan rather than actual stock.

How and when will the American Express (AXP) director’s share equivalent units be settled?

The filing explains that the reported share equivalent units will be settled in cash following the director’s termination of service as a director of American Express.

Do the American Express (AXP) director’s share equivalent units have an expiration date?

No. The share equivalent units are described as convertible immediately upon termination of service as a director and have no expiration date.

How many share equivalent units does the American Express (AXP) director own after this transaction?

After the reported transaction, the director beneficially owned 45,854.26 share equivalent units, including units acquired via a dividend reinvestment feature and a prior share equivalent unit plan.

Are the American Express (AXP) director’s share equivalent units held directly or indirectly?

The filing reports that the 45,854.26 share equivalent units are held with an ownership form classified as Direct (D) by the reporting person.