What are Share Equivalent Units in the American Express (AXP) Form 4?

Share Equivalent Units each reflect the value of one American Express common share. In this filing, they are granted under the Directors' Deferred Compensation Plan and will be settled in cash after the director’s service ends, rather than delivering actual shares.

When will John Joseph Brennan’s Share Equivalent Units in American Express (AXP) be settled?

The Share Equivalent Units will be settled in cash following Brennan’s termination of service as a director. The filing states they are convertible immediately upon termination of service and have no expiration date, making them long-term, cash-settled compensation tied to share value.

How many Share Equivalent Units does John Joseph Brennan hold after this American Express (AXP) transaction?

After receiving 198.33 additional Share Equivalent Units, Brennan’s total reported holdings in these units are 29,489.108. This total includes units granted under the Directors' Deferred Compensation Plan and units accumulated through a dividend reinvestment feature described in the filing.

What plan governs the Share Equivalent Units reported for American Express (AXP) director John Joseph Brennan?

The Share Equivalent Units were acquired under the Directors' Deferred Compensation Plan. The filing also notes units may be acquired through a dividend reinvestment feature of that plan and/or the 2003 Share Equivalent Unit Plan for Directors, with all units settled in cash after service ends.

American Express (AXP) director receives 198 Share Equivalent Units as deferred compensation

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

American Express director John Joseph Brennan reported a routine compensation grant of cash-settled share units. He acquired 198.33 Share Equivalent Units tied to American Express common stock at a reference value of $334.04 per unit under the Directors' Deferred Compensation Plan. Each unit mirrors one common share in value and will be settled in cash after his board service ends, bringing his total reported Share Equivalent Units to 29,489.108.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Brennan John Joseph

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Equivalent Units	198.33	$334.04	$66K

Holdings After Transaction: Share Equivalent Units — 29,489.108 shares (Direct, null)

Footnotes (1)

Each Share Equivalent Unit reflects the value of one common share. 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. The Share Equivalent Units are convertible immediately upon termination of service as a Director and have no expiration date. 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.

Key Figures

Share Equivalent Units granted: 198.33 units Reference value per unit: $334.04 per unit Total Share Equivalent Units after grant: 29,489.108 units +1 more

4 metrics

Share Equivalent Units granted 198.33 units Grant on June 30, 2026 under Directors' Deferred Compensation Plan

Reference value per unit $334.04 per unit Value used for the 198.33 Share Equivalent Units granted

Total Share Equivalent Units after grant 29,489.108 units Holdings following the June 30, 2026 transaction

Underlying common stock linkage 1 unit = 1 share value Each Share Equivalent Unit reflects value of one common share

Key Terms

Share Equivalent Units, Directors' Deferred Compensation Plan, dividend reinvestment feature, 2003 Share Equivalent Unit Plan for Directors

4 terms

Directors' Deferred Compensation Plan financial

"acquired pursuant to the Directors' Deferred Compensation Plan and will be settled in cash"

dividend reinvestment feature financial

"Includes Share Equivalent Units acquired pursuant to a dividend reinvestment feature of the Directors' Deferred Compensation Plan"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:13 PM Accepted by SEC EDGAR 07/02/2026 - 04:12 PM

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).

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^*

Brennan John Joseph

(Last)

(First)

(Middle)

C/O AMERICAN EXPRESS COMPANY

200 VESEY STREET

(Street)

NEW YORK

10285-5001

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Share Equivalent Units	⁽¹⁾	06/30/2026		A⁽²⁾		198.33		⁽³⁾	⁽³⁾	Common Stock	198.33	$334.04	29,489.108⁽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	07/02/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did American Express (AXP) director John Joseph Brennan report in this Form 4?

John Joseph Brennan reported receiving 198.33 Share Equivalent Units as a compensation grant. These units track the value of American Express common stock and are part of the Directors' Deferred Compensation Plan, increasing his total reported Share Equivalent Units to 29,489.108.

Did John Joseph Brennan buy or sell American Express (AXP) stock in this filing?

No, the filing shows no open-market buy or sell of American Express stock. Brennan received a grant of 198.33 Share Equivalent Units as compensation, which are cash-settled units linked to the company’s share value rather than direct stock purchases or sales.