Are the share equivalent units reported by AXP’s director actual American Express shares?

No, they are not actual shares. Each share equivalent unit reflects the value of one American Express common share but is part of a deferred compensation arrangement and will be settled in cash, not stock, after the director’s service ends.

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

The units will be settled in cash following the termination of his service as a director. At that time, their cash value will be based on the then-current value of American Express common stock, as defined under the deferred compensation plan.

How many share equivalent units in total does the AXP director hold after this grant?

After receiving 742.115 additional share equivalent units, his total reported position in this instrument is 10,247.138 units. Each unit tracks the value of one American Express common share under the company’s Directors' Deferred Compensation Plan.

American Express (NYSE: AXP) director receives share equivalent unit award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

American Express director Thomas J. Baltimore Jr. received a grant of deferred compensation in the form of share equivalent units. He acquired 742.115 share equivalent units on May 5, 2026, bringing his reported balance in this instrument to 10,247.138 units.

Each share equivalent unit tracks the value of one common share but will be settled in cash rather than stock under the Directors' Deferred Compensation Plan. The units are payable and convertible into a cash amount based on the share value after his service as a director ends and have no expiration date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Baltimore Thomas J Jr

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Equivalent Units	742.115	$0.00	--

Holdings After Transaction: Share Equivalent Units — 10,247.138 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.

Key Figures

Share equivalent units granted: 742.115 units Total units after transaction: 10,247.138 units Unit-to-share value: 1 unit = 1 common share value +1 more

4 metrics

Share equivalent units granted 742.115 units Grant on May 5, 2026 to director under deferred plan

Total units after transaction 10,247.138 units Director’s reported balance following the grant

Unit-to-share value 1 unit = 1 common share value Each share equivalent unit reflects one AXP common share

Exercise price $0.00 Share equivalent units granted at no exercise cost

Key Terms

Share Equivalent Units, Directors' Deferred Compensation Plan, settled in cash, termination of service as a Director

4 terms

Directors' Deferred Compensation Plan financial

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

settled in cash financial

"will be settled in cash following termination of service as a Director"

termination of service as a Director financial

"settled in cash following termination of service as a Director"

Form 4 Insider Transactions: What Each Field Means →

05/07/2026 - 04:06 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^*

Baltimore Thomas J Jr

(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)
05/05/2026

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⁾	05/05/2026		A⁽²⁾		742.115		⁽³⁾	⁽³⁾	Common Stock	742.115	$0	10,247.138	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.

	/s/ James J. Killerlane III, attorney-in-fact	05/07/2026
	** 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 Thomas J. Baltimore Jr. report on this Form 4?

He reported receiving 742.115 share equivalent units as a deferred compensation grant. These units track the value of American Express common stock and increased his total reported balance in this instrument to 10,247.138 units following the transaction.

What does transaction code "A" mean in this American Express (AXP) Form 4?

Transaction code "A" indicates a grant, award, or other acquisition, not an open-market trade. In this case, the director received share equivalent units under the Directors' Deferred Compensation Plan as part of his compensation, rather than buying them in the market.

Does this American Express (AXP) Form 4 show any stock being bought or sold in the market?

No, it does not. The filing reports a compensation-related acquisition of share equivalent units, not an open-market purchase or sale of American Express common stock. The units are cash-settled under a deferred compensation plan.