American Express Director Adds 104.526 Deferred Share Equivalents

Rhea-AI Filing Summary

Thomas J. Baltimore Jr., a director of American Express Company (AXP), reported acquisition of 104.526 share equivalent units on 09/30/2025 under the companys Directors' Deferred Compensation Plan. Each share equivalent unit reflects the value of one common share and the units will be settled in cash following termination of his service as a director. The units are convertible immediately upon termination and have no expiration date. The total reported share equivalent balance after the transaction is 9,246.357 share equivalent units, and a dividend reinvestment feature contributed to the balance.

Positive

• 104.526 share equivalent units were acquired under the Directors' Deferred Compensation Plan
• Share equivalent units are convertible immediately upon termination and have no expiration date
• Total reported balance of 9,246.357 share equivalent units includes dividend reinvestment

Negative

• Units are cash-settled, so no immediate issuance of common shares occurred
• Transaction does not provide additional liquidity or voting shares while director remains in service

Insights

Corporate Governance Analyst

Insider received deferred, cash-settled compensation totaling 104.526 share equivalents.

This filing shows a routine grant under the Directors' Deferred Compensation Plan rather than open-market purchases or sales. The units are cash-settled and convert upon departure, so there is no immediate change in voting power or share count.

The filing discloses the director now holds 9,246.357 share equivalents including dividend reinvestment; this is a compensation accounting item rather than a liquidity event.

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
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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).

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 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)
09/30/2025

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)	09/30/2025		A(2)		104.526		(3)	(3)	Common Stock	104.526	$335.36	9,246.357(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.

Remarks:

Exhibit 24: Power of Attorney

	/s/ James J. Killerlane III, attorney-in-fact	10/02/2025
	** 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.

FAQ

What did Thomas J. Baltimore Jr. report on Form 4 for AXP?

He reported acquisition of 104.526 share equivalent units under the Directors' Deferred Compensation Plan on 09/30/2025.

Will the share equivalent units reported convert into actual AXP shares?

The units reflect the value of one common share each but are settled in cash following termination of service; they do not convert into stock while he remains a director.

How many share equivalent units does the reporting person hold after the transaction?

The filing shows a total of 9,246.357 share equivalent units following the reported transaction.

When are the share equivalent units payable or exercisable?

The units are convertible immediately upon termination of service and have no expiration date.

Did this Form 4 show any open-market purchases or sales of AXP common stock?

No. The filing records acquisition of share equivalent units via the deferred compensation plan, not open-market trades.