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

Share Equivalent Units are bookkeeping units, each reflecting the value of one American Express common share. They track the stock’s value but, in this case, are settled in cash under the Directors' Deferred Compensation Plan rather than delivering actual shares to the director.

How many Share Equivalent Units does Noel R. Wallace hold after this AXP transaction?

After the reported transaction, Noel R. Wallace holds 863.300 Share Equivalent Units. The filing shows he acquired 742.115 new units on May 5, 2026, under the Directors' Deferred Compensation Plan, increasing his deferred, cash-settled exposure to American Express stock.

When and how are the American Express (AXP) Share Equivalent Units settled for Noel R. Wallace?

The Share Equivalent Units will be settled in cash following Wallace’s termination of service as a director. According to the filing, the units are convertible immediately upon termination of service and have no expiration date, making them long-term, deferred cash-based compensation.

AmEx director awarded 742.115 share units

American Express director Noel R. Wallace received a grant of 742.115 Share Equivalent Units on May 5, 2026.

Filing Impact

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Filing Sentiment

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Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

American Express director Noel R. Wallace received a grant of 742.115 Share Equivalent Units on May 5, 2026. Each Share Equivalent Unit reflects the value of one common share and is tied to the company’s stock performance.

The units were acquired under the Directors' Deferred Compensation Plan and will be settled in cash after Wallace’s service as a director ends. Following this award, Wallace holds a total of 863.300 Share Equivalent Units, making this a routine, compensation-related, non-market transaction.

Insider Trade Summary

Grant/Award: 742.115 shares

Grant/Award 1 txn

Insider Wallace Noel R.

Role Director

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

Holdings After Transaction: Share Equivalent Units — 863.3 contracts (Direct)

Footnotes (3)

F1. Each Share Equivalent Unit reflects the value of one common share.
F2. 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.
F3. 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 Share Equivalent Units held after grant: 863.300 units Grant price per unit: $0.0000 per unit +1 more

4 metrics

Share Equivalent Units granted 742.115 units Grant on May 5, 2026 to director Noel R. Wallace

Share Equivalent Units held after grant 863.300 units Total Share Equivalent Units following transaction

Grant price per unit $0.0000 per unit Compensation grant with no purchase price paid

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

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"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did American Express (AXP) report for Noel R. Wallace?

American Express reported that director Noel R. Wallace received 742.115 Share Equivalent Units. These units were granted as part of director compensation and increase his total holdings to 863.300 Share Equivalent Units, all tied to American Express’ common stock value and settled in cash.

Is the Noel R. Wallace Form 4 for American Express (AXP) an open-market stock purchase?

No, the Form 4 shows a compensation-related award, not an open-market stock purchase. Wallace acquired 742.115 Share Equivalent Units through the Directors' Deferred Compensation Plan, with no price paid per unit and settlement to occur in cash after his board service ends.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/07/2026 - 04:22 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^*

Wallace Noel R.

(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	863.3	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