What are Share Equivalent Units in the American Express (AXP) director plan?

Share Equivalent Units are bookkeeping entries that mirror the value of one common share. For directors, they are credited under deferred compensation plans, can include dividend reinvestments, and are ultimately settled in cash instead of delivering actual American Express stock.

At what value were Lisa Wardell’s Share Equivalent Units recorded for American Express (AXP)?

The 112.262 Share Equivalent Units were recorded at $334.04 per unit. This amount serves as the reference value for the grant under the Directors' Deferred Compensation Plan and reflects the economic value tied to each underlying common share.

How many Share Equivalent Units does Lisa Wardell hold after this American Express (AXP) transaction?

After this grant, Lisa Wardell holds 10,425.420 Share Equivalent Units. This total includes the newly awarded units and prior units accumulated, including those gained through dividend reinvestment features in the applicable director plans.

When will Lisa Wardell’s American Express (AXP) Share Equivalent Units be paid out?

The Share Equivalent Units will be settled in cash after Lisa Wardell’s service as a director ends. The units are immediately convertible upon termination of service and, according to the disclosure, do not have an expiration date.

Are Lisa Wardell’s American Express (AXP) Share Equivalent Units actual shares of stock?

The units are not actual shares; they are cash-settled equivalents tied to share value. They track the value of American Express common stock and accumulate through grants and dividend reinvestments, but are ultimately paid out in cash, not stock.

American Express (AXP) director receives cash-settled share units award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

WARDELL LISA W reported acquisition or exercise transactions in this Form 4 filing.

American Express director Lisa W. Wardell received 112.262 Share Equivalent Units as a grant, each reflecting the value of one common share. The units were credited at a reference price of $334.04 per unit under the Directors' Deferred Compensation Plan.

Following this award, she holds a total of 10,425.420 Share Equivalent Units. These units are payable in cash after her service as a director ends, are immediately convertible upon termination of service, and have no expiration date. Some units also reflect dividend reinvestment features of director plans.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider WARDELL LISA W

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Equivalent Units	112.262	$334.04	$37K

Holdings After Transaction: Share Equivalent Units — 10,425.42 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: 112.262 units Reference value per unit: $334.04 per unit Total units after grant: 10,425.420 units +2 more

5 metrics

Share Equivalent Units granted 112.262 units Grant on 2026-06-30 to director Lisa W. Wardell

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

Total units after grant 10,425.420 units Director’s Share Equivalent Units balance after transaction

Underlying security 112.262 common shares equivalent Each Share Equivalent Unit reflects one common share value

Exercise/Conversion price $0.00 Share Equivalent Units convertible upon termination of service

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"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:21 PM Accepted by SEC EDGAR 07/02/2026 - 04:19 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^*

WARDELL LISA W

(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⁾		112.262		⁽³⁾	⁽³⁾	Common Stock	112.262	$334.04	10,425.42⁽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 transaction did American Express (AXP) director Lisa Wardell report on this Form 4?

Lisa Wardell reported receiving 112.262 Share Equivalent Units as a compensation award. Each unit tracks the value of one American Express common share and was credited under the Directors' Deferred Compensation Plan, rather than being purchased on the open market.