American Express (AXP) Director Reports 4,189.521 SEUs After 54.046 Credit

Rhea-AI Filing Summary

Director Deborah P. Majoras reported a transaction in American Express Company (AXP) showing acquisition of 54.046 share equivalent units on 09/30/2025 under the company’s Directors' Deferred Compensation Plan. Each share equivalent unit represents the value of one common share and the units are payable in cash following termination of her board service. The filing shows 4,189.521 share equivalent units beneficially owned after the transaction. The units are convertible immediately upon termination of service and have no expiration date. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• 54.046 share equivalent units were credited to Director Deborah P. Majoras under the Directors' Deferred Compensation Plan on 09/30/2025
• Beneficial holdings increased to 4,189.521 share equivalent units following the reported transaction
• Share equivalent units are convertible immediately upon termination and have no expiration date, per the filing

Negative

• None.

Insights

Corporate Governance / Insider Transactions Specialist

Director acquired deferred compensation units increasing holdings to 4,189.521 SEUs.

The report documents that 54.046 share equivalent units were credited on 09/30/2025 under the Directors' Deferred Compensation Plan, and these units are settled in cash after the director leaves service.

This change is a routine, non-open-market compensation-related accrual rather than a stock purchase or sale; the filing explicitly states the units are share equivalent units that reflect the value of one common share and convert only upon termination of service.

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

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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^*

Majoras Deborah P

(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)		54.046		(3)	(3)	Common Stock	54.046	$335.36	4,189.521(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 transaction did Deborah P. Majoras report on Form 4 for AXP?

She reported acquisition of 54.046 share equivalent units under the Directors' Deferred Compensation Plan on 09/30/2025.

How many share equivalent units does Majoras beneficially own after the transaction?

The filing reports 4,189.521 share equivalent units beneficially owned following the transaction.

Will the reported share equivalent units be settled in stock or cash?

The units "will be settled in cash following termination of service as a Director," according to the Form 4 explanation.

When are the share equivalent units convertible or exercisable?

The Form 4 states the share equivalent units are convertible immediately upon termination of service and have no expiration date.

Who signed the Form 4 and when was it filed?

The Form 4 bears a signature by an attorney-in-fact, James J. Killerlane III, dated 10/02/2025.