American Express Director Adds $27.9K in Deferred Share Equivalents

Rhea-AI Filing Summary

John J. Brennan, a director of American Express Company (AXP), acquired 197.549 share equivalent units on 09/30/2025 under the company's directors' deferred compensation arrangements. Each unit reflects the value of one common share and the filing reports a per-share price of $335.36, totaling $27,940.77. The units are cash-settled and become convertible to the cash value of common shares immediately upon termination of service as a director with no expiration date. The reported units include amounts from a dividend reinvestment feature of the Directors' Deferred Compensation Plan and/or the 2003 Share Equivalent Unit Plan for Directors.

Positive

• 197.549 share equivalent units acquired under the Directors' Deferred Compensation Plan
• Units are cash-settled and include dividend reinvestment, aligning director compensation with shareholder value

Negative

• None.

Insights

Corporate Governance Specialist

Director received deferred cash-settled share equivalents totaling $27,940.77.

This Form 4 discloses a routine award under the Directors' Deferred Compensation Plan, not an open-market purchase. The grant of 197.549 share equivalent units reflects compensation deferral and accumulation, including reinvested dividends.

Because the units are cash-settled and payable upon termination with immediate conversion upon service end, the holding is not an exercisable equity stake today but represents deferred economic exposure to AXP's share price.

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^*

Brennan John Joseph

(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)		197.549		(3)	(3)	Common Stock	197.549	$335.36	27,940.77(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 the Form 4 filed for AXP report?

The Form 4 reports that director John J. Brennan acquired 197.549 share equivalent units on 09/30/2025 under the Directors' Deferred Compensation Plan.

How much value do the reported share equivalent units represent for AXP?

The filing shows a per-share price of $335.36, totaling $27,940.77 for the 197.549 units.

Will these units convert to AXP common stock immediately?

No. The units are cash-settled and become convertible to the cash value of common shares upon termination of service as a director; they have no expiration date.

Does the reported amount include dividend-related credits?

Yes. The filing states the total 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.

Who filed the Form 4 and when was it signed?

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