How are the 108.520 Share Equivalent Units for AXP’s director valued and settled?

Each Share Equivalent Unit reflects the value of one American Express common share and is tied to a $334.0400 reference price. The units will be settled in cash, not stock, after the director’s service on the board ends.

When can the American Express (AXP) Share Equivalent Units be converted or paid out?

The Share Equivalent Units are convertible immediately upon termination of service as a director. At that time, they will be settled in cash according to the terms of the Directors' Deferred Compensation Plan rather than delivering actual American Express shares.

What is the total Share Equivalent Unit position for the American Express (AXP) director after this grant?

After receiving 108.520 new units, the director holds 10,384.230 Share Equivalent Units. This total includes units granted under the Directors' Deferred Compensation Plan and units accumulated through its dividend reinvestment feature and related director plans.

AmEx (NYSE: AXP) director gets cash-settled share equivalent unit award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

AMERICAN EXPRESS CO director Thomas J. Baltimore Jr. received 108.520 Share Equivalent Units as a compensation award. Each unit tracks the value of one common share and is linked to a reference price of $334.0400 per unit.

These units were acquired under the Directors' Deferred Compensation Plan, include amounts from a dividend reinvestment feature, and will be settled in cash after his service as a director ends. Following this grant, he holds a total of 10,384.230 Share Equivalent Units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Baltimore Thomas J Jr

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Equivalent Units	108.52	$334.04	$36K

Holdings After Transaction: Share Equivalent Units — 10,384.23 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: 108.520 units Reference value per unit: $334.0400 per unit Total units after transaction: 10,384.230 units +2 more

5 metrics

Share Equivalent Units granted 108.520 units Grant on 2026-06-30

Reference value per unit $334.0400 per unit Share Equivalent Units grant price

Total units after transaction 10,384.230 units Share Equivalent Units held following grant

Underlying common stock equivalence 108.520 shares Each unit reflects one common share

Conversion or exercise price $0.0000 Share Equivalent Units under deferred compensation plan

Key Terms

Share Equivalent Units, Directors' Deferred Compensation Plan, dividend reinvestment feature

3 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 of the Directors' Deferred Compensation Plan"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:11 PM Accepted by SEC EDGAR 07/02/2026 - 04:10 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^*

Baltimore Thomas J Jr

(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⁾		108.52		⁽³⁾	⁽³⁾	Common Stock	108.52	$334.04	10,384.23⁽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 did American Express (AXP) director Thomas J. Baltimore Jr. report in this Form 4?

He reported receiving 108.520 Share Equivalent Units as a grant. These units are a form of deferred director compensation that mirror American Express common stock value and increase his total Share Equivalent Unit holdings to 10,384.230 units.

Is the American Express (AXP) director transaction a stock purchase or sale?

The transaction is an acquisition through a compensation award, not an open-market buy or sale. The director received 108.520 Share Equivalent Units under a deferred compensation plan rather than trading American Express common stock in the market.