Joabar Raymond 4

What Happened
Joabar Raymond, Group President, Global Commercial Services at American Express, reported open‑market sales and prior purchases. He sold 24 shares on 2026-03-02 at $309.85 ($7,436) and 16 shares on 2026-03-13 at $301.27 ($4,820), for total proceeds of about $12,256. Earlier open‑market purchases between 2023-09-15 and 2025-04-09 totaled seven separate small buys (9, 2, 1, 5, 2, 2, 2 shares) costing about $4,053 in aggregate. The purchases are modest (small-dollar buys); the recent sales generated larger proceeds.

Key Details

• Purchases (open market):
  • 2023-09-15: 9 shares @ $162.94 ≈ $1,466
  • 2023-09-27: 2 shares @ $150.01 ≈ $300
  • 2023-10-17: 1 share @ $154.37 ≈ $154
  • 2023-12-06: 5 shares @ $168.52 ≈ $843
  • 2023-12-07: 2 shares @ $169.11 ≈ $338
  • 2024-02-23: 2 shares @ $214.64 ≈ $429
  • 2025-04-09: 2 shares @ $261.56 ≈ $523
• Sales (open market):
  • 2026-03-02: 24 shares @ $309.85 = $7,436
  • 2026-03-13: 16 shares @ $301.27 = $4,820
• Total recent sales proceeds: ≈ $12,256; total earlier purchases cost: ≈ $4,053.
• Shares owned after transaction: the Form 4 does not state a single total in this summary; footnote F2 says reported amounts reflect beneficial ownership after giving effect to these transactions.
• Footnotes/filing notes: F1 notes the reporting person’s spouse owned 17 shares that were omitted from an earlier Form 3 due to an administrative error. The filing was submitted to correct previously unreported transactions; the filer states some prior trades resulted in disgorgable profits under Section 16(b) which were remitted in full.
• Timeliness: This Form 4 was filed to correct prior omissions (late filing indicated); disclosures were corrected and past disgorgements were paid.

Context

• These were straightforward open‑market purchases and sales (transaction code P = purchase, S = sale). Purchases were small, so they carry limited informational weight; the sales generated larger cash proceeds.
• The filing corrects prior reporting errors rather than indicating a new trading plan (no 10b5‑1 or similar plan noted).
• As always, insider buys can be interpreted as a more bullish signal than routine sales, but administrative late filings and prior disgorgement mean some trades were already subject to remediation rather than new insider activity.