Brennan John Joseph 4

What Happened

• John Joseph Brennan, a director of American Express Company (AXP), was granted 221.476 share‑equivalent units on 2026-03-31. The units are reported at $299.13 each for a notional value of $66,250. The transaction is coded as an award/grant (A) and represents a derivative (share‑equivalent) entitlement under the company's directors' deferred compensation arrangements.

Key Details

• Transaction date and price: 2026-03-31; 221.476 units @ $299.13 each (notional value $66,250).
• Shares owned after transaction: Not reported in this Form 4.
• Footnotes: F1–F4 state these are Share Equivalent Units (each equals the value of one common share), granted under the Directors' Deferred Compensation Plan and/or the 2003 Share Equivalent Unit Plan for Directors; they will be settled in cash after termination of service, are convertible immediately upon termination with no expiration, and may include units from dividend reinvestment.
• Filing timeliness: Filed 2026-04-02 for a 2026-03-31 transaction — appears to be timely (no late filing indicated).

Context

• These are derivative share‑equivalent units, not actual shares. They track the value of AXP common stock but will be paid in cash following Brennan's departure from the board, so they do not represent immediate stock ownership or a direct purchase. Such awards are routine director compensation and should be interpreted as remuneration rather than a direct bullish purchase signal.