VASELLA DANIEL 4

What Happened Daniel Vasella, a director of American Express (AXP), was granted 108.926 share-equivalent units (reported as a derivative award) on 2026-03-31. The units were valued at $299.13 each for a total reported value of $32,583. This was an award/grant (not an open-market purchase or sale).

Key Details

• Transaction date: 2026-03-31; Form 4 filed 2026-04-02 (appears timely).
• Units granted: 108.926 share-equivalent units at $299.13 per unit; total value $32,583.
• Transaction type: Award/Grant of share-equivalent units (derivative), code A.
• Shares owned after transaction: Not disclosed in the provided excerpt.
• Notable footnotes:
  • F1: Each share-equivalent unit reflects the value of one common share.
  • F2: Units were acquired under the Directors' Deferred Compensation Plan and will be settled in cash after termination of service as a director.
  • F3: Units are convertible immediately upon termination of service and have no expiration date.
  • F4: Units include amounts from dividend reinvestment features of the plan.

Context Share-equivalent units are not the same as currently held common shares — they track the value of shares but, per the filing, will be settled in cash after Vasella leaves the board. That means this award increases his future cash/compensation tied to AXP stock performance rather than adding voting common stock today.