Document:

EXHIBIT 4.4

 

AMERICAN EXPRESS COMPANY

 

3.300% Senior Notes due 2027

 

REGISTRATION RIGHTS AGREEMENT

 

December 2, 2021

 

Deutsche Bank Securities Inc.

Credit Suisse Securities (USA) LLC

as dealer managers

 

c/o      Deutsche Bank Securities Inc.

1 Columbus Circle

New York, New York 10019

 

c/o   Credit Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

 

Dear Ladies and Gentlemen:

 

American Express Company,
a New York corporation (the "Company"), proposes to undertake an offer to exchange (the “Exchange Offer”) its 3.300%
Senior Notes due May 3, 2027 (the "Initial Securities") and cash for any and all of American Express Credit Corporation’s
issued and outstanding 3.300% Senior Notes due May 3, 2027. The Initial Securities will be issued pursuant to an indenture (the "Indenture")
dated as of the date hereof between the Company and The Bank of New York Mellon as trustee. The Company agrees with Deutsche Bank Securities
Inc. and Credit Suisse Securities (USA) LLC, as dealer managers (each, a "Dealer Manager" and together, the "Dealer Managers")
appointed by the Company in respect of the Exchange Offer pursuant to the dealer manager agreement, dated November 1, 2021 by and between
the Company and the Dealer Managers in connection with the Exchange Offer (the "Dealer Manager Agreement") for the benefit of
the holders (collectively, the "Holders") of the Initial Securities and the Exchange Notes (as defined herein), as follows:

 

1.              Registered
Exchange Offer. The Company shall, at its own cost, prepare and use commercially reasonable efforts to file with the Securities
and Exchange Commission (the "Commission") a registration statement (the "Exchange Offer Registration
Statement") on an appropriate form under the Securities Act of 1933, as amended (the "Securities Act"), with respect
to a proposed offer (the "Registered Exchange Offer") to the Holders of Transfer Restricted Securities (as defined in
Section 6 hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange
Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt
securities (the "Exchange Notes") of the Company issued under the Indenture and identical in all material respects to the
Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating to the
matters described in Section 6 hereof) that would be registered under the Securities Act. The Initial Securities and the Exchange
Notes are herein collectively called the "Securities". The Company shall use its reasonable best efforts to cause such
Exchange Offer Registration Statement to become effective under the Securities Act and shall keep the Exchange Offer Registration
Statement effective for not less than 20 days (or longer, if required by applicable law) after the date notice of the Registered
Exchange Offer is mailed to the Holders (such period being called the "Exchange Offer Registration Period"). The Company
shall use its reasonable best efforts to cause the Registered Exchange Offer to be consummated within 365 days (or if the 365th day
is not a business day, the first business day thereafter) after the date of original issue of the Initial Securities (the
 "Issue Date") of the Initial Securities.

 

    

     

    

 

If the Company effects the
Registered Exchange Offer, the Company will be entitled to close the Registered Exchange Offer 20 business days after the commencement
thereof provided that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of
the Registered Exchange Offer.

 

Following the declaration
of the effectiveness of the Exchange Offer Registration Statement, the Company shall reasonably promptly commence the Registered Exchange
Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in
Section 6 hereof) electing to exchange the Initial Securities for Exchange Notes (assuming that such Holder is not an affiliate of the
Company within the meaning of the Securities Act, acquires the Exchange Notes in the ordinary course of such Holder's business and has
no arrangements with any person to participate in the distribution of the Exchange Notes and is not prohibited by any law or policy of
the Commission from participating in the Registered Exchange Offer) to trade such Exchange Notes from and after their receipt without
any limitations or restrictions under the Securities Act and without material restrictions under the securities laws of the several states
of the United States.

 

The Company acknowledges that,
pursuant to current interpretations by the Commission's staff of Section 5 of the Securities Act, in the absence of an applicable exemption
therefrom, each Holder that is a broker-dealer electing to Exchange Notes, acquired for its own account as a result of market making activities
or other trading activities, for Exchange Notes (an "Exchanging Dealer"), is required to deliver a prospectus containing substantially
the information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the "Exchange Offer Procedures" section
and the "Purpose of the Exchange Offer" section, and (c) Annex C hereto in the "Plan of Distribution" section of such
prospectus in connection with a sale of any such Exchange Notes received by such Exchanging Dealer pursuant to the Registered Exchange
Offer.

 

The Company shall use its
reasonable best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained
therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of
the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange Notes; provided,
however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer,
such period shall be the lesser of 180 days and the date on which all Exchanging Dealers have sold all Exchange Notes held by them (unless
such period is extended pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement
thereto available to any broker-dealer for use in connection with any resale of any Exchange Notes for a period of not less than 90 days
after the consummation of the Registered Exchange Offer.

 

In connection with the Registered
Exchange Offer, the Company shall:

 

(a)              
deliver or otherwise make available to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement,
together with an appropriate letter of transmittal and related documents; provided, however, Holders will be deemed to have received the
documents referred to above upon delivery of such documents to The Depository Trust Company for distribution to its participants;

 

(b)              
keep the Registered Exchange Offer open for not less than 20 business days (or longer, if required by applicable law) after the
date notice thereof is delivered to the Holders;

 

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(c)              
utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The City of
New York, which may be the Trustee or an affiliate of the Trustee;

 

(d)              
permit Holders to withdraw tendered Securities at any time prior to 5:00 p.m., New York time, on the last business day on which
the Registered Exchange Offer shall remain open; and

 

(e)              
otherwise comply with all applicable laws.

 

As soon as practicable after
the close of the Registered Exchange Offer, the Company shall:

 

(x)              
  accept
for exchange all the Securities validly tendered and not withdrawn pursuant to the Registered Exchange Offer;

 

(y)              
deliver
to the Trustee for cancellation all the Initial Securities so accepted for exchange; and

 

(z)              
cause
the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities, Exchange Notes equal in principal amount to
the Initial Securities of such Holder so accepted for exchange.

 

The Indenture will provide
that the Exchange Notes will not be subject to the transfer restrictions set forth in the Indenture and that all the Securities will vote
and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate
from one another on any matter.

 

Interest on each Exchange
Security issued pursuant to the Registered Exchange Offer will accrue from the last interest payment date on which interest was paid on
the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the date of original
issue of the Initial Securities.

 

Each Holder
participating in the Registered Exchange Offer shall be required to represent to the Company that at the time of the consummation of
the Registered Exchange Offer (i) any Exchange Notes received by such Holder will be acquired in the ordinary course of business,
(ii) such Holder will have no arrangements or understanding with any person to participate in the distribution of the Securities or
the Exchange Notes within the meaning of the Securities Act, (iii) such Holder is not an "affiliate," as defined in Rule
405 of the Securities Act, of the Company or if it is an affiliate, such Holder will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not
engaged in, and does not intend to engage in, the distribution of the Exchange Notes and (v) if such Holder is a broker-dealer, that
it will receive Exchange Notes for its own account in exchange for Initial Securities that were acquired as a result of
market-making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Notes.

 

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Notwithstanding any other
provisions hereof, the Company will ensure that (i) any Exchange Offer Registration Statement and any amendment thereto and any prospectus
forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations
thereunder, (ii) any Exchange Offer Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus,
does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

2.                 
Shelf Registration. If, (i) because of any change in law or in applicable interpretations thereof by the staff of the Commission,
the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Registered Exchange
Offer is not consummated within 365 days of the Issue Date or (iii) any Holder (other than an Exchanging Dealer) shall so request following
the consummation of the Registered Exchange Offer with respect to any Initial Securities held by it that were not eligible for exchange,
the Company shall take the following actions:

 

(a)              
The Company shall, at its cost, as promptly as practicable (but in no event more than 90 days after so required or requested pursuant
to this Section 2) file with the Commission and thereafter shall use its reasonable best efforts to cause to be declared effective (unless
it becomes effective automatically upon filing) a registration statement (the "Shelf Registration Statement" and, together with
the Exchange Offer Registration Statement, a "Registration Statement") on an appropriate form under the Securities Act relating
to the offer and sale of the Transfer Restricted Securities (as defined in Section 6 hereof) by the Holders thereof from time to time
in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter,
the "Shelf Registration"); provided, however, that no Holder shall be entitled to have the Securities held by it covered by
such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable
to such Holder.

 

(b)               The
Company shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective in order to permit the
prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of one year (or for
such longer period if extended pursuant to Section 3(j) below) from the Issue Date or such shorter period that will terminate when
all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or (ii) are no longer restricted
securities (as defined in Rule 144 under the Securities Act, or any successor rule thereof). The Company shall be deemed not to have
used its reasonable best efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily
takes any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities during
that period, unless such action is required by applicable law.

 

(c)              
Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration Statement
and the related prospectus and any amendment or supplement thereto, as of its respective effective date, (1) to comply in all material
respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading.

 

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3.                 
Registration Procedures. In connection with any Shelf Registration contemplated by Section 2 hereof and, to the extent applicable,
any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply:

 

(a)               The
Company shall (i) furnish to the each Dealer Manager, prior to the filing thereof with the Commission, a copy of the Registration
Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and the Company shall use its
reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as the Dealer Managers
reasonably may propose (provided that nothing in this Agreement shall be construed to require the Company to furnish drafts of its
periodic, current or other reports filed under the Exchange Act in advance of such filing); (ii) include the information set forth
in Annex A hereto on the cover, in Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of the
Exchange Offer" section and in Annex C hereto in the "Plan of Distribution" section of the prospectus forming a part
of the Exchange Offer Registration Statement and include the information set forth in Annex D hereto in the Letter of Transmittal
delivered pursuant to the Registered Exchange Offer; (iii) include within the prospectus contained in the Exchange Offer
Registration Statement a section entitled "Plan of Distribution," reasonably acceptable to the Dealer Managers, which
shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the
potential "underwriter" status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act")) of Exchange Notes received by such broker-dealer in the
Registered Exchange Offer (a "Participating Broker-Dealer"), whether such positions or policies have been publicly
disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Dealer Managers based
upon advice of counsel (which may be in-house counsel), represent the prevailing views of the staff of the Commission; and (iv) in
the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement (or, if permitted
by Commission Rule 430B(b), in a prospectus supplement that becomes a part thereof pursuant to Commission Rule 430B(f)) that is
delivered to any Holder pursuant to Section 3(d) and (f), the names of the Holders, who propose to sell Securities pursuant to the
Shelf Registration Statement, as selling securityholders.

 

(b)              
The Company shall give written notice to the Dealer Managers, the Holders of the Securities and any Participating Broker-Dealer
from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer
(which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the
requisite changes have been made):

 

(i)                
when the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration Statement
or any post-effective amendment thereto has become effective;

 

(ii)              
of any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein
or for additional information;

 

(iii)             
of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation
of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use of the form on which
the Registration Statement has been filed, and of the happening of any event that causes the Company to become an "ineligible issuer,"
as defined in Commission Rule 405;

 

(iv)             
of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(v)              
of the happening of any event that requires the Company to make changes in the Registration Statement or the prospectus in order
that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances
under which they were made) not misleading.

 

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(c)              
The Company shall make every reasonable effort to obtain the withdrawal at the earliest possible time, of any order suspending
the effectiveness of the Registration Statement.

 

(d)               The
Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least
one copy of the Shelf Registration Statement and any post-effective amendment or supplement thereto, including financial statements
and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference).
The Company shall not, without the prior consent of each Dealer Manager, make any offer relating to the Securities that would
constitute a "free writing prospectus," as defined in Commission Rule 405.

 

(e)              
The Company shall deliver to each Exchanging Dealer, Dealer Manager or Holder who so requests, without charge, at least one copy
of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and,
if, a Dealer Manager or any such Holder, requests, all exhibits thereto (including those incorporated by reference).

 

(f)               
The Company shall, during the Shelf Registration Period, deliver to each Holder of Securities included within the coverage of the
Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration
Statement and any amendment or supplement thereto as such person may reasonably request. The Company consents, subject to the provisions
of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities
in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included
in the Shelf Registration Statement.

 

(g)              
The Company shall deliver to any Dealer Manager, any Exchanging Dealer, any Participating Broker-Dealer and any other persons required
to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the
Exchange Offer Registration Statement and any amendment or supplement thereto as such persons, or the Dealer Managers, may reasonably
request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement
thereto, if necessary, by the Dealer Managers, any Participating Broker-Dealer and such other persons required to deliver a prospectus
following the Registered Exchange Offer in connection with the offering and sale of the Exchange Notes covered by the prospectus, or any
amendment or supplement thereto, included in such Exchange Offer Registration Statement.

 

(h)              
Prior to any public offering of the Securities, pursuant to any Registration Statement, the Company shall use its reasonable best
efforts to register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection
with the registration or qualification of the Securities for offer and sale under the securities or "blue sky" laws of such
states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary
or advisable to enable the offer and sale in such jurisdictions of the Securities covered by such Registration Statement; provided, however,
that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or
(ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject.

 

(i)                 The
Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates
representing the Securities to be sold pursuant to any Registration Statement free of any restrictive legends and in such
denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities
pursuant to such Registration Statement.

 

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(j)                
Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period for which
the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective
amendment to the Registration Statement or a supplement to the related prospectus and any other required document so that, as thereafter
delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. If the Company notifies the Dealer Managers, the Holders of the Securities and any known Participating
Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite
changes to the prospectus have been made, then the Dealer Managers, the Holders of the Securities and any such Participating Broker-Dealers
shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b)
above and the Exchange Offer Registration Statement provided for in Section 1 above shall each be extended by the number of days from
and including the date of the giving of such notice to and including the date when the Dealer Manager, the Holders of the Securities and
any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 30). During
the period during which the Company is required to maintain an effective Shelf Registration Statement pursuant to this Agreement, the
Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its reasonable best efforts to cause
to be declared effective (unless it becomes effective automatically upon filing) within a period that avoids any interruption in the ability
of Holders of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement
relating to the Securities, which shall be deemed the "Shelf Registration Statement" for purposes of this Agreement.

 

(k)              
Not later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial
Securities or the Exchange Notes, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities
or the Exchange Notes, as the case may be, in a form eligible for deposit with The Depository Trust Company.

 

(l)                
The Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the
Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in
accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section I 1(a) of the Securities
Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month
of the Company's first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such
12-month period provided, however, that compliance by the Company with the periodic reporting requirements of the Exchange Act shall satisfy
the Company's obligations under this Section 3(b)(1).

 

(m)            
 The Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely manner and
containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the
appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions
of the Indenture.

 

(n)              
The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Company
such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for
inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the Securities of any Holder that unreasonably
fails to furnish such information within a reasonable time after receiving such request.

 

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(o)              
Subject to Section 8, the Company shall enter into such customary agreements (including, if requested, an underwriting agreement
in customary form) and take all such other action, if any, as the Holders of a majority in principal amount of the Securities shall reasonably
request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration.

 

(p)              
In the case of any Shelf Registration, the Company shall if requested by the Holders of a majority in principal amount of the Securities
(i) make reasonably available for inspection by the Holders of the Securities, any underwriter participating in any disposition pursuant
to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such
underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company's
officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the Holders of the
Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as
shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities
Act; provided, however, that the foregoing inspection and information gathering shall be coordinated by one counsel designated by and
on behalf of such parties as described in Section 4 hereof.

 

(q)              
If a Registered Exchange Offer is to be consummated, upon delivery of the Initial Securities by Holders to the Company (or to such
other Person as directed by the Company) in exchange for the Exchange Notes, the Company shall mark, or caused to be marked, on the Initial
Securities so exchanged that such Initial Securities are being canceled in exchange for the Exchange Notes; in no event shall the Initial
Securities be marked as paid or otherwise satisfied.

 

(r)                The
Company will use its reasonable best efforts to (a) if the Initial Securities have been rated prior to the initial sale of such
Initial Securities, confirm such ratings will apply to the Securities covered by a Registration Statement, or (b) if the Initial
Securities were not previously rated, cause the Securities covered by a Registration Statement to be rated with the appropriate
rating agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration
Statement, or by the managing underwriters, if any.

 

(s)               
In the event that any broker-dealer registered under the Exchange Act shall underwrite any Securities or participate as a member
of an underwriting syndicate or selling group or "assist in the distribution" (within the meaning of the Conduct Rules (the
 "Rules") of the Financial Industry Regulatory Authority ("FINRA")) thereof, whether as a Holder of such Securities
or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such
broker-dealer in complying with the requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 5121,
shall so require, engaging a "qualified independent underwriter" (as defined in Rule 5121) to participate in the preparation
of the Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any
portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or sales
agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification
of underwriters provided in Section 5 hereof and (iii) providing such information to such broker-dealer as may be required in order for
such broker-dealer to comply with the requirements of the Rules.

 

(t)                
The Company shall use its reasonable best efforts to take all other steps necessary to effect the registration of the Securities
covered by a Registration Statement contemplated hereby.

 

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4.                 
Registration Expenses. The Company shall bear all fees and expenses incurred in connection with the performance of its obligations
under Sections I through 3 hereof (including the reasonable fees and expenses, if any, of Skadden, Arps, Slate, Meagher & Flom LLP,
counsel for the Dealer Managers, not to exceed $25,000 incurred in connection with the Registered Exchange Offer), whether or not the
Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the event of a Shelf Registration, shall bear
or reimburse the Holders of the Securities covered thereby for the reasonable fees and disbursements of one firm of counsel designated
by the Holders of a majority in principal amount of the Initial Securities covered thereby to act as counsel for the Holders of the Initial
Securities in connection therewith.

 

5.                  Indemnification. (a)
The Company agrees to indemnify and hold harmless each Holder of the Securities, any Participating Broker-Dealer and each person, if
any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each
Holder, any Participating Broker-Dealer and such controlling persons are referred to collectively as the "Indemnified
Parties") from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof
(including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the
Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as
such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus or "issuer free writing prospectus," as defined in Commission Rule 433 ("Issuer FWP"),
relating to a Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the
Indemnified Parties for any reasonable and documented legal or other expenses incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that the Company shall not be
liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement
or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in
conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder
specifically for inclusion therein; provided further, however, that this indemnity agreement will be in addition to any liability
which the Company may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their officers and
directors and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same
extent as provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders.

 

(b)              
Each Holder of the Securities, severally and not jointly, will indemnify and hold harmless the Company and each person, if any,
who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or
liabilities or any actions in respect thereof, to which the Company or any such controlling person may become subject under the Securities
Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment
or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon
the omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but in each
case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in
conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company
for any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or
defending any loss, claim, damage, liability or action in respect thereof. This indemnity agreement will be in addition to any liability
which such Holder may otherwise have to the Company or any of its controlling persons.

 

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(c)               Promptly
after receipt by an indemnified party under this Section 5 of notice of the commencement of any action, such indemnified party will,
if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party in
writing of the commencement thereof; but the failure so to notify the indemnifying party (1) will not relieve it from liability
under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b)
above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party's choice at the indemnifying party's
expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party
shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties
except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the
indemnifying party's election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and
expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party
would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action
include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there
may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to
the indemnifying party, (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to
represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying
party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding and does not include a statement as to, or an admission of, fault, culpability
or a failure to act by or on behalf of an indemnified party.

 

(d)               If
the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an indemnified party under
subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party
as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above
(i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one
hand and the indemnified party on the other from the exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii)
if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or
parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The
relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an
indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d)
shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of
this Section 5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the
net proceeds received by such Holders from the sale of the Securities pursuant to a Registration Statement exceeds the amount of
damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph
(d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall
have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning
of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company.

 

(e)              
The agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall
remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf
of any indemnified party.

 

    10

     

    

 

6.                 
Additional Interest Under Certain Circumstances. (a) Additional interest (the "Additional Interest") with respect
to the Initial Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) and (ii) below
a "Registration Default":

 

(i)              
If by December 2, 2022, neither the Registered Exchange Offer is consummated nor, if required in lieu thereof, the Shelf Registration
Statement has become effective;

 

(ii)             
If after either the Exchange Offer Registration Statement or the Shelf Registration Statement becomes effective (A) such Registration
Statement thereafter ceases to be or is not effective; or (B) such Registration Statement or the related prospectus ceases to be or is
not usable (except as permitted in paragraph (b)) in connection with resales of Transfer Restricted Securities during the periods specified
herein because either (1) any event occurs as a result of which the related prospectus forming part of such Registration Statement would
include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light
of the circumstances under which they were made not misleading, (2) it shall be necessary to amend such Registration Statement or supplement
the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder, or (3) such Registration
Statement is a Shelf Registration Statement that has expired before a replacement Shelf Registration Statement has become effective, in
each case following December 2, 2022.

 

    11

     

    

 

 

Additional Interest shall accrue on the
Initial Securities over and above the interest set forth in the title of the Securities from and including the date on which any
such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, at a rate
of 0.25% per annum, plus an additional 0.25% per annum from and during any period in which a Registration Default has continued for
more than 90 days, up to a maximum rate of 0.50% per annum. In no event will Additional Interest accrue on the Initial Securities at
a rate exceeding 0.50% per annum.

 

(b)              
A Registration Default referred to in Section 6(a)(ii) hereof shall be deemed not to have occurred and be continuing in relation
to a Shelf Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the
filing of a post-effective amendment to such Shelf Registration Statement to incorporate annual audited financial information with respect
to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the
related prospectus or (y) other material events, with respect to the Company that would need to be described in such Shelf Registration
Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend
or supplement such Shelf Registration Statement and related prospectus to describe such events; provided, however, that in any case if
such Registration Default occurs for a period in excess of 90 days (whether or not consecutive) during any 365 day period Additional Interest
shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default
is cured.

 

(c)              
Any amounts of Additional Interest due pursuant to clause (i) or (ii) of Section 6(a) above will be payable in cash on the regular
interest payment dates with respect to the Initial Securities. The amount of Additional Interest will be determined by multiplying the
applicable Additional Interest rate by the principal amount of the Initial Securities, multiplied by a fraction, the numerator of which
is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised
of twelve 30-day months), and the denominator of which is 360.

 

(d)              
"Transfer Restricted Securities" means each Security until (i) the date on which such Transfer Restricted Security has
been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii)
following the exchange by a broker-dealer in the Registered Exchange Offer of an Initial Security for an Exchange Note, the date on which
such Exchange Note is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus
contained in the Exchange Offer Registration Statement, (iii) the date on which such Initial Security has been effectively registered
under the Securities Act and disposed of in accordance with the Shelf Registration Statement or (iv) the date on which such Initial Securities
is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to Rule 144 under the Securities Act
by a person that is not an affiliate of the Company without regard to volume, manner of sale or current public information requirements.

 

7.                  Rules
144 and 144A. The Company shall use its reasonable best efforts to file the reports required to be filed by it under the
Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it
will, upon the request of any Holder of Initial Securities, make publicly available other information so long as necessary to permit
sales of their securities pursuant to Rules 144 and 144A. The Company covenants that it will take such further action as any Holder
of Initial Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Initial
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A
(including the requirements of Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers of
Initial Securities identified to the Company by the Dealer Managers upon request. Upon the request of any Holder of Initial
Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.
Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities
pursuant to the Exchange Act.

 

    12 

     

    

 

8.                 Underwritten Registrations. If any of the Transfer Restricted Securities covered by any Shelf Registration are to be sold
in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering ("Managing
Underwriters") will be selected by the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities
to be included in such offering and shall be reasonably satisfactory to the Company.

 

No person may participate
in any underwritten registration hereunder unless such person (i) agrees to sell such person's Transfer Restricted Securities on the basis
reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements.

 

9.                 
Miscellaneous.

 

(a)              
Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority
in principal amount of the Securities affected by such amendment, modification, supplement, waiver or consents.

 

(b)              
Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery,
first-class mail, facsimile transmission, or air courier which guarantees overnight delivery:

 

(1)              
if to a Holder of the Securities, at the most current address given by such Holder to the Company.

 

(2)              
if to the Dealer Managers;

 

Deutsche Bank Securities Inc.

1 Columbus Circle

New York, New York 10019

Attention: Liability Management Group

 

    13 

     

    

 

and

 

Credit Suisse Securities
(USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: Liability Management Group

 

with a copy to:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

One Manhattan West

New York, New York 10001

Fax No.: (917) 777-2573

Attention: Dwight Yoo

 

(3)              
if to the Company, at its address as follows:

 

American Express Company

200 Vesey Street

New York, NY 10080

Fax No.: (212) 640-0405

Attention: Treasury

 

with a copy to:

 

Cleary Gottlieb Steen & Hamilton
LLP

One Liberty Plaza

New York, NY 10006

Fax No.: (212) 225-3999

Attention: Craig Brod

 

All such notices and communications
shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited
in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient's facsimile machine operator, if sent by facsimile
transmission; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery.

 

(c)              
No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall it, on or after the date
hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or
otherwise conflicts with the provisions hereof.

 

(d)              
Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns.

 

(e)               Counterparts. This
Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of
this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying
with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or
other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

 

    14 

     

    

 

(f)               
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

(g)              
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

 

(h)              
Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be affected or impaired thereby.

 

(i)                
Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of principal amount
of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if
such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage.

 

(j)                
Submission to Jurisdiction; Waiver of Immunities. By the execution and delivery of this Agreement, the Company submits to
the nonexclusive jurisdiction of the Federal and State courts in the Borough of Manhattan in the City of New York in any suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby. To the extent that the Company may acquire any immunity
from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment
in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect
of this Agreement, to the fullest extent permitted by law.

 

    15 

     

    

 

If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement among the Dealer Managers and the Company in accordance with its terms.

 

	 	Very truly yours,
	 	 
	 	AMERICAN EXPRESS COMPANY
	 	 
	 	By:	 /s/ David L. Yowan
	 	 	Name:	David L. Yowan
	 	 	Title:	Treasurer

 

[Signature Page to Registration
Rights Agreement for 2022 Notes]

 

     

     

    

 

The foregoing Registration

Rights Agreement is hereby confirmed

and accepted as of the date first above written.

 

	DEUTSCHE BANK SECURITIES INC.	 
	 	 
	By:	/s/ Mary Hardgrove	 
	 	Name: Mary Hardgrove	 
	 	Title: Managing Director	 
	 	 
	By:	/s/ Anguel Zaprianov	 
	 	Name: Anguel Zaprianov	 
	 	Title: Managing Director	 

 

[Signature Page to Registration
Rights Agreement for 2022 Notes]

 

     

     

    

 

	CREDIT SUISSE SECURITIES (USA) LLC	 
	 	 
	By:	 /s/ Gabe Menendez	 
	 	Name: Gabe Menendez	 
	 	Title: Managing Director	 

 

[Signature Page to Registration
Rights Agreement for 2022 Notes]

 

     

     

    

 

ANNEX A

 

Each broker-dealer that receives
Exchange Notes for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with
any resale of such Exchange Notes. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer
will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. This Prospectus, as it may
be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Notes received in
exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a result of market-making activities
or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will
make this Prospectus available to any broker-dealer for use in connection with any such resale. See "Plan of Distribution."

 

     

     

    

 

ANNEX B

 

Each broker-dealer that receives
Exchange Notes for its own account in exchange for Securities, where such Initial Securities were acquired by such broker-dealer as a
result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with
any resale of such Exchange Notes. See "Plan of Distribution."

 

     

     

    

 

ANNEX C

 

PLAN OF DISTRIBUTION

 

Each broker-dealer that receives
Exchange Notes for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with
any resale of such Exchange Notes. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer
in connection with resales of Exchange Notes received in exchange for Initial Securities where such Initial Securities were acquired as
a result of market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration
Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale.
In addition, all dealers effecting transactions in the Exchange Notes may be required to deliver a prospectus.1

 

The Company will not receive
any proceeds from any sale of Exchange Notes by broker-dealers. Exchange Notes received by broker-dealers for their own account pursuant
to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions,
through the writing of options on the Exchange Notes or a combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers
or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer
or the purchasers of any such Exchange Notes. Any broker-dealer that resells Exchange Notes that were received by it for its own account
pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Notes may be deemed to be
an "underwriter" within the meaning of the Securities Act and any profit on any such resale of Exchange Notes and any commission
or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal
states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it
is an "underwriter" within the meaning of the Securities Act.

 

For a period of 180 days after
the Expiration Date the Company will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus
to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to
the Exchange Offer (including the expenses of one counsel for the Holders of the Securities) other than commissions or concessions of
any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act.

 

 

1
In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus.

 

     

     

    

 

ANNEX D

 

CHECK HERE IF YOU ARE A BROKER-DEALER
AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

  

		Name:	 	 

		Address:	 	 
	 	 	 	 

 

If the undersigned is not a broker-dealer, the
undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes. If the undersigned
is a broker-dealer that will receive Exchange Notes for its own account in exchange for Initial Securities that were acquired as a result
of market-making activities or other trading activities, it acknowledges that it will deliver a prospectus in connection with any resale
of such Exchange Notes; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that
it is an "underwriter" within the meaning of the Securities Act.Exhibit 4.5

 

[FORM OF 2027 NOTE – UNRESTRICTED]

 

Permanent Global Fixed Rate Note

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO A NOMINEE OF DTC, BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR A
NOMINEE OF DTC TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC TO AMERICAN EXPRESS COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
 & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

     

     

    

 

AMERICAN EXPRESS COMPANY

 

3.300% Senior Notes due May 3, 2027

 

$ _________________

 

No. _________________

 

CUSIP No. 025816 CP2

ISIN US025816CP26

 

AMERICAN EXPRESS COMPANY, a New York corporation
(hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[•] on May
3, 2027, and to pay interest (computed on the basis of a 360-day year comprised of twelve 30-day months) thereon from November 3, 2021
(the most recent interest payment date on which interest has been paid on American Express Credit Corporation’s 3.300% senior notes
due May 3, 2027 (the “Credco Notes”)), or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, on May 3 and November 3 in each year, commencing May 3, 2022 and at maturity or upon redemption or repayment, if any, at
the rate per annum specified in the title of this Note, until the principal hereof is paid or made available for payment (and, in the
case of a default in the payment of principal or interest, at the rate of 3.300% per annum on such overdue principal and (to the extent
that the payment of such interest shall be legally enforceable) on such overdue interest which shall accrue from the date of such default
to the date payment of such principal or interest has been made or duly provided for). The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in said Indenture, be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on April 15 or October 15, as the case may be, next preceding
such Interest Payment Date, except that interest payable at maturity will be payable to the Person to whom the principal of the note is
paid. In any case where such Interest Payment Date shall not be a Business Day, then (notwithstanding any other provision of said Indenture
or the Notes) payment of such interest need not be made on such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on such date, and, if such payment is so made, no additional principal, interest or other payments shall be
payable as a result of such delay. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to
the registered Holder on May 3 or November 3, as the case may be, and may be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee for the Notes, notice whereof shall be given to Holders of Notes not less than 10 days prior to such record date, or may
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may
be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of the principal
of and interest on this Note will initially be made at the principal corporate trust office of the Trustee.

 

Additional provisions of this Note are contained
on the reverse hereof and such provisions shall have the same effect as though fully set forth in this place.

 

Unless the certificate of authentication hereon
has been executed by or on behalf of the Trustee for the Notes by manual, facsimile or electronic signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, AMERICAN EXPRESS COMPANY has
caused this instrument to be duly executed.

 

Dated:

 

	TRUSTEE’S CERTIFICATE	AMERICAN EXPRESS COMPANY
	OF AUTHENTICATION	 
	 	By:	 
	This is one of the Securities described	 
	in the within-mentioned Indenture.	 
	 	 
	 	Attest:
	 	 
	 	 
	 	 
	  	THE BANK OF NEW YORK MELLON As Trustee    
	 	 	 
	  	By:	 
	 	Authorized Signatory

 

[Signature Page to Global
Note]

 

     

     

    

 

[FORM OF REVERSE OF NOTE]

 

AMERICAN EXPRESS COMPANY

 

3.300% Senior Notes due May 3, 2027

 

$[•]

 

No.

This Note is one of a duly authorized issue of
debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”) of the Company of the series hereinafter
specified, all such Securities issued and to be issued under an indenture dated as of December 2, 2021, between the Company and The Bank
of New York Mellon, as Trustee (the “Indenture”), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the rights and limitation of rights thereunder of the Holders of the Securities and of the rights, obligations,
duties and immunities of the Trustee for each series of Securities and of the Company, and the terms upon which the Securities are and
are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may be denominated in currencies other than U.S. dollars (including composite
currencies), may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption provisions,
if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated 3.300%
Senior Notes due May 3, 2027 (the “Notes”). Additional notes with the same ranking, interest rate, maturity date and other
terms, other than the original issue date, interest accrual date, first payment of interest and issue price, and with the same CUSIP number
as those of the Notes may be issued by the Company without notice to or consent of the Holders of the Notes. Such further notes shall
be consolidated and form a single series with the Notes.

 

The Notes may be redeemed, at the Company’s
option, in whole or in part, on or after the date that is 31 days prior to the maturity date for the Notes. Prior to the publication of
any notice of redemption, the Company will deliver to the Trustee an officer’s certificate stating that the Company is entitled
to effect a redemption and setting forth a statement of facts showing that the conditions precedent to the Company’s right to redeem
have occurred and an opinion of counsel to that effect based on that statement of facts.

 

Notice of redemption shall be mailed to the registered
Holders of the Notes designated for redemption at their addresses as the same shall appear on the Securities Register, not less than 5
days nor more than 60 days prior to the Redemption Date, subject to all the conditions and provisions of the Indenture.

 

In the event of redemption of this Note in part
only, a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation
hereof.

 

     

     

    

 

The Indenture contains provisions for defeasance
and discharge of the entire principal of all the Notes of any series upon compliance by the Company with certain conditions set forth
therein.

 

If an Event of Default with respect to the Notes,
as defined in the Indenture, shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner
and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Notes under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal
amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders
to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences
with respect to a series, provided that the Holders of at least a majority in principal amount of the Notes at the time Outstanding of
any series affected by a waiver consent to such waiver. Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain
exceptions therein set forth, this Note is transferable on the Securities Register of the Company, upon surrender of this Note for registration
of transfer at the office or agency of the Company to be maintained for that purpose in the City of New York, New York, or, at the option
of the Holder, at the office or agency of the Company to be maintained for that purpose in the City of New York, New York, or at any other
office or agency of the Company maintained for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

 

The Notes are issuable only in registered form
without coupons in denominations of $2,000.00 and integral multiples of $1,000.00 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor
and of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such transfer
or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
with the registration of such transfer or exchange, other than certain exchanges not involving any transfer.

 

     

     

    

 

Certain terms used in this Note that are defined
in the Indenture have the meanings set forth therein.

 

This Note shall for all purposes be governed by,
and construed in accordance with, the laws of the State of New York.

 

The Company, the Trustee for the Notes and any
agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of
receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither the Company, such Trustee
nor any such agent shall be affected by notice to the contrary.

 

     

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The initial principal amount of this Global Note
is $[ ]. The following increases or decreases in this Global Note have been made:

 

	
    Date of

Exchange

     
	 	Amount of decrease in

 Principal  Amount of this

 Global Note	 	Amount of increase in

 Principal Amount of this

 Global Note	 	Principal amount of this

 Global Note following such

 decrease or increase	 	Signature of authorized

 signatory of Trustee or

 Securities Custodian

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]