Document:

EXHIBIT
4.2

 

[FORM OF GLOBAL NOTE – 144A]

 

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.

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A
 “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) OR (B) IT
IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, THAT THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO AMERICAN EXPRESS COMPANY (THE “COMPANY”) OR ANY OF ITS SUBSIDIARIES, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (D) IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR 904 OF
REGULATION S OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED
THAT THE COMPANY AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (II) IN EACH OF
THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE INDENTURE IS COMPLETED AND DELIVERED BY
THE TRANSFEROR TO THE TRUSTEE.

 

     

     

    

 

BY ITS ACQUISITION OF THIS SECURITY THE HOLDER THEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS
SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION
4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN
ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (II) THE
ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

     

     

    

 

AMERICAN EXPRESS COMPANY

 

3.300% Senior Notes due May 3, 2027

 

$ _________________

 

No. _________________

 

CUSIP No. 025816 CN7

ISIN US025816CN77

 

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:  December ____, 2021	 
	 	 
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	AMERICAN EXPRESS COMPANY
	 	 
	 	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 holder of this Note
is entitled to the benefits of a Registration Rights Agreement (the “Registration Agreement”), dated as of December 2,
2021, between the Company and Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC, as dealer managers appointed by
the Company in respect of the offer by the Company to exchange the Notes and cash for any and all Credco Notes. Capitalized terms
used in this paragraph but not defined herein have the meanings assigned to them in the Registration Agreement. In the event that
(i) by December 2, 2022, neither the Registered Exchange Offer has been consummated nor, if required in lieu thereof, the Shelf
Registration Statement has not become effective; or (ii) 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 the immediately
following paragraph) 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 shall have become effective, in each case following December 2, 2022 (each event in (i) through (ii) above a
 "Registration Default"), Additional Interest shall accrue on the Notes over and above the interest set forth in the title
of the Notes above 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
shall Additional Interest accrue on the Notes at a rate exceeding 0.50% per annum.

 

     

     

    

 

A Registration Default referred to in clause (ii)
of the immediately preceding paragraph 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. Any amounts
of Additional Interest due pursuant to clause (i) or (ii) of the immediately preceding paragraph shall be payable in cash on the regular
interest payment dates with respect to the Notes. The amount of Additional Interest shall be determined by multiplying the applicable
Additional Interest rate by the principal amount of the Notes, 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.

 

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 CustodianEXHIBIT 4.3

 

[FORM OF GLOBAL NOTE – REG S]

 

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.

 

THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) OR (B)
IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, THAT THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO AMERICAN EXPRESS COMPANY (THE “COMPANY”) OR ANY OF ITS SUBSIDIARIES, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (D) IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR 904 OF
REGULATION S OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED
THAT THE COMPANY AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (II) IN EACH OF
THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE INDENTURE IS COMPLETED AND DELIVERED BY
THE TRANSFEROR TO THE TRUSTEE.

 

     

     

    

 

BY ITS ACQUISITION OF THIS SECURITY THE HOLDER THEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD
THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT
TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL,
STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”),
OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT,
OR (II) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

     

     

    

 

AMERICAN EXPRESS COMPANY

 

3.300% Senior Notes due May 3, 2027

 

$ _________________

 

No. _________________

 

CUSIP No. U02581 AJ2

ISIN USU02581AJ21

 

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: December ____, 2021

 

	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	AMERICAN EXPRESS COMPANY
		 
	 	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 holder of this Note
is entitled to the benefits of a Registration Rights Agreement (the “Registration Agreement”), dated as of December 2,
2021, between the Company and Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC, as dealer managers appointed by
the Company in respect of the offer by the Company to exchange the Notes and cash for any and all Credco Notes. Capitalized terms
used in this paragraph but not defined herein have the meanings assigned to them in the Registration Agreement. In the event that
(i) by December 2, 2022, neither the Registered Exchange Offer has been consummated nor, if required in lieu thereof, the Shelf
Registration Statement has not become effective; or (ii) 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 the immediately
following paragraph) 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 shall have become effective, in each case following December 2, 2022 (each event in (i) through (ii) above a
 "Registration Default"), Additional Interest shall accrue on the Notes over and above the interest set forth in the title
of the Notes above 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
shall Additional Interest accrue on the Notes at a rate exceeding 0.50% per annum.

 

    

     

    

 

A Registration Default referred to in clause (ii)
of the immediately preceding paragraph 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. Any amounts
of Additional Interest due pursuant to clause (i) or (ii) of the immediately preceding paragraph shall be payable in cash on the regular
interest payment dates with respect to the Notes. The amount of Additional Interest shall be determined by multiplying the applicable
Additional Interest rate by the principal amount of the Notes, 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.

 

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

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