Document:

2003 Share Equivalent Unit Plan

 EXHIBIT 10.38 
 AMERICAN EXPRESS COMPANY 
 2003 SHARE EQUIVALENT UNIT PLAN FOR DIRECTORS

 (As amended and restated effective January 1, 2015) 
 Section 1. Effective Date 
 The original effective date of this
Plan was April 28, 2003. This Plan is amended and restated as set forth herein effective January 1, 2015. 
 Section 2.
Eligibility 
 Any Director of American Express Company (the “Company”) who is not a current or former officer
or employee of the Company or a subsidiary thereof is eligible to participate in this 2003 Share Equivalent Unit Plan for Directors (this “Plan”). 
 Section 3. Administration 
 The Nominating and Governance
Committee of the Board of Directors (the “Committee”) shall administer this Plan. The Committee shall have all the powers necessary to administer this Plan, including the right to interpret the provisions of this Plan and to establish
rules and prescribe any forms for the administration of this Plan. 
 Section 4. Share Equivalent Units 

The Committee shall, on an annual basis, determine, in its discretion, either a number or a value of Share Equivalent Units
(“SEUs”) to be awarded to each non-employee Director under this Plan on the date of his or her election or reelection to the Board of Directors of the Company at the Annual Meeting of the Company’s Shareholders held in such year,
provided that the number of SEUs to be awarded must be the same for each such non-employee Director for such year. If the Committee specifies the value of SEUs to be awarded, the number of SEUs to be awarded shall be equal to the specified
value divided by the average of the closing price of the Company’s common stock, par value $0.20 per share, as reported on the New York Stock Exchange Composite Transactions Tape for the fifteen (15) trading days immediately preceding the
date of the Annual Meeting of the Company’s Shareholders. 
 Section 5. SEU Credits to the Deferred Compensation Plan for
Directors and Advisors 
 SEUs awarded to a Director under this Plan shall be credited to the American Express Deferred
Compensation Plan for Directors and Advisors, as amended and restated from time to time (the “Director DCP”), as follows: 
  

	 	(a)	SEUs awarded to a Director for a calendar year shall be credited to a Class Year SEU Award Account under the Director DCP (as defined therein) for such Director for
that calendar year, with one SEU awarded under this Plan being credited as one SEU to such Class Year SEU Award Account under the Director DCP; 

  

	 	(b)	SEUs awarded under this Plan shall be credited to the Director DCP on the date on which such SEUs are awarded under this Plan, provided that if the Company is
precluded from crediting SEUs to the Director DCP on that date as a result of the application of securities or other laws, then such SEUs shall be credited to the Director DCP as soon as feasible thereafter, but no later than December 31st of
the calendar year in which such SEUs were awarded under this Plan; and 

  

	 	(c)	once the SEUs under this Plan are credited as SEUs to such Class Year SEU Award Account under the Director DCP, the SEUs so credited shall thereafter be adjusted,
valued and paid in accordance with and pursuant to the terms of the Director DCP, and in the same manner as the Share Equivalent Option thereunder. 

 Section 6. Amendment 

This Plan may be amended at any time and from time to time by the Board of Directors of the Company; provided, however, that the Board of
Directors may not adopt any amendment to this Plan that would (a) materially and adversely affect any right of or benefit to any Director with respect to any SEUs previously awarded without such Director’s written consent, or
(b) result in a violation of Section 409A of the Internal Revenue Code of 1986, as amended, and the treasury regulations and other official guidance issued thereunder (collectively, “Section 409A”). Any amendment to this
Plan that would cause a violation of Section 409A shall be null and void and of no effect. 
 Section 7. Termination

 This Plan shall terminate upon the adoption of a resolution of the Board of Directors terminating this Plan. The
termination of this Plan shall not affect the validity, existence or status of the Director DCP, including, but not limited to, the payment of the SEUs previously awarded under this Plan and credited to the Director DCP. 

Section 8. Section 409A 
 This Plan and the benefits provided thereunder, together with the Director DCP, are intended to comply with the requirements of Section 409A, and this Plan shall be administered and interpreted,
together with the Director DCP, consistent with such intention and the American Express Section 409A Compliance Policy. 

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 Page 2Description of Compensation Payable to Non-Management Directors

 EXHIBIT 10.39 
 DESCRIPTION OF COMPENSATION PAYABLE TO NON-MANAGEMENT DIRECTORS 
 Upon the
recommendation of the Nominating and Governance Committee of the Board of Directors of American Express Company, on December 2, 2014, the Board approved the payment of the following compensation to each non-management director of the Board in
respect of his/her service on the Board effective January 1, 2015: 
  

	 	•	 	 an annual retainer of $95,000; provided that this amount shall be reduced by $20,000 if the Director does not attend at least 75% of the meetings of
the Board and meetings of the committees on which the Director serves; 

  

	 	•	 	 a grant of Share Equivalent Units having a value of $165,000 to be awarded under the 2003 Share Equivalent Unit Plan for Directors upon the
Director’s election or reelection to the Board at the Annual Meeting of Shareholders; 

  

	 	•	 	 an annual retainer of $20,000 for the chairs of the Audit and Compliance Committee, Compensation and Benefits Committee, Nominating and Governance
Committee and Risk Committee and an annual retainer of $10,000 for the chairs of the Innovation and Technology Committee and Public Responsibility Committee; 

 

	 	•	 	 an annual retainer of $20,000 for each member of the Audit and Compliance Committee and Risk Committee, an annual retainer of $10,000 for each member
of the Compensation and Benefits Committee, and an annual retainer of $5,000 for each member of the Innovation and Technology Committee, Nominating and Governance Committee, and Public Responsibility Committee; 

 

	 	•	 	 an annual lead director fee of $25,000 (provided that if the lead director is the chair of the Nominating and Governance Committee, the retainer for
service as chair of the Nominating and Governance Committee shall not be paid); and 

  

	 	•	 	 reimbursement of customary expenses for attending Board, committee, and shareholder meetings.Amended and Restated Time Sharing Agreement

 Exhibit 10.51 
 AMENDMENT NO. 1 TO THE AMENDED AND RESTATED 
 TIME SHARING AGREEMENT

 This Amendment No. 1 (including the Schedules A and B attached hereto, collectively hereinafter “Amendment
No. 1”), dated as of February 12, 2015, to the Amended and Restated Time Sharing Agreement will amend that certain Amended and Restated Time Sharing Agreement (including any Schedules attached thereto, collectively hereinafter “Time
Sharing Agreement”), dated as of March 26, 2014, by and between American Express Travel Related Services Company, Inc., (“AETRSC”) and Kenneth I. Chenault (“User”). 

W  I  T  N  E  S  S 
 E  T  H: 
 WHEREAS, pursuant to Section 1 of the Time Sharing Agreement,
AETRSC and User desire to amend the Time Sharing Agreement, as provided herein, to reflect the deletion of the Gulfstream Aerospace G-V aircraft bearing Federal Aviation Administration Registration Number [redacted] and Manufacturer’s Serial
Number [redacted], from Schedule A. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto covenant and agree that, from and as of the date hereof, the Time Sharing Agreement shall be, and hereby is, amended as set forth below. 

 

	 	1.	AETRSC and User hereby expressly agree that the Schedule A attached hereto amends and replaces the Schedule A attached to the Time Sharing Agreement.

  

	 	2.	All notices and other communications given pursuant to Section 12 of the Time Sharing Agreement under this Amendment No. 1 and/or the Time Sharing Agreement
shall be addressed to the parties as provided on the signature page of this Amendment No. 1. 

  

	 	3.	All capitalized terms not defined herein shall have the meanings ascribed to them in the Time Sharing Agreement. 

 

	 	4.	Except as expressly amended by this Amendment No. 1, the Time Sharing Agreement remains in full force and effect, and this Amendment No. 1 shall not be
construed to alter or amend any of the other terms or conditions set forth in the Time Sharing Agreement. In the event of a conflict between the terms of the Time Sharing Agreement and this Amendment No. 1, the provisions of this Amendment
No. 1 shall prevail. 

  

	 	5.	This Amendment No. 1 may be executed in counterparts, each of which will be deemed to be an original, but both of which together shall constitute one and the same
instrument. 

  

	 	6.	TRUTH-IN-LEASING STATEMENT PURSUANT TO SECTION 91.23 OF THE FEDERAL AVIATION REGULATIONS. 

THE AIRCRAFT LISTED ON SCHEDULE A ATTACHED HERETO HAVE BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 DURING THE
12-MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT OR, IF THE AIRCRAFT ARE LESS THAN 12 MONTHS OLD, SINCE NEW. AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., 1 EXPRESS DR., NEWBURGH, NY 12550, CERTIFIES THAT ALL OF THE AIRCRAFT LISTED ON
SCHEDULE A ATTACHED HERETO ARE COMPLIANT WITH APPLICABLE MAINTENANCE AND INSPECTION REQUIREMENTS OF FAR PART 91 FOR THE OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. ALL OF THE AIRCRAFT LISTED ON SCHEDULE A ATTACHED HERETO WILL BE MAINTAINED AND
INSPECTED UNDER FAR PART 91 FOR OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 

  
 1 

 DURING THE DURATION OF THIS AGREEMENT, AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC., 1 EXPRESS DR., NEWBURGH, NY 12550, IS CONSIDERED RESPONSIBLE FOR OPERATIONAL CONTROL OF ALL OF THE AIRCRAFT UNDER THIS AGREEMENT. 
 AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 

THE “INSTRUCTIONS FOR COMPLIANCE WITH TRUTH-IN-LEASING REQUIREMENTS” ATTACHED HERETO IN SCHEDULE B ARE
INCORPORATED HEREIN BY REFERENCE. 
 THE UNDERSIGNED, AS A DULY AUTHORIZED OFFICER OF AMERICAN EXPRESS TRAVEL
RELATED SERVICES COMPANY, INC., 1 EXPRESS DR., NEWBURGH, NY 12550, CERTIFIES THAT IT IS RESPONSIBLE FOR OPERATIONAL CONTROL OF ALL OF THE AIRCRAFT LISTED ON SCHEDULE A ATTACHED HERETO AND THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH
APPLICABLE FEDERAL AVIATION REGULATIONS. 
 [SIGNATURES ON THE FOLLOWING PAGE] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly
executed on the day and year first above written. The persons signing below warrant their authority to sign. 
  

			
	 AMERICAN EXPRESS TRAVEL

RELATED SERVICES COMPANY, INC.
	  	KENNETH I. CHENAULT
		
	 By: /s/ Jeffrey W. Lee
 Name:
Jeffrey W. Lee
 Title: VP of Flight Operations
	  	/s/ Kenneth I. Chenault
		
	 Address:         American Express
Travel

                   
      Related Services Company, Inc.

                   
      Attn: VP of Flight Operations

                   
      1 Express Dr.

                   
      Newburgh, NY 12550

                   
      Phone: [redacted]

                   
      Facsimile: [redacted]

                   
      Email: [redacted]@aexp.com
	  	 Address:         Kenneth I. Chenault

                   
      c/o American Express Company

                   
      200 Vesey St., [redacted]

                   
      New York, NY 10285

                   
      Phone: [redacted]

                   
      Facsimile: [redacted]

                   
      Email: [redacted]@aexp.com

 A legible copy of this Amendment No. 1 shall be kept in the Aircraft for all operations

 conducted hereunder. 

  
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 SCHEDULE A 
 One (1) Gulfstream Aerospace [redacted] aircraft bearing Federal Aviation Administration Registration Number [redacted] and Manufacturer’s Serial Number [redacted]; 

One (1) Sikorsky [redacted] aircraft bearing Federal Aviation Administration Registration Number [redacted] and Manufacturer’s Serial Number
[redacted]; and 
 One (1) Gulfstream Aerospace [redacted] aircraft bearing Federal Aviation Administration Registration Number [redacted]
and Manufacturer’s Serial Number [redacted]. 

  
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 SCHEDULE B 
 INSTRUCTIONS FOR COMPLIANCE 
 WITH “TRUTH-IN-LEASING”
REQUIREMENTS 
  

	 	1.	Mail a copy of the lease to the following address via certified mail, return receipt requested, immediately upon execution of the lease (14 C.F.R. 91.23 requires that
the copy be sent within twenty-four hours after it is signed): 

 Federal Aviation Administration 

Aircraft Registration Branch 
 ATTN: Technical Section 
 P.O. Box 25724 

Oklahoma City, Oklahoma 73125 
  

	 	2.	Telephone or fax the nearest Flight Standards District Office at least forty-eight hours prior to the first flight under this lease. 

 

	 	3.	Carry a copy of the lease in the aircraft at all times. 

  
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