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AXP > SEC Filings for AXP > Form 8-K on 25-Jul-2013All Recent SEC Filings

Show all filings for AMERICAN EXPRESS CO



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) On July 22, 2013, the Compensation and Benefits Committee of the Board of Directors of American Express Company (the "Company") approved an amendment to the American Express Senior Executive Severance Plan (the "Plan").

As adopted, the amendment adds a pro-rated annual incentive award ("AIA") covering the period of time an eligible executive is actively employed in the year in which severance commences. The pro-rated AIA would be payable at the time such bonuses are normally paid (typically the first quarter of the following year) and would be calculated based on the most recent bonus previously paid to the executive as of the end of active employment. For executives whose annual bonus is issued pursuant to the Incentive Compensation Plan (Band 95 and above executives), the pro-rated bonus could also be subject to reduction at the discretion of the Compensation and Benefits Committee based on Company performance. The amendment will be effective for severance agreements signed on or after September 1, 2013.

The foregoing summary of the amendment of the Plan is qualified in its entirety by reference to the complete text of the amendment, a copy of which is attached to this report as Exhibit 10.1, and is hereby incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1 Second Amendment to the American Express Senior Executive Severance Plan (as amended and restated through January 1, 2011).


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