American Airlines chief executive Doug Parker gained $4.3 million in a stock sale, according to a filing made on Monday.
Parker has been selling thousands of stock appreciation rights, which are similar to stock options, that he received when he was chief executive of US Airways between 2006 and 2009. The stock rights are set to expire in the next year and will be worthless if he does not sell them before their expiration date.
In 2015, Parker made seven stock sales for a total of $30 million as part of a divestiture plan he outlined in June. This is his first stock sale this year and plans to sell the stock rights in groups throughout the next year in monthly stock sales like the one made on Monday.
With the most recent sale, Parker sold 113,090 stock rights at prices between $40.86 and $41.29. After the sale, Parker continues to hold 1,398,511 shares of American stock [ticker: AAL]. American’s shares closed at $40.91, down $1.44 on Monday.