American Airlines chief executive Doug Parker received $4.1 million in a stock sale, according to a Securities and Exchange Commission filing made on Monday.
Parker exercised 113,000 stock appreciation rights, which are similar to stock options, that he received when he was the chief executive of US Airways between 2006 and 2009.
In a memo to employees, American said the stock rights that Parker sold were set to expire in the next year and would have been worthless if he did not sell them before their expiration date.
“Doug has a large holding in [American] that has been publicly disclosed and remains extremely positive about the future of American,” the company said in the filing.
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After the sale, Parker has 1,661,386 shares of American stock that are worth $71.5 million as of Monday’s closing price. American’s shares [ticker: AAL] rose $1.47 to close at $43.03 on Monday.