American Airlines chief executive Doug Parker received $4.5 million in a stock sale, according to a Securities and Exchange Commission filing made on Wednesday.
The stock sale was part of a divestiture plan that Parker had revealed last month. Parker has thousands of stock appreciation rights, which are similar to stock options, that he received when he was the chief executive of US Airways between 2006 to 2009.
Parker began selling the stock rights last month as they are set to expire in the next year and will be worthless if he does not sell them before their expiration date. Parker plans to sell the stock rights in groups throughout the next year.
In his first stock appreciation rights sale in June, Parker received $4.1 million.
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With the most recent sale, Parker sold 113,090 stock rights at prices between $40.508 and $40.65. After the sale, Parker continues to hold 1,661,386 shares of American stock [ticker: AAL]. American’s shares closed at $38.80, down $1.14 on Wednesday.