American Airlines chief executive Doug Parker received $4 million in a stock sale, according to a government filing made on Tuesday.
Parker has been selling 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. He has made three other sales, receiving $13.1 million so far this year as part of a divestiture plan he outlined in June. The plan includes monthly stock sales like the one made on Tuesday.
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. Parker plans to sell the stock rights in groups throughout the next year.
With the most recent sale, Parker sold 113,090 stock rights at prices between $38.50 and $39.28. After the sale, Parker continues to hold 1,661,386 shares of American stock [ticker: AAL]. American’s shares closed at $39.20, up 22 cents on Tuesday.