American Airlines chief executive Doug Parker earned $4.1 million in a stock sale on Tuesday that is part of a monthly divestiture plan.
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.
Not including this month’s sale, Parker has gained $8.3 million from stock sales this year. In 2015, Parker made seven stock sales for a total of $30 million as part of a divestiture plan he outlined in June.
With the most recent sale, Parker sold 113,000 stock rights at prices between $41.3065 and $41.44. After the sale, Parker continues to hold 1,352,428 shares of American stock [ticker: AAL]. American’s shares closed at $41.83, up 83 cents on Tuesday.