AirTran Airways chief executive Bob Fornaro will get an estimated $2.9 million cash payout following his carrier's merger with Southwest Airlines.
According to AirTran's 10-K filing with the Securities and Exchange Commission on Thursday, top executives at AirTran will receive lump sum cash payouts that are equal to two times their base salaries.
Chief financial officer Arne Haak and executive vice president of operations Klaus Goersch will each receive cash payments of about $1.3 million.
Any outstanding restricted stock awards and performance shares held by the executives will also vest sooner than previously reported because of the merger. Fornaro's awards are assumed to have a value of $1.3 million, the annual report filing said.
Southwest said it expects to close its $1.4 billion purchase of AirTran on Monday.