AMR chief executive Tom Horton will receive $19.875 million in cash and stock as a severance package for shepherding the Fort Worth-based carrier through bankruptcy.
The severance package was revealed in a filing made with the Securities and Exchange Commission on Thursday afternoon.
Upon the closing of the merger, Horton will receive $9,937,500 in cash and $9,937,500 in shares of the new company's common stock. He will also receive lifetime flight and travel benefits and an office for a period of two years after the merger.
The filing said he will serve as chairman of the new company until either one year after the closing of the merger or the day prior to the first annual meeting of stockholders, whichever comes first. It notes that the stockholder meeting cannot be held prior to May 1, 2014.