Former American Airlines chief executive Tom Horton received 42,339 shares of stock in the carrier on Monday as the airline continues to convert old AAMRQ shares into AAL stock.
In a Securities and Exchange Commission filing made on Tuesday, Horton disclosed that he acquired the additional shares on Monday and then sold 17,762 shares at $39.02 to cover taxes on the stock.
"Holders of common stock of AMR Corporation who received an initial distribution of shares of the Issuer in connection with the effective date of the [Merger] Plan received, for each share of AMR common stock held as of the effective date of the Plan, a distribution of approximately 0.1842 shares of the Issuer," the filing said.
His total stock holdings in the new American Airlines Group is 194,836 shares, the filing said. Based on Tuesday's closing stock price of $38.08, Horton's shares are worth $7.59 million.
Since its merger with US Airways closed in December, American Airlines Group has converted old shares of the bankrupt AAMRQ and preferred stock held by creditors into shares of AAL stock every 30 days. The last group of stock to be converted will be 120 days after the merger closed on April 10.