US Airways president gains $1.37 million from stock sale
BY Staff and Wire reports
Saturday, January 12, 2013
1/12/13 at 3:58 AM
US Airways Group Inc. President Scott Kirby, who has helped lead the carrier's push for a merger with bankrupt American Airlines, made a $1.37 million profit from a sale of his company's stock this week.
The sale of 114,862 shares occurred Tuesday as the stock hit a $15 trigger price set last year when Kirby created a so-called Rule 10b5-1 plan, according to a filing with the U.S. Securities and Exchange Commission. The shares were valued at $3.10 when placed in the plan.
Kirby set up the plan after US Airways disclosed last January that it was studying a merger with American. Company rules bar changing such plans once they're created.
Rule 10b5-1 "permits persons to trade in certain specified circumstances where it is clear that the information they are aware of is not a factor in the decision," such as having preset terms for a sale, the SEC says on its website. Such plans are often viewed as protection against insider-trading claims.
Tempe, Ariz.-based US Airways declined to comment on Kirby's stock sale Friday.
Tom Horton, CEO of Fort Worth-based American Airlines, has said he expects a decision on a merger to be made within weeks.
US Airways President Scott Kirby: The shares he sold this week had gained 384 percent during the past year.