Gerard Arpey, head of American Airlines Inc. and parent AMR Corp., received 207,900 shares of AMR stock worth more than $6 million this week as part of a controversial stock program for executives that has American's unions up in arms.

Mr. Arpey's stock was valued at more than $6.6 million on Wednesday, the day the stock was issued. It has since lost more than $600,000 in value, with AMR shares off nearly $3 in New York Stock Exchange trading.

In all, five top AMR executives received 577,500 shares valued at nearly $18.5 million on Wednesday, down to just over $17 million as of Friday's close.

In its annual proxy statement, AMR said Mr. Arpey, its chairman, president and chief executive, received $10.2 million in total compensation in 2006, with $9.4 million from awards of stock and stock options.

He earned $581,534 in salary, with his annual rate of pay raised to $650,000 last July.

In the proxy statement, AMR also said Mr. Arpey's compensation counted all his stock-based awards, whether exercised or not, including stock and options granted in previous years. Including only the $4.8 million in stock awards and options granted in 2006, Mr. Arpey's 2006 compensation was $5.6 million.