Spirit AeroSystems Holdings, Inc. ( SPR ) shares are trading lower premarket Tuesday after the company’s CEO, Patrick Shanahan, stated that they will receive a $28.5 million payout following the company’s merger with The Boeing Company ( BA ) .

The package includes a $2.3 million cash payment, $26.1 million in restricted stock units, and $45,000 in perks and benefits, as part of a “golden parachute” arrangement, reported Reuters.

Such payments are common in corporate America, designed to incentivize management to proceed with a sale, even at the cost of their own jobs.

Shanahan, a former Boeing executive, is a top candidate for Boeing’s CEO position, currently held by Kelly Ortberg.

Last week, Spirit AeroSystems ( SPR ) recently missed Q2 adjusted EPS estimates by 90 cents; sales of $1.50 billion fell short of the $1.59 billion estimate.

Price Action: SPR shares are up 0.97% at $34.18 premarket at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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