I don't know the history of the two gentlemen concerned but if either were previously involved with either airline, but if they were they almost certainly would have held stock in said company.
It is usual for senior directors to be paid or given bonuses in shares upon the proviso that they don't sell for a given period of time (at least 12 months) or until the company is sold - whichever is the sooner.
It appears that upon the merger of the comapnies, they've exercised their rights and hopefully made a tidy sum.