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APP > SEC Filings for APP > Form 8-K on 25-Jul-2014All Recent SEC Filings

Show all filings for AMERICAN APPAREL, INC



Change in Directors or Principal Officers, Financial Statements and Exhibit

Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 21, 2014, the Committee adopted the American Apparel, Inc. Severance Plan (the "Severance Plan") for the benefit of certain employees of the Company, including Martin Bailey, who is a named executive officer (each a "Participant," and collectively, the "Participants").

The Severance Plan provides a number of months of salary continuation and COBRA reimbursement for Participants (twelve (12) months in the case of Mr. Bailey), as well as full vesting of equity awards, on a termination without cause or resignation for good reason, each as defined in the Severance Plan.

The foregoing description of the Severance Plan is qualified in its entirety by reference to the Severance Plan, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)                     Exhibits:

Number                 Description

10.1      American Apparel, Inc. Severance Plan.

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