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AMERICAN APPAREL, INC FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits(Edgar Glimpses Via Acquire Media NewsEdge) 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: Exhibit Number Description 10.1 American Apparel, Inc. Severance Plan. 1 -------------------------------------------------------------------------------- |