www.sec.gov/Archives/edgar/data/1336545/0001193125-09-1 -
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Published on: 9/11/2009
Last Visited: 9/12/2009
Dov Charney
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Dov Charney has served as Chairman of the Board, Chief Executive Officer, President and a director of American Apparel since the consummation of the Acquisition on December 12, 2007.
Prior to the Acquisition, Mr. Charney served as founder, director, chief executive officer and president of Old American Apparel and its predecessor companies since their formation in Columbia, South Carolina, in 1989.
Mr. Charney is a graduate of Choate Rosemary Hall and attended Tufts University.
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Other than the bonus payment that will be paid to Mr. Charney as described below and bonus payments that were paid to Ms. Crucillo as part of her annual salary as reported in column (c) of this Summary Compensation Table pursuant to her employment agreement, as discussed below in “Description of Employment Agreements,” there were no annual or other bonuses awarded to Named Officers for the year ended December 31, 2008.
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As described in more detail under “Compensation Discussion and Analysis” above, the Compensation Committee approved a bonus for Mr. Charney for his service for the year ended December 31, 2008, in an amount equal to $250,000.
(3)
Mr. Charney did not receive any salary or bonus from American Apparel prior to the Acquisition.
As a stockholder of Old American Apparel, and as a result of the S Corporation status of the company, Mr. Charney was allocated income based on the net profits of Old American Apparel and, from time to time, received distributions of the profits, which are included in the “Salary” amounts here.
During 2007 and 2006, Mr. Charney received distributions from Old American Apparel on his allocable income amounting to $2,963,021 and $348,000, respectively.
For Mr. Charney, amounts presented also include salary of $39,041 for the period from December 12, 2007, the date of the consummation of the Acquisition, through December 31, 2007 pursuant to his employment agreement with the Company, described in more detail under “Description of Employment Agreements” below, and management fees earned under an arrangement with Old American Apparel’s Canadian subsidiaries amounting to $5,302,326 for 2007 and $2,046,379 for 2006.
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All other compensation also includes personal benefits provided by Old American Apparel and the Company, including payment of the executive officer’s share of the company’s health insurance premium and $15,000 in life insurance premiums paid on policies held jointly by the Company and Mr. Charney.