American Apparel discloses Standard General agreement
* On July 9, 2014, co entered into a Nomination, Standstill and Support Agreement with Standard General and Dov Charney. The Support Agreement relates to, among other things, the composition of the Company's Board of Directors, the provision by SG of financial support to the Company in an aggregate amount up to $25 million, and the creation of a special committee of the Board to oversee the continuing investigation into alleged misconduct by Dov Charney. The Standard General Group also agreed to certain standstill and voting limitations and SG affirmed its commitment to the Company's core values.
* Among other things, the Standard General Group agreed not to, until the completion of the 2015 Annual Meeting of Stockholders, purchase or acquire any additional beneficial ownership of shares of the Company's common stock (the "Common Stock"), solicit proxies or consents with respect to the Common Stock, form or join any group with respect to the Common Stock, present any proposal at a special meeting of stockholders or through action by written consent, seek the removal of any director or propose any nominee for election to the Board or grant any proxy or consent with respect to other matters. Furthermore, until the completion of the 2015 Annual Meeting of Stockholders, the Standard General Group agreed not to effect or seek to effect any extraordinary corporate transaction, business combination, amendment to the Company's governance documents or certain other activities.
* On July 9, 2014, prior to the execution of the Support Agreement, a duly authorized committee of the Board approved an amendment to the Rights Agreement, dated as of June 27, 2014 , between the Company and Continental Stock Transfer & Trust Company as Rights Agent.