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Exhibit 10.1
 Forms of Award Agreements
under the
Michaels Stores, Inc. 2005 Incentive Compensation Plan
 Amended April 21, 2006




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Employee Stock Option Agreement: Performance Vested Award




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MICHAELS STORES, INC.
STOCK OPTION AGREEMENT
 Participant:No. of Shares:Option Price:Date of Grant:Expiration Date:




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ACCEPTED:
    
    MICHAELS STORES, INC.By:Signature of Participant
    
    Title:
    
    Vice President  Treasurer and Investor
Relations
 2




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Employee Stock Option Agreement: Time Vested Award




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MICHAELS STORES, INC.
STOCK OPTION AGREEMENT
 Participant:No. of Shares:Option Price:Date of Grant:Expiration Date:
   Portion of Option Exercisable
    
    On and After33 1/3%
    
    First Anniversary of Date of Grant66 2/3%
    
    Second Anniversary of Date of Grant100%
    
    Third Anniversary of Date of Grant
   th




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ACCEPTED:
    
    MICHAELS STORES, INC.By:Signature of Participant
    
    Title:
    
    Vice President  Treasurer and Investor
Relations
 2




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Director Stock Option Agreement




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MICHAELS STORES, INC.
STOCK OPTION AGREEMENT
 Participant:No. of Shares:Option Price:Date of Grant:Expiration Date:
       ACCEPTED:
    
    MICHAELS STORES, INC.By:Signature of Participant
    
    
    
    Title:




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Restricted Stock Award Agreement: Performance Vested Award




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MICHAELS STORES, INC.
RESTRICTED STOCK AWARD AGREEMENT
 Participant:No. of Restricted Shares:Date of Grant:




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ACCEPTED:
    
    MICHAELS STORES, INC.By:[Name of Participant]
    
    
    
    Name:Title:
 Date:
 2




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Date:[Name of Participant]
 3




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Restricted Stock Award Agreement: Time Vested Award




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MICHAELS STORES, INC.
RESTRICTED STOCK AWARD AGREEMENT
 Participant:No. of Restricted Shares:Date of Grant:
   No. of Vested Shares
    
    On and After(1/3)
    
    First Anniversary of Date of Grant(1/3)
    
    Second Anniversary of Date of Grant(1/3)
    
    Third Anniversary of Date of Grant




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2




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ACCEPTED:
    
    
    
    MICHAELS STORES, INC.By:[Name of Participant]
    
    
    
    Name:Title:Date:
 3




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Date:[Name of Participant]
 4




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Appreciation Rights Agreement: Performance Vested Award




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MICHAELS STORES, INC.
APPRECIATION RIGHTS AGREEMENT
 Participant:No. of Shares:Grant Price:Date of Grant:Expiration Date:




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ACCEPTED:
    
    MICHAELS STORES, INC.By:Signature of Participant
    
    Title:
    
    Vice President  Treasurer and Investor
Relations
 2




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Appreciation Rights Agreement: Time Vested Award




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MICHAELS STORES, INC.
APPRECIATION RIGHTS AGREEMENT
 Participant:No. of Shares:Grant Price:Date of Grant:Expiration Date:
    Portion of Appreciation Rights Exercisable
    
    On or After33 1/3%
    
    First Anniversary of Date of Grant66 2/3%
    
    Second Anniversary of Date of Grant100%
    
    Third Anniversary of Date of Grant




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th
     ACCEPTED:
    
    MICHAELS STORES, INC.By:Signature of Participant
    
    Title:
    
    Vice President  Treasurer and Investor
Relations
 2