Document:

Exhibit 10.1  

AMENDMENT

TO

EMPLOYMENT AGREEMENT  

        This Amendment is made as of July 16, 2002, by and between Michaels Management Services, LP, a Texas limited partnership (the "Company"), and R. Michael
Rouleau ("Executive"). 

        WHEREAS,
Michaels Stores, Inc., a Delaware corporation and the ultimate parent of the Company ("Michaels"), and Executive entered into an Employment Agreement dated as of
March 20, 2001 (the "Agreement"); and 

        WHEREAS,
on December 21, 2001, Michaels assigned the Agreement to the Company, and Executive consented to such assignment; and 

        WHEREAS,
the Company and Executive wish to amend the Agreement as set forth below. 

        NOW,
THEREFORE, the parties agree as follows: 

        1.    Paragraph 1(d)
of the Agreement is amended in its entirety to read as follows: 

        (d)    Termination; Severance Pay.    The term of this Agreement will terminate upon the first to occur of
(i) January 31, 2006, (ii) Executive's death or permanent disability (as determined by the Board of Directors in its good faith judgment) or (iii) the date on which the
Company's Board of Directors terminates Executive's employment for Cause (as defined below). In the event that the Company shall terminate Executive's employment prior to January 31, 2006,
otherwise than pursuant to clause (ii) or (iii) above, the Company shall pay severance pay to Executive by continuing the Base Salary, as well as all additional benefits described in
Paragraph 1(b) and in effect at the time of such termination (other than medical, dental and vision benefits, which will be provided only on the terms set forth in Paragraph 1(e)), until
January 31, 2006, and by paying Executive a prorated bonus for the fiscal year of
the Company in which such termination occurs, if Executive would have earned any bonus under the Company's bonus plan for such fiscal year. Such payments of Base Salary shall be made in
bi-weekly installments, and such prorated bonus, if any, shall be paid when bonuses for such fiscal year are paid to Company employees in the ordinary course of business. For purposes of
this Agreement, "Cause" shall mean by determination of the Company's Board of Directors in its good faith judgment that Executive has: (1) knowingly committed gross misconduct in the
performance of his duties, (2) knowingly committed gross negligence or gross nonfeasance in the performance of his duties, (3) committed an act of financial dishonesty against the
Company or any of its subsidiaries, parents or affiliates, or (4) committed any felony involving moral turpitude. 

        In
the event this Agreement is terminated at any time and for any reason (i) any unvested portion of Executive's 401(k) savings plan interest will automatically accelerate and
become immediately 100% vested on the date of such termination or, if such accelerated vesting is not permitted by any law, regulation or governmental ruling applicable to the 401(k) savings plan, the
Company will pay to Executive the value of his unvested interest in the 401(k) savings plan; (ii) Executive will have the option to purchase the Company-paid automobile in his
possession at the depreciated book value of said automobile; and (iii) Executive will automatically become the owner of his Company-paid whole life insurance policy. 

        2.    Paragraph 1
of the Agreement is amended by the addition of the following subparagraphs: 

        (e)    Medical Benefits after Termination of Employment.    If, at or before the termination of this Agreement
(including any extensions of the term of this Agreement), Executive retires from the Company or his employment is terminated by the Company without Cause or his employment terminates by reason of
permanent disability (within the meaning of that term under Paragraph 1(d)), Executive and his current spouse will continue to participate in the Michaels Stores, Inc. Medical, Dental
and Vision Care Plan (the "Plan") on the same basis as that available 

from time to time to senior executive officers of the Company and their eligible dependents, except as otherwise provided in this Paragraph 1(e). When Executive or his spouse becomes eligible
for Medicare, post-termination benefits provided under the Plan will be coordinated with Medicare coverage as if Executive or his spouse, as applicable, had applied for and were receiving
benefits under both Medicare Part A and Medicare Part B, with Medicare providing primary coverage and the Plan providing secondary or supplemental coverage. Post-termination
benefits will be provided under the Plan to Executive until the earlier of his death or the date he becomes entitled to medical benefits from another employer and will be provided to Executive's
spouse until the earliest of her death, Executive's death, the date she becomes entitled to medical benefits from another employer or the date she no longer qualifies as an eligible dependent under
the Plan; provided, however, that if Executive's spouse is receiving post-termination benefits under the Plan at the time of Executive's death but has not attained age 65, such
post-termination benefits will continue to be provided to Executive's spouse until her 65th birthday. The Company will bear the full cost of post-termination
benefits provided to Executive and his spouse under the Plan (other than the cost of Medicare premiums). If the Plan is unable to provide Executive and his spouse with the post-termination
coverage provided in this Paragraph 1(e), the Company will purchase health insurance for Executive and his spouse that provides, to the extent practicable, reasonably comparable benefits.
Notwithstanding the foregoing provisions, neither
Executive nor his spouse will be entitled to the benefits provided by this Paragraph 1(e) in the event the Company terminates Executive's employment for Cause. 

        If,
at or before the termination of this Agreement (including any extensions of the term of this Agreement), Executive's employment terminates by reason of his death, Executive's current
spouse will continue to participate in the Plan on the same basis described in the preceding paragraph of this Paragraph 1(e) as if Executive's death had occurred after his retirement from the
Company. 

        (f)    Stock Options.    In the event this Agreement is terminated at any time and for any reason, each outstanding
option to purchase common stock of the Company held by Executive at such termination will become 100% vested and exercisable and (provided that Executive's employment has not been terminated for
Cause) will expire, notwithstanding the stated expiration date of such option, one day prior to the fifth anniversary of such termination. In the event of any conflict between the terms of this
Paragraph 1(f) and the terms contained in any document evidencing any such option, the terms of this Paragraph 1(f) will control. 

        3.    The
address for delivering notices to the Company under Paragraph 4 of the Agreement is amended to read as follows: 

To
the Company: 

Michaels
Management Services, LP.

8000 Bent Branch Drive

Irving, Texas 75063 

Attention:
Senior Vice President, Human Resources 

        IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above. 

	 	 	MICHAELS MANAGEMENT SERVICES, LP
	

 	
 	

By:	
 	

MICHAELS GP, INC., Its General Partner
	

 	
 	

By:	
 	

/s/  CHARLES J. WYLY, JR.      
 Name: Charles J. Wyly, Jr.

Title: Chairman
	

 	
 	

/s/  R. MICHAEL ROULEAU      
 R. Michael Rouleau

CONSENT OF MICHAELS STORES, INC.  

        Michaels Stores, Inc., a Delaware corporation, as guarantor of the Company's obligations to Executive under the Agreement and as sponsor of the Plan,
consents and agrees to the terms of the foregoing Amendment to Employment Agreement. 

	 	 	MICHAELS STORES, INC.
	

 	
 	

By:	
 	

/s/  CHARLES J. WYLY, JR.      
 Name: Charles J. Wyly, Jr.

Title: ChairmanQuickLinks
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Exhibit 10.2  

 
 

AGREEMENT    
  

        THIS Agreement ("Agreement") is entered into effective as of June 7, 2002, between MICHAELS STORES, INC. ("Michaels") and BRYAN M. DECORDOVA
("Employee"). 

        WHEREAS,
Employee has been an employee and an executive officer of Michaels, and in such capacity has performed services for Michaels; and 

        WHEREAS,
Michaels and Employee wish to amicably dissolve Employee's employment with Michaels; and 

        WHEREAS,
Michaels and Employee wish for Employee to continue to perform services for Michaels in his current role under his current job description until August 31, 2002; and 

        WHEREAS,
the parties wish to set forth in full their agreement regarding certain matters; 

        NOW,
THEREFORE, in consideration of the covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties do hereby agree as follows: 

        Section 1.    Resignation.    Employee hereby irrevocably and unconditionally resigns from any position he
holds with Michaels or any subsidiary or affiliate of Michaels effective on the earlier to occur of (a) August 31, 2002; or (b) the date, if any, upon which Employee is terminated
"for Cause," as defined in Section 4 below (the earlier of the possible dates actually taking place being referred to herein as the "Termination Date"). 

        Section 2.    Continued Employment.    Employee shall continue to serve in his current capacity through, but
only through, the Termination Date, and for his services for such period shall be compensated at a rate equal to his current gross base salary, subject to all applicable or customary withholding
requirements, and in accordance with Michaels' customary payroll practices. In providing such services, Employee shall be at all times subject to his current job requirements under the direction and
supervision of the Chief Executive Officer of Michaels. 

        Section 3.    Payments.    In consideration of Employee's releases and covenants stated in this Agreement,
Michaels agrees to make bi-weekly payments (the "Payments") to Employee following the Termination Date in amounts equivalent to Employee's current rate of base salary and in accordance
with Michaels' regular payroll practices from the Termination Date until the earlier to occur of (a) the date which is twelve (12) months from the Termination Date, or (b) the
date upon which Employee first violates any term of this Agreement. All Payments will be subject to all applicable or customary withholding requirements. Except as expressly provided herein,
Employee's right and entitlement to, or eligibility for, employee benefits (including without limitation eligibility for matching contributions by Michaels under Michaels' Deferred Compensation Plan
or Employees 401(k) Plan) shall cease effective on the Termination Date; however, on or promptly after the Termination Date, Employee shall receive a payment, subject to all applicable or customary
withholding requirements, in respect of Employee's earned, unused vacation time. 

        Section 4.    Definition of Cause.    For purposes of this Agreement only, termination "for Cause" shall mean
termination for one or more of the following infractions: (a) willful malfeasance or willful misconduct by Employee in connection with Employee's employment, (b) Employee's continued
refusal or failure to perform Employee's duties after written notice with reasonable time to cure, or to comply with a reasonable direction of Employee's supervisor, (c) an act or acts of
personal dishonesty taken by Employee and which could be expected to result in Employee's personal enrichment or which could be expected to adversely affect Michaels or any of its subsidiaries or
affiliates, (d) Employee's gross negligence in performing any of Employee's duties, (e) Employee's commission of any crime (other than a traffic violation), (f) Employee's use of
narcotics, liquor or illicit drugs that has a detrimental effect on the performance of Employee's employment responsibilities at Michaels, (g) Employee's 

breach of any policy adopted by Michaels concerning conflicts of interest, standards of business conduct, fair employment practices, procedures with respect to compliance with securities laws and any
other similar matters, or (h) Employee's material breach of this Agreement. 

        Section 5.    Health Care Benefits.    Through the Termination Date, Employee will remain entitled to benefits
under Michaels' officer health insurance plan under the same terms and conditions as other Michaels officers of similar rank; provided, however, that such benefits shall be limited to those that are
consistent with Employee's past practice. Upon the termination of such health care benefits hereunder, Employee shall be eligible to elect health care continuation coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1985. 

        Section 6.    Bonus.    Despite Employee's resignation effective as of the Termination Date, in addition to the
payments provided for in Section 3 above, Michaels agrees that Employee shall remain eligible to
receive a prorated bonus for Michaels' 2002 fiscal year, if any, per the terms of Michaels' 2002 Bonus Plan to be paid when 2002 bonuses are paid to corporate employees in the normal course of
business. 

        Section 7.    Stock Options.    Employee acknowledges and agrees that all options to purchase shares of
Michaels Common Stock granted to him pursuant to the terms of Michaels' 1997 Stock Option Plan (the "Options") shall expire on the 30th calendar day following the Termination Date and that no further
vesting of any such Option shall occur after the Termination Date. 

        Section 8.    Prohibition on Insider Trading.    Employee acknowledges that Employee's legal obligation to
refrain from trading in Company securities while in possession of material non-public information regarding the Company or its securities will continue after leaving the Company and that
after the Termination Date any transactions by Employee in Company securities will be effected by Employee independently of the Company. 

        Section 9.    Section 16 Reporting and Liability.    Employee acknowledges that, even though, effective
as of the Termination Date, Employee will no longer be an executive officer of the Company, any transaction by Employee in Company securities executed within a period of less than six months of an
opposite-way transaction that occurred while Employee was an executive officer of the Company will continue to be subject to the reporting and liability provisions of Section 16 of
the Securities Exchange Act of 1934 and the rules promulgated thereunder, and that Employee will remain responsible for complying with such provisions. Employee further acknowledges that, within
45 days after the end of the Company's fiscal year, all former executive officers who conducted unreported transactions in Company securities during the fiscal year may be required to
file a year-end report with the Securities and Exchange Commission, the Company and the New York Stock Exchange, and that Employee's failure to respond on a timely basis to a
request from the Company for a written representation that no such filing is due may result in disclosure in the Company's Proxy Statement and Annual Report on Form 10-K that
Employee is delinquent with respect to a required report. 

        Section 10.    Taxes.    Employee shall pay and be solely liable for all income and other taxes and charges
imposed as a result of payments made or other benefits provided to him pursuant to this Agreement. 

        Section 11.    Effectiveness.    Upon the expiration of the 7-day revocation period described in
Section 35 below, this Agreement will become effective as of the date first set forth above, unless Employee revokes this Agreement during such revocation period. If this Agreement becomes
effective, it may not thereafter be revoked by either party. 

        Section 12.    Third-Party Litigation.    Employee agrees to make himself reasonably available to Michaels and
its subsidiaries and affiliates in connection with any pending or threatened claims, charges or litigation in which Michaels or any of its subsidiaries or affiliates is now or may become involved, or
any other claims or demands made against or upon Michaels or any of its subsidiaries or affiliates, regardless of whether or not Employee is a named defendant in any particular case. 

        Section 13.    Return of Property.    Employee shall return to Michaels all property of Michaels in Employee's
possession or subject to his control, including without limitation any keys, credit cards and files, on or before the Termination Date, or upon request by Michaels prior to the Termination Date,
except as provided in Section 14 below, and except that Employee shall not be required to return, and may retain thereafter as his personal property, the laptop computer assigned to him by
Michaels and its current software and accessories and the office equipment issued to Employee prior to the date hereof for use at his home. Employee shall not alter any Michaels computer files in any
way after the Termination Date, or such earlier date as may be requested by Michaels. 

        Section 14.    Cellular Phone.    Michaels hereby transfers and assigns to Employee, effective as of the
Termination Date, the portable cellular phone (the "Phone") currently in use by Employee in connection with his employment with Michaels. Michaels agrees to cooperate with Employee to have the phone
number for the Phone transferred to Employee's name and for his account. Employee agrees that he will be solely responsible for all charges associated with the Phone or the use thereof incurred after
the Termination Date. 

        Section 15.    Advice in Writing.    Employee represents and agrees that Employee was advised by Michaels in
writing, by the letter to Employee enclosing this Agreement, to consult with an attorney of Employee's choice prior to signing this Agreement. 

        Section 16.    Period of Consideration.    Employee represents and agrees that Michaels has given Employee at
least twenty-one (21) days to consider whether to execute this Agreement and during that time Employee has had this Agreement in Employee's possession. Employee may choose to
execute this Agreement prior to the expiration of such 21-day period. 

        Section 17.    Voluntary Act.    Employee represents and agrees that he is fully aware of his right to discuss
any and all aspects of this matter with an attorney of his choice, that he has carefully read and fully understands all of the provisions of this Agreement, and that he is voluntarily entering into
this Agreement. 

        Section 18.    Mutual Release.    As a material inducement to Michaels to enter into this Agreement, Employee
hereby irrevocably and unconditionally releases, acquits, and forever discharges Michaels and each of Michaels' present and former stockholders, predecessors, successors, assigns, agents, directors,
officers, employees, representatives, attorneys, divisions, subsidiaries and affiliates (and agents, directors, officers, employees, representatives and attorneys of such divisions, subsidiaries and
affiliates), and all persons acting by, through, under or in concert with any of them (collectively, "Releasees"), or any of them, from any and all charges, complaints, claims, liabilities,
obligations,
promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including without limitation attorney's fees and costs actually
incurred), of any nature whatsoever (other than (a) liabilities, claims, obligations and other rights arising solely under this Agreement or incurred prior to the date hereof under Michaels'
Deferred Compensation Plan, or (b) claims to workers compensation benefits to which Employee would have otherwise been entitled), known or unknown ("Claim" or "Claims"), which Employee now has,
owns, or holds, or claims to have, own, or hold, or which Employee at any time heretofore had, owned, or held, or claimed to have, own, or hold, against each or any of the Releasees, which are
(y) related to Employee's employment with Michaels or any subsidiary or affiliate of Michaels; (z) related to the termination of Employee's employment with Michaels or any subsidiary or
affiliate of Michaels, or (c) claims of age discrimination under the Age Discrimination in Employment Act of 1967, as amended (the "ADEA").
Employee understands and acknowledges that this Agreement does not waive rights or claims under the ADEA or comparable state law that may arise after the date this Agreement is executed and does not
waive his right to challenge this Agreement's waiver of ADEA claims under the Older Workers Benefit Protection Act. Employee represents and warrants to Michaels that Employee has not heretofore
assigned or transferred, or purported to assign or transfer, to any person or entity, any Claim or any portion thereof or interest therein. As a material inducement to Employee to enter into this
Agreement, Michaels hereby irrevocably and unconditionally releases, acquits, and forever discharges Employee and each of Employee's heirs, assigns, agents, representatives and attorneys, and 

all persons acting by, through, under or in concert with any of them (collectively, "Employee Releasees"), or any of them, from any and all Claims (other than Claims arising solely under this
Agreement or from any fraud or criminal misconduct by Employee), which Michaels now has, owns, or holds, or claims to have, own, or hold, or which Michaels at any time heretofore had, owned, or held,
or claimed to have, own, or hold, against each or any of the Employee Releasees arising by or before the date this Agreement is executed by Employee. Michaels represents and warrants to Employee that
Michaels has not heretofore assigned or transferred, or purported to assign or transfer, to any person or entity, any Claim or any portion thereof or interest therein. 

        Section 19.    Consideration.    Employee acknowledges and agrees that the consideration to be provided to
Employee under this Agreement in exchange for Employee's execution of this Agreement is in addition to anything of value to which Employee already is entitled. 

        Section 20.    Protected Rights.    Michaels and Employee agree that nothing in this Agreement is intended to
or shall be construed to affect, limit or otherwise interfere with the protected right of Employee to file a charge or participate in an investigation or proceeding conducted by the Equal
Employment Opportunity Commission (the "EEOC"). Employee is releasing, however, his right to any monetary recovery or relief should the EEOC or any other agency pursue claims on his behalf. 

        Section 21.    Confidential Information.    Employee agrees to hold confidential, and not to disclose to any
person, firm, corporation, partnership or other entity, any trade secret or Confidential Information (as defined below) gained in the course of his employment with Michaels or any subsidiary or
affiliate of Michaels concerning Michaels and/or any of its subsidiaries, affiliates, divisions, parents, predecessors or related entities, except if such disclosure is required by law or legal
process. "Confidential Information" shall include, without limitation, information concerning strategic plans, financial affairs, operating policies and procedures, vendor information, product or
pricing information, marketing plans,
supply chain strategies, store sales, e-commerce plans or results, personnel policies and practices, business or market development plans, forecasts, proprietary statistics, reports or
merchandising or inventory-related strategies, programs or processes. Employee agrees not to remove any trade secret or Confidential Information from Michaels, not to request that others do so on his
behalf, and promptly to return any trade secret or Confidential Information in his possession on or before the Termination Date (or earlier upon request) to Michaels. 

        Section 22.    Nondisclosure of Agreement.    Employee agrees that the contents of this Agreement, including
without limitation its terms and any monetary or other consideration provided for herein, shall not be disclosed, released or communicated by Employee to any person, firm, corporation, partnership or
other entity, and that all terms of this Agreement shall remain confidential, except (a) for the purpose of enforcing this Agreement, (b) with respect to disclosures to members of
Employee's immediate family and his attorneys, accountants and potential employers, and (c) to the extent disclosure may be compelled by court order or legal process. In the event that such a
disclosure is sought to be compelled from Employee by court order or legal process, whether by subpoena or otherwise, Employee shall immediately provide written notice to Michaels of such request and
shall also provide any assistance which is reasonably necessary in order to insure compliance with this provision of this Agreement. Employee agrees and understands that this nondisclosure provision
is a material provision of this Agreement. 

        Section 23.    Non-Interference with Business Relationships.    Employee agrees that, until the
expiration of a full twelve (12) months from the Termination Date, Employee will not solicit, entice or otherwise induce any employee of Michaels (or of any subsidiary, division or affiliate of
Michaels) to leave the employ of Michaels (or any such subsidiary, division or affiliate) for any reason whatsoever, nor will Employee directly or indirectly hire or aid, assist or abet any other
person or entity in soliciting or hiring any employee of Michaels (or of any such subsidiary, division or affiliate), nor will Employee otherwise interfere with any contractual or other business
relationship between Michaels (or any such subsidiary, division or affiliate) and any other person or entity. Employee acknowledges and agrees that this Section 23 is a material term of this
Agreement. 

        Section 24.    No Reemployment.    Employee agrees not to seek or apply for reemployment with Michaels or any
subsidiary, division or affiliate of Michaels. 

        Section 25.    Equitable Remedies.    Employee expressly affirms and recognizes that this Agreement contains
obligations which, in the event of his breach thereof, afford Michaels no adequate remedy at law. As a result thereof, in the event of Employee's breach, or threatened breach, of any term or provision
contained in this Agreement, Employee agrees that Michaels shall be entitled to both temporary and permanent injunctive relief. The right of Michaels to such relief shall not be construed to prevent
Michaels from pursuing, either consecutively or concurrently, any and all other legal or equitable remedies available to it for such breach or threatened breach, specifically including without
limitation the recovery of monetary damages. 

        Section 26.    Expenses of Counsel.    In the event any party breaches the terms and conditions of this
Agreement, or threatens to do the same, and in the event that it becomes necessary for either party to employ legal counsel to enforce any provision of this Agreement or to seek or obtain relief
through legal proceedings on account of such breach or threatened breach of this Agreement, the prevailing party shall be entitled to recover reasonable and necessary attorneys' fees, as well as all
court costs, disbursements and other expenses of any nature whatsoever, which the prevailing party may expend or incur in connection with the enforcement of this Agreement or of any rights and
remedies provided by this Agreement. However, Employee understands that nothing in this Agreement is intended to interfere with or deter his right to challenge the waiver of an ADEA claim or the
filing of an ADEA charge or ADEA complaint with the EEOC or to participate in any investigation or proceeding conducted by that agency. 

        Section 27.    Amendment.    This Agreement may be amended, modified or supplemented only by an instrument in
writing executed by both of the parties hereto. 

        Section 28.    Assignment.    Neither this Agreement nor any right or obligation created hereby shall be
assignable by either party hereto, without the express written permission of the other party, except by operation of law, including, but not limited to, the applicable laws of descent and
distribution. 

        Section 29.    Entire Agreement.    This Agreement contains the entire agreement of the parties and supersedes
any and all other agreements between the parties hereto with respect to the subject matter hereof. 

        Section 30.    GOVERNING LAW.    THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS (BUT NOT THE RULES GOVERNING CONFLICTS OF LAWS)
OF THE STATE OF TEXAS. THE PARTIES AGREE THAT THIS AGREEMENT SHALL BE PERFORMABLE IN DALLAS COUNTY, TEXAS.

        Section 31.    Enforceability/Reformation.    If any court of competent jurisdiction determines that any of the
provisions hereof, or any parts thereof, are invalid or unenforceable, the other provisions and the remainder of any of the provisions so impaired shall not thereby be affected and shall be given full
effect, without regard to the invalid provisions or portions of provisions. Notwithstanding the foregoing, it is the intent of each of the parties that the provisions of this Agreement be enforced to
the fullest extent permitted by applicable law. If any court of competent jurisdiction determines that any of the provisions of this Agreement, or any parts thereof, are unenforceable under applicable
laws or public policies, it is the intent of the parties, and the parties hereby request, that the court reform such provisions in such manner as such court may determine is necessary to make such
provisions enforceable. 

        Section 32.    Headings.    The headings, captions and arrangements used herein are for convenience only and
shall not be deemed to limit, amplify or modify the terms hereof, nor affect the meaning thereof. 

        Section 33.    Multiple Counterparts.    This Agreement has been executed in a number of identical
counterparts, all of which constitute, collectively, one agreement; but in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart. 

        Section 34.    Parties Bound.    This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective representatives, heirs, successors and permitted assigns. 

        Section 35.    Revocation Period.    It is expressly agreed that for seven (7) days following execution
of this Agreement by Employee, Employee may revoke this Agreement; it is further expressly agreed by the parties that this Agreement shall not become effective and/or fully made and enforceable until
the seven (7) day revocation period described above has expired. 

        Section 36.    Effectiveness.    On the first calendar day after the expiration of the 7-day
revocation period described in Section 35 above, and if Employee has not revoked his acceptance during the revocation period, this Agreement will become effective. If the Agreement becomes
effective, it may not thereafter be revoked by either party. 

        EXECUTED
effective as of the date first set forth above. 

	 	 	MICHAELS STORES, INC.
	

 	
 	

By:	
 	

/s/  R. MICHAEL ROULEAU      

	 	 	Title: CEO
	

 	
 	

/s/  BRYAN M. DECORDOVA      
 Bryan M. DeCordova

ACKNOWLEDGMENTS  

	STATE OF TEXAS	 	§
	 	 	§
	COUNTY OF DALLAS	 	§

        BEFORE ME, the undersigned authority, on this day personally appeared Michael Rouleau, CEO of MICHAELS
STORES, INC., a Delaware corporation, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same
for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed of said corporation. 

        GIVEN
UNDER MY HAND AND SEAL on this 7th day of June, 2002. 

	 	 	/s/  VERONICA LARSEN      
 Notary Public in and for the

State of Texas
	

 	
 	

Veronica Larsen October 7, 2005
 Notary's Printed Name and

Commission Expiration

	STATE OF TEXAS	 	§
	 	 	§
	COUNTY OF DALLAS	 	§

        BEFORE ME, the undersigned authority, on this day personally appeared BRYAN M. DECORDOVA, known to me to be the
person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed. 

        GIVEN
UNDER MY HAND AND SEAL on this 10th day of June, 2002. 

	 	 	/s/  VERONICA LARSEN      
 Notary Public in and for the

State of Texas
	

 	
 	

Veronica Larsen October 7, 2005
 Notary's Printed Name and

Commission Expiration

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AGREEMENT

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