Document:

exv10w68

 

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED

RENEWABLE ENERGY PURCHASE AND SALE AGREEMENT

     THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED RENEWABLE ENERGY PURCHASE AND SALE
AGREEMENT (this “Amendment”) is executed and delivered as of March 27, 2008, between Salt
River Project Agricultural Improvement and Power District (“SRP”) and Snowflake White Mountain
Power, LLC (“SWMP”).

RECITALS

     A. SRP and SWMP are parties to that certain Second Amended and Restated
Renewable Energy Purchase and Sale Agreement dated August 18, 2006 (the “Agreement”).

     B. The parties desire to amend the Agreement to extend certain time periods
contained therein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
acknowledged, the parties agree as follows:

     1. The definition of “Delivery Commencement Date” as set forth in Article 2 of the
Agreement is hereby amended in its entirety to provide as follows: “Delivery Commencement
Date” means the earlier to occur of (i) January 1, 2008 or (ii) the commercial operation date
of the Project, as designated in a written notice from Seller to Buyer; provided, however, that
without limiting the generality of the provisions of Article 15(i), and so long as Seller has
achieved Significant Construction Milestones by April 30, 2007, if due to delays in
construction
of the Project that are beyond the reasonable control of Seller, the commercial operation date
of the Project does not occur on or prior to January 1, 2008, the Services Commencement Date
shall mean the earlier to occur of October 1, 2008 or such commercial operation date.”

     2. Section 7(a)(i) of the Agreement is hereby amended in its entirety to provide as
follows: “the Delivery Commencement Date has not occurred on or before January 1, 2008 (or,
if delayed for the reasons set forth in the definition thereof, October 1, 2008); or”

     3. Except as otherwise provided herein, all of the terms and conditions of the
Agreement remain in full force and effect without modification.

[SIGNATURES ARE ON THE FOLLOWING PAGE]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day
and year first above written.

	 	 	 	 	 	 	 
	 	 	Salt River Project Agricultural	 	 
	 	 	Improvement and Power District	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark B. Bonsall
 

Mark B. Bonsall
	 	 
	 

	 	Title:
	 	Associate General Manager Commercial & Customer Services	 	 
	 
	 	 	 	 	 	 
	 	 	Snowflake White Mountain Power, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert M. Worsley	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Robert M. Worsley	 	 
	 

	 	Title:
	 	CEO	 	 

2exv10w5

 

Exhibit 10.5

PetSmart, Inc.

 

2002 EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated Effective August 1, 2008

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PetSmart, Inc.

EMPLOYEE STOCK PURCHASE PLAN

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	1.
	 	Purpose	 	 	3	 
	 
	 	 	 	 	 	 
	2.
	 	Definitions	 	 	3	 
	 
	 	 	 	 	 	 
	3.
	 	Administration	 	 	5	 
	 
	 	 	 	 	 	 
	4.
	 	Shares Subject to the Plan	 	 	5	 
	 
	 	 	 	 	 	 
	5.
	 	Eligible Employees	 	 	6	 
	 
	 	 	 	 	 	 
	6.
	 	Grant of Rights; Offering	 	 	6	 
	 
	 	 	 	 	 	 
	7.
	 	Participation	 	 	6	 
	 
	 	 	 	 	 	 
	8.
	 	Purchase	 	 	7	 
	 
	 	 	 	 	 	 
	9.
	 	Limitation on Participation Rights; Maximum Number of Shares Purchasable	 	 	7	 
	 
	 	 	 	 	 	 
	10.
	 	Purchase Price	 	 	8	 
	 
	 	 	 	 	 	 
	11.
	 	Withdrawal; Termination	 	 	8	 
	 
	 	 	 	 	 	 
	12.
	 	Use of Proceeds From Stock	 	 	9	 
	 
	 	 	 	 	 	 
	13.
	 	Rights as a Stockholder	 	 	9	 
	 
	 	 	 	 	 	 
	14.
	 	Adjustments Upon Changes in Stock	 	 	9	 
	 
	 	 	 	 	 	 
	15.
	 	Amendment of the Plan	 	 	10	 
	 
	 	 	 	 	 	 
	16.
	 	Termination or Suspension of the Plan	 	 	10	 
	 
	 	 	 	 	 	 
	17.
	 	Arbitration of Disputes	 	 	11	 
	 
	 	 	 	 	 	 
	18.
	 	Effective Date of Plan	 	 	11	 
	 
	 	 	 	 	 	 
	19.
	 	Notices and Agreements	 	 	11	 
	 
	 	 	 	 	 	 
	20.
	 	Exercise Contingent on Stockholder Approval	 	 	11	 
	 
	 	 	 	 	 	 
	21.
	 	Offering Subject to Plan	 	 	11	 
	 
	 	 	 	 	 	 
	22.
	 	Registration of Shares	 	 	12	 

 

 

PetSmart, Inc.

2002 EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated Effective August 1, 2008

	 	1.	 	Purpose

               (a) The purpose of the 2002 Employee Stock Purchase Plan is to provide a means by which
employees of PetSmart, Inc., a Delaware corporation, and employees of its Designated Affiliates, as
defined below, may be given an opportunity to purchase stock of PetSmart, Inc.

               (b) PetSmart, Inc., by means of the 2002 Employee Stock Purchase Plan, seeks to retain the
services of its employees, to secure and retain the services of new employees, and to provide
incentives for such persons to exert maximum efforts for the success of PetSmart, Inc.

               (c) PetSmart, Inc. intends that the rights to purchase its common stock granted under the 2002
Employee Stock Purchase Plan be considered options issued under an “employee stock purchase plan”
as that term is defined in Section 423(b) of the Internal Revenue Code of 1986, as amended.

	 	2.	 	Definitions

               The capitalized terms set forth below shall have the meaning stated herein, unless context
requires otherwise.

               (a) “Administrator” means either the Board or any Committee designated by the Board in
accordance with paragraph 3(a).

               (b) “Affiliate” means any “parent corporation” or “subsidiary corporation” of the Company, as
those terms are defined in Sections 424(e) and (f), respectively, of the Code.

               (c) “Board” means the Board of Directors of the Company.

               (d) “Code” means the Internal Revenue Code of 1986, as amended.

               (e) “Committee” means a committee of the Board which is delegated authority to administer the
Plan as provided in paragraph 3(a).

               (f) “Common Stock” means shares of common stock of the Company.

               (g) “Company” means PetSmart, Inc., a Delaware corporation.

               (h) “Designated Affiliate” means any Affiliate that has adopted the Plan, as set forth in
Appendix A.

               (i) “Earnings” means the total compensation paid to an Employee, including all salary, wages
(including amounts elected to be deferred by the Employee, that would otherwise have been paid,
under any cash or deferred arrangement established by the Company), overtime

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pay, commissions, bonuses, and other remuneration paid directly to the Employee, but excluding
profit sharing, the cost of Employee benefits paid for by the Company, education or tuition
reimbursements, imputed income arising under any Company group insurance or benefit program,
traveling expenses, business and moving expense reimbursements, signing, relocation and other
bonuses not paid in cash such as through loan forgiveness or cancellation, loans treated as income
for income tax purposes, income received in connection with stock options, contributions made by
the Company under any Employee benefit plan, and similar items of compensation.

               (j) “Eligible Employee” means, as of the relevant Offering Date, an Employee (i) who has been
continuously employed by the Company or by a Designated Affiliate for at least six (6) months, (ii)
whose customary employment with the Company or a Designated Affiliate is at least twenty (20) hours
per week and at least five (5) months per calendar year, (iii) who will not, if allowed to
participate in the Offering commencing on such Offering Date, be deemed to own, as set forth in
Section 423(b)(3) of the Code, five percent (5%) or more of the total combined voting power of all
classes of stock of the Company or of any Affiliate, and (iv) who is not a member of a highly
compensated class of employees within the meaning of Section 423(b)(4)(D) of the Code that has been
designated by the Administrator as not eligible to participate in the Offering. To the extent
determined by the Administrator, in its sole discretion, service with an Affiliate prior to such
corporation becoming an Affiliate of the Company may be considered as continuous employment with
the Company or a Designated Affiliate for purposes of the requirement in (i) above of this
paragraph.

               (k) “Employee” means an employee of the Company or of a Designated Affiliate.

               (l) “Fair Market Value” means the value of the Common Stock, as determined in good faith by
the Administrator. If the Common Stock is listed on any established stock exchange including the
Nasdaq Global Market or the Nasdaq Capital Market, the Fair Market Value of a share of Common
Stock, unless otherwise determined by the Administrator, shall be the closing sales price (rounded
up where necessary to the nearest whole cent) for such security (or the closing bid, if no sales
were reported) as quoted on such exchange (or the exchange or market with the greatest volume of
trading in the Common Stock) on the date of determination, as reported in The Wall Street Journal
or such other source as the Administrator deems reliable. Unless otherwise determined by the
Administrator, if there is no closing sales price (or closing bid if no sales were reported) for
the Common Stock on the date of determination, then the Fair Market Value shall be the closing
sales price (or closing bid of no sales were reported) on the last preceding date for which such
quotation exists.

               (m) “Offering” means the grant of rights from time to time to purchase Common Stock of the
Company made during an Offering Period under paragraph 6 of the Plan.

               (n) “Offering Date” has the meaning defined in paragraph 6(b) unless otherwise provided by the
Administrator in connection with an Offering.

               (o) “Offering Period” means a period of time during which the Administrator grants rights to
Eligible Employees to purchase Common Stock under this Plan.

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               (p) “Participant” means with respect to an Offering an Eligible Employee who is participating
in such Offering.

               (q) “Plan” means this 2002 Employee Stock Purchase Plan.

               (r) “Purchase Date” means the date on which each Participant’s accumulated payroll deductions
and other additional payments specifically provided for in the Offering are applied to the purchase
of shares of Common Stock as further described in paragraph 8(a).

               (s) “Purchase Period” means the time designated by the Administrator or by the Plan for
Eligible Employees to accumulate payroll deductions in order to purchase Common Stock at the end of
such Purchase Period under the Plan.

               (t) “Purchase Price” has the meaning described in paragraph 10.

	 	3.	 	Administration

               (a) The Plan shall be administered by the Board unless and until the Board delegates
administration to a Committee. Whether or not the Board has delegated administration, the Board
shall have the final power to determine all questions of policy and expediency that may arise in
the administration of the Plan. If administration is delegated to a Committee, the Committee shall
have, in connection with the administration of the Plan, the powers possessed by the Board,
subject, however, to such resolutions as may be adopted from time to time by the Board. The Board
may abolish the Committee or revoke the authority of the Committee at any time and revest in the
Board the administration of the Plan.

               (b) The Administrator shall have the power, subject to, and within the limitations of, the
express provisions of the Plan:

                         (i) To determine when and how rights to purchase Common Stock of the Company shall be granted
and the provisions of each offering of such rights; provided, however, that such rights shall
qualify as options granted pursuant to an “employee stock purchase plan” as defined in Section 423
of the Code.

                         (ii) To construe and interpret the Plan and rights granted under it, and to establish, amend
and revoke rules and regulations for its administration. The Administrator, in the exercise of
this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the
extent it shall deem necessary or expedient to make the Plan fully effective.

                         (iii) To amend or terminate the Plan as provided in paragraphs 15 and 16.

                         (iv) To decide from time to time which Designated Affiliates of the Company shall be eligible
to participate in the Plan.

                         (v) Generally, to exercise such powers and to perform such acts as the Administrator deems
necessary or expedient to promote the best interests of the Company.

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	 	4.	 	Shares Subject to the Plan

               (a) The number of shares of Common Stock initially reserved for issuance under the Plan shall
be 4,000,000 shares. The number of shares available under the Plan shall be subject to adjustment
as provided under paragraph 14(a) of this Plan. If any rights granted under the Plan terminate for
any reason without having been exercised, the shares of Common Stock not purchased under such
rights shall again become available for issuance under the Plan.

               (b) The Common Stock subject to the Plan may be unissued shares or reacquired shares, bought
on the market or otherwise.

	 	5.	 	Eligible Employees

               (a) All Eligible Employees of the Company and each of its Designated Affiliates on the
Offering Date of each Offering shall receive grants of rights to purchase Common Stock on such
Offering Date pursuant to such Offering.

               (b) Rights may be granted only to Eligible Employees of the Company or Designated Affiliates.

	 	6.	 	Grant of Rights; Offering

               (a) The Administrator may from time to time initiate an Offering, by which it provides for the
grant of rights to purchase Common Stock of the Company under the Plan to Eligible Employees on the
Offering Date of such Offering. Each Offering shall be made only during the Offering Period and
shall be in such form and shall contain such terms and conditions as the Administrator shall deem
appropriate. In no event will an Offering Period exceed twenty-seven (27) months.

               (b) Unless the Administrator acts otherwise as provided in paragraph 6(a), the adoption of
this Plan by the Board and the stockholders of the Company authorizes the Administrator to grant
rights to purchase shares of the Common Stock to all Eligible Employees. Offerings beginning on
February 1 and August 1 (the “Offering Date”), will each consist of an Offering Period with only
one Purchase Period of 6 months. Prior to the commencement of any Offering, the Administrator may
change any or all terms of such Offering and any subsequent Offerings. The granting of rights
pursuant to each Offering hereunder shall occur on each respective Offering Date unless, prior to
such date (i) the Administrator determines that such Offering shall not occur, or (ii) no shares
remain available for issuance under the Plan in connection with the Offering. The shares will be
purchased as provided in paragraph 8.

	 	7.	 	Participation

               Each Eligible Employee as of an Offering Date for an Offering shall be a Participant in such
Offering. A Participant may purchase shares in an Offering by delivering an agreement authorizing
payroll deductions for the period for which such authorization is effective, and for each Offering
thereafter the Eligible Employee’s deductions shall continue as originally elected, unless
otherwise modified or terminated. Such deductions from Earnings may be in whole percentages only,
with a maximum percentage specified by the Administrator (but no more than the percentage provided
for in paragraph 9(c)). The payroll deductions made for each

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Participant shall be credited to an account for such Participant under the Plan and shall be
deposited with the general funds of the Company. A Participant may not make additional payments
into his or her account unless specifically provided for in the Offering and only if the
Participant has not had the maximum amount withheld during the Purchase Period. The payroll
deduction agreement shall be in such form as the Company approves. A Participant may increase his
or her participation percentage during the course of an Offering only once and such increase will
only take effect at the beginning of the next Purchase Period under such Offering; provided,
however, that the Company may provide for any Offering that a Participant may more frequently
increase such Participant’s participation percentage. A Participant may reduce his or her
participation percentage only once during any Purchase Period; provided, however, that a
Participant may withdraw from an Offering after having previously decreased his or her
participation percentage during any Purchase Period. A reduction of a Participant’s participation
percentage to zero shall not be treated as a withdrawal from the Offering except to the extent
otherwise provided by the Company or specifically requested by the Participant. Any such reduction
in a Participant’s participation percentage shall be effectuated by delivering a written notice to
the Company in such form as the Company provides and such reduction shall take effect as soon as
administratively practicable.

	 	8.	 	Purchase

               (a) On each Purchase Date, during the relevant Offering, each Participant’s accumulated
payroll deductions and other additional payments specifically provided for in the Offering (without
any increase for interest) will be applied to the purchase of whole shares of Common Stock of the
Company, up to the maximum number of shares permitted pursuant to the terms of the Plan and the
applicable Offering, at the Purchase Price specified in the Offering. Unless the Administrator
otherwise provides, the Purchase Dates shall be each January 31st and July 31st. No fractional
shares shall be issued upon the exercise of rights granted under the Plan. The amount, if any, of
accumulated payroll deductions remaining in each Participant’s account after the purchase of shares
which is less than the amount required to purchase one share of Common Stock on the Purchase Date
of an Offering shall be held in each such Participant’s account for the purchase of shares under
the next Purchase Date under the Offering or, if applicable, the next Offering.

               (b) If a Participant withdraws from an Offering during a Purchase Period, as provided in
paragraph 11(a), or ceases to be an Eligible Employee, no shares of Common Stock will be purchased
and the amount of accumulated payroll deductions shall be refunded to the Participant within a
reasonable time, without interest.

               (c) No rights granted under the Plan may be exercised to any extent unless the Plan (including
rights granted thereunder) is covered by a registration statement filed and effective pursuant to
the Securities Act of 1933, as amended. If on a Purchase Date of any Offering hereunder the Plan
is not so registered, no rights granted under the Plan or any Offering shall be exercised on said
Purchase Date and the Purchase Date shall be delayed until the Plan is subject to such an effective
registration statement, except that the Purchase Date shall not be delayed more than two (2)
months. If on the Purchase Date of any Offering hereunder, as delayed to the maximum extent
permissible, the Plan is not registered, no rights granted under the Plan or any Offering shall be
exercised and all payroll deductions accumulated during the

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Purchase Period (reduced to the extent, if any, such deductions have been used to acquire
stock) shall be distributed to the Participants, without interest.

	 	9.	 	Limitation on Participation Rights; Maximum Number of Shares Purchasable

               (a) Subject to the limitations contained in this paragraph 9 and adjustment as provided under
paragraph 14(a), on each Offering Date each Participant shall be granted the right to purchase a
number of shares of Common Stock equal to the product of six hundred twenty-five (625) multiplied
by the number of months in the Offering Period.

               (b) Notwithstanding anything contained herein to the contrary but subject to adjustment as
provided under paragraph 14(a), no Participant may purchase more than three thousand seven hundred
fifty (3,750) shares of Common Stock on any Purchase Date.

               (c) The maximum number of shares of Common Stock that a Participant may purchase on any
Purchase Date is that number of shares that can be purchased with fifteen percent (15%) of the
Earnings received by the Participant during the Purchase Period.

               (d) In no event may a Participant’s right to purchase shares of Common Stock exceed the
limitation set forth in Section 423(b)(8) of the Code (commonly referred to as the “$25,000
limitation”).

               (e) Subject to adjustment as provided under paragraph 14(a), the maximum aggregate number of
shares available to be purchased by all Participants on any Purchase Date shall be the least of (i)
three hundred thousand (300,000) shares of Common Stock, (ii) the number of shares remaining
available under the Plan as of the relevant Offering Date, or (iii) the number of shares remaining
available under the Plan as of such Purchase Date. If, on any Purchase Date, the aggregate
purchase of shares of Common Stock upon exercise of rights granted under the Offering would exceed
the maximum aggregate number of shares available, the Administrator shall make a pro rata
allocation of the shares available in a uniform and equitable manner. For the purposes of
clarifying, but not limiting, the authority of the Administrator in the preceding sentence, an
equal allocation to each Participant or an allocation based on the relative amounts withheld would
each result in a uniform and equitable pro rata allocation.

	 	10.	 	Purchase Price

               The purchase price (the “Purchase Price”) for the Common Stock acquired pursuant to rights
granted under the Plan shall be determined in the manner established by the Administrator. Unless
otherwise established by the Administrator, the Purchase Price for rights granted pursuant to an
Offering shall be equal to the lesser of:

               (a) An amount equal to eighty-five percent (85%) of the Fair Market Value of the Common Stock
on the Offering Date rounded up to the nearest cent per share; or

               (b) An amount equal to eighty-five percent (85%) of the Fair Market Value of the Common Stock
on the Purchase Date rounded up to the nearest cent per share.

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	 	11.	 	Withdrawal; Termination

               (a) During an Offering, a Participant may withdraw from an Offering by delivering to the
Company a notice of withdrawal in such form as the Company may provide. Such withdrawal may be
elected at any time prior to the end of the Offering, except as provided otherwise by the Company.
Upon such withdrawal from the Offering by a Participant, the Company shall distribute to such
Participant all of his or her accumulated payroll deductions (reduced to the extent, if any, such
deductions have been used to acquire shares of Common Stock for the Participant) under the
Offering, and such Participant’s purchase right in that Offering shall thereupon terminate. A
Participant’s withdrawal from an Offering shall have no effect upon such Participant’s eligibility
to participate in any other Offerings under the Plan, but such Participant shall be required to
deliver a new enrollment form in order to participate in any other Offerings.

               (b) Rights granted to a Participant pursuant to any Offering under the Plan shall terminate
immediately upon the Participant ceasing, for any reason, to be an Eligible Employee, and the
Company shall distribute to such person all of his or her accumulated payroll deductions (reduced
to the extent, if any, such deductions have been used to acquire Common Stock for him or her),
without interest, within a reasonable amount of time after he or she ceases to be an Eligible
Employee.

A Participant’s rights under the Plan shall not be transferable, and shall be exercisable only by
the Participant to whom such rights are granted.

	 	12.	 	Use of Proceeds From Stock

     Proceeds received by the Company from the sale of Common Stock pursuant to rights granted
under the Plan shall constitute general funds of the Company, and may be applied for general
corporate purposes.

	 	13.	 	Rights as a Stockholder

     A Participant shall not be deemed to be the holder of, or to have any of the rights of a
holder with respect to, any shares subject to rights granted under the Plan unless and until the
Participant’s shareholdings acquired upon exercise of rights hereunder are recorded in the books of
the Company.

	 	14.	 	Adjustments Upon Changes in Stock

               (a) If any change is made in the shares of Common Stock subject to the Plan or subject to any
right granted under the Plan, without the receipt of consideration by the Company (through merger;
consolidation; reorganization; recapitalization; reincorporation; stock dividend; dividend in
property other than cash; stock split; liquidating dividend; combination of shares; exchange of
shares; change in corporate structure or other transaction not involving the receipt of
consideration by the Company), the Board shall appropriately and proportionately adjust: (i) the
class(es) and maximum number of securities subject to the Plan pursuant to paragraph 4(a); (ii) the
class(es) and number of securities subject to, and the purchase price in effect for, outstanding
Offerings and rights granted under the Plan; and (iii) the class(es) and number of securities
imposed by purchase limits of such outstanding Offerings and rights granted under the Plan

-9-

 

pursuant to paragraphs 9(a), 9(b), and 9(e). The Administrator shall make such adjustments, and
its determination shall be final, binding and conclusive. The conversion of any convertible
securities of the Company shall not be treated as a “transaction not involving the receipt of
consideration by the Company.”

               (b) In the event of: (1) a dissolution or liquidation of the Company; (2) a merger or
consolidation in which the Company is not the surviving corporation; (3) a merger in which the
Company is the surviving corporation but the shares of the Company’s Common Stock outstanding
immediately preceding the merger are converted by virtue of the merger into property other than
Common Stock of the Company; or (4) any capital reorganization in which the stockholders of the
Company immediately before the reorganization cease to own more than fifty percent (50%) of the
shares of the Company entitled to vote, then, as determined by the Administrator in its sole
discretion, (i) any surviving corporation may assume outstanding rights or substitute similar
rights for those under the Plan, (ii) such rights may continue in full force and effect, or (iii)
the Administrator may establish a special Purchase Date that, if established, shall occur within
five (5) business days prior to the transaction described in clauses (1) through (4) above. If a
special Purchase Date is established pursuant to clause (iii) of the preceding sentence, the
Participants’ accumulated payroll deductions shall be used to purchase Common Stock on such special
Purchase Date, and the Participants’ rights under the ongoing Offering shall thereafter be
terminated.

	 	15.	 	Amendment of the Plan

               (a) The Administrator at any time, and from time to time, may amend the Plan. To the extent
determined necessary and desirable by the Administrator, amendments to the Plan shall be submitted
to the stockholders of the Company for approval.

               (b) Rights and obligations under any rights granted before amendment of the Plan shall not be
adversely altered or impaired by any amendment of the Plan, except with the consent of the person
to whom such rights were granted or except as necessary to comply with any laws or governmental
regulation or as otherwise specifically provided in the Plan (such as in paragraph 15(c)).

               (c) Without stockholder consent, the Administrator shall be entitled (i) to change the
Offering Periods; (ii) to limit the frequency of Purchase Dates; (iii) to establish multiple
Purchase Dates within an Offering Period; (iv) to provide for automatic withdrawal or enrollment
provisions; (v) to limit the number of changes permitted in the amount withheld during an Offering
Period; (vi) to establish the exchange ratio applicable to amounts withheld in a currency other
than U.S. dollars; (vii) to permit payroll withholding in excess of the amount designated by a
Participant in order to adjust for delays or mistakes in the Company’s processing of properly
completed withholding elections; (viii) to establish reasonable waiting and adjustment periods
and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of
Common Stock for each Participant properly correspond with amounts withheld from the Participant’s
Earnings; (ix) to amend the Plan and/or any outstanding rights to enable the Plan and/or
outstanding rights to qualify under Section 423 of the Code; and (x) to establish such other
limitations or procedures as the Administrator determines in its sole discretion advisable which
are consistent with the Plan.

-10-

 

	 	16.	 	Termination or Suspension of the Plan

               (a) The Administrator, in its sole discretion, may suspend or terminate the Plan at any time.
Unless sooner terminated, the Plan shall terminate on the earlier of July 31, 2012, or the date on
which the shares available under the Plan, as adjusted from time to time, are exhausted. No rights
may be granted under the Plan while the Plan is suspended or after it is terminated.

               (b) Rights and obligations under any rights granted while the Plan is in effect shall not be
altered or impaired by suspension or termination of the Plan, except with the consent of the person
to whom such rights were granted or except as necessary to comply with any laws or governmental
regulation or as provided in paragraph 15.

	 	17.	 	Arbitration of Disputes

     The Federal Arbitration Act shall apply to and govern all disputes arising under the Plan or
an Offering made pursuant to the Plan. Any disputes with respect to the terms of this Plan or any
rights granted hereunder, including, without limitation, the scope of this arbitration, shall be
subject to arbitration pursuant to the rules of the American Arbitration Association governing
commercial disputes. Arbitration shall occur in Phoenix, Arizona. Judgment on any arbitration
award may be entered in any court having jurisdiction. A single arbitrator shall be used unless
the amount in dispute exceeds $200,000 and a party to the arbitration proceeding requests that the
arbitration be heard by a panel of three arbitrators. If a panel of three arbitrators is used,
the arbitration decision shall be made by a majority of the three arbitrators. By electing to
participate in the Plan, the Company and each Participant EXPRESSLY AGREE TO ARBITRATION AND
WAIVE ANY RIGHT TO TRIAL BY JURY, JUDGE, OR ADMINISTRATIVE PROCEEDING. An arbitrator shall
have the same powers that a judge for a United States District Court located in the State of
Arizona may exercise in comparable circumstances. Nothing in this Plan shall limit or restrict any
right of offset a party may have.

	 	18.	 	Effective Date of Plan

     The Plan shall become effective as determined by the Administrator, but no rights granted
under the Plan shall be exercised unless and until the Plan has been approved by the stockholders
of the Company.

	 	19.	 	Notices and Agreements

     Any notices or agreements provided for in an Offering or the Plan shall be in writing, in a
form provided by the Company, and unless specifically provided for in the Plan or this Offering
shall be deemed effectively given upon receipt or, in the case of notices and agreements delivered
by the Company, five (5) days after deposit in the United States mail, postage prepaid.

	 	20.	 	Exercise Contingent on Stockholder Approval

     The exercise of rights granted under an Offering prior to receiving any required approval of
the Plan by the stockholders of the Company shall be subject to receiving such approval.

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	 	21.	 	Offering Subject to Plan

     Each Offering is subject to all the provisions of the Plan, and its provisions are hereby made
a part of the Offering, and is further subject to all interpretations, amendments, rules and
regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the
event of any conflict between the provisions of an Offering and those of the Plan (including
interpretations, amendments, rules and regulations which may from time to time be promulgated and
adopted pursuant to the Plan), the provisions of the Plan shall control.

	 	22.	 	Registration of Shares

     The shares offered pursuant to the Plan will initially be registered with the Securities and
Exchange Commission on Form S-8.

	 	 	 	 	 
	 	PetSmart, Inc., a Delaware corporation
 	 
	 	By:  	 	 
	 	Name:  	Philip L. Francis 	 
	 	Its:  	Chairman and Chief Executive Officer 	 
	 
	 	 	 
	 	By:  	 	 
	 	Name:  	Scott A. Crozier 	 
	 	Its:  	Senior Vice President, General Counsel and
Secretary 	 
	 

-12-

 

Appendix A 

Designated Affiliates

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