Compensation Agreement Regarding Company Car for R. Michael Rouleau
Michaels Stores, Inc. agreed to provide its President and CEO, R. Michael Rouleau, with a new company car as part of his compensation. Additionally, the company transferred ownership of an older car, previously used by Mr. Rouleau, to him. These benefits were approved by the Compensation Committee on December 1, 2004, and form part of Mr. Rouleau's overall compensation package.
Exhibit 10.18
DESCRIPTION OF COMPENSATION REGARDING COMPANY CAR FOR R. MICHAEL ROULEAU
On December 1, 2004, the Compensation Committee of the Board of Directors of Michaels Stores, Inc. (the “Company”) approved the purchase of a new automobile for use by R. Michael Rouleau, the Company’s President and Chief Executive Officer, as part of his compensation. In addition, the Compensation Committee authorized the transfer to Mr. Rouleau of title to an older automobile formerly used by him, also as part of his compensation.
