Michaels benefits program is designed to offer associates the opportunity to share in Michaels' growth and balance work and family, while saving on various expenses associated with every day living. Upon employment at Michaels, new associates will receive a detailed benefits package. Details of the benefits vary depending on associate classification. The following is an overview of the wide variety of benefits Michaels offers our U.S. associates. Summary Plan Descriptions (which provide complete, detailed descriptions of our benefits) are provided to all eligible employees. Canadian associates have a separate program.

Associate Discount
All Michaels associates are awarded a 25% discount card with restrictions on all non-sale merchandise items at Michaels and Aaron Brothers retail stores.

401(K) Program
Our 401(k) Plan is available to associates who work 500 hours in their 1st 6 months of active employment. Participation is available on a pre-tax and after-tax basis, within IRS limits. The company will match 50% of the first 6% of the associate's pre-tax contributions. Associates may contribute up to 15% of their annual salary.

Medical Insurance
Associates may elect to participate in the company's Group Medical Plan after meeting the eligibility waiting period (either 90 or 180 days of full-time active employment, depending on employment classification). Michaels offers comprehensive health coverage at affordable rates.

To accommodate new associates during their first days of employment, an affordable bridge insurance plan is offered from the associate's start date to the date of eligibility for group
medical insurance.

Dental Insurance
Dental coverage is offered independent of medical coverage. Full-time associates and their dependents may use the dentist of their choice and the plan includes a dental check-up
twice a year.

Vision
A discounted Vision plan is offered independent of medical coverage.

Basic Life and Accidental Death and Dismemberment (AD&D)
Michaels provides Basic Life and Accidental Death and Dismemberment (AD&D) insurance benefits at no cost to all eligible full-time associates enrolled in the medical and/or dental plan. Basic Associate Life coverage will be provided in the amount of two times the associate's basic annual earnings to a maximum designated dollar amount. AD&D coverage will be paid in the amount of your basic Associate Life Coverage.

Optional Life Insurance
Associates may elect additional life insurance for themselves in designated increments, up to $700,000 or five times their annual salary, whichever amount is less. Associates also have the option or electing additional life insurance for their dependents.

Long Term Disability
Depending on employment classification, Long Term Disability is provided to Michaels associates offering protection by paying a portion of the associates income while disabled. The amount received is dependent on the amount earned before the disability.

Short Term Disability
Associates are eligible to enroll for Short Term Disability insurance after meeting their eligibility waiting period. Short Term Disability benefits begin after an elimination period for absences from work due to a non-occupational illness or accidental injury. STD benefits replace a portion of an associate's weekly rate of basic earnings, to a maximum weekly benefit determined by employment classification.

Time Away From Work

• Vacation - Depending on employment classifications, associates are able to accrue time off for vacation. Generally, team members begin to earn vacation hours on their date of hire.
• Personal Holidays - Associates are granted floating personal holidays each year based upon the associate's date of hire in addition to accrued vacation time.
• National Holidays - Associates are eligible for paid national holidays.
• Sick Time - Paid sick time is accrued after 90 days of service. Unused sick time is carried over and will accumulate to a maximum of 30 days.
• Bereavement Pay - Associates are granted up to three days paid leave while attending the funeral of an immediate family member.
• Jury Duty Pay - While serving on a jury, associates will be paid their regular salary.
• Military Leave - A Military Leave of Absence is available for military or reserve duty.

Other Great Benefits and Discounts

• Flexible Spending Accounts - Medical and Dependent Day Care flexible spending accounts are available. This benefit allows associates to set aside money on a pre-tax basis to cover medical and childcare expenses.
• Employee Assistance Program (EAP) - All associates are able to get help with psychological, stress, financial and emotional issues through a toll free number.
• Employee Referral Program - Michaels associates are encouraged to refer candidates for career opportunities. In the event that a referral is hired within the specified guidelines, the Michaels referee will receive a monetary award.
• Credit Union - Associates and their immediate family members are eligible to participate in the Corporate America Family Credit Union.
• Direct Deposit - Associates are eligible to participate in the direct deposit of your payroll to the financial institution of their choice for their convenience.