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2009
Performance Share Unit Program
Approved:
February 16, 2009
Capitalized
terms used herein but not defined shall have the meanings set forth
in the PetSmart, Inc. 2006 Equity Incentive Plan or Performance
Share Unit Grant Notice and Performance Share Unit Agreement, as
applicable.
The number of
Performance Share Units awarded to Participant under the 2009
Performance Share Unit Program (the “ Program
”) will be determined by the Company’s Compensation
Committee or its designee (the “ Committee
”), subject to the conditions set forth below (the “
Performance Conditions ”).
The Performance
Conditions for a target award of the Performance Share Units shall
be satisfied upon the earlier of the Participant’s continuous
employment through:
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(i)
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the
date of a “Change of Control Transaction,”
or
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(ii)
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attainment of “End-of-Year Net
Cash” as determined by the Committee (the “
Performance Criteria ”) as calculated from the
Company’s audited financial statements for the 2009 fiscal
year performance period (the “ Performance
Period &rdquo
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