EXHIBIT 10.23

Option Number

 

Price Per Share

 

Number of Shares

 

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$            

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WOLVERINE WORLD WIDE, INC.
Stock Option Plan

STOCK OPTION AGREEMENT

          This Stock Option Agreement ("Agreement") is made on
______________________, between WOLVERINE WORLD WIDE, INC., a Delaware
corporation ("Wolverine"), and __________________________________ ("Grantee").

          The Wolverine World Wide, Inc. Stock Option Plan (the "Plan") is
administered by the Compensation Committee (the "Committee").

          Grantee is eligible to participate in the plan because Grantee is a
Director of Wolverine on the date of this Agreement but is not an employee of
Wolverine or any of its subsidiaries. The Committee has decided to grant stock
options to Grantee, subject to the terms and conditions contained in this
Agreement and in the Plan, which is incorporated herein by reference. In the
event of any conflict between the terms of this Agreement and the terms of the
Plan, the provisions of the Plan shall control.

          Grantee acknowledges receipt of the Plan and accepts this option
subject to all of the terms, conditions and provisions of the Plan, and subject
to the following further provisions.

          1.          Grant.  Wolverine grants to Grantee, as of the date set
forth above, an option to purchase from Wolverine's common stock, $1 par value,
at the exercise price of $___________ per share, which is equal to 100% of the
market value of a share of the common stock on the date hereof, as such term is
described in Paragraph 7 of the Plan.

          2.          Term.  The right to exercise this option, in whole or in
part, shall commence on the date of this Agreement and shall terminate ten (10)
years after the date set forth above unless earlier terminated under the Plan by
reason of termination of Director status. This option may be exercised at any
time, in whole or in part, during its term.

          3.          Registration and Listing.  The stock options granted under
this Agreement are conditional upon (a) the effective registration or exemption
of the Plan and the options granted thereunder and the stock granted pursuant
thereto under the Securities Act of 1933 and applicable state or foreign
securities laws, and (b) the effective listing of the stock on the New York
Stock Exchange and the Pacific Stock Exchange.

          4.          Exercise.  Grantee shall exercise his or her option by
giving Wolverine written notice of the exercise of this option. The notice shall
set forth the number of share to be purchased and shall indicate Grantee's
wishes with respect to reasonable time and place of delivery of such shares. At
the time and place indicated in the notice, Wolverine shall deliver to grantee a
certificate or certificates for such shares out of theretofore unissued shares
or reacquired share of its common stock, as it may elect; provided, however,
that the time of such

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delivery shall be postponed for such period as may be required for Wolverine
with reasonable diligence to comply with any registration requirements under the
Securities Act of 1933, the Securities Exchange Act of 1934, any requirements
under any law or regulation applicable to issuance, listing, or transfer of such
shares, and the listing of the shares covered by the options on the New York
Stock Exchange and the Pacific Stock Exchange. If Grantee fails to accept
delivery of any pay for all or any part of the number of shares specified in the
notice upon tender or delivery thereof, his or her right to exercise the option
with respect to such undelivered share shall thereupon terminate.

          5.          Payment by Grantee.  In exercising this stock option,
Grantee may pay Wolverine either in cash or, if the Committee consents, in
shares of Wolverine common stock or on an installment basis. If payment is made
in the form of shares of common stock, such shares shall be valued at their fair
market (as defined in the Plan) at the time of delivery to Wolverine. If
appropriate arrangements are made with a broker or other institution, payment
may be made by a properly executed exercise notice directing delivery of the
share to the broker, together with irrevocable instructions to the broker to
promptly deliver to Wolverine the amount of sale or loan proceeds to pay the
exercise price. If at the time of exercising the option Grantee is subject to
the six-month insider trading restrictions of Section 16(b) of the Securities
Exchange Act of 1934, Grantee may irrevocably elect to have stock withheld, or
deliver stock to Wolverine, to satisfy any required tax withholding obligations
if the Committee does not disapprove the election. Such election must be made
before the taxable event and either six months prior to the taxable event or
within a ten-day window period beginning on the third day following the release
of the quarterly or annual statements of Wolverine's sales and earnings. If
payment or withholding is made in the form of shares of common stock, such
shares shall be valued at their fair market value (as defined in the Plan) at
the time of exercise or date of taxable event if satisfying withholding
obligations.

          6.          Transferability.  This option is not transferable by
Grantee except by will or according to the laws of descent and distribution. If
any assignments, pledge, or transfer of this option shall be made or attempted,
or if any attachment, execution, garnishment, or lien shall be issued against or
placed upon the same, this option shall be void and of no further effect.
Wolverine may, in the event it deems the same desirable to assure compliance
with applicable federal and state securities laws, legend any certificate
representing shares issued pursuant to the exercise of this option with an
appropriate restrictive legend, and may also issue appropriate stop transfer
instructions to its transfer agent with respect to such shares.

          7.          Termination of Director Status.  Subject to certain
exceptions as set forth in the Plan, this option shall cease and terminate three
months after the Grantee ceases to be a Director of Wolverine or any of its
subsidiaries, for any reason other than the Grantee's death, termination for
cause, disability, or Retirement. In the event of the Grantee's death, this
option may be exercised by the Grantee's legal representative for one year after
the death in the manner and at the times set forth in the Plan. If the Grantee's
director status is terminated due to disability or Retirement, he or she may
exercise this option during the remaining term of the option but only to the
extent he or she was entitled to exercise this option on the date of such event.
If the Grantee's directorship is terminated for cause, none of the stock option
rights set forth in this Agreement shall be exercisable.

2

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          8.          Intent to Serve.  Grantee hereby states that Grantee
intends to continue to serve as a director of Wolverine for the remainder of the
Grantee's term during which the option evidenced by this Agreement was granted.

          9.          Corporate Changes.  In the event of any stock dividend,
recapitalization, reorganization, merger, consolidation, split-up, combination
or exchange of shares of Wolverine, the number and class of shares covered by
this option and the exercise price are subject to adjustment as provided in the
Plan.

          10.          Stockholder Rights.  Grantee shall have no rights as a
stockholder with respect to any shares covered by this option until the exercise
of the option and payment for such shares.

          11.          Directorship.  The grant of this option shall not impose
upon Wolverine or any subsidiary any obligation to retain Grantee for any given
period or upon any specific terms as a director.

          12.          Effective Date.  This option shall be effective as of the
date first set forth above.

          13.          Amendment.  This option shall not be modified except in a
writing executed by the parties hereto.

          This option has been issued by Wolverine by authority of its
Compensation Committee.

 

WOLVERINE WORLD WIDE, INC.

             

By:

 

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Stephen L. Gulis, Jr.
Exec. Vice President and Chief Financial Officer

                   

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Director

           

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Date

3

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