Exhibit 10.32





Exhibit 10.32




WOLVERINE WORLD WIDE, INC.

409A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

PARTICIPATION AGREEMENT




BLAKE W. KRUEGER (“Employee”) previously has been designated by WOLVERINE WORLD WIDE, INC.
(“Employer”) as a Participant in the Wolverine World Wide, Inc. Supplemental Executive Retirement
Plan, as then in effect and as modified from time to time (“SERP Plan”). As of December 11, 2008,
Employer adopted and the Employee became a Participant in the 409A Supplemental Executive
Retirement Plan (“Comprehensive SERP Plan”) that replaces the SERP Plan and covers all of
Employee’s accrued benefits under the SERP Plan. Therefore, Employer and Employee agree as
follows:



1. Participation Date. Employee became a Participant in the SERP Plan effective
January 1, 1996. Employee agrees that the terms of the Comprehensive SERP Plan apply to all
benefits accrued under the SERP Plan.



2. Years of Service. Employee’s commencement date for purposes of computing Years of
Service under the Comprehensive SERP Plan is April 27, 1993. Employee also has been credited
previously with an additional three (3) deemed Years of Service. Effective April 19, 2007, and
continuing thereafter while the Employee remained a Participant in the SERP Plan and is a
Participant in the Comprehensive SERP Plan, the Employee will be credited with one (1) additional
deemed Year of Service on the same date that the Employee is credited with each Year of Service as
a Participant. By way of example only, in March 2007, when the Employee was credited with one Year
of Service under the SERP Plan the Employee received one additional deemed Year of Service under
the SERP Plan. As of the date hereof, Employee has 18 Years of Service.



3. Designated Percentage. The Designated Percentage under the Comprehensive SERP Plan
Section 5.1(a) is 2.4%.



4. Designated Period. The Designated Period under the Comprehensive SERP Plan Section
10.1 is three (3) years.




5.
Form of Payment.




(a) Lifetime. The Participant accepts the presumed method of
payment under the Comprehensive SERP Plan (during life, a single life
annuity, if single, or joint and 50% spouse annuity, if married) unless one
of the following forms is selected:



	 	 	 	 	 
	 

	 	o 5 Year Certain and Life
	 	o Joint and 100% Spouse Annuity
	 

	 	o 10 Year Certain and Life
	 	o Joint and 75% Spouse Annuity
	 

	 	o Life Annuity	 	 






 


 









 






(b) Pre-Benefit Death. The Participant hereby selects that any
pre-retirement death benefit to his Surviving Spouse shall be paid as
follows:




o Single Life Annuity of Spouse

o Lump Sum (default)



6. Commencement
of Benefit. If the Participant Terminates prior to age 65, the Participant
elects that benefits shall commence:




o Promptly following Termination (but not earlier than age 55) (default)

o Age
 _____ 

(but not earlier than age 55 or later than age 65)




7. Deferred Compensation Agreement. Employer and Employee agree that:



[Check one of the following]





	 	þ	 	 There is no deferred compensation agreement in
effect as described in the Comprehensive SERP Plan Section 5.4(a).
	 
	 	o	 	 There is a Deferred Compensation Agreement
dated         
 in effect as described in Section 5.4(a) of the Comprehensive SERP Plan and
attached. Employee hereby relinquishes all rights under such Deferred
Compensation Agreement, and agrees to look solely to the terms of the
Comprehensive SERP Plan with regard to any computation of a Minimum Benefit
as provided in the Comprehensive SERP Plan.





8. Employment Relationship. Employee agrees that the Comprehensive SERP Plan shall
not be construed to create a contract of employment between the Employer and the Employee or to
otherwise confer upon the Employee or other person a legal right to continuation of employment or
any rights other than those specified herein. The Comprehensive SERP Plan shall not limit or
affect the right of the Employer to discharge or retire the Employee.



The Comprehensive SERP Plan does not constitute a contract on the part of the Employer to
employ Employee until age 65 or to continue his employment for any given period of time, either
fixed or contingent. Moreover, Employee does not by this writing agree to continue in the
employment of the Employer for any specified interval of time. The employment relationship,
therefore, shall continue for so long as, but only for so long as, such employment is mutually
satisfactory to both parties. The Employer does not promise that Employee’s employment will be
continued for such interval as to enable Employee to obtain all or any part of the benefits under
this Agreement.



9. Confidentiality and Relationship. Employee agrees to refrain from divulging any
information of a confidential nature including, but not restricted to, trade secrets, operating
methods, the names of the Employer’s customers and suppliers and the relations of the Employer with
such customers and suppliers, or other confidential information; and to refrain from using or
permitting the use of such information or confidences by any interests competitive with the
Employer; irrespective of whether or not Employee is then employed by the Employer, and to
refrain from including, and from causing inducements to be made to, the Employer’s employees to
terminate employment with the Employer or undertake employment with its competitors. The
obligations herein assumed by Participant shall endure whether or not the remaining promises by
either party remain to be performed or shall be only partially performed.


 


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10. Acknowledgments. Employee acknowledges the Employer’s rights to:




(a) Amend or terminate the Comprehensive SERP Plan at any time, subject to Section 11.1
of the Comprehensive SERP Plan; and




(b) To designate the Employee as an Inactive Participant at any time, as provided in
Section 3.2 of the Comprehensive SERP Plan; and




(c) To make final decisions on any claim or dispute related to the Comprehensive SERP
Plan, as provided in Section 8.5 of the Comprehensive SERP Plan; and




(d) To exercise any and all other rights of the Employer under the Comprehensive SERP
Plan, in the Employer’s sole discretion, without any limitation other than as expressly set
forth in the Comprehensive SERP Plan.



Employee agrees that any amendment or termination of the Comprehensive SERP Plan shall
automatically amend or terminate this Agreement, to the extent permitted by the Comprehensive SERP
Plan.



11. Amendments. Employee agrees that this Agreement may not be amended orally, but
only in a written amendment authorized by the Company’s Board of Directors and signed by
the Plan Administrator.




This Participation Agreement replaces and supersedes any prior participation agreement
between Employee and Employer. IN WITNESS WHEREOF, the parties have signed this Agreement.



	 	 	 	 	 
	 	WOLVERINE WORLD WIDE, INC.

 	 
	Dated as of December 29, 2008 	By:  	/s/ Kenneth A. Grady
 	 
	 	 	Kenneth A. Grady 	 
	 	 	Its: General Counsel and
Secretary “Employer” 	 
	 	 	 
	Dated as of December 29, 2008 	By:  	/s/ Blake W. Krueger
 	 
	 	 	Blake W. Krueger 	 
	 	 	“Employee” 	 




 


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