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WOLVERINE WORLD WIDE INC /DE/ — Director's Dealing 2007
Feb 16, 2007
31496_dirs_2007-02-16_71bddc85-4fec-4f31-9e8e-8ba1eb5ad1f2.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: WOLVERINE WORLD WIDE INC /DE/ (WWW)
CIK: 0000110471
Period of Report: 2007-02-15
Reporting Person: MATTHEWS PHILIP D (Director)
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2007-02-15 | Forward Sale Contract (obligation to sell) | $ | J | 34238 | Acquired | 2010-02-16 | Common Stock (34238) | Direct |
Footnotes
F1: On February 15, 2007, the reporting person entered into a post-paid variable forward sale contract with an unaffiliated third party buyer. The contract obligates the reporting person to deliver to the buyer up to 34,238 shares of Wolverine common stock or cash equivalent on the maturity date of the contract (February 16, 2010). In exchange for assuming this obligation, the reporting person will receive a cash payment in the future (no later than the maturity date) of $899,774. The reporting person pledged 34,238 shares of Wolverine common stock (the "Pledged Shares") to secure his obligations under the contract, and retained dividend and voting rights in the Pledged Shares during the term of the pledge. (Continued in footnote 2).
F2: (Continued from footnote 1). The number of shares of Wolverine common stock to be delivered to the buyer on the maturity date is to be determined as follows: (i) if the closing price of Wolverine common stock on the maturity date ("Settlement Price") is less than $26.28 (the "Floor Price"), the reporting person will deliver to buyer all of the Pledged Shares; (ii) if the Settlement Price is between the Floor Price and $34.51 (the "Cap Price"), the reporting person will deliver to buyer a percentage of the Pledged Shares equal to the Floor Price divided by the Settlement Price; and (iii) if the Settlement Price is greater than the Cap Price, the reporting person will deliver to buyer a percentage of the Pledged Shares equal to {Floor Price + (Settlement Price - Cap Price)} divided by Settlement Price.