Common use of Payment by Grantee Clause in Contracts

Payment by Grantee. When exercising this stock option, Grantee shall pay Wolverine in cash or, if the Committee consents, in previously owned shares of Wolverine's common stock or other consideration substantially equivalent to cash. The Committee, in its discretion, may permit payment of all or a portion of the exercise price in the form of a promissory note or installments according to terms approved by the Committee. The Committee may require security acceptable to the Committee.

Payment by Grantee. When exercising this stock option, Grantee shall pay Wolverine in cash or, if the Committee consentscash, in previously owned shares of Wolverine's common stock or or, if the Committee consents, in other consideration substantially equivalent to cash. The Committee, in its discretion, may permit payment of all or a portion of the exercise price in the form of a promissory note or installments according to terms approved by the CommitteeCommittee and under the terms of Wolverine's then existing Stock Option Loan Program. The Committee may require security acceptable to the Committee.