Nike Inc – ‘8-K’ for 9/20/06

On:  Wednesday, 9/20/06, at 6:58pm ET   ·   As of:  9/21/06   ·   For:  9/20/06   ·   Accession #:  320187-6-147   ·   File #:  1-10635

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Form 8-K - Helfant                                     3±    13K 
 2: EX-10       Exhibit 10.1                                           5±    19K 
 3: EX-10       Exhibit 10.2                                           4±    18K 

8-K   —   Form 8-K – Helfant
Document Table of Contents

UNITED STATES     
SECURITIES AND EXCHANGE COMMISSION      
Washington, DC 20549        

FORM 8-K      

CURRENT REPORT      
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934        

Date of Report (Date of earliest event reported): September 17, 2006      

NIKE, INC.    

(Exact Name of Registrant as Specified in Charter)          

Oregon                  1-10635                 93-0584541        
____________             ____________             ____________          

(State of                  (Commission            (I.R.S.Employer         
Incorporation)            File Number)          Identification No.)       

One Bowerman Drive    
Beaverton, Oregon 97005-6453  

(Address of Principal Executive Offices)  
__________________________  

(503) 671-6453    

(Registrant's telephone number, including area code)  

Check the appropriate box below if the Form 8-K filing is intended to           
simultaneously satisfy the filing obligation of the registrant under any        
of the following provisions (See General Instruction A.2. below):               

[ ] Written communications pursuant to Rule 425 under the Securities Act        
(17 CFR 230.425)                                                        

[ ] Soliciting material pursuant to Rule 14a-12 under Exchange Act (17          
CFR 240.14a-12)                                                         

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the         
Exchange Act (17CFR 240.14d-2(b))                                       

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the         
Exchange Act (17 CFR 240.13e-4(c))                                      

___________________________ 

Item 1.01  Entry into a Material Definitive Agreement.                          

On September 17, 2006, the Board of Directors of NIKE, Inc. (the                
"Company") entered into an Employment Agreement between the Company             
and Adam S. Helfant, its Vice President, Global Sports Marketing.               
Mr. Helfant and the Company had also previously entered into a Covenant         
Not to Compete and Non-Disclosure Agreement on June 29, 1999.                   

The following descriptions of Mr. Helfant's Employment Agreement                
and Covenant Not to Compete and Non-Disclosure Agreement briefly                
summarize the material terms and conditions and are qualified in their          
entirety by reference to the full text of both of the agreements, which         
are filed as exhibits 10.1 and 10.2 to this current report on Form 8-K.         

Under the terms of Mr. Helfant's Employment Agreement, Mr. Helfant will         
receive an annual base salary of $800,000, $900,000, and $1,000,000             
effective August 2006, 2007, and 2008 respectively. Mr. Helfant's               
incentive bonus target under the Company's annual Performance Sharing           
Plan will be 70% of his annual salary, the payout for which can be              
higher or lower depending on the Company's financial performance in             
relation to performance targets set annually by the Compensation                
Committee of the Board of Directors. Mr. Helfant will also receive (i)          
an annual award under the Company's Long-Term Incentive Plan with a             
target of $300,000, the payout for which can be higher or lower                 
depending on the Company's financial performance in relation to three-          
year performance targets set annually by the Compensation Committee of          
the Board of Directors, (ii) one annual grant of 12,697 shares of               
restricted stock as of July 14, 2006 with a value of $1,000,000 based on        
the closing market price on the prior day, which will vest with respect         
to one-third of the shares on the first three anniversaries of the date         
of grant, and (iii) options to purchase 33,000, 50,000 and 50,000 shares        
of Class B Common Stock in fiscal years 2007, 2008 and 2009,                    
respectively, which will vest with respect to 25% of the shares on the          
first four anniversaries of the date of grant. If Mr. Helfant's                 
employment is terminated (i) without cause, or (ii) by him for good             
reason, he will receive continuation of his then current base salary for        
one year, and a one-time payment equal to 100% of his target incentive          
bonus for the applicable fiscal year.                                           

Mr. Helfant's Covenant Not to Compete and Non-Disclosure Agreement              
contains a covenant not to compete that extends for one year following          
the termination of his employment with the Company. The agreement               
provides that if Mr. Helfant's employment is terminated, the Company            
will make monthly payments to him during the one-year noncompetition            
period in an amount equal to 1/12th of his then current annual salary.          
The Company may waive the covenant not to compete within 14 days of             
termination.  If the covenant is waived, the Company will not                   
be required to make the payments described.                                     

Item 9.01     Financial Statements and Exhibits.                                

(d)     Exhibits                                                                

10.1     Covenant Not to Compete and Non-Disclosure Agreement,    
dated June 29, 1999, between NIKE, Inc. and Adam
Helfant.                                        

10.2    Employment Agreement, dated September 17, 2006, between   
NIKE, Inc. and Adam Helfant.                      

SIGNATURE                                                                       

Pursuant to the requirements of the Securities Exchange Act of 1934, the        
registrant has duly caused this report to be signed on its behalf by the        
undersigned hereunto duly authorized.                                           

    NIKE, Inc.
      (Registrant)

                     /s/ Donald W. Blair
Date: September 21, 2006             By: _______________________________        
                          Donald W. Blair,
                                 Chief Financial Officer

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing		Date		Other Filings
Filed as of:		9/21/06		8-K
Filed on / For Period End:		9/20/06
		9/17/06
		7/14/06		4
		6/29/99
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