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): August 7, 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 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers.
On August 7, 2006, NIKE, Inc. (the "Company"), issued a press
release announcing that Gary DeStefano has been appointed by the
Company's Board of Directors to the position of President, Global
Operations effective August 7, 2006.
Mr. DeStefano, 49, has been employed by NIKE since 1982, with
primary responsibilities in sales and regional administration. Mr.
DeStefano was appointed Director of Domestic Sales in 1990, divisional
Vice President in charge of domestic sales in 1992, Vice President of
Global Sales in 1996, Vice President and General Manager of Asia Pacific
in 1997, and President of USA Operations in 2001.
The press release issued on August 7, 2006 by the Company is
attached hereto as Exhibit 99.1
In connection with his appointment, Mr. DeStefano and the Company
executed a Covenant Not to Compete and Non-Disclosure Agreement dated
August 9, 2006 (the "Agreement").
The following description of the Agreement briefly summarizes the
terms and conditions that are material to the Company, and is qualified
in its entirety by reference to the full text of the Agreement which is
filed as exhibit 10.1.
The Agreement between the Company and Gary DeStefano 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. DeStefano's employment is terminated by the Company, 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 and target annual bonus. If Mr. DeStefano voluntarily
resigns, the Company will make monthly payments to him during the one-
year noncompetition period in an amount equal to 1/24th of his then
current annual salary. The Company may waive the covenant not to
compete. If the covenant is waived, the Company will not be required to
make the payments described above for the months as to which the waiver
applies.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Covenant Not to Compete and Non-Disclosure Agreement,
dated August 7, 2006 between NIKE, Inc.
and Gary DeStefano
99.1 Press Release dated August 7, 2006.
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: August 11, 2006 By: _______________________________
Donald W. Blair,
Chief Financial Officer