8-K

                               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

EX-10

                                                            EXHIBIT 10.1

                      CONVENANT NOT TO COMPETE
                      ________________________
                    AND NON-DISCLOSURE AGREEMENT
                    ____________________________


PARTIES:

     Adam Helfant(EMPLOYEE)

and

     NIKE, Inc., an Oregon corporation, and its parents, divisions,
     subsidiaries and affiliates.


RECITALS:
________

A.     This Covenant Not to Compete and Non-Disclosure Agreement is
executed upon initial employment or upon the EMPLOYEE's advancement with
NIKE and is a condition of such employment or advancement.

B.     Over the course of EMPLOYEE's employment with NIKE, EMPLOYEE will
be or has been exposed to and/or is in a position to develop
confidential information peculiar to NIKE's business and not generally
known to the public as defined below ("Protected Information"). It is
anticipated that EMPLOYEE will continue to be exposed to Protected
Information of greater sensitivity as EMPLOYEE advances in the company.

C.     The nature of NIKE's business is highly competitive and
disclosure of any Protected Information would result in severe damage to
NIKE and be difficult to measure.

D.     NIKE makes use of its Protective Information throughout the world.
Protective Information of NIKE can be used to NIKE's detriment anywhere
in the world.

AGREEMENT:
_________

In consideration of the foregoing, and the terms and conditions set
forth below, the parties agree as follows:

     1.     Covenant Not to Compete.
            _______________________

            (a)   Competition Restriction.  During EMPLOYEE's employment
                  _______________________
by NIKE, under the terms of any employment contract or otherwise, and
for 1 year thereafter, (the "Restriction Period") EMPLOYEE will not
directly or indirectly, own, manage, control, or participate in the
ownership, management or control of, or be employed by, consult for, or
be connected in any manner with, any business (regardless of where
located) primarily engaged in the athletic footwear, athletic apparel or
sports equipment and accessories business ("Competitor"). It is
understood and agreed that none of the television networks (e.g. CBS,
CBS Sports, Fox, Fox Sports, NBC, NBC Sports, ABC or ABC Sports),
professional sports leagues (e.g. NBA, NBA Properties, MLB, MLB
Properties, NFL, NFL Properties, NHL or NHL Enterprises) or athletic
management or other agencies (e.g. IMG or ISL) shall be considered
Competitors for purposes of this Agreement. This provision is subject to
NIKE's option to waive the Restriction Period as more specifically
provided below.

            (b)   Extension of Time.  In the event EMPLOYEE breaches
                  _________________
this covenant not to compete, the Restriction Period shall automatically
toll from the date of the first breach, and all subsequent breaches,
until the resolution of the breach though private settlement, judicial
or other action, including all appeals. The Restriction Period shall
continue upon the effective date of any such settlement judicial or
other resolution. NIKE shall not be obligated to pay EMPLOYEE the
additional compensation described in paragraph 1(d) below during any
period of time in which this Agreement is tolled due to EMPLOYEE's
breach. In the event EMPLOYEE receives such additional compensation
after any such breach, EMPLOYEE must immediately reimburse NIKE in the
amount of all such compensation upon the receipt of a written request by
NIKE.

            (c)   Waiver of Non-Compete.  NIKE has the option, in its
                  _____________________
sole discretion, to elect to waive all but not a portion of the
Restriction Period or to limit the definition of Competitor, by giving
EMPLOYEE written notice of such election within fourteen (14) days after
either party gives notice to the other party of the termination of
EMPLOYEE's employment. In the event all of the Restriction Period is
waived in accordance with the preceding sentence, NIKE shall not be
obligated to pay EMPLOYEE pursuant to paragraph 1(d) below:

            (d)   Additional Consideration.  As additional consideration
                  ________________________
for the covenant not to compete described above, NIKE shall pay EMPLOYEE
a monthly severance payment equal to one hundred percent (100%) of
EMPLOYEE's last monthly base salary while the Restriction Period is in
effect (i.e., an aggregate severance amount equal to the product of
EMPLOYEE's last monthly base salary and 12, payable in equal
installments pursuant to the following sentence). NIKE's obligation to
pay the above additional consideration shall not begin until the
thirtieth (30th) day after termination of employment, and the first
payment to EMPLOYEE shall follow on the next applicable pay period after
the thirty (30) days payable in accordance with NIKE's payroll practices.

     2.     Subsequent Employer.  EMPLOYEE agrees that during the
            ___________________
Restriction Period, EMPLOYEE will disclose to NIKE the name of any
subsequent employer, wherever located and regardless of whether such
employer is a competitor of NIKE.

     3.     Non-Disclosure Agreement.
            ________________________

            (a)   Protectable Information Defined. "Protected
                  _______________________________
Information" shall mean all proprietary information, in whatever form
and format, of NIKE and all information provided to NIKE by third
parties which NIKE is obligated to keep confidential. EMPLOYEE agrees
that any and all information to which EMPLOYEE has access concerning
NIKE projects and internal NIKE information is Protected Information,
whether in verbal form, machine readable form, written or other tangible
form, and whether designated as confidential or unmarked. Without
limiting the foregoing, Protected Information includes information
relating to NIKE's research and development activities, its intellectual
property and the filing or pendency of patent applications, confidential
techniques, methods, styles, designs, design concepts and ideas,
customer and vendor lists, contract factory lists, pricing information,
manufacturing plans, business and marketing plans, sales information,
methods of operation, manufacturing processes and methods, products, and
personnel information.

            (b)   Excluded Information.  Notwithstanding paragraph 3(a),
                  ____________________
Protected Information excludes any information that is or becomes part
of the public domain through no act or failure to act on the part of
EMPLOYEE. IN any dispute between the parties with respect to this
exclusion, the burden of proof will be on EMPLOYEE and such proof will
be by clear and convincing evidence.

            (c)   Employee's Obligations.  During the period of
                  ______________________
employment by NIKE and for a period of one (1) year thereafter, EMPLOYEE
will hold in confidence and protect all Protected Information and will
not, at any time, directly or indirectly, use any Protected Information
for any purpose outside the scope of EMPLOYEE's employment with NIKE or
disclose any Protected Information to any third person or organization
without the prior written consent of NIKE. Specifically, but not by way
of limitation, EMPLOYEE will not ever, during the period of employment
by NIKE and for a period of one (1) year thereafter, copy, transmit,
reproduce, summarize, quote, publish or make any commercial or other use
whatsoever of any Protected Information without prior written consent of
NIKE. EMPLOYEE will also take responsible security precautions and such
other actions may be necessary to insure that there is no use or
disclosure, intentional or inadvertent, of Protected Information in
violation of this Agreement.

     4.     Return of Protected Information.  At the request of NIKE at
            _______________________________
anytime, and in any event, upon termination of employment, EMPLOYEE
shall immediately return to NIKE all confidential documents, including
tapes, notebooks, drawings, computer disks, and other similar
repositories of or containing Protected Information, and all copies
thereof, then in EMPLOYEE's possession or under EMPLOYEE's control.

     5.     Unauthorized Use.  During the period of employment with NIKE
            ________________
and for a period of one (1) year thereafter, EMPLOYEE will notify NIKE
immediately if EMPLOYEE becomes aware of the unauthorized possession,
use or knowledge of any Protected Information by any person employed or
not employed by NIKE at the time of such possession, use or knowledge.
EMPLOYEE will cooperate with NIKE in the investigation of any such
incident and will cooperate with NIKE in any litigation with third
parties arising out of any such incident and deemed necessary6 by NIKE
to protect the Protected Information. NIKE shall provide reasonable
reimbursement to EMPLOYEE for each hour so engaged and that amount shall
not be diminished by operation of any payment under Paragraph 1(d) of
this Agreement.

     6.     Non-Recruitment.  During the Restriction Period, EMPLOYEE
            _______________
will not directly or indirectly, solicit (or attempt to solicit) to or
for himself or any other company or business organization, any NIKE
employee, whether or not such employee is a full-time employee or
temporary employee and whether or not such employment is pursuant to a
written agreement or is at will.

     7.     Accounting of Profits.  EMPLOYEE agrees that, if EMPLOYEE
            _____________________
should violate paragraph 1(a) of this Agreement, NIKE shall be entitled
to an accounting and repayment of all profits, compensation, commissions,
remuneration or benefits which EMPLOYEE directly or indirectly has
realized as a result of or in connection with any such violation (which
may include the return of any additional consideration paid by NIKE
pursuant to Paragraph 1(d) above). Such remedy shall be in addition to
and not in limitation of any injunctive relief or other rights or
remedies to which NIKE may be entitled at law or in equity.

     8.     General Provisions.
            __________________

            (a)   Survival.  This Agreement shall continue in effect
                  ________
after the termination of EMPLOYEE's employment for the periods specified
herein, regardless of the reason for termination.

            (b)   Waiver.  No waiver, amendment, modification or
                  ______
cancellation of any term or condition of this Agreement will be
effective unless executed in writing by both parties. No written waiver
will excuse the performance of any act other than the act or acts
specifically referred to therein.

            (c)   Severability.  Each provision herein will be treated
                  ____________
as a separate and independent clause and unenforceability of any one
clause will in no way impact the enforceability of any other clause.
Should any of the provisions in this Agreement be found to be
unreasonable or invalid by a court of competent jurisdiction, such
provision will be enforceable to the maximum extent enforceable by the
law of that jurisdiction.

            (d)   Applicable Law/Jurisdiction.  This Agreement, and
                  ___________________________
EMPLOYEE's employment hereunder, shall be construed according to the
laws of the State of Oregon. EMPLOYEE further hereby submits to the
jurisdiction of, and agrees that the exclusive jurisdiction over and
venue for any action or proceeding arising out of or relating to this
Agreement shall lie in a court located in Washington County, Oregon or
New York.

EMPLOYEE                      NIKE, Inc.


 /s/  Adam Helfant            /s/ Ian Todd
____________________________  ____________________________
Name: Adam Helfant            Ian Todd
DATE: 06/25/1999              Title:  Vice President Global Sports
                                      Marketing

EX-10

                                                        EXHIBIT 10.2


                          EMPLOYMENT AGREEMENT



     THIS AGREEMENT, made this 17th day of September, 2006, between
NIKE, Inc. (hereinafter "Nike"), and Adam S. Helfant (hereinafter
"Executive").

     In consideration of the mutual covenants and promises contained
herein, Nike and Executive agree as follows:

     1.     Employment.
            __________

            A.     Executive is hereby employed by Nike in the position
of Vice President, Global Sports Marketing.  For the term of this
Agreement, the position will report to Mark Parker, CEO of Nike, or his
successor.  In that capacity, Executive will be responsible for the
global direction and management of Nike's sports marketing activities,
including the sourcing, securing, development and retention of sports
assets as part of Nike's overall marketing strategies.

            B.     Executive agrees to faithfully perform his initial
duties and those subsequently assigned to him by Nike to the best of his
ability, experience and talent, and to perform all the duties assigned
to him to the reasonable satisfaction of Nike.

     2.     Term of Employment.  The term of this Agreement shall be for
            __________________
three (3) years, commencing August 1, 2006 and terminating July 31, 2009,
subject to prior termination as hereinafter provided in Paragraph 8.

     3.     Compensation.  During the period of time Executive is
            ____________
employed by Nike under this Agreement, Executive shall be compensated as
follows:

            A.     Base Salary.  Effective August 2006, Executive's
                   ___________
initial base salary shall be at the rate of Eight Hundred Thousand
Dollars ($800,000) per annum.  Effective August 2007, Executive's base
salary shall be increased to Nine Hundred Thousand Dollars ($900,000)
per annum.  Effective August 2008, Executive's base salary shall be
increased to One Million Dollars ($1,000,000) per annum.

            B.     Performance Sharing Bonus.  Executive will be
                   _________________________
eligible to participate in Nike's incentive bonus Performance Sharing
Plan (PSP) in accordance with the terms of the plan as follows:
Executive will have an incentive bonus target of seventy percent (70%)
of Executive's base pay received during the preceding fiscal year.
Executive's individual incentive bonus may be higher (up to one hundred
and fifty percent (150%) of target) or lower than the target amount,
depending upon company performance in relation to performance targets
set annually by the Committee.  Provided Executive is employed on July
31, 2009, he will receive his 2009 fiscal year incentive bonus
notwithstanding the expiration of this Agreement.

            C.     Long-Term Incentive.  Executive will be eligible for
a Long-Term Incentive award in accordance with the terms of the Nike
Long-Term Incentive Plan (LTIP).  Executive's target award under the
LTIP is Three Hundred Thousand Dollars $300,000.  Executive's Long Term
Incentive award may be higher (up to one hundred and fifty percent (150%)
of target) or lower than the target amount, depending upon company
performance in relation to performance targets set by the Committee.
Provided Executive is employed on July 31, 2009, he will receive such
Long Term Incentive award that may be due as a result of the completion
of fiscal 2009 notwithstanding the expiration of this Agreement.

     4.     Stock Options.  Subject to the terms of the Nike, Inc. 1990
            _____________
Stock Incentive Plan, as it may be amended from time to time:

            Nike agrees to grant Executive Options to purchase shares of
Nike, Inc. Class B Common Stock and Restricted Shares.  Options are
granted annually in or about July of each year, provided Executive is
employed on the grant date.  Restricted Shares are granted at the
discretion of the Committee, historically, for reference only, every
three years.  Provided Executive remains employed, Options will vest 25
percent per year and the Restricted Shares will vest 33-1/3 percent per
year.  Options and Restricted Shares have been or will be granted
pursuant to this Agreement in accordance with the following schedules:

Stock Options             Fiscal '07        Fiscal '08       Fiscal '09
Annual Grant (shares)        33,000           50,000           50,000


Restricted Stock ($)          Fiscal '07
July 14, 2006 Grant           $1,000,000


     5.     Benefits.  Executive shall be entitled to participate in
            ________
Nike's 401(k) plan, medical, dental, life and disability insurance plans,
deferred compensation plan and such other benefit plans and packages
that now are or may hereafter become available to Nike Executives in
accordance with terms of those respective plans.

     6.     Confidentiality and Covenant Not to Compete.  In 1999, upon
            ___________________________________________
bona fide advancement, Executive executed a separate "Covenant Not to
Compete and Non-Disclosure Agreement" attached as Exhibit A.  It is
understood that this Covenant Not to Compete and Non-Disclosure
Agreement shall be independent of, survive the termination of, and not
be deemed modified by, this Agreement.

     7.     Non-Disparagement.  Nike's reputation and goodwill in the
            _________________
marketplace is of utmost importance and value to Nike.  Likewise,
Executive's reputation is of paramount importance to Executive.
Accordingly, during the term of this Agreement and for a period of one
year following termination of this Agreement, neither Nike nor Executive
will disparage, defame, denigrate and/or malign the other, or in Nike's
case, it's Executives or its products, in any form or manner.
Specifically, neither Nike nor Executive shall make any statement
verbally or in writing, take any action or do anything to harm, reduce
or prejudice the reputation of the other.

     8.     Termination.
            ___________

            A.     For Cause:  Nike may terminate Executive's employment
                   _________
for cause at any time after delivering written notice to Executive.  For
purposes of this Employment Agreement, cause shall only mean (i)
continued failure to satisfactorily perform any of Executive's material
employment duties or duties inherent in Executive's position or title,
which failure continues, after written notice given to Executive by Nike
with the opportunity to cure such failure within 30 days, (ii)
insubordination, (iii) acts of dishonesty, (iv) involvement in illegal
activities where such involvement in illegal activities violates Nike
policies, places Nike or any of its executives at risk or has or could
damage the reputation in the community of Nike or any of its related or
subsidiary companies, (v) violation of Nike's anti-harassment or anti-
discrimination policy, (vi) in carrying out Executive's duties,
Executive engages in conduct that constitutes willful gross neglect or
willful gross misconduct and that, in either case, results in material
economic harm to Nike or material harm to Nike's reputation; (vii)
violation of any material term or condition of this Agreement.  Upon
termination for cause, the obligations of Nike to Executive hereunder
shall cease and Executive shall not be entitled to any severance
payments.

            B.     Without Cause:  Nike may terminate Executive's
                   _____________
employment without cause.  If, however, Executive is terminated without
cause prior to conclusion of the term of this Agreement, Nike shall pay
or provide to Executive the base salary and benefits which have been
earned or become payable through the date of such termination but which
have not yet been paid to Executive.  In addition, Nike shall continue
to pay Executive his then-existing base salary for a period of one year
from the effective date of the termination, plus a one time payment at
termination equal to one-hundred percent of Executive's target PSP bonus
for the applicable fiscal year; provided Executive executes a Release of
Claims.  This amount shall be deemed full and final severance pay for
all services provided to Nike by Executive and shall be Executive's sole
and exclusive remedy for termination of this Agreement. If Executive
violates the Release of Claims, Nike's obligation to pay salary
continuation payments during such period immediately shall cease.

            C.     Executive Terminates:  If Executive terminates his
                   ____________________
employment for Good Reason, Executive shall be entitled to severance as
if Executive were terminated Without Cause pursuant to Paragraph 8.B.
Executive shall have Good Reason to terminate only:  (i) in the event of
violation of any material term or condition of this Agreement by Nike;
and/or (ii) upon a change in reporting structure or a material reduction
in the title or job responsibilities of the position described in
Paragraph 1.  If Executive terminates his employment without Good Reason,
he shall not be entitled to any severance.

     9.     General Provisions.
            __________________

            A.     Entire Agreement.  This Agreement constitutes the
                   ________________
entire understanding between Executive and Nike and supersedes all prior
agreements or discussions between the parties.  No amendment or
modification of this Agreement shall be valid unless it is in writing
referring to this Agreement and signed by both parties.

            B.     Severability.  If any provision of this Agreement
                   ____________
shall be held invalid or unenforceable by a court of competent
jurisdiction, the invalid provision(s) shall not affect any other
provision of this Agreement.

            C.     Assignability.  This Employment Agreement is not
                   _____________
assignable by either party without the written consent of the other,
except that the rights of Nike under this Agreement may be assigned to
any parent, subsidiary, successor or affiliate of Nike, which assignor
shall be bound by and comply with the terms of this Agreement.

            D.     Waiver.  The waiver by either party of a breach of
                   ______
any provision of this Agreement shall not operate as, or be construed as,
a waiver of any subsequent breach.

            E.     Governing Law/Jurisdiction.  This Agreement shall be
                   __________________________
governed by the laws of the State of Oregon without regard to choice of
law provisions.  The parties consent that jurisdiction over and venue
for any dispute arising out of Executive's employment with Nike,
including but not limited to the interpretation or enforcement of this
Agreement and the termination of Executive's employment with Nike, shall
be exclusively in a state court of Washington County, Oregon.

IN WITNESS WHEREOF, the parties hereby execute this Agreement to be
effective the day and year first written above.

EXECUTIVE                              NIKE, Inc.

/s/ Adam S. Helfant                     /s/ Lindsay D. Stewart
_________________________              _____________________________
Adam S. Helfant                        By:  Lindsay D. Stewart
                                       Its: Vice President