EXHIBIT 10.1
Published on
EXHIBIT 10.1
January 20, 2006
Board of Directors
NIKE, Inc.
One Bowerman Drive
Beaverton, Oregon 97005-6453
Re: Resignation
___________
Dear Board Members:
I have discussed with Chairman Phil Knight my continued service to
NIKE and the Board, and for various reasons unrelated to my performance,
I believe it may be best for me to resign as a director and officer of
NIKE, Inc.
Accordingly, I am tendering my resignation to the Board upon the
condition that the Company agrees to treat the resignation as a
"termination without cause" under my employment agreement, in which
case the severance and vesting provisions shall apply upon termination
of my employment. The Company will also agree to purchase my Portland
house for my original purchase price plus subsequent remodeling
expenses and purchases, and reimburse me for or provide certain other
transitional expenses and services that I have outlined to Lindsay
Stewart. The resignation will be effective upon the Board's acceptance
of my resignation on these terms.
While my employment agreement gives me an opportunity to be
notified of and to resolve any issues or concerns of the Board, I
understand the issues related to my resignation, and do not desire to
resolve them, so I waive that provision in the agreement. I also agree
to release the Company from any liability related to my employment or
resignation, and I reaffirm my obligations under my non-competition
agreement.
If this resignation is acceptable, kindly countersign this letter.
It has been a pleasure working with you.
Very truly yours,
William D. Perez
Accepted on behalf of the Company:
By: ________________________________
Title: _____________________________