Sec Form 4 Filing - PEREZ WILLIAM D @ NIKE INC - 2006-01-20

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person PEREZ WILLIAM D 2. Issuer Name and Ticker or Trading Symbol NIKE INC [ NKE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Former President and CEO (Last) (First) (Middle) ONE BOWERMAN DRIVE 3. Date of Earliest Transaction (MM/DD/YY) 01/20/2006 (Street) BEAVERTON, OR97005 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class B Common Stock 109,684 D Class B Common Stock 270 I by ESPP Class B Common Stock 68 I by Retirement Plan ( 1 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Non-Qualified Stock Option (right to buy) $ 87.59 01/20/2006 A( 2 ) 150,000 ( 2 ) 12/31/2006 Class B Common Stock 150,000 $ 0 ( 2 ) 150,000 D Non-Qualified Stock Option (right to buy) $ 87.59 01/20/2006 D( 2 ) 150,000 ( 2 ) 07/15/2015 Class B Common Stock 150,000 $ 0 ( 2 ) 0 D Non-Qualified Stock Option (right to buy) $ 90.85 01/20/2006 A( 3 ) 200,000 ( 3 ) 01/20/2009 Class B Common Stock 200,000 $ 0 ( 3 ) 200,000 D Non-Qualified Stock Option (right to buy) $ 90.85 01/20/2006 D( 3 ) 200,000 ( 3 ) 12/28/2014 Class B Common Stock 200,000 $ 0 ( 3 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other PEREZ WILLIAM D ONE BOWERMAN DRIVE BEAVERTON, OR97005 X Former President and CEO Signatures By: John F. Coburn III For: William D. Perez 01/24/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Shares held in account under the NIKE, Inc. 401(K) and Profit Sharing Plan. ( 2 )These two reported transactions involved an amendment of an outstanding option, resulting in the cancellation of the old option and the grant of a replacement option for purposes of this form. The option was originally granted on July 15, 2005 and becomes exercisable with respect to 25% of the shares on each of the first four anniversaries of the date of the grant. As amended, the option will vest for at least 25% of the shares notwithstanding earlier termination of employment, and will be exercisable until December 31, 2006 even though employment terminates more than three months before date. ( 3 )These two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the old option and the grant of a replacement option. The option was originally granted on December 28, 2004 and becomes exercisable with respect to one-third of the shares on each of the first three anniversaries of the date of the grant; provided that if the corporation terminates employee without cause, or if employee terminates his employment for good reason, then upon termination any unvested shares shall immediately vest and the option shall expire on the earlier of three years after the date of termination or at the end of the ten-year term of the option. As amended, a resignation by employee results in the same acceleration and extension of the option as is the case for a termination without cause.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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