Amendment to Covenant Not to Compete and Non-Disclosure Agreement
March 4, 2003
Mr. Charlie Denson
c/o Nike, Inc.
One Bowerman Drive
Beaverton, OR 97005
This letter shall serve as an Amendment to your Covenant Not To Compete and Non-Disclosure
Agreement between you as an employee and Nike dated March 26, 2001.
1(c) and 1(d) shall be amended to read as follows:
(c) Waiver of Non-Compete. NIKE has the option to elect to waive all or a portion of the Restriction Period or to limit the definition of Competitor; provided, however, unless EMPLOYEE
is terminated for cause (which shall only include continual and repeated neglect of duties and acts of dishonesty), any waiver of the Restriction Period must be with the consent of EMPLOYEE. In the event all or a portion of the
Restriction Period is waived, NIKE shall not be obligated to pay EMPLOYEE for any period of time as to which the Covenant Not To Compete has been waived.
(d) Additional Consideration. As additional consideration for the covenant not to compete described above,
should NIKE terminate EMPLOYEEs employment and the Covenant Not To Compete is enforced, NIKE shall pay EMPLOYEE a monthly payment equal to one-twelfth (1/12) of EMPLOYEEs then current Annual Nike Income (defined herein to mean base
salary and annual Performance Sharing Plan bonus calculated at 100% of EMPLOYEEs targeted rate) while the Restriction Period is in effect. If EMPLOYEE voluntarily terminates employment and the Covenant Not To Compete is enforced, NIKE shall
pay EMPLOYEE a monthly severance payment equal to one-twenty-fourth (1/24) of EMPLOYEEs last monthly Annual Nike Income while the Restriction Period is in effect.
Mr. Charlie Denson
All other terms and conditions of the Covenant Not To Compete and Non-Disclosure Agreement shall remain in effect as originally agreed.
|/s/ PHILIP H. KNIGHT|
Philip H. Knight
AGREED to this 10 day of March, 2003.
|/s/ CHARLIE DENSON|