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): January 21, 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.

The Company has approved a form of Aircraft Time-Sharing Agreement for 
use as part of the Company's corporate travel policy regarding personal 
use of corporate aircraft for future use.  The Aircraft Time-Sharing 
Agreement will be signed by any director or executive officers of the 
Company who are authorized to use a corporate aircraft for personal use 
on or before the time they use the corporate aircraft for personal use.  
The Agreement is identical in form to previous Aircraft Time-Sharing 
Agreements executed between the Company and executive officers.

The following description of the Aircraft Time-Sharing Agreement 
briefly summarizes the terms and conditions that are material to us and 
are qualified in their entirety by reference to the full text of the 
Agreement which is filed as exhibit 10.1 to this current report on Form 

The Agreement permits the Company, as owner of a private aircraft, to 
lease the aircraft and its crew for flights by a director or executive 
officer for non-business purposes.  The Agreement is required under 
Federal Aviation Administration regulations for the director or officer 
to pay the Company for the use of the aircraft.  Under the Agreement, 
the director or officer will pay to the Company the aggregate 
incremental cost of each such flight based on the list of expenses 
authorized by federal regulations.  The Company and flight crew retain 
the authority to determine what flights may be scheduled, when a flight 
may be cancelled or changed for safety or maintenance reasons.  The 
Agreement terminates when the director or officer ceases to be employed 
by the Company or serve on the Board of Directors.

Item 9.01     Financial Statements and Exhibits.

(d)     Exhibits

       10.1     Aircraft Time-Sharing Agreement


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.

                                         /s/ Donald W. Blair
Date: January 26, 2006           By: _______________________________
                                         Donald W. Blair, 
                                         Chief Financial Officer