This excerpt taken from the NKE 10-K filed Jul 28, 2006.
In the event of involuntary termination other than for cause, you will receive 12 months continuation of base salary plus bonus that would have been earned and a lump sum payment equal to 12 months base salary plus bonus that would have been earned, subject to normal payroll taxes.
If you choose to accept this offer, as an employee of NIKE, your employment is at will and terminable by either you or NIKE at anytime. Given the seniority of your position, we require that you sign a Non-Compete Agreement when you begin employment with NIKE.
We are truly excited at the prospect of you becoming a member of the NIKE team, and I know that your experience and insight can add tremendous value here. Please call me if you have any questions. I look forward to a positive response.
This letter represents the details of our offer. Enclosed are two copies of this letter. Please sign and return one copy and keep on for your files.
cc: C. Kuchinad