NIKE, Inc. confirmed Monday that Philip H. Knight, chairman, president and chief executive officer, has contributed 7,000,000 shares of Nike Class B Common Stock to a charitable remainder trust, of which he is a trustee. Knight converted 7 million shares of Nike Class A stock on October 16, 2003, to the same number of shares of Class B stock in anticipation of the creation of this trust.
The trust is expected to sell the shares over the next year under a pre-arranged sales plan following the guidelines of Securities and Exchange Commission Rule 10b5-1, and Nike's policies regarding insider sales.
Rule 10b5-1 permits officers and directors of public companies to adopt pre-arranged plans for selling specified amounts of stock.
