<SEC-DOCUMENT>0001214659-24-013976.txt : 20240807
<SEC-HEADER>0001214659-24-013976.hdr.sgml : 20240807
<ACCEPTANCE-DATETIME>20240807132235
ACCESSION NUMBER:		0001214659-24-013976
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240807
DATE AS OF CHANGE:		20240807
EFFECTIVENESS DATE:		20240807

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NIKE, Inc.
		CENTRAL INDEX KEY:			0000320187
		STANDARD INDUSTRIAL CLASSIFICATION:	RUBBER & PLASTICS FOOTWEAR [3021]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				930584541
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10635
		FILM NUMBER:		241182811

	BUSINESS ADDRESS:	
		STREET 1:		ONE BOWERMAN DR
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005-6453
		BUSINESS PHONE:		5036713173

	MAIL ADDRESS:	
		STREET 1:		ONE BOWERMAN DR
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005-6453

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NIKE INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arjuna Capital
		CENTRAL INDEX KEY:			0001703208
		ORGANIZATION NAME:           	
		IRS NUMBER:				475345511
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
		BUSINESS PHONE:		(978) 704-0114

	MAIL ADDRESS:	
		STREET 1:		353 WEST MAIN STREET
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27701
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Notice
of Exempt Solicitation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT:&nbsp;</B>NIKE, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSONS RELYING ON EXEMPTION:</B>&nbsp;
Arjuna Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:&nbsp;</B>13
Elm St. Manchester, MA 01944</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WRITTEN MATERIALS</B>: The attached written materials are submitted
pursuant to Rule 14a-6(g)(1) (the &ldquo;Rule&rdquo;) promulgated under the Securities Exchange Act of 1934,* in connection with a proxy
proposal to be voted on at the Registrant&rsquo;s 2024 Annual Meeting. <FONT STYLE="color: #1A1A1A">*Submission is not required of this
filer under the terms of the Rule but is made voluntarily by the proponent in the interest of public disclosure and consideration of these
important issues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 6, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Nike, Inc. Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are writing to urge you to <B>VOTE &ldquo;FOR&rdquo; PROPOSAL 4
</B>on the proxy card, which asks the Company to report on median pay gaps across race and gender. We believe shareholders should vote
FOR the proposal for the following reasons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD>Research shows there are significant company performance benefits associated with disclosing and acting to narrow statistically-adjusted
<B>and</B> median pay gaps.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD>Nike does not follow best practice pay equity reporting practices as it does not report median racial or gender pay gap data.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD>Nike continues to face public scrutiny for alleged gender discrimination and unfair pay.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD>Median pay gap reporting provides valuable data distinct from the Company&rsquo;s diversity data.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD>Median pay disclosures can benchmark Nike&rsquo;s progress in Diversity, Equity, and Inclusion (DEI).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD>Nike lags peers on racial and gender pay equity disclosures/commitments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Expanded Rationale FOR Proposal 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal makes the following request:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><B>Resolved:</B>&nbsp;Shareholders
request Nike report on&nbsp;median&nbsp;pay gaps across race and gender, including associated policy, reputational, competitive, and operational
risks, and risks related to recruiting and retaining diverse talent. The report should be prepared at reasonable cost, omitting proprietary
information, litigation strategy and legal compliance information.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Racial/gender pay gaps are defined
as the difference between non-minority and minority/male and female&nbsp;median&nbsp;earnings expressed as a percentage of non-minority/male
earnings (Wikipedia/OECD, respectively).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe shareholders should vote &ldquo;FOR&rdquo; the Proposal
for the following reasons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Research shows there are significant company performance benefits associated with disclosing and acting to narrow statistically-adjusted
and median pay gaps:</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Pay equity within companies leads to greater workforce diversity, and greater workforce diversity leads to strong company performance
benefits. <FONT STYLE="font-size: 8pt"><SUP>1, 2, 3, 4</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Closing <B>median pay gaps</B> by increasing female and minority representation in leadership positions is associated with strong
company performance benefits. <FONT STYLE="font-size: 8pt"><SUP>5, 6</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Disclosing pay gaps leads to the narrowing of these gaps, resulting in company performance benefits. <FONT STYLE="font-size: 8pt"><SUP>7, 8, 9, 10, 11</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Nike does not follow best practice pay equity reporting practices as it does not report median racial or gender pay gap data. </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Best practice pay equity reporting consists of annually reporting two metrics:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 9pt">i.</TD><TD STYLE="padding-right: 0.5in">Unadjusted-Median Pay Gaps: Assess how pay is distributed by race and gender, and which groups hold the
high versus low-paying jobs. This is the data requested in this proposal, as Nike has refused to provide this transparency.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>This data point is measured by assessing the median pay of minorities/women working full time versus non-minorities/men working full
time. This is the metric that the United States Census Bureau, Department of Labor, OECD, and International Labor Organization use when
discussing pay gaps.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Black workers in the U.S. earn 81 cents on the dollar versus white workers, and women in the U.S. earn 84 cents on the dollar versus
men on this basis.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>United Kingdom and Ireland-based companies, and soon companies in the European Union, are mandated to report median pay gap data.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 9pt">ii.</TD><TD STYLE="padding-right: 0.5in">Statistically-Adjusted Pay Gaps: Assess the pay between minorities/non-minorities and women/men performing
similar roles &mdash;data we pressed Nike to report in 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="padding-right: 0.5in">This data point is measured by performing a statistical analysis of race and gender pay gaps by controlling
for factors such as job, seniority, and geography. These gaps are often smaller and easier to remedy than median pay gaps.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="padding-right: 0.5in">There is a 4.9% adjusted gender pay gap in the United States.<FONT STYLE="font-size: 8pt"><SUP>12</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 3pt">___________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 8pt">https://www.inc.com/marcel-schwantes/new-report-pay-transparency-may-be-key-to-keeping-your-employees-in-2021.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 8pt">https://www.gartner.com/en/articles/gartner-top-10-strategic-predictions-for-2023-and-beyond</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 8pt">https://clsbluesky.law.columbia.edu/2018/11/23/iss-looks-at-gender-diversity-and-company-performance/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impact</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>5
</SUP></FONT><FONT STYLE="font-size: 8pt">https://www.credit-suisse.com/about-us-news/en/articles/news-and-expertise/cs-gender-3000-report-2019-201910.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>6
</SUP></FONT><FONT STYLE="font-size: 8pt">https://www.bcg.com/publications/2018/how-diverse-leadership-teams-boost-innovation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>7
</SUP></FONT><FONT STYLE="font-size: 8pt">https://justcapital.com/reports/just-jobs-analysis-why-pay-equity-is-still-critically-important-in-the-time-of-coronavirus/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>8
</SUP></FONT><FONT STYLE="font-size: 8pt">https://hbr.org/2019/01/research-gender-pay-gaps-shrink-when-companies-are-required-to-disclose-them?utm_medium=email&amp;utm_source=newsletter_daily&amp;utm_</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>9
</SUP></FONT><FONT STYLE="font-size: 8pt">https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3682949</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>10
</SUP></FONT><FONT STYLE="font-size: 8pt">https://www.refinitiv.com/content/dam/marketing/en_us/documents/gated/reports/gender-pay-gap-and-investment-strategies.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>11
</SUP></FONT><FONT STYLE="font-size: 8pt">https://www.gartner.com/en/human-resources/trends/payequity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">12 https://www.glassdoor.com/research/app/uploads/sites/2/2019/03/Gender-Pay-Gap-2019-Research-Report-1.pdf</FONT></P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Nike continues to face public scrutiny for alleged gender discrimination and unfair pay.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Over the last several years, Nike has faced allegations of gender discrimination and unfair pay. In 2018, The Wall Street Journal
reported that many Nike employees had raised issues of &ldquo;pay disparities and gender imbalances at the highest ranks of Nike.&rdquo;<FONT STYLE="font-size: 8pt"><SUP>13</SUP></FONT>
An ongoing gender discrimination lawsuit, first filed against Nike in 2018, alleges &ldquo;a culture of unequal compensation and sexual
harassment.&rdquo;<FONT STYLE="font-size: 8pt"><SUP>14</SUP></FONT> Additionally, in February 2024 a former Nike finance manager sued
the company over alleged gender discrimination claiming that Nike has &ldquo;fostered a discriminatory work environment that devalues
women, pays them less than their male counterparts, offers them lower starting salaries than their male counterparts, and denies women
promotional opportunities that are otherwise available to men with equal or fewer qualifications.&rdquo;<FONT STYLE="font-size: 8pt"><SUP>15</SUP></FONT>
Given these controversies, disclosure of median pay gaps will enhance trust between Nike, its employees, and investors that the company
is fulfilling its commitment to maintaining pay equity and increasing diversity and inclusivity at all levels of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Median pay gap reporting provides valuable data distinct from the company&rsquo;s diversity data. </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>The Board contends the adoption of the proposal is unnecessary, arguing representation and statistically-adjusted data are adequate
substitutions. However, median pay gaps provide a comprehensive view as to whether minorities/women are holding as many high-paying jobs
as non-minorities/men.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Median pay data provides a digestible data point for investors to compare progress year-over-year. This data shows us, quite literally,
how companies assign value to their employees through the roles they inhabit and the pay they receive.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Statistically-adjusted numbers alone can be misleading if not complemented with median pay gap data. While it may be easier for companies
to narrow statistically-adjusted pay gaps with a handful of pay adjustments within certain employment categories, such adjustments may
not impact employees at-large nor improve representation across pay scales. Conversely, narrowing median pay gaps requires hiring, developing,
and promoting minorities/women into higher-paying positions across the firm.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD><B>Median Pay Disclosure can benchmark Nike&rsquo;s progress in Diversity, Equity, and Inclusion (DEI). </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>The Company describes its DEI initiatives and goals to justify its obfuscation of median pay data. While these initiatives are important,
disclosure of median pay gap data will ensure investors and employees that Nike&rsquo;s DEI work is working to improve pay equity and
diverse representation. Median pay gap data will complement the Company&rsquo;s efforts and allow Nike to benchmark its progress toward
DEI goals. Nike&rsquo;s refusal to publish median pay gap data reflects a lack of transparency and accountability to investors and employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 3pt">___________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>13
                                            </SUP>https://www.wsj.com/articles/inside-nike-women-staffers-circulated-survey-about-workplace-behavior-1521451801</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>14</SUP> https://www.oregonlive.com/business/2018/08/class-action_lawsuit_on_nike_w.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>15</SUP> https://www.oregonlive.com/business/2024/01/former-nike-senior-director-sues-alleging-gender-discrimination.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>16</SUP> https://static1.squarespace.com/static/5bc65db67d0c9102cca54b74/t/65f0b24549f03056f8edb5b9/1710273095112/Arjuna+Capital+-+Racial+and+Gender+Pay+Scorecard+2024.pdf</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>Nike lags peers on racial and gender pay equity disclosures/commitments. </B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>More
companies are disclosing racial and gender median pay gaps annually, committing to an honest accounting of pay equity that will strengthen
diversity and talent retention. Of the 100 largest U.S. companies, 25 percent of the consumer companies <FONT STYLE="font-size: 10pt">&nbsp;</FONT>have
committed to disclosing median pay gaps. This includes Starbucks, Lowe&rsquo;s, Home Depot - and most recently Walmart.<FONT STYLE="font-size: 8pt"><SUP>16</SUP></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For all the reasons provided above, we strongly urge you to support
the Proposal. Pay transparency has been shown to narrow pay gaps and improve diversity at companies that disclose them, which we believe
is in the long-term best interest of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please contact Julia Cedarholm at juliac@arjuna-capital.com for additional
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="nlambsig.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Natasha Lamb</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arjuna Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This is not a solicitation of authority to vote your proxy. Please
DO NOT send us your proxy card. Arjuna Capital is not able to vote your proxies, nor does this communication contemplate such an event.
The proponent urges shareholders to vote for Proxy Item 4 following the instruction provided on the management&rsquo;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The views expressed are those of the authors and Arjuna Capital
as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be
a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information
provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed
that investments in such securities have been or will be profitable. This piece is for informational purposes and should not be construed
as a research report.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 3pt">___________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>16</SUP> https://static1.squarespace.com/static/5bc65db67d0c9102cca54b74/t/65f0b24549f03056f8edb5b9/1710273095112/Arjuna+Capital+-+Racial+and+Gender+Pay+Scorecard+2024.pdf</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

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