Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective as of January 27, 2020, the Board of Directors (the "Board") of Cree,
Inc. (the "Company") elected Glenda Dorchak as a member of the Board and
appointed Ms. Dorchak as a member of the Board's Compensation Committee and
Governance and Nominations Committee.
The Company will compensate Ms. Dorchak for her services as a director in
accordance with the Schedule of Compensation for Non-Employee Directors filed as
Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on October
31, 2019 and incorporated by reference herein. Pursuant to these arrangements,
on January 27, 2020, the Company issued Ms. Dorchak restricted stock units to
acquire shares of the Company's common stock with a value of $180,000. The
Company granted the restricted stock units under its 2013 Long-Term Incentive
Compensation Plan. The award vests in three equal installments on each of the
first, second and third anniversaries of the grant date, subject to continued
service with the Company. In addition, commencing with the Company's fourth
fiscal quarter, the Company will pay Ms. Dorchak a cash retainer in advance at
the quarterly rate of $17,500 for service as a member of the Board of Directors,
$2,500 for service as a member of the Compensation Committee, and $1,250 for
service as a member of the Governance and Nominations Committee. Ms. Dorchak
will be paid a portion of the retainer for the Company's third quarter, prorated
based on the number of days remaining in the Company's third quarter.
In connection with her appointment, Ms. Dorchak will enter into the Company's
standard form of indemnification agreement for directors and officers, a copy of
which is filed as Exhibit 10.1 to the Company's Current Report on Form 8-K,
dated October 25, 2010, as filed on October 29, 2010, and is incorporated by
reference herein.
The press release issued by the Company on January 28, 2020 announcing the
appointment of Ms. Dorchak is included as Exhibit 99.1 to this report and
incorporated herein by reference.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description of Exhibit
99.1 Press Release dated January 28, 2020
104 Cover Page Interactive Data File (embedded within the
Inline XBRL document)
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