DURHAM — The CEO of Cree, Inc. has been awarded performance shares with a target value of $4 million, according to an 8-K filing with the Securities and Exchange Commission.
On Sept. 1, Cree awarded CEO Gregg A. Lowe a grant of 58,953 performance shares with a target value of $4 million, the filing shows. The company based the target value on the 30 trading day average price leading up to the grant date.
[In fiscal year 2019 ending September 2019 Lowe received compensation of some $10 million, according to Execpay.org.]
The grant, named the “Fiscal 2021 CEO Supplemental Grant,” will vest in three years. The payout is contingent upon performance across four criteria, including design-ins and pipeline generation, MOSFET (a transistor fabricated by a semiconductor) yield improvement, completion of the Mohawk Valley Fab building, and diversity and inclusion initiatives.
Each category’s payout will range from 50 percent to 150 percent of the performance shares awarded based on the compensation committee’s assessment of performance.
Cree, an LED lighting and semiconductor manufacturer, reported better-than-expected fiscal fourth-quarter earnings results last month.
Shares of Cree (CREE) fell 4.46 percent, or $2.71, to close at 58.06 on Tuesday.
The filing is available here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
