Form 8-K CREE, INC. For: Jan 25
Exhibit 10.1
SCHEDULE OF COMPENSATION FOR
NON-EMPLOYEE DIRECTORS
(ADOPTED JANUARY 25, 2021)
This schedule describes the compensation payable by Cree, Inc. (the "Company") to individuals who are not employed by the Company but serve as members of the Company's Board of Directors. The compensation consists of cash and equity compensation components as described below. In addition, the Company will pay or reimburse directors for reasonable expenses incurred in performing the duties of the director in accordance with the Company's business expense reimbursement policy and procedures. This schedule is not intended to create any contractual obligation with any director and may be amended by the Company at any time.
Cash Compensation
Quarterly retainer for indicated role:
| Member of the Board of Directors | $ | 17,500 | |||
| Chairman of the Board of Directors | $ | 15,000 | |||
| Chair of the Audit Committee | $ | 7,500 | |||
| Chair of the Compensation Committee | $ | 5,000 | |||
| Chair of the Governance & Nominations Committee | $ | 2,500 | |||
| Member of the Audit Committee | $ | 3,750 | |||
| Member of the Compensation Committee | $ | 2,500 | |||
| Member of the Governance & Nominations Committee | $ | 1,250 | |||
1.Each non-employee director will be paid the retainer listed above for membership on the Board of Directors and for each other role in which the director serves (the Chairman of the Board will not be paid for any Committee membership). The retainer will be earned on the first day of the fiscal quarter on which the director serves in the indicated role. If a director is elected or appointed to the role after the first day of the fiscal quarter, a portion of the retainer, prorated based on the number of days remaining in the quarter, will be earned on the day on which the director's election or appointment is effective. No adjustment will be made nor any repayment due in the event that a director does not serve in the indicated role for the remainder of the quarter.
2.Retainers are in lieu of meeting fees except as provided in this paragraph. Unless another compensation arrangement is put in place at the time of special committee formation, in the event that a non-employee director is appointed to serve on a Board committee not listed above, the director will earn a fee of $1,000 for each meeting of the committee attended, or $2,000 for each meeting attended if serving as Chair or acting Chair of the committee.
3.Retainers and any meeting fees earned will be paid promptly following the first day of each fiscal quarter. Non-employee directors may elect to receive Company stock in lieu of retainers and meeting fees, and to defer all or a portion of retainers and meeting fees earned, pursuant to the Non-Employee Director Stock Compensation and Deferral Program while such plan is in effect.
Equity Compensation
1.Each non-employee director then serving on the Board who has been nominated for re-election at the next annual meeting of shareholders will be granted on the first business day of September restricted stock units to acquire shares of the Company's common stock. The number of restricted stock units to be granted will be determined by dividing $180,000 by the 30-day average closing stock price of the Company’s common stock ending one trading day prior to the August meeting of the Compensation Committee. The restricted stock units will be granted pursuant to the Company's 2013 Long-Term Incentive Compensation Plan. The restricted stock units vest in full on the first anniversary of the grant date, provided that the director is then serving as a member of the Board of Directors in good standing or as an employee of the Company or other Employer under the Plan.
2.If a non-employee director is first elected to the Board after the first business day of September, the director will be granted restricted stock units as provided above, except that the restricted stock units will vest on the first anniversary of the grant date, provided that the director is then serving as a member of the Board of Directors in good standing or as an employee of the Company or other Employer under the Plan.
3.The restricted stock unit awards described above will be awarded only if recommended by the Compensation Committee and approved by the Governance and Nominations Committee on or before the grant date. Awards under this schedule will be made pursuant to the form of award agreement as approved by the Compensation Committee from time to time.
Exhibit 99.1
Cree, Inc. Appoints Marvin Riley to Board of Directors
DURHAM, N.C., January 26, 2021 – Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology, announced today that Marvin A. Riley has been appointed to the Company’s Board of Directors, effective January 25, 2021. Mr. Riley is president and chief executive officer of EnPro (NYSE: NPO), a leading industrial technology company using materials science to push boundaries in semiconductor, life sciences, and other technology-enabled sectors.
“Marvin’s extensive experience in the global manufacturing and automotive sectors will be a unique asset for the company as we work with the executive team to capitalize on the vast opportunities ahead for Cree’s silicon carbide in a variety of high-growth automotive and industrial applications,” said Cree Chairman of the Board Darren Jackson. “We are excited to welcome Marvin to the Board and look forward to his contributions as we continue our long-term plans to lead the global transition from silicon to silicon carbide and expand the company’s leadership position.”
Mr. Riley is currently president and chief executive officer of EnPro (NYSE: NPO) and has held the position since July 2019, after previously serving as executive vice president and chief operating officer since July 2017. He has also served in various leadership positions including president of the company’s Fairbanks Morse division; vice president of the company’s corporate manufacturing function; and vice president of global operations for its GGB division. Prior to joining EnPro, Mr. Riley was an executive with General Motors Corporation, working within the General Motors Vehicle Manufacturing Group where he held multiple positions of increasing responsibility from 1997 to 2007. Mr. Riley’s extensive experience at GM includes leadership positions in general assembly, body operations, dimensional control, plant maintenance and supporting multiple vehicle launches. He also credits his deep understanding of lean manufacturing to his time at GM.
Mr. Riley replaces Anne Whitaker, who is leaving the Cree Board to focus on her board duties at other life sciences companies. Ms. Whitaker has served on the Cree Board since 2013, helping guide the company with her extensive executive leadership experience.
“The entire board of directors is grateful for Anne’s contributions as a longstanding board member, and we wish her continued success going forward,” said Jackson.
About Cree, Inc.
Cree is an innovator of Wolfspeed® power and radio frequency (RF) semiconductors and lighting class LEDs. Cree’s Wolfspeed product portfolio includes silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging, inverters, power supplies, telecom and military and aerospace. Cree’s LED product portfolio includes blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications.
For additional product and Company information, please refer to www.cree.com.
Cree® and Wolfspeed® are registered trademarks of Cree, Inc.
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Investor Contact:
Tyler Gronbach
Vice President, Investor Relations
Cree, Inc.
(919) 407-7895
investorrelations@cree.com
Media Contact:
Claire Simmons
Director, Public Relations
Cree, Inc.
(919) 407-7844
csimmons@cree.com