Cree Inc., the Durham-based LED lighting company, will pay new Chief Executive Officer Gregg Lowe a base salary of $825,000, according to a filing released Thursday afternoon.
Additionally, Lowe will also be eligible to participate in the company’s annual performance-based cash incentive compensation program, with a target award of 140 percent of his annual base salary.
The bonus will depend upon the extent to which the applicable performance goals set by the company are achieved by Lowe.
Cree also awarded Lowe a sign-on equity grant of performance stock units and restricted stock units with a value of $5,000,000.
Lowe was named CEO, taking the place of Chuck Swoboda, on Sept. 25. Prior to joining Cree, Lowe served as chief executive officer and president at Freescale Semiconductor. Before that, he was senior vice president and leader of the analog business for Texas Instruments.
In 2016, Swoboda received a base salary of $785,000, with a bonus of $252,770 and $5,003,146 in stock awards.
Cree stock closed Thursday at $28.16, up 43 cents.