Form 8-K Oct 21, 2005
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of
1934
CREE,
INC.
(Exact
name of registrant as specified in its charter)
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North
Carolina
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0-21154
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56-1572719
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
Number)
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4600
Silicon Drive
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Durham,
North Carolina
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27703
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(Address
of principal executive offices)
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(Zip
Code)
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(919)
313-5300
Registrant’s
telephone number, including area code
N/A
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
The
Compensation Committee of the Board of Directors of Cree, Inc. (the “Company”)
adopted the Fiscal 2006 Management Incentive Plan (the “Plan”) on August 15,
2005. A copy of the Plan is included as Exhibit 10.1 to this Form
8-K.
The
Plan
is designed to motivate and reward excellent performance, to attract and retain
outstanding senior management, to create a strong link between strategic and
corporate operating plans and individual performance, to achieve greater
corporate performance by focusing on results, and to encourage teamwork at
the
highest level within the organization by providing opportunities for cash
incentives based on the attainment of specific goals. The Plan relates to the
Company’s fiscal year ending June 25, 2006 and covers certain executive
officers, including the chairman and chief executive officer, senior level
managers who report directly to the chief executive officer and other key
managers who have been identified as participants by the chief executive
officer. Target awards are expressed as a percentage of salary and vary based
on
position. For the positions of chairman and chief executive officer, awards
are
based 100% on achieving predetermined corporate goals. Awards for all other
eligible positions are determined based on performance measures in two
categories: corporate and individual. Corporate performance measures are based
on meeting or exceeding revenue targets for the fiscal year and meeting or
exceeding net income or earnings per share targets for the fiscal year.
Individual performance measures are established at the beginning of each fiscal
quarter. Individual performance measures are measured at quarter end and any
corresponding awards paid to eligible participants following approval of the
chief executive officer. Unless otherwise approved by the Compensation Committee
in the case of executive officers or by the chief executive officer in any
other
case, eligible participants must be employed by the Company on the payment
date
in order to receive payment for an award under the Plan.
The
foregoing description of the Plan is subject to, and qualified in its entirety
by the Plan filed as Exhibit 10.1 to this Form 8-K, which is incorporated herein
by reference.
Item
9.01 Financial Statements and Exhibits
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(c) Exhibits.
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Exhibit
No.
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Description
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10.1
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Fiscal
2006 Management Incentive Plan
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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CREE,
INC.
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By:
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/s/
Charles M. Swoboda
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Charles
M. Swoboda
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Chairman,
Chief Executive Officer and
President
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Date:
October 21, 2005
EXHIBIT
INDEX
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Exhibit
No.
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Description
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10.1
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Fiscal
2006 Management Incentive Plan
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