WOLFSPEED, INC. — Director's Dealing 2010

May 14, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CREE INC (CREE)
CIK: 0000895419
Period of Report: 2010-05-13

Reporting Person: VON ARX DOLPH W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-11	COMMON STOCK	G	1500	—	Disposed	484435	Direct
2010-05-13	COMMON STOCK	M	24000	$71.5313	Acquired	508435	Direct
2010-05-13	COMMON STOCK	S	24000	$77.1778	Disposed	484435	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-13	NONQUALIFIED STOCK OPTION (RIGHT TO BUY)	$71.5313	M	24000	Disposed	2010-07-03	COMMON STOCK (24000)	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $77.00 to $77.35, inclusive. Mr. von Arx undertakes to provide to Cree, Inc., any security holder of Cree, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F2: Of the 484,435 shares reported, (1) 63,500 shares are held directly; (2) 390,935 shares are held indirectly in a revocable living trust for the benefit of Mr. von Arx; (3) 15,000 shares are held indirectly in a revocable living trust for the benefit of Mr. von Arx's spouse; and (4) 15,000 shares are held indirectly in a family trust. Mr. von Arx disclaims beneficial ownership of the 15,000 shares held by the family trust.

F3: Option vested as to 6,000 shares on each of October 3, 2000, January 3, 2001, April 3, 2001 and July 3, 2001.