WOLFSPEED, INC. — Director's Dealing 2010

May 25, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CREE INC (CREE)
CIK: 0000895419
Period of Report: 2010-05-21

Reporting Person: VON ARX DOLPH W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-21	COMMON STOCK	M	16000	$19.88	Acquired	500435	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-21	NONQUALIFIED STOCK OPTION (RIGHT TO BUY)	$19.88	M	16000	Disposed	2010-10-13	COMMON STOCK (16000)	Direct

Footnotes

F1: Of the 500,435 shares reported, (1) 63,500 shares are held directly; (2) 406,935 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.

F2: Option vested as to 4,000 shares on each of December 31, 2003, March 31, 2004, June 30, 2004 and September 30, 2004.