Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 30, 2020, the Board of Directors of Lowe's Companies, Inc. (the "Company") promoted Dan Clayton Griggs, Jr. to Vice President, Chief Accounting Officer, and designated Mr. Griggs as the Company's principal accounting officer, effective as of October 3, 2020. Upon the effective date of Mr. Griggs's appointment, David M. Denton will cease to serve as principal accounting officer but will continue to serve as the Company's Executive Vice President, Chief Financial Officer and principal financial officer. Mr. Griggs has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Mr. Griggs, age 42, has served as the Company's Vice President, Corporate Controller since May 2019. Prior to joining the Company, Mr. Griggs served, from March 2019 to May 2019, as Vice President, Corporate Accounting and, from October 2015 to March 2019, Technical Accounting Director at CommScope, Inc., a global network infrastructure provider. Prior to that, Mr. Griggs served in various roles within the Company's finance organization from 2005 to 2015, including serving as the Company's Director, Corporate Accounting from June 2013 to October 2015 and Director, Consolidation & Financial Reporting from May 2011 to June 2013. Mr. Griggs is a certified public accountant and holds Bachelor of Science degrees in Accounting and Finance from University of North Carolina at Charlotte and a Master of Business Administration degree from Lenoir-Rhyne University.

Pursuant to his promotion to the Company's Vice President, Chief Accounting Officer, the Company and Mr. Griggs entered into an offer letter (the "Offer Letter"). Pursuant to the Offer Letter, during the term of his employment with the Company, Mr. Griggs will receive (i) an annual base salary of $310,000, (ii) eligibility for an annual cash incentive bonus with a target payout of 50% of Mr. Griggs's annual base salary, and (iii) eligibility for an annual equity incentive award grant (consisting of a mixture of performance-based restricted share units, time-based restricted shares, and stock options) with a target award value equal to $200,000. Mr. Griggs is also eligible to participate in his current level of benefits and vacation available to senior executives of the Company generally.

The foregoing summary of Mr. Griggs's compensation and terms of employment generally is not complete and is qualified in its entirety by the Offer Letter, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the current fiscal quarter.

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