Keep in mind folks, there will be no signing of this offer until the 10th. Lowry can verbally agree as of midnight, but nothing's official till it's official. Just ask Matt Barnes, John Salmons, Trevor Ariza, and MJ (re: Chandler-Calderon trade).
That said, if he's getting 12M per year, that's the upper end of what I expected for him. If he's getting a starting salary of 12M and max raises, he's getting closer to 13-14M per year. That's quite an offer.