8-KLeadership Changes

FIRST SOLAR, INC. 8-K Report, Executive Changes (Mar 21, 2011)

Filed March 21, 2011For Securities:FSLR

Summary

First Solar, Inc. (FSLR) filed an 8-K on March 21, 2011, announcing the appointment of Mark R. Widmar as its new Chief Financial Officer, effective April 4, 2011. Mr. Widmar replaces James Zhu, who served as interim CFO. With extensive financial leadership experience at companies like GrafTech International, NCR, and Dell, Mr. Widmar brings a strong background to First Solar's executive team. His compensation package includes a base salary of $435,000, an annual bonus target of 80% of base salary, and a significant equity grant of restricted stock units valued at $2,340,000, which will vest over four years. The filing also details a cash sign-on bonus and relocation assistance, acknowledging his forfeiture of compensation from his previous employer. The severance provisions indicate standard 'for cause' termination benefits as well as enhanced benefits in the event of a change in control, providing security for the new CFO.

Key Highlights

  • 1Appointment of Mark R. Widmar as Chief Financial Officer, effective April 4, 2011.
  • 2James Zhu will continue as Chief Accounting Officer after serving as interim CFO.
  • 3Widmar has substantial prior financial executive experience at GrafTech International, NCR, and Dell.
  • 4Widmar's compensation includes a $435,000 base salary and an 80% target bonus.
  • 5Significant equity award of $2.34 million in restricted stock units, vesting over four years.
  • 6Cash sign-on bonus and relocation assistance provided to Mr. Widmar.
  • 7Severance packages detailed, including enhanced benefits in the event of a change in control.

Frequently Asked Questions

Mark R. Widmar has been appointed as the new Chief Financial Officer of First Solar, with his appointment effective April 4, 2011.

Mark Widmar brings extensive financial leadership experience, having most recently served as CFO of GrafTech International Ltd. He also held senior financial roles at NCR Inc. and Dell, Inc., and has experience in various financial and managerial positions at other notable companies.

Mr. Widmar will receive an annual base salary of $435,000, with the potential for annual increases. He is eligible for an annual bonus program targeting 80% of his base salary. Additionally, he will be granted restricted stock units valued at $2,340,000 upon hire, which will vest over four years. A cash sign-on bonus and relocation assistance are also part of his compensation.

The filing outlines severance terms. If terminated by First Solar without cause outside of a change in control period, Mr. Widmar would receive 12 months of salary continuation and continued medical coverage. In the event of a termination without cause or for good reason within two years following a change in control, he would receive more substantial severance, including a prorated bonus, two times his annual salary and average bonus, extended health benefits, outplacement services, and full vesting of all equity awards.