8-K/ALeadership ChangesExhibits & Filings

FIRST SOLAR, INC. 8-K/A Report, Executive Changes (Nov 21, 2011)

Filed November 21, 2011For Securities:FSLR

Summary

This 8-K/A filing from First Solar, Inc. (FSLR) provides an update on the severance and post-employment agreements with former CEO Robert J. Gillette. The filing clarifies the terms of his departure, which was previously reported on October 31, 2011, effective October 25, 2011. Investors should note the details of the severance package and the amended non-competition agreement, which extends the restricted period for Mr. Gillette to 36 months following his termination. The amendment also outlines the payment of a pro rata annual bonus for 2011, calculated based on his tenure with the company. This filing mainly serves to formalize and amend existing agreements related to Mr. Gillette's departure, ensuring continued compliance with non-compete clauses while compensating the former CEO according to his employment contract. The resignation from the Board of Directors is also confirmed.

Key Highlights

  • 1Robert J. Gillette's employment as CEO terminated effective October 25, 2011.
  • 2First Solar will provide severance benefits to Mr. Gillette in accordance with his employment agreement.
  • 3An Amendment to Non-Competition and Non-Solicitation Agreement was entered into on November 15, 2011.
  • 4Mr. Gillette will receive a pro rata annual bonus for 2011.
  • 5The non-competition and non-solicitation restricted period for Mr. Gillette has been extended from 24 to 36 months.
  • 6Mr. Gillette resigned from the Board of Directors effective October 25, 2011.

Frequently Asked Questions

The primary purpose of this filing is to provide an amendment and further details regarding the departure of former CEO Robert J. Gillette, specifically concerning his severance benefits and the terms of his non-competition and non-solicitation agreement.

The non-competition and non-solicitation restricted period for Mr. Gillette has been increased from 24 months to 36 months following his termination of employment.

Yes, Mr. Gillette will receive a pro rata annual bonus for 2011, calculated based on his tenure with the company during that year, paid at the same time as bonuses are distributed to active employees.

Yes, Mr. Gillette has resigned from the Board of Directors of First Solar, Inc. effective October 25, 2011, in accordance with the terms of his employment agreement.