8-KLeadership Changes

FIRST SOLAR, INC. 8-K Report, Executive Changes (Jun 4, 2013)

Filed June 4, 2013For Securities:FSLR

Summary

This Form 8-K filing by First Solar, Inc. (FSLR) reports a significant executive change. Effective October 1, 2013, Mary Beth Gustafsson, Executive Vice President, General Counsel, and Secretary, will depart the company by mutual agreement. Ms. Gustafsson will continue in her role until her replacement is appointed and will assist with the transition thereafter. Investors should note that Ms. Gustafsson is set to receive certain compensation and benefits related to her departure, the specifics of which will be detailed in a future amendment to this filing. Her existing non-competition, non-solicitation, confidentiality, and intellectual property agreements will remain in effect according to their terms, which is a standard but important detail for understanding ongoing obligations and potential liabilities.

Key Highlights

  • 1Departure of Executive Vice President, General Counsel, and Secretary, Mary Beth Gustafsson, effective October 1, 2013.
  • 2Departure is by mutual agreement between Ms. Gustafsson and First Solar, Inc.
  • 3Ms. Gustafsson will continue to serve in her role until a replacement is hired.
  • 4Ms. Gustafsson will assist with the transition process after her replacement is in place.
  • 5Ms. Gustafsson will receive specified compensation and benefits upon termination.
  • 6Details regarding the compensation and benefits will be provided in an amendment to this Form 8-K.
  • 7Existing non-competition, non-solicitation, confidentiality, and intellectual property agreements remain in force.

Frequently Asked Questions

The filing states that Mary Beth Gustafsson's departure is by mutual agreement with the company. The specific reasons for this mutual agreement are not disclosed in this filing.

The company has stated that the terms of the compensation and benefits Ms. Gustafsson will receive in connection with her departure will be described in a future amendment to this Current Report on Form 8-K once they are finalized.

The filing indicates that Ms. Gustafsson's existing non-competition, non-solicitation, confidentiality, and intellectual property agreements will continue to apply according to their terms. This suggests a continued commitment to protecting the company's interests during and after her transition.

Ms. Gustafsson will continue to serve in her current capacity until a replacement is hired. After the replacement is in place, she will remain with the Company to assist in the transition, with her employment officially ending on October 1, 2013.