FIRST SOLAR, INC. 8-K/A Report, Executive Changes (Aug 5, 2013)

Summary

This 8-K filing from First Solar, Inc. details the mutually agreed-upon departure of Executive Vice President, General Counsel, and Secretary, Mary Beth Gustafsson, effective October 1, 2013. The company has outlined the severance package she will receive, which includes benefits in line with her employment agreement, a pro-rated bonus for 2013, and reimbursement for relocation and transition expenses. A key detail for investors is the amendment to her separation agreement, where First Solar has waived a mitigation clause that would have reduced her severance by any income earned from new employment. In exchange, Ms. Gustafsson's non-competition and non-solicitation period has been extended from twelve to twenty-four months.

Key Highlights

• 1Mary Beth Gustafsson, EVP, General Counsel & Secretary, will depart First Solar effective October 1, 2013.
• 2The departure is mutually agreed upon.
• 3Ms. Gustafsson will receive severance per her employment agreement, a pro-rated 2013 bonus, and reimbursement for transition expenses.
• 4First Solar has waived the mitigation clause in Ms. Gustafsson's agreement, meaning her severance will not be reduced by other employment income.
• 5In exchange for waiving the mitigation clause, the non-competition and non-solicitation period for Ms. Gustafsson has been extended to 24 months.
• 6This filing also notes the exhibit of the Amendment to the Non-Competition and Non-Solicitation Agreement and Mitigation Clause Waiver.

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