8-KLeadership ChangesExhibits & Filings

FIRST SOLAR, INC. 8-K Report, Executive Changes (Aug 28, 2013)

Filed August 28, 2013For Securities:FSLR

Summary

First Solar, Inc. (FSLR) announced the appointment of Joseph Kishkill as Chief Commercial Officer, effective September 9, 2013. This strategic hire brings a seasoned executive with extensive international experience in the energy sector, including leadership roles at Exterran Energy Solutions and Enron Corporation, to oversee Global Business Development, Sales, and International Public Affairs. Mr. Kishkill's expertise is expected to drive sustainable growth, particularly in emerging markets, as First Solar continues to expand its global presence and solidify its position in the solar industry. The compensation package for Mr. Kishkill includes a base salary of $400,000, an annual bonus target of 70% of base salary, and significant equity awards totaling $450,000 in restricted stock units and 125,000 performance units. The package also includes a $100,000 sign-on bonus and severance provisions, which are typical for senior executive hires and reflect First Solar's investment in attracting top talent. These arrangements underscore the company's commitment to strengthening its commercial leadership and commercializing its growth strategies.

Key Highlights

  • 1First Solar appointed Joseph Kishkill as Chief Commercial Officer, effective September 9, 2013.
  • 2Mr. Kishkill brings extensive international experience in the energy sector, having previously held leadership positions at Exterran Energy Solutions and Enron Corporation.
  • 3His responsibilities will include Global Business Development, Sales, and International Public Affairs, with a focus on emerging markets.
  • 4Mr. Kishkill's compensation package includes a $400,000 base salary, a target annual bonus of 70% of base salary, and a $450,000 restricted stock unit grant.
  • 5He will also receive 125,000 performance units and a $100,000 sign-on bonus.
  • 6The appointment signifies First Solar's focus on strengthening its commercial operations and driving growth in key markets.
  • 7Severance provisions are outlined for various termination scenarios, including 'for cause', 'without cause', 'death', 'disability', and 'change in control'.

Frequently Asked Questions

The appointment of Joseph Kishkill as Chief Commercial Officer is significant as he brings substantial international experience in the energy sector, particularly in business development and leadership roles. This suggests First Solar is prioritizing expansion and growth in emerging markets and strengthening its global sales and public affairs functions.

Mr. Kishkill's compensation includes a base salary of $400,000, an annual bonus target of 70% of his base salary, $450,000 in restricted stock units vesting over four years, 125,000 performance units, and a $100,000 sign-on bonus. He will also be reimbursed for relocation expenses and participate in standard employee benefit programs.

In case of termination without cause outside a change in control period, Mr. Kishkill would receive 12 months of salary continuation and continued medical coverage for 12 months. In the event of termination without cause within two years following a change in control, he is entitled to a prorated bonus, two times his salary plus the greater of his target or average bonus from the prior three years, 18 months of health benefits, up to $20,000 in outplacement services, and full vesting of most equity awards.

While this filing primarily concerns an executive appointment, the focus on strengthening commercial leadership and international business development, particularly in emerging markets, suggests a continued emphasis on global expansion and market penetration. It indicates a strategic investment in talent to drive future growth.