8-KLeadership Changes

FIRST SOLAR, INC. 8-K Report, Executive Changes (Oct 14, 2016)

Filed October 14, 2016For Securities:FSLR

Summary

This 8-K filing announces the permanent appointment of Alexander R. Bradley as the Chief Financial Officer (CFO) of First Solar, Inc., effective October 24, 2016. Mr. Bradley has been serving in an interim capacity since July 1, 2016, and brings extensive experience in project finance, treasury, and business development, having previously held senior roles within First Solar and contributed to over $10 billion in development asset financing. His compensation package includes an annual base salary of $425,000, eligibility for an annual bonus with a target of 75% of base salary, and standard employee benefits. The filing also details severance provisions in the event of termination without cause, both outside and within a change-in-control period, including salary continuation, health benefits, and accelerated equity vesting under certain circumstances. These arrangements aim to align executive incentives and provide security during leadership transitions.

Key Highlights

  • 1Alexander R. Bradley officially appointed Chief Financial Officer (CFO) effective October 24, 2016.
  • 2Mr. Bradley has been serving as interim CFO since July 1, 2016.
  • 3He possesses significant experience in project finance and treasury, having structured over $10 billion in asset financing.
  • 4Bradley's annual base salary will be $425,000.
  • 5He is eligible for an annual bonus with a target of 75% of his base salary.
  • 6The filing outlines severance packages for termination without cause, including salary continuation and accelerated equity vesting.
  • 7Severance benefits are enhanced in the event of termination without cause within two years following a change in control.

Frequently Asked Questions

Alexander R. Bradley has been appointed as the new Chief Financial Officer (CFO) of First Solar, Inc., effective October 24, 2016. He has been serving as interim CFO since July 1, 2016.

Mr. Bradley will receive an annual base salary of $425,000, with the potential for periodic increases. He is also eligible to participate in the company's annual bonus program, targeting 75% of his base salary, and standard employee benefits.

The filing details severance benefits. If terminated without cause outside a change-in-control period, he will receive 12 months' salary continuation and health benefits, along with accelerated vesting of equity awards that would have vested within 12 months. If terminated without cause within two years after a change in control, he is entitled to a prorated bonus, two times his annual salary and average bonus, extended health benefits, outplacement services, and full vesting of most equity awards.

Mr. Bradley has substantial experience within First Solar, serving as Vice President of Treasury and Project Finance, responsible for global financings and project sales. He has also been involved with 8point3 Energy Partners LP and has over 10 years of prior experience in investment banking and project finance.