First Solar Outlines Bonus For Ousted CEO (FSLR)

If one thing irks shareholders who are losing money in a company, it is when they see a CEO or top officer leave a company and then still getting bonuses.  While this is often due to contract law holding up, First Solar Inc. (NASDAQ: FSLR) has not exactly done well at all for shareholders since the oil and green energy bubble peaked in 2008.  Here is an amended filing this morning from the company: 

As previously reported on a Current Report on Form 8-K filed with the Securities and Exchange Commission on October 31, 2011, the employment of Robert J. Gillette as Chief Executive Officer of First Solar, Inc. (the “Company”) terminated effective October 25, 2011.
 
In connection with the termination of Mr. Gillette’s employment, the Company will provide him with severance benefits in accordance with the terms of his employment agreement. In addition, the Company and Mr. Gillette have entered into an Amendment to Non-Competition and Non-Solicitation Agreement, dated November 15, 2011 (a copy of which is filed as Exhibit 10.1 to this Form 8-K/A), whereby the Company shall pay Mr. Gillette a pro rata annual bonus for 2011 based on Mr. Gillette’s tenure with the Company in 2011 (calculated in the same manner as such bonus is calculated for the Company’s active employees and paid at such time as bonuses are paid by the Company to all participants), and Mr. Gillette’s non-competition and non-solicitation restricted period has been increased from 24 to 36 months following Mr. Gillette’s termination of employment. Mr. Gillette entered into a confidentiality and intellectual property agreement upon his employment, which shall continue to apply in accordance with its terms.

In addition, Mr. Gillette has resigned from the Board of Directors of the Company effective October 25, 2011 in accordance with the terms of his employment agreement.

You can here the welcome wagon today… “Thanks for nothing!”