fslr-20250404

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. )


Filed by the Registrant þ
Filed by a party other than the Registrant ¨

Check the appropriate box:


¨			Preliminary Proxy Statement
¨			Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
þ			Definitive Proxy Statement
¨			Definitive Additional Materials
¨			Soliciting Material under §240.14a-12

First Solar, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):


þ			No fee required
¨			Fee paid previously with preliminary materials
¨			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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First Solar, Inc.

350 West Washington Street

Suite 600

Tempe, Arizona 85288

April 4, 2025

Dear Stockholder:

You are cordially invited to attend the 2025 annual meeting of stockholders of First Solar, Inc. on Wednesday, May 14, 2025 at 12:00 p.m., Eastern Time, which will be a virtual meeting, conducted via live webcast.

The virtual meeting format allows all of our stockholders the opportunity to participate in the annual meeting no matter where they are located. If you plan to attend the annual meeting virtually on the Internet, please follow the instructions in the “Questions and Answers About the Annual Meeting” section of this proxy statement.

This proxy statement contains important information about participating in the annual meeting, proxy voting, and the business to be conducted at the annual meeting, as does the Notice of Internet Availability of Proxy Materials that has been mailed to each stockholder (the “Notice”). The Notice also describes how you can access this proxy statement and a copy of our 2024 Annual Report to stockholders (the “2024 Annual Report”) on the Internet. We encourage you to read our 2024 Annual Report. It includes our audited consolidated financial statements and information about our operations, markets, and products.

Your vote is important. Whether or not you plan to attend the annual meeting, we hope you will vote as soon as possible. If you are a stockholder of record, you may vote on the Internet or by telephone, and, if you requested to receive printed proxy materials, by mailing the proxy card. If you hold your shares beneficially in street name, you may vote on the Internet and as is otherwise provided in the Notice you receive from your broker, bank, or other nominee. Please carefully review the instructions regarding each of your voting options described in this proxy statement and in any Notice you receive from us or your broker, bank, or other nominee.


Sincerely,

Mark R. Widmar
Chief Executive Officer

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First Solar, Inc.

350 West Washington Street

Suite 600

Tempe, Arizona 85288

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

The 2025 annual meeting of stockholders of First Solar, Inc. will be held on Wednesday, May 14, 2025 at 12:00 p.m., Eastern Time, virtually on the Internet. You will be able to attend the annual meeting, vote, and submit questions during the meeting by visiting meetnow.global/MLQRYPN. Further information regarding attendance, including how to access the virtual meeting, is set forth in the “Questions and Answers About the Annual Meeting” section of this proxy statement.

The purposes of the annual meeting are as follows:

1.to elect nine members of the board of directors to hold office until the next annual meeting of stockholders or until their respective successors have been elected and qualified;

2.to ratify the appointment of PricewaterhouseCoopers LLP as First Solar, Inc.’s independent registered public accounting firm for the year ending December 31, 2025;

3.to approve an advisory resolution on the compensation of our named executive officers;

4.to vote on a stockholder proposal to adopt a special shareholder meeting improvement; and

5.to transact such other business as may properly come before the annual meeting.

Any action may be taken on the foregoing proposals at the annual meeting on the date specified above or on any date or dates to which the annual meeting may be adjourned or postponed.

The close of business on March 20, 2025 is the record date for determining stockholders entitled to vote at the annual meeting. Only holders of common stock of First Solar, Inc. as of the record date are entitled to vote on the matters listed in this notice of annual meeting of stockholders. A complete list of stockholders entitled to vote at the annual meeting will be available for inspection by stockholders during normal business hours at our corporate headquarters located at 350 West Washington Street, Suite 600, Tempe, Arizona 85288 during the 10 days prior to the annual meeting. The list of stockholders will also be made available to stockholders virtually during the annual meeting. The Notice is first being mailed to stockholders, and this proxy statement is first being made available to stockholders, on or about April 4, 2025.


By order of the board of directors,

Jason Dymbort
General Counsel & Secretary
April 4, 2025


Your vote is very important Whether or not you plan to attend the annual meeting, we encourage you to read this proxy statement and submit your proxy or voting instructions as soon as possible. For specific instructions on how to vote your shares, please refer to the instructions in any Notice you receive, in the section entitled “Questions and Answers About the Annual Meeting” beginning on page 1 of this proxy statement or, if you requested to receive printed proxy materials, in the proxy card or voting instruction form enclosed with such proxy materials.

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			Page
QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING			1
CORPORATE GOVERNANCE			6
DIRECTORS			17
NON-ASSOCIATE DIRECTOR COMPENSATION			24
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS			26
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS			27
PRINCIPAL ACCOUNTANT FEES AND SERVICES			28
COMPENSATION DISCUSSION AND ANALYSIS			29
COMPENSATION COMMITTEE REPORT			44
EXECUTIVE COMPENSATION			45
PROPOSAL NO. 1: ELECTION OF DIRECTORS			62
PROPOSAL NO. 2: RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP			63
PROPOSAL NO. 3: ADVISORY VOTE ON EXECUTIVE COMPENSATION			64
PROPOSAL NO. 4 : STOCKHOLDER PROPOSAL – T O ADOPT A SPECIAL SHAREHOLDER MEETING IMPROVEMENT			65
DELINQUENT SECTION 16(a) REPORTS			68
OTHER MATTERS			68
HOUSEHOLDING			68
STOCKHOLDER PROPOSALS AND DIRECTOR NOMINATIONS			69
REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS			70

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First Solar, Inc.

350 West Washington Street

Suite 600

Tempe, Arizona 85288

PROXY STATEMENT

This proxy statement is being furnished in connection with the solicitation of proxies by the board of directors of First Solar, Inc., a Delaware corporation (“First Solar,” the “Company,” “we,” “us,” or “our”), for use at the annual meeting of the Company’s stockholders to be held virtually on the Internet on Wednesday, May 14, 2025 commencing at 12:00 p.m., Eastern Time, and at any adjournment or postponement. Instructions on how to attend the annual meeting can be found below in “Questions and Answers About the Annual Meeting – How can I attend and vote at the annual meeting?”

QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING

What is the purpose of the annual meeting?

At the annual meeting, stockholders are being asked to consider and vote upon the following matters:

•the election of nine members of the board of directors to hold office until the next annual meeting of stockholders or until their respective successors have been elected and qualified;

•the ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the year ending December 31, 2025;

•the approval, on an advisory basis, of the compensation of our named executive officers; and

•to vote on a stockholder proposal to adopt a special shareholder meeting improvement.

The stockholders will also transact any other business that may properly come before the annual meeting.

Why did I receive a notice in the mail regarding the Internet availability of proxy materials instead of a full set of proxy materials?

We are pleased to again take advantage of the Securities and Exchange Commission’s (the “Commission” or the “SEC”) “notice and access” rules that permit our proxy materials to primarily be provided on the Internet instead of mailing printed copies. In accordance with these rules, we have mailed a Notice to each of our stockholders of record, while stockholders who hold their shares beneficially in street name, as described further below, will receive a separate Notice directly from their broker, bank, or other nominee. The Notice was first mailed on or about April 4, 2025.

The Notice you receive will provide instructions regarding how you may access our proxy materials and our 2024 Annual Report on the Internet and will also provide instructions regarding how you may submit your proxy on the Internet. If you would like to receive a paper or email copy of our proxy materials, you should follow the instructions for requesting such materials in the Notice you receive. You will not receive a printed copy of the proxy materials unless you specifically request one (or have made such a request in the past).

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What is the difference between holding shares as a stockholder of record and as a beneficial owner?

Most First Solar stockholders hold their shares through a broker, bank, or other nominee rather than directly in their own name. As summarized below, there are some distinctions between shares held of record and those owned beneficially.

Stockholder of Record

If your shares are registered directly in your name with our transfer agent, Computershare Trust Company, N.A. (“Computershare”), you are considered, with respect to those shares, the stockholder of record, and a Notice was sent directly to you by First Solar. As the stockholder of record, you have the right to attend the annual meeting and vote your shares during the meeting. If you are a stockholder of record and execute a valid proxy without indicating your voting preference for any of the four proposals, the proxy holders will vote your shares in accordance with the board of directors’ recommendations with respect to such proposals. If you will not be attending the annual meeting, you may also vote by granting a proxy over the Internet or by telephone, and, if you requested to receive printed proxy materials, by mailing the proxy card, as described in the Notice and below under the heading “How can I vote my shares without attending the annual meeting?”

Beneficial Owner

If your shares are held in an account at a brokerage firm, bank, broker-dealer, trust, or other nominee, like the substantial majority of our stockholders, you are considered the beneficial owner of shares held in street name, and a Notice was sent to you by your nominee. As the beneficial owner, you are invited to attend the annual meeting and vote your shares during the meeting, except that, since a beneficial owner is not the stockholder of record, you may not attend or vote your shares during the annual meeting unless you obtain a “legal proxy” from the broker, bank, or other nominee that holds your shares as described in the Notice you receive and below under the heading “How can I attend and vote at the annual meeting?”

If you hold shares beneficially in street name and do not provide your broker, bank, or other nominee with voting instructions, your shares may constitute “broker non-votes.” Generally, broker non-votes occur on a matter when a broker is not permitted to vote on that matter without instructions from the beneficial owner and instructions are not given by the beneficial owner. Please note that brokers, banks, and other nominees may not use discretionary authority to vote shares on the election of directors, or certain other matters if they have not received specific instructions from their clients. For your vote to be counted on such matters, you will need to communicate your voting decisions to your bank, broker, or other nominee before the date of the annual meeting or obtain a legal proxy to attend and vote at the annual meeting.

If you will not be attending the annual meeting, you may vote over the Internet and as otherwise described in the Notice you receive and below under the heading “How can I vote my shares without attending the annual meeting?”

How do I get electronic access to the proxy materials?

The Notice you receive will provide instructions regarding how you may view our proxy materials for the annual meeting and 2024 Annual Report on the Internet. If you are a stockholder of record, the Notice you receive will provide instructions regarding how you may instruct us to send our future proxy materials to you electronically by email, while if you are a beneficial owner, you should consult with your broker, bank, or other nominee regarding how to request electronic access to future proxy materials.

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Choosing to receive your future proxy materials by email will save us the cost of printing and mailing documents to you and will reduce the environmental impact of printing and mailing these materials. If you choose to receive future proxy materials by email, you will receive an email next year with instructions containing a link to those materials and a link to the proxy voting site. Your election to receive proxy materials by email will remain in effect until you terminate it.

How does the board of directors recommend that I vote?

The board of directors recommends that you vote your shares (1) “FOR” each of the nine nominees to the board of directors named in this proxy statement, (2) “FOR” the ratification of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the year ending December 31, 2025, (3) “FOR” approval of the advisory resolution to approve the compensation of our named executive officers, and (4) “AGAINST” the stockholder proposal to adopt a special shareholder meeting improvement.

Who is entitled to vote?

Only stockholders of record at the close of business on the record date are entitled to notice of and to vote at the annual meeting. The record date for the annual meeting is March 20, 2025. Attendance at the virtual annual meeting will be limited to such stockholders of record, their proxies, beneficial owners that have obtained a legal proxy from their stockholder of record, and our invited guests.

The Company’s sole outstanding capital stock is its common stock, with a par value of $0.001 per share. Each holder of our common stock is entitled to one vote per share on each matter submitted at the annual meeting. At the close of business on the record date, there were 107,240,417 shares of our common stock outstanding and eligible to vote at the annual meeting.

How can I attend and vote at the annual meeting?

Stockholders of record at the close of business on March 20, 2025 will be able to attend the annual meeting, vote, and submit questions during the annual meeting by visiting meetnow.global/MLQRYPN at the meeting date and time. We encourage you to access the annual meeting prior to the start time. To access the virtual annual meeting from the website, you will need to use the 15-digit control number located in the shaded bar on the Notice you receive, or on the proxy card.

Have the Notice or proxy card in hand when you access the website and then follow the instructions. If you are a stockholder of record, you are already registered for the virtual meeting. If you hold your shares beneficially in street name, you must register in advance to attend the virtual meeting, vote, and submit questions. To register in advance, you must obtain a legal proxy from the broker, bank, or other nominee that holds your shares giving you the right to vote the shares. You must forward a copy of the legal proxy along with your email address to Computershare. Requests for registration should be directed to:

Computershare

First Solar Legal Proxy

P.O. Box 43001

Providence, RI 02940-3001

Requests from beneficial owners for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m., Eastern Time, on May 6, 2025. Even if you plan to attend the virtual meeting, we recommend that you also submit your proxy or voting instructions as described below so that your vote will be counted if you later decide not to attend the meeting.

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Stockholders of record and beneficial owners who duly registered to attend the annual meeting will be able to vote their shares and submit questions at any time during the virtual meeting by following the instructions on the website referenced above.

If you have technical difficulties or trouble accessing the virtual meeting, please access the support link provided on the website referenced above.

How can I vote my shares without attending the annual meeting?

Whether you hold shares directly as the stockholder of record or beneficially in street name, you may direct how your shares are voted without attending the annual meeting. If you are a stockholder of record, you may vote by proxy. You can vote by proxy over the Internet or telephone by following the instructions provided in the Notice and, if you requested to receive printed proxy materials, you can also vote by mail pursuant to instructions provided on the proxy card. If you hold shares beneficially in street name, you may vote by proxy over the Internet by following the instructions provided in the Notice you receive or as is otherwise provided in such Notice.

Can I change my vote after I submit my proxy?

Yes, you may change your vote at any time prior to the vote at the annual meeting. If you are the stockholder of record, you may change your vote by granting a new proxy bearing a later date (which automatically revokes the earlier proxy), by providing a written notice of revocation to First Solar’s Corporate Secretary at 350 West Washington Street, Suite 600, Tempe, Arizona 85288 prior to your shares being voted, or by attending the annual meeting and voting. Attendance at the annual meeting will not cause your previously granted proxy to be revoked unless you specifically so request. If you hold shares beneficially in street name, you may change your vote by submitting new voting instructions to your broker, bank, or other nominee in accordance with the instructions they provide for such purpose, or, if you have obtained a legal proxy from your broker, bank, or other nominee giving you the right to vote your shares, by attending the annual meeting and voting.

How many shares must be present to hold the annual meeting?

A quorum must be present at the annual meeting for any business to be conducted. For purposes of the annual meeting, a quorum is met by the presence at the annual meeting, directly or by proxy, of the holders of a majority of the total voting power of the outstanding shares of common stock entitled to vote at the annual meeting on the record date. At the close of business on the record date, there were 107,240,417 shares of our common stock outstanding and eligible to vote at the annual meeting. In accordance with Delaware law, the board of directors has authorized that the annual meeting be held via virtual meeting, and accordingly, stockholders and proxy holders virtually attending the annual meeting are deemed present in person for purposes of determining the presence of a quorum. Both “abstentions” and “broker non-votes” are counted for the purpose of determining the presence of a quorum. If a quorum is not present, the chair of the annual meeting may adjourn the meeting until a quorum is present.

What is the voting requirement to approve each of the proposals?

Pursuant to our bylaws, in uncontested elections of directors each nominee is to be elected by the affirmative vote of a majority of the votes cast with respect to such nominee’s election. A person shall be considered to have received a majority of the votes cast with respect to such person’s election only if the number of votes cast “FOR” such person’s election exceeds the number of votes cast “AGAINST” such person’s election.

The proposal to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the year ending December 31, 2025 requires the affirmative vote of holders of a majority of the stock represented and voting on such question.

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The preference of the stockholders with respect to the approval, on an advisory basis, of the resolution approving the compensation of our named executive officers will be determined based on the choice (“FOR” or “AGAINST”) receiving the greatest number of votes. The advisory vote on executive compensation is not binding upon the board of directors. However, the board of directors and compensation committee will take into account the outcome of the advisory vote when considering future executive compensation arrangements.

The stockholder proposal to adopt a special shareholder meeting improvement requires the affirmative vote of holders of a majority of the stock represented and voting on such question.

“Abstentions” and “broker non-votes” will not be counted as a vote cast for purposes of any of the four proposals, thus, neither “abstentions” nor “broker non-votes” will affect the outcome of any matter being voted on at the annual meeting, assuming that a quorum is obtained.

Who pays for the costs of soliciting proxies?

We will reimburse brokerage firms, banks, and other nominees for reasonable expenses incurred by them in sending proxy materials to the beneficial owners of common stock on the record date. In addition to solicitation by mail and the Internet, the Company’s directors, officers, and associates (which is our term for employees and is used throughout this proxy statement to mean employees) may solicit proxies personally, by telephone, or by electronic communication, without additional compensation.

How do I obtain more information about the Company?

A copy of our 2024 Annual Report is available on the website www.edocumentview.com/fslr. Our Annual Report on Form 10-K for the year ended December 31, 2024 is also available on the Investors section of our website at www.investor.firstsolar.com. You may also obtain, free of charge, a copy of our Annual Report on Form 10-K for the year ended December 31, 2024 by writing to Investor Relations at First Solar, Inc., 350 West Washington Street, Suite 600, Tempe, Arizona 85288; Email: investor@firstsolar.com.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR

THE STOCKHOLDER MEETING TO BE HELD ON MAY 14, 2025

This proxy statement and our 2024 Annual Report are available at www.edocumentview.com/fslr.


A Note About the Company Website Although we include references to our website (www.firstsolar.com) throughout this proxy statement, information that is included on our website is not incorporated by reference into, and is not a part of, this proxy statement. Our website address is included as an inactive textual reference only. We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under the SEC’s Regulation FD. Such disclosures will typically be included within the Investors section of our website. Accordingly, investors should monitor such portions of our website, in addition to following our press releases, SEC filings, and public conference calls and webcasts.

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CORPORATE GOVERNANCE

We have adopted corporate governance guidelines that address the governance activities of the board of directors and include criteria for determining the independence of its members. These guidelines are in addition to the requirements of the SEC and The NASDAQ Stock Market LLC (“NASDAQ”). The guidelines also include requirements for the standing committees of the board of directors, responsibilities for board members, and the annual self-evaluation of our board’s and its committees’ effectiveness. The corporate governance guidelines are available on our website at www.firstsolar.com under “Investors – Governance.” At any time that these guidelines are not available on our website, we will provide a copy upon written request made to Investor Relations at First Solar, Inc., 350 West Washington Street, Suite 600, Tempe, Arizona 85288.

Code of Conduct

We have adopted a code of conduct that applies to all directors and associates, including our chair, chief executive officer, chief financial officer, principal accounting officer, and other executive officers. These standards are designed to deter wrongdoing and to promote the honest and ethical conduct of all directors and associates. The code of conduct is posted on our website at www.firstsolar.com under “Investors – Governance.” Any substantive amendment to, or waiver from, any provision of the code of conduct with respect to any director or executive officer will be posted on our website.

Board of Directors Composition

As of the date hereof, the board of directors is composed of 10 directors, including eight independent directors and two non-independent directors, consisting of our chair of the board and our chief executive officer. Molly E. Joseph is not standing for re-election as a director upon expiration of her current term at the 2025 annual meeting. Pursuant to a resolution of the board of directors, effective as of the conclusion of the 2025 annual meeting, the board of directors shall be composed of nine directors.

Board of Directors Leadership Structure

The board of directors’ current leadership structure separates the positions of chair and chief executive officer. Although the roles of chair of the board and chief executive officer are currently separated, the board of directors has not adopted a formal policy regarding its leadership structure and instead believes that the right structure should be based on the needs and circumstances of the Company, its board, and its stockholders at a given point in time, and that the board of directors should remain adaptable to shaping the leadership structure as those needs change.

The board of directors has established the position of lead independent director and adopted a Charter of the Lead Independent Director, which sets forth the duties and responsibilities of the position. The lead independent director’s primary duties and responsibilities include (i) presiding at executive sessions of the board of directors, (ii) calling meetings of the independent directors of the board of directors, (iii) approving agendas for meetings of the board of directors, and (iv) serving as a liaison between the Company’s stockholders and the board of directors and between the independent directors and management. In July 2023, William J. Post was unanimously selected by the independent directors of the board of directors as Lead Independent Director for a one-year renewable term. In July 2024, Mr. Post was unanimously selected by the independent directors of the board of directors to serve an additional one-year renewable term. Mr. Post brings extensive executive and public company board experience to the role, as well as considerable technical experience and expert knowledge on how to grow utility markets. Mr. Post is also a member of the board of directors’ compensation committee, nominating and governance committee, and technology committee.

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The Board’s Role in Risk Oversight

We have a comprehensive risk management process in which management is responsible for identifying and managing the Company’s risks, and the board of directors and its committees provide oversight in connection with these efforts. Risks are identified, assessed, and managed on an ongoing basis and communicated with management during periodic meetings or otherwise, as appropriate. Existing and potential material risks are addressed during periodic senior management meetings, resulting in both board and committee discussions. In addition, risk assessment is embedded in our business decision-making, business planning, budgeting, and strategic planning.

The board of directors is responsible for overseeing management in management’s execution of its risk management responsibilities and for assessing the Company’s approach to risk management. The board of directors administers this risk oversight function either through the full board or through one of its four standing committees, each of which examines various components of the Company’s enterprise risks as part of its responsibilities. The full board reviews enterprise-wide strategic risks and certain other higher risk areas on a regular basis. An overall review of risk is inherent in the board’s consideration of our long-term strategies and in the transactions and other matters presented to the board of directors, including capital expenditures, manufacturing capacity expansions, acquisitions, budgeting, and significant financial matters. A summary of the committee risk management responsibilities are as follows:

•Audit committee: Oversees financial risks (including risks associated with accounting, financial reporting, enterprise resource planning systems, and foreign currencies), legal and compliance risks, information security risks (including cybersecurity), and other risk management functions.

•Compensation committee: Considers risks related to the attraction and retention of talent (including management succession planning) and risks related to the design of compensation programs and arrangements, including a periodic review of such compensation programs to ensure that they do not encourage excessive risk-taking.

•Nominating and governance committee: Considers risks related to corporate governance practices and corporate responsibility.

•Technology committee: Considers risks related to our products (such as product warranties and other product quality and reliability matters) and our ability to achieve the targets in our technology and product roadmaps.

Management regularly reports on risk-related matters to the board of directors or the relevant committee thereof. Management presentations containing information regarding risks and risk management initiatives are given throughout the year in connection with quarterly and special board and committee meetings as well as other communications as needed or as requested by the board of directors or its committees. In addition, our internal audit team reports to the audit committee on a quarterly basis and has open access to the chair of the audit committee.

Insider Trading Compliance Policy and Policy Regarding Hedging of Company Securities

We have adopted an Insider Trading Compliance Policy governing the purchase, sale, and other dispositions of our securities by directors, officers, and employees, or First Solar itself, that is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable listing standards. The full text of such policy is filed as an exhibit to our Annual Report on Form 10-K. Our Insider Trading Compliance Policy also prohibits all directors and associates, including all executive officers, from engaging in any short sales with respect to Company securities; buying or selling puts, calls, or derivatives on Company securities; and purchasing Company securities on margin.

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Share Ownership Requirements

We remain committed to monitoring compliance with our share ownership guidelines pursuant to which our executive officers and directors are required to achieve shareholdings equal to three times his or her annual base salary or five times his or her annual retainer, as applicable, with the exception of our chief executive officer who is required to achieve shareholdings equal to six times his or her annual base salary. Under these guidelines, executives and directors have five years from their date of hire or promotion, or appointment to the board of directors, as applicable, to obtain the required ownership levels. We impose certain limits on the disposition of stock until an executive officer meets and maintains the required ownership level.

Committee Composition

We have four standing committees of the board of directors: the audit committee, the compensation committee, the nominating and governance committee, and the technology committee. The committee membership and meetings during 2024 along with the function of each of the committees are described below.

During 2024, the board of directors held five meetings, and every director attended at least 75% of the total number of meetings of the board of directors and the committees on which he or she served, for an average of approximately 95% attendance.

The following is a list of all directors and the committees on which the directors served as of March 20, 2025:

Board of Directors Member

Audit Committee

Compensation Committee

Nominating and Governance Committee

Technology Committee

Michael J. Ahearn

—

Member

Anita Marangoly George

—

Member

Molly E. Joseph (1)

Member

—

Lisa A. Kro

Chair

—

William J. Post

—

Member

Venkata “Murthy” Renduchintala

—

Chair

Paul H. Stebbins

Member

Chair

—

Michael Sweeney

—

Chair

Member

—

Mark R. Widmar

—

Norman L. Wright

—

Member

—

——————————

(1)Ms. Joseph is not standing for re-election as a director upon expiration of her current term at the 2025 annual meeting.

(2)Dr. Renduchintala will become a member of the audit committee upon conclusion of the 2025 annual meeting.

Audit Committee

The audit committee oversees our financial reporting process on behalf of the board of directors and reports to the board of directors the results of these activities, including monitoring the effectiveness of the systems of internal controls established by management, the Company’s audit and compliance process, and the Company’s financial report filings. The audit committee, among other duties:

•engages the Company’s independent registered public accounting firm;

•pre-approves all audit and non-audit services provided by the Company’s independent registered public accounting firm;

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•reviews with the Company’s independent registered public accounting firm the plans and results of the audit engagement;

•considers whether any non-audit services provided by the Company’s independent registered public accounting firm conflict with the independence of such independent registered public accounting firm;

•participates in the selection of the lead engagement partner of the Company’s independent registered public accounting firm in conjunction with the mandatory rotation of the lead engagement partner;

•reviews the independence of the Company’s independent registered public accounting firm;

•oversees the internal audit function, including the processes and procedures relating to risk assessment and risk management of financial, disclosure, and reporting related matters;

•regularly reviews and discusses with management any major financial risk exposures and the steps management has taken to monitor and control such exposures, including management’s risk assessment and programs associated with internal control systems; and

•regularly (at least quarterly) reviews and discusses with management information security risks (including cybersecurity) and the steps management has taken to monitor and control such exposures, including (i) integration of the Company’s cybersecurity controls and procedures, (ii) program prevention and remediation details, (iii) roadmaps of planned activities and improvements, (iv) internal training and awareness activities, and (v) material cyber incident response plans.

Each member of the audit committee is independent and meets the standards for financial knowledge for companies listed on NASDAQ. In addition, the board of directors has determined that Ms. Kro, an independent director, is qualified as an audit committee financial expert within the meaning of Commission regulations. Ms. Kro’s qualifications as an audit committee financial expert are set forth in her bio under “Directors.”

During 2024, the audit committee held eight meetings. The audit committee operates pursuant to a written charter, which is available on our website at www.firstsolar.com under “Investors – Governance.”

Compensation Committee

The compensation committee reviews and recommends compensation and benefit plans for our officers and directors, reviews the base salary and incentive compensation for each executive officer, reviews and approves corporate goals and objectives relevant to compensation for each executive officer, including our chief executive officer, administers our incentive compensation program for key executive and management associates, reviews at least annually the benefits strategy for all associates, and reviews the Company’s talent management programs and practices that provide for leadership development, performance management, talent acquisition, and succession planning. During 2024, the compensation committee held six meetings.

During 2024, the compensation committee engaged Willis Towers Watson (“WTW”), an independent compensation consulting firm, to advise the compensation committee on matters pertaining to the design, governance, and oversight of executive compensation.

The compensation committee reviews information provided by WTW and analyzes overall Company compensation to ensure that subjective factors such as responsibilities, positions, individual performance, and other similar conditions are recognized. The compensation committee also considers information and recommendations from management regarding past, present, and future compensation of our executive officers under various payment scenarios. For further discussion of the nature and scope of WTW’s assignment, see “Compensation Discussion and Analysis – Compensation Committee Practices – Selection of Peer Companies.”

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Pursuant to its charter, the compensation committee has implemented several safeguards to ensure that WTW provides the compensation committee with independent and objective advice, including through the compensation committee directly retaining WTW, having the sole authority to terminate WTW, and determining the terms and conditions of WTW’s engagement, including the fees charged. On an annual basis, the compensation committee also considers the independence of its advisors, including WTW, on the basis of the following independence factors under the listing standards of NASDAQ and in accordance with Rule 10C-1(b)(4) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and solicits information on these factors in annual certifications from its advisors including these for WTW in 2024:

•whether the advisor provides other services to the Company. In addition to executive compensation services provided by compensation committee consultants of WTW, in 2024 other WTW consulting practices within its Health, Wealth & Career segment provided other services to the Company on matters pertaining to non-executive associate compensation;

•the amount of fees received from the Company as a percentage of the advisor’s total revenue. The total fees we paid to WTW in 2024 represented 0.002% of WTW’s revenue for its 2024 fiscal year of $9.9 billion;

•the policies and procedures of the advisor that are designed to prevent a conflict of interest. WTW has represented to the compensation committee that it has policies and protocols that are intended to ensure that its advice is fully objective and independent. For example, WTW compensation committee consultants do not participate in any of the other consulting services provided to the Company by WTW; and they are not compensated for other services provided to us;

•whether a business or personal relationship exists between the advisor and any member of the compensation committee or executive officer of the Company. No such relationships exist (aside from professional services that WTW may provide to other companies on whose boards our compensation committee members may serve; and/or, in the case of executive officers, aside from the business relationship between WTW and the Company); and

•whether the advisor owns any Company stock. WTW has represented to the compensation committee that no regular member of the WTW executive compensation consulting team that serves the compensation committee directly owns any stock of First Solar, other than (if at all) through investments in mutual funds or other funds that are managed without the consultant’s input.

Based on its review of these factors, the compensation committee concluded that the work of WTW did not raise any independence concerns.

The compensation committee operates pursuant to a written charter, which is available on our website at www.firstsolar.com under “Investors – Governance.”

Compensation Committee Interlocks and Insider Participation

During our last completed fiscal year, Michael Sweeney served as chair and Molly E. Joseph, William J. Post, Paul H. Stebbins, and Norman L. Wright served as members of our compensation committee. Richard D. Chapman served as a member of our compensation committee until May 8, 2024. No member of our compensation committee was an executive officer or associate of the Company during our last completed fiscal year or was formerly an officer of the Company. During such period, none of our executive officers served as a member of the compensation committee or board of directors of any entity where one or more of such other entity’s executive officers serves on our compensation committee or our board of directors.

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Nominating and Governance Committee

The nominating and governance committee reviews the composition, structure, and performance of the board of directors and its committees and leads the process to assess their performance, assesses candidates for appointment to the board, and recommends to the board whether such candidates should stand for election at the next meeting of stockholders. The nominating and governance committee also periodically reviews the Company’s environmental, social, and governance strategies, policies, and initiatives (other than initiatives delegated to other committees), and receives updates from management (at a minimum, biannually) about related activities, including, among others: (i) energy, emissions, and resource efficiency; (ii) inclusion and participation; (iii) product innovation and reliability; (iv) responsible sourcing and human rights; (v) public policy; and (vi) circular economy. During 2024, the nominating and governance committee held five meetings.

The nominating and governance committee operates pursuant to a written charter, which is available on our website at www.firstsolar.com under “Investors – Governance.”

Director nominees are recommended by the nominating and governance committee for selection by the board of directors. In considering new nominees for the board of directors, the nominating and governance committee considers qualified individuals who, if added to the board of directors, would provide an appropriate mix of director characteristics, experience, perspectives, and skills. In accordance with the corporate governance guidelines adopted by the board of directors and the nominating and governance committee charter, criteria for selection of candidates, whether nominated by the committee or by a stockholder, include, but are not limited to: (i) roles and contributions valuable to the business community; (ii) personal qualities of leadership, character, judgment, and whether the candidate possesses and maintains a reputation in the community at large of integrity, trust, respect, competence, and adherence to the highest ethical standards; (iii) relevant knowledge and diversity of perspective and experience in such areas as business, technology, finance and accounting, marketing, government, and other disciplines relevant to our business; (iv) diversity of background, including diversity of gender, race, ethnicity, and LGBTQ+ status; and (v) whether the candidate is free of conflicts and has the time required for preparation, participation, and attendance at all meetings. Consistent with the foregoing, the board and nominating and governance committee are committed to actively seeking highly qualified candidates of diverse backgrounds as part of the search process for new board members.

As indicated by these criteria, the nominating and governance committee does not follow any ratio or formula to determine the composition of the board of directors. Rather, the committee uses its judgment to identify qualified nominees whose backgrounds, attributes, and experiences, taken as a whole, will contribute to the high standards of board service at the Company. The effectiveness of this approach is evidenced by the directors’ participation in the insightful and robust deliberation that occurs at board and committee meetings and in shaping the agendas for those meetings. The board of directors and the nominating and governance committee will continue to monitor the effectiveness of their approach through assessing the results of any new director search efforts and through the board’s and the nominating and governance committee’s self-evaluation processes in which directors discuss and evaluate the composition and functioning of the board of directors and its committees.

The nominating and governance committee considers candidates for board membership recommended by the nominating and governance committee members and other board members, our stockholders, and any other appropriate sources, including search firms, if necessary. If a stockholder submits a nominee recommendation, the nominating and governance committee will evaluate the qualifications of such stockholder recommended nominee using the same selection criteria the committee uses to evaluate other potential nominees.

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Our bylaws require that a stockholder who wishes to nominate an individual for election as a director at our annual meeting must give us advance written notice. The notice must be delivered to or mailed and received by our Corporate Secretary not later than 90 days or earlier than 120 days prior to the anniversary date of the preceding year’s annual meeting. If the annual meeting for which the recommendation is submitted is more than 30 days earlier or more than 60 days later than such anniversary date, such recommendation must be received by our Corporate Secretary not earlier than 120 days prior to the annual meeting and not later than the later of 90 days prior to such annual meeting or the 10th day following the day on which public announcement of the annual meeting date is first made by the Company.

In addition, our bylaws include a “proxy access” provision that permits a stockholder (or a group of up to 20 stockholders) who, subject to certain conditions, has owned 3% or more of our common stock continuously for at least three years, to nominate and include in our annual meeting proxy materials director nominees constituting up to the greater of two directors or 20% of the total numbers of directors in office, subject to certain conditions. Such stockholder(s) and director nominee(s) must satisfy all eligibility, procedural, and disclosure requirements specified in our bylaws, including that each director nominee submitted through the proxy access provisions must meet the qualifications to be an independent director.

Technology Committee

The technology committee oversees our product and technology-related strategies, processes, and programs. During 2024, the technology committee held five meetings.

The technology committee operates pursuant to a written charter, which is available on our website at www.firstsolar.com under “Investors – Governance.”

Special Meeting Right

Immediately following our 2024 annual meeting of stockholders, we amended and restated our amended and restated bylaws to enable stockholders who hold at least 25% or more of the Company’s outstanding common stock continuously for at least one year, and who comply with certain other eligibility and procedural requirements, to call a special meeting of the stockholders.

Stockholder Communications with Directors

A stockholder who wishes to communicate directly with the board of directors, a committee of the board, or an individual director regarding matters related to First Solar should send the communication to First Solar’s Corporate Secretary at 350 West Washington Street, Suite 600, Tempe, Arizona 85288.

We will forward stockholder correspondence about First Solar to the board of directors, committee, or individual director, as appropriate. Please note that we will not forward communications that are spam, junk mail and mass mailings, resumes and other forms of job inquiries, surveys, and business solicitations or advertisements.

Attendance at Stockholder Meetings

We do not have a policy on directors attending our annual meetings. Last year’s annual meeting was held on May 8, 2024 and was attended by seven directors.

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Responsible Solar

The Company discloses substantial information about a number of topics relating to corporate responsibility and sustainability that may be of interest to our stockholders. For information about our efforts regarding our environmental footprint analysis; greenhouse gas emissions intensity reduction; waste management and high-value recycling; and our commitments to labor and human rights, responsible sourcing, and operating a supply chain free of conflict minerals; please read our 2024 Sustainability Report, which is available on our website at www.firstsolar.com/responsiblesolar.

Our thin film module technology has the fastest energy payback time and lowest water use of any competing photovoltaic (“PV”) solar technology, measured on a lifecycle basis that accounts for the energy, raw materials, water usage, transportation across the supply chain, manufacturing process, and end-of-life module recycling. Our Series 7TM (“Series 7”) module is our most eco-efficient product to date, with a carbon and water footprint that is nearly four times lower than conventional crystalline silicon modules manufactured in China and an energy payback time that is approximately five times faster. In just two months under high irradiation conditions, First Solar Series 7 PV modules produce more energy than was required to create them. This corresponds to a 180-fold energy return on investment over a 30-year project lifetime, providing an abundant net energy gain to the electricity grid.

In 2023, First Solar became the first of the world’s largest solar manufacturers to have our science-based and net zero targets validated by the Science-based Target Initiative. We have set science-based targets to reduce our absolute direct (scope 1) and indirect (scope 2) greenhouse gas (“GHG”) emissions by 34% by 2028 and achieve net zero GHG emissions by 2050, relative to 2020. We have also committed to the RE100 campaign, a collaborative, global initiative of influential businesses committed to 100% renewable electricity, in which we plan to utilize renewable sources to power our global manufacturing operations by 2028.

First Solar modules are designed for high-value recycling to maximize material recovery and contribute to a circular economy. Our recycling process recovers more than 90% of module materials for reuse, providing high quality secondary resources for new solar modules and other glass, rubber, and aluminum products. First Solar has a unique and longstanding leadership position in PV recycling, having established the industry’s first global recycling program in 2005 and recycled approximately 400,000 metric tons of PV modules to date. While most PV recycling processes focus only on recovering high-mass fraction materials such as glass and frames (i.e., bulk recycling), our industry-leading PV solar module recycling process goes further by also recovering the semiconductor material for reuse.

In addition to environmental stewardship, First Solar is committed to protecting human rights, enforcing fair labor practices, and addressing the potential risks of forced labor, child labor, human trafficking, and slavery across our own operations and the operations of our suppliers. We own and operate the facilities which manufacture our modules, from sheet of glass to completed module, under one roof. Our manufacturing processes follow a single set of global specifications for components, resulting in a tightly controlled supply chain and quality product. Furthermore, we do not source any module components from Xinjiang, China, which mitigates supply chain disruptions and human rights risks. Our labor and human rights policy establishes minimum requirements for all First Solar associates, and we require our suppliers to commit to comply with the Responsible Business Alliance code of conduct (“RBA code”). Under the terms of First Solar’s supplier agreements, suppliers must also represent, warrant, and covenant that they will not use child, slave, prisoner, or any other form of forced or involuntary labor, or engage in abusive employment in the supply of goods or provision of services. We audit both new and high-risk suppliers for quality as well as environmental, health and safety, ethics, labor, and human rights performance, using the RBA code as a framework. Further, before we use materials and components from a direct supplier in our manufacturing process, a supplier must undergo a rigorous qualification process.

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Board Expertise and Background

The board of directors seeks members who have distinguished records of leadership and success in their area of activity and diversity of background. The board of directors believes that maintaining broad expertise and perspectives enhances the board of directors’ discussions and enables the board of directors to better represent all of the Company’s constituents, including associates, customers, suppliers, and investors.

Our board sets the tone from the top, which enables the Company to drive belonging, participation, and inclusion throughout our organization and to better engage with and understand key stakeholders. Our board of directors and the nominating and governance committee view diversity in a broad sense. Our board of directors and the nominating and governance committee take into consideration not only personal background and perspectives, but also the mix of qualifications of directors and candidates, including tenure, skills, experiences, and talents in the context of the Company’s evolving needs. Accordingly, the board of directors is committed to actively seeking out highly qualified candidates with diverse backgrounds, skills, and experiences as part of the director search process.

As illustrated by their biographies, each of our directors was chosen because his or her background provides each director with the experience and skill set necessary to enable the Company to succeed.

The following matrices provide enhanced disclosure regarding the skills and backgrounds of the members of our board, including certain types of skills, experiences, and attributes which our board believes are relevant to our business and industry. The matrices do not encompass all of the skills, experiences, or attributes of our directors, and the fact that a particular skill, experience, or attribute is not listed does not mean that a director does not possess it. In addition, the absence of a particular skill, experience, or attribute with respect to any of our directors does not mean the director in question is unable to contribute to the decision-making process in that area. The type and degree of skill and experience listed below may vary among the members of the board.

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Board Skills Matrix

(as of March 20, 2025) (1)

Total Number of Directors

Ahearn

George

Joseph

Kro

Post

Renduchintala

Stebbins

Sweeney

Widmar

Wright

Knowledge, Skills, and Experience

Total

Public Company Board Experience

•

Executive Experience

•

Financial Expertise

•

Risk Management

•

Accounting

•

Legal / Regulatory

•

Corporate Governance / Ethics

•

Environmental / Social Responsibility

•

Human Resources / Compensation

•

Operations / Strategic Planning

•

Technology

•

Manufacturing / Utilities / Renewable Energy

•

Public Policy / Academia

•

Mergers and Acquisitions

•

——————————

(1)Ms. Joseph is not standing for re-election as a director upon expiration of her current term at the 2025 annual meeting. Therefore, effective as of the conclusion of the 2025 annual meeting, the board of directors shall be composed of nine directors and the Board Skills Matrix should be evaluated accordingly.

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Board Demographic Matrix

(as of March 20, 2025) (1)

Total Number of Directors

Ahearn

George

Joseph

Kro

Post

Renduchintala

Stebbins

Sweeney

Widmar

Wright

Part I: Gender Identity

Female

•

Male

•

Part II: Demographic Background

African American or Black

•

Alaskan Native or Native American

Asian

•

Hispanic or Latinx

Native Hawaiian or Pacific Islander

White

•

Two or More Races or Ethnicities

LGBTQ+

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DIRECTORS

Members of the board of directors are elected at each annual meeting of stockholders and serve until the next annual meeting or until their respective successors have been elected and qualified. The following information provided with respect to the principal occupation, affiliations, and business experience for each of the candidates for election to the board of directors has been furnished to us by such candidates.

The name of and certain information regarding each director is set forth below as of March 20, 2025. Other than Ms. Joseph, who is not standing for re-election as a director at the 2025 annual meeting, each of the persons is a candidate for election to the board of directors at the 2025 annual meeting. In concluding that each of the following persons should serve as a director, the board of directors considered such person’s qualifications as described below and determined that each individual would provide the contributions to the board of directors as specified. There are no family relationships among directors or executive officers of the Company.


Name	Age	Current Position with First Solar	Director Since
Michael J. Ahearn	68	Chair of the Board	2000
Anita Marangoly George	64	Director	2021
Molly E. Joseph (1)	51	Director	2017
Lisa A. Kro	59	Director	2022
William J. Post	74	Lead Independent Director	2010
Venkata “Murthy” Renduchintala	59	Director	2024
Paul H. Stebbins	68	Director	2006
Michael Sweeney	67	Director	2003
Mark R. Widmar	59	Chief Executive Officer and Director	2016
Norman L. Wright	60	Director	2022

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(1)Ms. Joseph is not standing for re-election as a director upon expiration of her current term at the 2025 annual meeting.

Michael J. Ahearn, Chair of the Board, Technology Committee. Mr. Ahearn previously served as the Company’s chief executive officer from August 2000 to September 2009; interim chief executive officer from October 2011 to May 2012; executive chair from October 2009 to December 2010 and May 2012 to July 2012; and non-executive chair from January 2011 to October 2011 and July 2012 to present. Mr. Ahearn is currently Chair and Managing Partner of True North Venture Partners, L.P., a venture capital firm he launched in 2011 to invest primarily in early stage companies in the energy, water, agriculture, and waste sectors. Prior to First Solar, he was partner and president of an equity investment firm, JWMA (formerly True North Partners, LLC). Prior to joining JWMA, Mr. Ahearn practiced law as a partner in the firm of Gallagher & Kennedy. Mr. Ahearn currently serves as a member of the board of directors of Cox Enterprises, Inc.; and a member of the Global Advisory Board of Beijing Climate Policy Initiative. Mr. Ahearn holds a B.A. in Finance and a J.D. from Arizona State University. During his tenure as chief executive officer of First Solar, Mr. Ahearn led the development and expansion of First Solar from a small, privately held company to a successful multinational, industry-leading public company.

Relevant Skills and Experience

Mr. Ahearn’s experience and insight are critical resources to the board of directors. His service as a former CEO of First Solar, including leading the transition of the Company from a start-up to one of the industry’s major solar technology companies and global providers of PV solar energy solutions, provides him with essential institutional knowledge and vital insight into our organization, history, and industry. He possesses a deep financial knowledge and maintains expertise in strategic planning, capital formation and value creation.

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Anita Marangoly George, Technology Committee. Ms. George is a co-founder of a growth equity climate fund, Prosperete. Ms. George has held key leadership positions at la Caisse de Dépôt et Placement du Québec (“CDPQ”), a global investment group and Canada’s second-largest pension fund manager, managing funds for public retirement and insurance plans. Ms. George served CDPQ from 2016 to 2017 as Managing Director South Asia; from 2017 to 2020 as Executive Vice President and Head of Emerging Markets and Strategic Partnerships; and from 2020 until June 2021 as Executive Vice President, Deputy Head of CDPQ Global. Prior to joining CDPQ, Ms. George spent 22 years with the World Bank Group leading both public and private sector investments in sustainable infrastructure across various geographies. From June 2014 until 2016, she headed the global Energy, Oil and Gas, and Mining practice for the World Bank Group as Senior Director, Global Practice Energy and Extractives; and from 2000 to 2014, at the World Bank Group’s International Finance Corporation (“IFC”). During her tenure at IFC, she served as Global Co-Director Infrastructure and Regional Director Asia Pacific, Infrastructure and Natural Resources. Ms. George is known for her expertise in infrastructure finance, especially renewable energy finance. She led global agreements addressing climate change during her tenure at the World Bank Group and has a distinguished track record in sustainable investments across the globe. In July 2022, Ms. George was appointed as an Independent Non-Executive Director on the Board of Tata Sons, the holding company of the Tata Group. Ms. George has been appointed as an Independent Non-Executive Director on the Board of Piramal Enterprises Limited (PEL), one of India’s leading conglomerates active in financial services and pharmaceuticals. Ms. George also serves on the boards of Pearson College, British Columbia, Canada, one of the United World Colleges; the Indo-Canadian Business Chamber, a not-for-profit promoting trade and investment relations between India and Canada where she served as President between 2020 to 2022; and TalentNomics India, a not-for-profit focused on empowerment of women. Formerly, she served on the World Economic Forum Global Future Council on Infrastructure for two terms, and currently serves on the following nonprofit advisory boards and councils: The Resilience Recovery Fund of the Self Employed Women’s Association (SEWA), Women in Private Equity (an industry association for women in private equity), the Advisory Council of the Chandrakanta Kesavan Center for Energy Transition at the Indian Institute of Technology at Kanpur, the India Energy and Climate Center at the Goldman School of Public Policy, UC Berkeley (an affiliate of the Lawrence Berkeley National Laboratory), and the Financial Advisory Council of the International Solar Alliance (a multilateral institution that promotes solar world-wide). Ms. George holds a master’s degree in Economic Policy and a Master of Business Administration from Boston University, and a Bachelor of Arts from Smith College. In recognition of her work in sustainability, Ms. George has been awarded Honorary Doctorate degrees (LLD) from Huron University and Concordia University, Canada.

Relevant Skills and Experience

Ms. George’s experience working in climate finance and infrastructure across key global markets, combined with her experience and passion for human capital development and sustainability, are valuable resources to the board of directors and the Company. Through her expertise as a financial sector executive, she brings a command of credit, banking, and equity investments. She has also served in a number of international organizations, providing vital insight relevant for First Solar’s expanding international operations, including as we commenced operations of the Company’s first manufacturing facility in India.

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Lisa A. Kro, Audit Committee (Chair). Ms. Kro has served as the Chief Financial & Administrative Officer of Ryan Companies since 2019, overseeing their accounting, finance, human resources, legal, and information technology departments. From 2011 to 2018, Ms. Kro was a founding partner of Mill City Capital, L.P., a private equity firm, where she was Chief Financial Officer and Managing Director. From September 2004 to March 2011, Ms. Kro was the Chief Financial Officer and a Managing Director of Goldner Hawn Johnson & Morrison, a private equity firm. She began her career in public accounting with a 17-year tenure at KPMG, including spending a year at KPMG’s Munich office and serving as the Practice Leader for the Retail, Food & Manufacturing practice in the Midwest. Ms. Kro is a director of MillerKnoll, Inc. (d/b/a Herman Miller, Inc.), a publicly traded company. She has previously served on the board of eight private companies, one public company, and five not-for-profit organizations. Ms. Kro is a member of the National Association of Corporate Directors and the Minnesota chapter of Women Corporate Directors. Ms. Kro has a Bachelor of Science degree from Minnesota State University Moorhead and is a Certified Public Accountant (retired).

Relevant Skills and Experience

Ms. Kro’s accounting background, as well as her work in finance, public accounting, capital markets, and public company audit committee experience provides valuable oversight to the Company's financial accounting controls and reporting and strategic planning and risk management. Her tenure on the boards of both public and non-public companies, along with her executive-level roles, enables Ms. Kro to offer insight into corporate governance practices and leadership.

William J. Post, Lead Independent Director, Compensation Committee, Nominating and Governance Committee, Technology Committee. Mr. Post retired as chair and chief executive officer of Pinnacle West Capital Corporation (“Pinnacle West”) in April 2009. He joined Arizona Public Service (the largest subsidiary of Pinnacle West) in 1973 and held several officer positions at Arizona Public Service and Pinnacle West. Mr. Post joined the boards of Arizona Public Service in 1995 and Pinnacle West in 1997. Mr. Post became chair of both boards in 2001 and retired in April 2010. He is currently chair of the board of the Translational Genomics Research Institute and serves on the boards of directors of Blue Cross Blue Shield of Arizona and the City of Hope. Mr. Post has served as chair of Swift Transportation, SunCor Development Company, Stagg Information Systems, Nuclear Assurance Corporation, Nuclear Electric Insurance Limited, the Institute of Nuclear Power Operations, and El Dorado Investment Company. He also served as a director of Phelps Dodge Corporation and U.S. Airways. In addition to his corporate work, he has been very active in the community serving as chair of the boards of the Business Coalition, Greater Phoenix Leadership, Greater Phoenix Economic Council, Greater Phoenix Chamber of Commerce, and the United Way Campaign. He is currently chair of the Arizona State University Enterprise Partners Foundation. Mr. Post has a Bachelor of Science degree from Arizona State University. Mr. Post has received numerous awards and honors including the National Americanism Award from the Anti-Defamation League, the Arizona State Heritage Award, and an Honorary Doctorate of Letters from Northern Arizona University.

Relevant Skills and Experience

Mr. Post brings to the board of directors executive-level utility-sector experience, including a deep understanding of the utility sector within the southwestern United States, a key market for the Company. He possesses considerable technical experience and expert knowledge on how to grow utility markets, provides critical insight into the viewpoints of the customers we seek to serve, and has deep ties within communities in which we have a presence. His tenure on public company boards, together with his CEO-level experience, allows Mr. Post to provide an in-depth corporate leadership perspective.

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Venkata “Murthy” Renduchintala, Technology Committee (Chair). Dr. Renduchintala was chief engineering officer at Intel Corporation (“Intel”) from November 2015 to August 2020. He also served as group president of Intel’s Technology, Manufacturing, and Systems Architecture group. Prior to joining Intel in 2015, Dr. Renduchintala held various senior positions at Qualcomm Incorporated, where he last served as executive vice president of Qualcomm Technologies (“Qualcomm”) and as co-president of Qualcomm CDMA Technologies from 2012 to 2015. Dr. Renduchintala joined Qualcomm in 2004 from Skyworks Solutions, Inc. (“Skyworks”), where he was vice president and general manager of the Cellular Systems division from 2000 to 2004. Prior to Skyworks, he spent a decade with Philips Electronics, Inc., (“Philips Electronics”) progressing to become vice president of engineering for its consumer communications business. Dr. Renduchintala has served as a member of the board of directors of Accenture plc since 2018. Dr. Renduchintala holds a Bachelor of Engineering in Electrical Engineering, a Master's degree in Business Administration and a Ph.D. in Digital Communication from the University of Bradford in England. He subsequently was awarded the honorary degree of Doctor of Technology by his alma mater for his contributions to science and technology and also appointed as an Honorary Visiting Professor.

Relevant Skills and Experience

Dr. Renduchintala brings to the board of directors global experience through his tenure as an executive at Intel and his other prior positions at Qualcomm, Skyworks, and Philips Electronics. Dr. Renduchintala also brings deep technology expertise that enables Dr. Renduchintala to offer insight into our technology and R&D roadmap. As chief engineering officer at Intel, he also gained expertise in strategic technology-related investments and, as a member of Intel’s executive committee, oversaw the implementation of cybersecurity and risk management policy. His tenure on the board of Accenture plc and participation on both the audit and finance committees enables Dr. Renduchintala to help oversee our financial and accounting functions.

Paul H. Stebbins, Audit Committee, Compensation Committee, Nominating and Governance Committee (Chair). Mr. Stebbins has served as chair emeritus and as a non-employee director of World Kinect Corporation (“World Kinect”) since May 2014. Previously, Mr. Stebbins served as the chair and chief executive officer of World Kinect from July 2002 to January 2012 and as executive chair from January 2012 to May 2014. He has served as a director of World Kinect since June 1995. Between July 2000 and 2002, Mr. Stebbins also served as president and chief operating officer of World Kinect. In 1985, Mr. Stebbins co-founded Trans-Tec Services, a global marine fuel service company acquired by World Kinect in 1995. Mr. Stebbins is a founding member of the FixUSNow.org initiative on civic reform hosted by the Committee for a Responsible Federal Budget (CRFB.org). He is a member of the Advisory Council of Amigos International, a youth leadership development program based in Houston, Texas, a member of the Advisory Board of The Silk Road Project, Inc., a musical ensemble and cultural innovation organization founded by renowned cellist Yo-Yo Ma, and a member of the Council on Foreign Relations.

Relevant Skills and Experience

Mr. Stebbins brings to the board of directors significant CEO-level experience in managing a large global energy-related publicly traded company. His experience as an energy executive and wealth of knowledge regarding the energy industry provides him with insight about strategic, solution-oriented innovation and growth. He has significant, recent public policy expertise, which is beneficial given our Company’s industry, and his insights into recent corporate governance and risk management developments provide critical perspective to the board of directors and the Company’s management.

Michael T. Sweeney, Compensation Committee (Chair), Nominating and Governance Committee. Mr. Sweeney served as President and Chief Executive Officer of Steinway Musical Instruments, Inc. from October 2011 until August 2016, director since April 2011, and chair of the board from July 2011 through September 2013. Mr. Sweeney served as chair of the board of Star Tribune Media Holdings, the holding company for the Minneapolis Star Tribune, from September 2009 to September 2014, and as a director of Carlson Companies, Inc. Mr. Sweeney served as managing partner in Goldner Hawn Johnson & Morrison, Inc., a private equity firm, from 2001 through 2008. He had previously served as president of Starbucks Coffee Company (UK) Ltd. in London and held various operating management and corporate finance roles.

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Relevant Skills and Experience

Mr. Sweeney’s background in investment banking and private equity, as well as his operational business acumen, are valuable resources to the board of directors and the Company, particularly with respect to consideration of compensation, financial matters, and strategic investments. His direct responsibility for business operations in a number of industries, including his service as a CEO, brings experience that is valuable to the board of directors, especially when it comes to corporate strategy and business development.

Mark R. Widmar was appointed Chief Executive Officer of First Solar in July 2016. He joined First Solar in April 2011 as Chief Financial Officer and also served as First Solar’s Chief Accounting Officer from February 2012 through June 2015. Prior to joining First Solar, Mr. Widmar served as Chief Financial Officer of GrafTech International Ltd., a leading global manufacturer of advanced carbon and graphite materials, from May 2006 through March 2011. Prior to joining GrafTech, Mr. Widmar served as Corporate Controller of NCR Inc. from 2005 to 2006 and was a Business Unit Chief Financial Officer for NCR from November 2002 to his appointment as Controller. He also served as a Division Controller at Dell, Inc. from August 2000 to November 2002. Mr. Widmar also held various financial and managerial positions with Lucent Technologies Inc., Allied Signal, Inc., and Bristol Myers/Squibb, Inc. He began his career in 1987 as an accountant with Ernst & Young. He holds a Bachelor of Science in business accounting and a Master of Business Administration from Indiana University.

Relevant Skills and Experience

Mr. Widmar has significant public company experience, having served in a number of senior level executive positions. He has extensive knowledge of the solar energy sector, which is essential to his position as CEO of the Company and enables him to steer First Solar towards long-term strategic growth. He has demonstrated proven leadership and expertise throughout his tenure at First Solar, exhibiting a balanced approach and delivering superior results and value creation.

Norman L. Wright, Compensation Committee, Nominating and Governance Committee. From May 2022 to August 2023, Mr. Wright served as Executive Vice President, Health Equity Strategy of UnitedHealth Group, where he had previously served as Executive Vice President & Chief Customer Officer. He previously served as Executive Vice President & Chief Marketing and Customer Officer and as Executive Vice President & Chief of Global Operations at Optum, a subsidiary of UnitedHealth Group. From 2007 to 2013, Mr. Wright was Managing Director, Client Experience for Citigroup Inc.’s Consumer Operations in North America and led the Retail Bank Call Centers. Prior to this, Mr. Wright served as an executive at a number of companies. He was Executive Partner, Customer Contact Transformation at Accenture plc. from 2004 to 2007, Senior Vice President, HSN Customer Care at HSN from 1999 to 2004, Senior Vice President and General Manager at Fidelity Investments Inc. from 1996 to 1999, Vice President, Customer Service at G.E. Capital from 1994 to 1996, and Vice President, Customer Service at JPMorganChase & Co. from 1986 to 1994. Mr. Wright currently serves on the boards of Option Care Health, the largest independent provider of infusion services in the U.S., and the YMCA of Arizona. He has previously served as a director of UnitedHealth Foundation and YMCA of the North, both non-profits, as well as The Brighton Center, Inc., the Tampa Bay Performing Arts Center, 1st Tee of San Antonio, and the University of Texas at San Antonio. Mr. Wright has a Bachelor of Arts from Swarthmore College.

Relevant Skills and Experience

Mr. Wright has nearly 40 years of experience as an executive in sales and customer service, contact centers, operations, marketing, consumer digital, and business consulting supporting a number of industries. He brings valuable leadership skills and business acumen to the board of directors. His skills and experience leading large scale equity and community engagement strategies and his training in domestic and international arenas to conceptualize and implement strategic plans, drive consumer focused outcomes, and maximize value for organizations are valuable to the Company’s strategic planning efforts.

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Summary of Directors’ Background, Skills, and Experience

Our board of directors comprises members who have held numerous public and private company directorships, as well as chief executive officer, chief financial officer, chief operating officer, and other senior executive positions. Through this, they have gained expertise in strategic planning, business development, risk management, and corporate governance. Several of our directors have maintained positions in the energy, utilities, or solar industry, and, as a result, are highly knowledgeable about the various complexities of our industry. Additionally, we have a number of directors who possess regulatory and public policy experience, which is vital to the success of the Company. A significant portion of our directors have an extensive background in the financial sector, enabling them to offer their business acumen and insights to our Company.

In addition, the board of directors believes that it is important to maintain an appropriate balance between longer-tenured directors and newer directors who add a fresh perspective. Longer-serving directors provide historical and institutional knowledge, as well as valuable insight and critical skills in the boardroom. In particular, given the highly technical industry in which our Company operates, the complexity of our product offerings, and the international scope of our organization, longer-tenured directors are a significant strength to our board of directors. At the same time, more recently-tenured directors provide a fresh perspective on addressing complex and dynamic business settings, particularly as stakeholder expectations are evolving.

Collectively, the diverse skills of our board of directors, their lengthy business and governance experience, and a complementary mix of longer-tenured directors possessing industry and institutional history together with more recently-tenured directors who provide new viewpoints, allows for informed discussions and thoughtful decision making by the board.

The board of directors has not established term limits or a retirement age for directors because of the value in having directors who are knowledgeable about the Company, its operations, and industry. Term and age limits have the disadvantage of forcing the loss of the considerable contributions of those directors who have developed, over a period of time, a deep understanding of the Company and its operations. In lieu of term or age limits, the board of directors, as part of its annual board evaluation process, assesses each sitting director’s potential continuing contributions based upon the results of an annual self-assessment as well as through discussion at meetings of the nominating and governance committee.

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Independence

The board of directors has determined that the following directors are independent as required by the Sarbanes-Oxley Act of 2002, SEC rules and regulations, the listing standards of NASDAQ, and our corporate governance guidelines (collectively, the “Independence Criteria”): Anita Marangoly George, Lisa A. Kro, William J. Post, Venkata “Murthy” Renduchintala, Paul H. Stebbins, Michael Sweeney, and Norman L. Wright. The board of directors also determined that Molly E. Joseph, who is not standing for re-election as a director upon expiration of her current term at the 2025 annual meeting, was also independent in accordance with the Independence Criteria. Furthermore, the board of directors has concluded that the members of each of the audit, compensation, and nominating and governance committees are independent in accordance with the Independence Criteria and such other laws and regulations as may be applicable to those committees in accordance with their charters.

In making its independence determination with respect to Ms. George, the board of directors considered that in 2023, the Company entered into a services agreement with Enviro Enablers India Private Limited (“EEIPL”) related to the safe and compliant disposal of non-hazardous waste at our India manufacturing facility and the related compliance activities for such disposal. The expected price for such services is approximately $4,800 per year, although in 2024 no services were provided by EEIPL to the Company. Mahesh Babu, the husband of Ms. George, a member of our board, has an 11% direct interest in EEIPL and is a director of Scale and Sustainability Associates (“SSA”), which has a further 57% direct interest in EEIPL. The board of directors determined that the services agreement did not impair Ms. George’s independence because the amount of fees is not material to Ms. George, Mr. Babu, EEIPL, SSA, or the Company. Additionally, with respect to Ms. George, the board of directors considered a consultancy services agreement between the Company and SSA related to environmental permitting for our India plant and the employment and compensation cost for one of our associates, Uday Govindswamy, who is an immediate family member of Ms. George. See “Certain Relationships and Related Party Transactions” for more information.

Majority Vote Standard

In an uncontested election of directors, each candidate is to be elected by a majority of the votes cast with respect to such candidate’s election. With respect to any candidate in an uncontested election who is an incumbent director, such director is required to promptly tender his or her resignation to the chair of the board for consideration by the nominating and governance committee if he or she receives less than a majority of votes cast with respect to his or her election. No later than 90 days following the receipt of any such tendered resignation, (i) the board of directors shall, taking into account any recommendation by the nominating and governance committee, take formal action with respect thereto (which action may include accepting or rejecting such tendered resignation, or taking other action as considered appropriate), and (ii) the Company shall publicly disclose the board’s decision and, in the event that the board does not accept such tendered resignation, the rationale for such decision. The nominating and governance committee and the board of directors, in making any recommendation or decision, respectively, relating to such tendered resignation may consider any factors or other information they consider appropriate or relevant. As used in this proxy statement, an “uncontested election of directors” is an election in which the number of nominees is not greater than the number of board seats open for election, and a person shall be considered to have received a majority of the votes cast with respect to such person’s election only if the number of votes cast “for” such person’s election exceeds the number of votes cast “against” such person’s election, with “abstentions” and “broker non-votes” not counted as a vote cast either “for” or “against” such person’s election.

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NON-ASSOCIATE DIRECTOR COMPENSATION

We use a combination of cash and stock-based compensation to attract and retain qualified candidates to serve on the board of directors. When reviewing non-associate director compensation, we are guided by three goals, as provided in our corporate governance guidelines: (i) compensation should fairly pay directors for work required for a company of our size and scope; (ii) compensation should align directors’ interests with the long-term interests of our stockholders; and (iii) the structure of the compensation should be clearly disclosed to our stockholders. The table below summarizes our 2024 non-associate director compensation:


2024 Non-Associate Director Compensation
Annual Retainer for All Non-Associate Directors			$100,000 cash and $180,000 stock
			Additional Chair Retainers
Non-Executive Board Chair			+$50,000 cash and $75,000 stock
Audit Committee Chair			+$35,000 cash
Lead Independent Director			+$30,000 cash
Compensation Committee Chair			+$25,000 cash
Other Committee Chairs			+$15,000 cash

All cash compensation is payable quarterly in four equal installments.

The annual equity compensation is granted quarterly in four equal installments in the form of fully vested stock. We issue the stock to our non-associate directors at the end of the quarter and do not time the grant date of these awards to take advantage of announcements of undisclosed material facts.

Non-associate directors are also subject to a share ownership guideline of five times the cash component of the annual retainer, which currently represents a value of $500,000. Non-associate directors have five years from the date they join the board to attain the share ownership guideline value. As of December 31, 2024, all non-associate directors either met or were on track to meet the share ownership guideline.

In addition to cash and equity compensation, we reimburse all non-associate directors for reasonable and necessary expenses they incur in performing their duties as our non-associate directors. We do not provide our non-associate directors with perquisites.

From time to time, non-associate directors may be asked to serve on special committees for which they may receive additional compensation. For 2024, the components and amounts of our non-associate director compensation were substantially the same as for 2023.

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Non-Associate Director Compensation Table

The following table sets forth information with respect to compensation earned by our non-associate directors for the year ended December 31, 2024:


Name	Fees Earned or Paid in Cash ($)	Stock Awards ($)(1)(2)	Total ($)
Michael J. Ahearn	150,000	255,267	405,267
Richard D. Chapman (3)	50,000	90,162	140,162
Anita Marangoly George	100,000	180,428	280,428
George A. (“Chip”) Hambro (3) (4)	57,500	90,162	147,662
Molly E. Joseph	100,000	180,428	280,428
Craig Kennedy (3)	50,000	90,162	140,162
Lisa A. Kro (4)	135,000	180,428	315,428
William J. Post (4)	130,000	180,428	310,428
Venkata “Murthy” Renduchintala (4) (5)	86,250	135,358	221,608
Paul H. Stebbins (4)	115,000	180,428	295,428
Michael Sweeney (4)	125,000	180,428	305,428
Norman L. Wright	100,000	180,428	280,428

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(1)The amounts in this column represent the aggregate grant date fair value of fully vested common stock granted during the year ended December 31, 2024. See “Compensation Discussion and Analysis – Other Executive Compensation Information – Tax and Accounting Implications” for more information.

(2)The grant date fair value of shares issued on March 31, 2024 was $63,806 for Mr. Ahearn and $45,070 for each of the other non-associate directors. The grant date fair value of shares issued on June 30, 2024 was $63,805 for Mr. Ahearn and $45,092 for each of the other non-associate directors. The grant date fair value of shares issued on September 30, 2024 was $63,857 for Mr. Ahearn and $45,149 for each of the other non-associate directors. The grant date fair value of shares issued on December 31, 2024 was $63,799 for Mr. Ahearn and $45,117 for each of the other non-associate directors. The dollar values of the stock awards do not equal exactly $63,750 per quarter for Mr. Ahearn or $45,000 per quarter for each of the other non-associate directors because we issue whole shares to our non-associate directors and not fractional shares.

(3)Messrs. Chapman, Hambro, and Kennedy each served as non-associate directors until May 8, 2024 (they did not stand for re-election upon expiration of their current terms as of the date of the 2024 annual meeting of stockholders). Therefore, Messrs. Chapman, Hambro, and Kennedy were issued stock awards on March 31, 2024 and June 30, 2024.

(4)The chairs of the nominating and governance and technology committees each received an additional annual cash retainer of $15,000. The chair of the compensation committee received an additional annual cash retainer of $25,000. The chair of the audit committee received an additional annual cash retainer of $35,000. The Lead Independent Director received an additional annual cash retainer of $30,000.

(5)Dr. Renduchintala was elected to the board of directors on May 8, 2024 (the date of the 2024 annual meeting of stockholders). Therefore, Dr. Renduchintala was issued stock awards on June 30, 2024, September 30, 2024, and December 31, 2024.

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND

RELATED STOCKHOLDER MATTERS

The following table sets forth information regarding the beneficial ownership of our common stock as of March 20, 2025 for each person or group who is known by us based solely on our review of SEC filings to beneficially own more than 5% of our common stock, each member of the board of directors and each of our named executive officers, and all members of the board of directors, and our executive officers as a group. Beneficial ownership is determined in accordance with SEC rules and generally includes any shares over which a person exercises sole or shared voting or investment power.

Unless otherwise indicated, each of the stockholders listed below has sole voting and investment power (or shares such powers) with respect to the shares beneficially owned. Except as indicated below, the address for each stockholder, director, or named executive officer is c/o First Solar, Inc., 350 West Washington Street, Suite 600, Tempe, Arizona 85288. This table assumes 107,240,417 shares of common stock outstanding as of March 20, 2025.

Shares
Beneficially Owned (4)

Percentage
Beneficially Owned

Beneficial Owners of 5% or More

The Vanguard Group (1)

12,151,757

11.3

BlackRock, Inc. (2)

11,128,120

10.4

Farhad Fred Ebrahimi (3)

6,876,473

6.4

Directors and Named Executive Officers

Michael J. Ahearn

111,801

Georges A. Antoun

52,836

Alexander R. Bradley

45,717

Anita Marangoly George

3,875

Markus Gloeckler

17,594

Molly E. Joseph

15,567

Lisa A. Kro

3,103

William J. Post

25,889

Venkata “Murthy” Renduchintala

637

Paul H. Stebbins

21,454

Michael Sweeney

17,329

Kuntal Kumar Verma

4,695

Mark R. Widmar

111,890

Norman L. Wright

3,513

All directors and executive officers as a group
(18 persons)

510,677

——————————

*Less than one percent.

(1)Based on information provided by The Vanguard Group, 100 Vanguard Blvd., Malvern, PA 19355, in a Schedule 13G/A filed with the SEC on February 13, 2024 reporting beneficial ownership as of December 29, 2023. According to such Schedule 13G/A, The Vanguard Group has shared voting power with respect to 130,980 shares, sole dispositive power with respect to 11,706,526 shares, and shared dispositive power with respect to 445,231 shares.

(2)Based on information provided by BlackRock, Inc., 50 Hudson Yards, New York, NY 10001, in a Schedule 13G/A filed with the SEC on November 8, 2024 reporting beneficial ownership as of September 30, 2024. According to such Schedule 13G/A, BlackRock, Inc. has sole dispositive power with respect to 11,128,120 shares.

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(3)Based on information provided in a Schedule 13D filed with the SEC on December 10, 2024 reporting beneficial ownership as of December 6, 2024, Farhad Fred Ebrahimi and Mary Wilkie Ebrahimi have shared voting and dispositive power with respect to 6,876,473 shares. The address of Mr. and Ms. Ebrahimi is 191 University Blvd, Suite 246, Denver, Colorado 80206. According to such Schedule 13D, Mr. and Ms. Ebrahimi have acquired and sold shares of First Solar in the open market on various dates.

(4)Neither beneficial owners of 5% or more nor directors nor executive officers of the Company have the right to acquire additional beneficial ownership within 60 days of March 20, 2025.

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

During the year ended December 31, 2022, the audit committee reviewed and approved a related party transaction with SSA. Mahesh Babu, the husband of Anita Marangoly George, a member of our board, is a director of SSA. In September 2021, we entered into a consultancy services agreement with SSA related to environmental permitting for our India plant, and the expected price for such services was approximately $60,000. Since 2022, we have amended the agreement and the Company has approved a revised scope of work for a total expected price of approximately $160,000. Since contract inception, we have incurred approximately $136,000 worth of services under the consultancy services agreement with SSA, of which approximately $43,000 worth of services was incurred during 2024. The audit committee determined that this transaction is on terms that are no less favorable to us than could be obtained from unaffiliated parties and is in our best interests.

During the year ended December 31, 2024, the audit committee reviewed and approved a related party transaction pertaining to the 2024 compensation of one of our associates, Uday Govindswamy, who is an immediate family member of Ms. George, a member of our board. The 2024 compensation cost for Mr. Govindswamy was expected to exceed $120,000, including base salary, bonuses, and stock awards. During 2024, Mr. Govindswamy earned compensation of approximately $167,000. The audit committee determined that this transaction is on terms that are no less favorable to us than could be obtained from unaffiliated parties and is in our best interests. See “Directors – Independence” for more information.

Since December 31, 2023, we have not been a party to any other transaction or series of similar transactions in which the amount involved exceeded or will exceed $120,000 and in which any current director, executive officer, holder of more than five percent of our capital stock, or any member of the immediate family of any of the foregoing had or will have a material interest, other than in connection with the transactions described herein.

Registration Rights

In connection with our initial public offering in 2006, we entered into a registration rights agreement with certain of our stockholders, which was affirmed by the Acknowledgment and Reaffirmation Agreement dated September 15, 2020 by and among the Company and the current successors and assigns of the stockholders to the original registration rights agreement, including Michael J. Ahearn. The registration rights agreement provides for piggyback registration rights if we register equity securities under the Securities Act of 1933, as amended (the “Securities Act”), subject to certain lock-up provisions and exceptions. In addition, subject to certain lock-up provisions and exceptions, Michael J. Ahearn has three demand rights and certain of our stockholders have unlimited demand rights, provided that they may only exercise one such demand right within any 365-day period.

Review and Approval of Related Party Transactions

Our written audit committee charter requires the review and approval by the audit committee of any related person transaction required to be disclosed pursuant to Item 404 of Regulation S-K, to ensure that they are on terms, which, in the judgment of the audit committee, are no less favorable to the Company than could be obtained from unaffiliated parties.

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PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets forth the aggregate fees for audit and other services provided by PricewaterhouseCoopers LLP during the years ended December 31, 2024 and 2023:


	2024		2023
Audit fees (1)	$	3,019,326	$	3,128,614
Audit-related fees (2)	155,000		300,000
Tax fees (3)	573,052		842,563
All other fees (4)	2,148		3,115
Total	$	3,749,526	$	4,274,292

——————————

(1)Audit fees represent the aggregate fees for the audit of our consolidated financial statements and audit services in connection with other statutory and regulatory filings or engagements for 2024 and 2023.

(2)Audit-related fees represent the aggregate fees for assurance and related services that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under “audit fees,” and represent approximately 4% and 7% of the total fees in 2024 and 2023, respectively. In 2024, this category consisted primarily of services related to an agreed-upon procedures report. In 2023, this category consisted primarily of services related to technical review of transactions and the implementation of a new global enterprise resource planning system.

(3)Tax fees represent the aggregate fees billed for tax compliance and consulting services and represent approximately 15% and 20% of the total fees in 2024 and 2023, respectively.

(4)All other fees represent the aggregate fees billed for all other services provided that are not included under “audit fees,” “audit-related fees,” or “tax fees,” and represent less than 1% of the total fees in both 2024 and 2023. Such services represent subscriptions to certain PricewaterhouseCoopers LLP tools.

Audit Committee’s Pre-Approval Policies and Procedures

The audit committee has policies and procedures that require the pre-approval by the audit committee of all fees paid to, and all services performed by, our independent registered public accounting firm, subject to de minimis exceptions for non-audit services set forth in applicable SEC rules. Each year, the audit committee pre-approves the proposed services, including the nature, type, and scope of services to be performed by our independent registered public accounting firm during the year and the related fees. Audit committee pre-approval is also required for those engagements that may arise during the course of the year that are outside the scope of the initial services and fees pre-approved by the audit committee.

The services related to “audit-related fees,” “tax fees,” and “all other fees” presented in the above table were approved by the audit committee pursuant to pre-approval provisions set forth in applicable SEC rules without resort to a waiver of such pre-approval provisions.

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COMPENSATION DISCUSSION AND ANALYSIS

In this Compensation Discussion and Analysis (“CD&A”), we review the objectives and elements of our executive compensation program, its alignment with our performance, and certain compensation decisions for our named executive officers. For 2024, our named executive officers were:

•Mark R. Widmar, Chief Executive Officer;

•Alexander R. Bradley, Chief Financial Officer;

•Kuntal Kumar Verma, Chief Manufacturing Officer;

•Georges J. Antoun, Chief Commercial Officer; and

•Markus Gloeckler, Chief Technology Officer.

Our Business Strategy, Key 2024 Compensation Decisions and Compensation Best Practices

The core philosophies underlying our compensation decisions remain consistent with prior years. Accordingly, we pay executives for performance and seek to align their interests with those of our stockholders. We are America’s leading PV solar technology and manufacturing company and the only U.S.-headquartered company among the world’s largest solar manufacturers. We are also the world’s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. We believe our strategies and points of differentiation, which include our advanced module technology, our manufacturing process and distributed manufacturing presence, our research and development capabilities, our commitment to responsible solar, and our financial stability, provide the foundation for our competitive position and enable us to remain one of the preferred manufacturers of PV solar modules.

We endeavor to align our compensation decisions with these strategies and points of differentiation. As a result, our long-term strategic plans require us to evaluate our approach to compensation to ensure that it reflects the elements needed to effectively compensate and retain our senior leadership team and recruit exceptional new talent. As discussed in this CD&A, we continued to evaluate our approach to compensation in 2024, ultimately concluding that few changes to our existing compensation structure were necessary to remain aligned with our long-term strategic plans, stockholders’ objectives, evolving market practices, and legal requirements.

Certain highlights of key 2024 compensation-related decisions include the following:

•Executive Performance Equity Plan. The compensation committee approved awards under our Executive Performance Equity Plan (“EPEP”), which is a long-term incentive program for key executive officers first implemented in 2017. The EPEP is intended to reward the achievement of performance objectives that align with our long-term strategic plans, including the continued execution of our Series 6 and Series 7 module technologies. In 2024, the compensation committee approved grants of performance units (“PUs”) for key executive officers to be earned over an approximately three-year performance period ending in December 2026. These grants of PUs are intended to represent the largest component of our executives’ potential compensation and are based on the relative attainment of target contracted module sales backlog, production, competitive new technology, and annual operating margin metrics. In designing the 2024 EPEP awards, the compensation committee determined that the selected performance metrics align the interests of our executives with our stockholders by focusing management’s attention on core enablers of long-term competitiveness, such as production and operating margin.

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•2024 Annual Bonus Plan. For the 2024 Annual Bonus Plan (the “2024 Bonus Plan”), we used adjusted net operating income as the threshold performance metric. Adjusted net operating income is defined as operating income as reported in our consolidated statement of operations for the year ended December 31, 2024 (as reported in our 2024 Annual Report on Form 10-K), adjusted to exclude production start-up expense, underutilization, and costs associated with the initial ramp of our manufacturing lines. If we did not achieve the threshold level of adjusted net operating income, no awards would have been paid under the 2024 Bonus Plan. Although liquidity remains an important component of creating long-term stockholder value, the compensation committee determined that it was important to focus management’s efforts on generating adjusted net operating income given the focus on our module technology. Beyond this threshold performance metric, the compensation committee established other performance metrics within the 2024 Bonus Plan, which focused on net cash at year end, global gender representation, safety, module production, volume sold in 2024, and net bookings.

In 2024, we also continued to implement the following “best practices” with respect to our compensation programs for our named executive officers:

•No Executive Perquisites. Consistent with our compensation philosophy, we do not typically provide our named executive officers with any perquisites not generally available to our other associates.

•Clawback Provisions & Policy. We include compensation recoupment (i.e., “clawback”) provisions with respect to compensation awards, new employment agreements, and new change-in-control severance agreements (“CIC Agreements”), which allow us to recoup, to the extent required by applicable law and NASDAQ listing regulations, incentive and separation payments made to our named executive officers if we later determine that the basis on which such compensation was earned was erroneous. All incentive and equity awards and agreements with our named executive officers are subject to clawback in accordance with all applicable laws. We have also adopted a clawback policy (the “Clawback Policy”) that is intended to comply with Section 10D of the Exchange Act, the rules of the SEC, and Rule 5608 of the NASDAQ Stock Market Rules. Additional information on the Clawback Policy is provided under “Clawback Policy” below.

•Hedging Policy. Our hedging policy prohibits our directors and associates, including all named executive officers, from engaging in any hedging strategies or entering into hedging transactions involving Company securities, including (i) engaging in any short sales with respect to any Company securities; (ii) buying or selling puts, calls, or derivatives on any Company securities; and (iii) purchasing any Company securities on margin.

•Share Ownership Guidelines. To further align the interests of executives with those of our stockholders, we remain committed to reviewing our share ownership guidelines that cover our Chief Executive Officer and other executive officers who report directly to the Chief Executive Officer, including the named executive officers. We track each individual’s shareholdings against these guidelines. We and the compensation committee’s independent compensation consultant routinely review the share ownership guidelines against evolving market practice. Under these guidelines, the Chief Executive Officer’s share ownership requirement is six times base salary, and the share ownership requirement of all other executive officers is three times base salary. Executives have five years from the date they become an executive officer to obtain the required ownership levels. We impose certain limits on the disposition of stock until an executive officer meets and maintains the required ownership level. As of December 31, 2024, all named executive officers met or were on track to meet the share ownership requirements.

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•Double-Trigger Equity Vesting. The CIC Agreements that we entered into after July 2013 with executive officers provide for vesting of equity-based compensation only upon a termination without “cause” or resignation for “good reason” within two years following a change in control of the Company (with the exception of all time-based equity awards for Mr. Antoun, which vest upon a change in control). In addition, all PUs granted under the EPEP provide for such double-trigger vesting provided the PUs are assumed by a successor entity in connection with a change in control of the Company.

•No Tax Gross-ups. Our employment agreements with executives do not include tax gross-ups related to Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”). In addition, none of our named executive officers is entitled to excise tax gross-ups.

•Consideration of Our Stockholders’ Feedback Regarding Compensation Practices. Our most recent stockholder advisory vote on our executive compensation (or “say on pay”) at the 2024 annual meeting of stockholders was approved by over 94% of voting stockholders. At the 2023 annual meeting of stockholders, an annual cycle for executive compensation advisory votes (or “say when on pay”) was selected by 98% of voting stockholders. The board of directors, taking these results into account, adopted an annual vote cycle and, for 2024, continued with its executive compensation philosophy. The next say on pay advisory vote will be held at this year’s annual meeting (see Proposal No. 3). We continue to engage with stockholders on a variety of topics and remain committed to fostering further stockholder dialogue.

Clawback Policy

Effective December 1, 2023, the Company adopted a Clawback Policy that is intended to comply with Section 10D of the Exchange Act, the rules of the SEC, and Rule 5608 of the NASDAQ Stock Market Rules. The Clawback Policy applies to the Company’s current and former Section 16 officers. The Clawback Policy applies to all incentive compensation that is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure and includes all plans, programs, or agreements that incorporate or reference the Clawback Policy. Clawback is required if the Company must prepare a restatement of its financial statements due to material noncompliance with any reporting requirements under the securities law. This includes any required restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The amount subject to recovery is the amount of incentive compensation received during the three completed fiscal years immediately preceding the date on which the Company is required to prepare a restatement that exceeds the amount of incentive compensation that otherwise would have been received had it been determined based on the restated amounts.

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Compensation Philosophy

Our compensation philosophy rests on certain foundational principles that inform the way we design our compensation programs and pay our named executive officers. Such principles include the following:

First Solar Pay Is Simple and Is Designed to Align the Interests of Executive Management and Stockholders. Our approach to compensation is straightforward, and this fact is reflected in the components of our executives’ aggregate annual pay. The three primary components of our executive compensation are (i) base salary, (ii) cash incentive compensation (short-term incentive), and (iii) equity compensation (long-term incentive). Our named executive officers have a large percentage of total compensation that is performance-based and “at risk” (i.e., compensation that is not payable to such executives unless certain performance targets are achieved), and a high percentage of our named executive officers’ total compensation is weighted towards equity compensation to align their interests with those of our stockholders. We do not maintain any supplemental executive retirement programs or other deferred compensation arrangements, and generally no perquisites are available for the named executive officers that are not available to our other associates.

Our Compensation Levels Are Generally Consistent with Market Levels and May Reflect Certain Discretion to Conform to, or Reward, Actual Performance. We believe that our named executive officers should be compensated at a level that ensures their continued dedication to the Company and creates potential rewards for extraordinary results when advancing the goals and strategies of the Company. Our compensation committee works with WTW, an independent compensation consultant, which regularly compiles and analyzes market data to determine the pay practices of relevant segments of the talent market and our peer group (as described below), which our compensation committee considers in determining the level and components of our named executive officers’ pay. In determining compensation for our named executive officers for 2024, our compensation committee considered a market study of relevant industries and our peer group at the end of 2023.

In relation to our peer group and other companies of relevant size and complexity, the compensation committee generally considers target total direct compensation (“TDC,” consisting of base salary, target cash bonus, and long-term incentive compensation) around the 50th percentile in the aggregate as a useful reference in determining the competitiveness of our named executive officers’ target TDC. However, the total compensation (as well as individual components, such as base salary and target cash bonus) for an individual executive may fall within a range above or below the 50th percentile based on factors such as tenure in position, individual performance, and criticality of role.

In 2024, the compensation committee targeted the value of the 2024 equity-based compensation from the 50th to 75th percentiles, relative to our peer group. For most senior executive officers, the value of such equity-based awards was composed of approximately 60% in the form of PUs and 40% in the form of restricted stock units (“RSUs”), with the exception of Mr. Antoun who had a mix of 80% and 20%, respectively. These awards, including the PUs that are performance-based and vest subject to and based on the Company’s performance over an approximately three-year period, were determined by the compensation committee to be critical to executive retention and focus on the Company’s long-term strategic objectives during a critical time in the solar industry.

We Pay for Performance. Our choice of metrics (both financial and operational) related to our short- and long-term incentive plans, and the compensation committee’s discretion to modify certain awards granted under the annual incentive plans, are meant to ensure that (i) our named executive officers are not rewarded unless performance goals are achieved and (ii) operational metrics are not achieved at the expense of financial performance.

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Executive Compensation Principles

The compensation committee has responsibility for establishing and overseeing our compensation program as it applies to our named executive officers. The compensation committee bases its executive compensation programs on the principles set forth below, which have generally remained consistent with prior years.


Pay to Market						Compensation should be based on the level of job responsibility, individual performance, and Company performance. Compensation should also reflect the value of the job in the marketplace. To attract and retain a highly skilled workforce, we must provide pay and incentive opportunities that are competitive with the pay and incentive opportunities of other companies that compete with us for talent.

More Responsibility, More Pay at Risk; We Pay for Performance						As associates progress to greater levels of responsibility in the organization, an increasing proportion of their pay should be linked to Company performance and stockholder returns; our senior executives are better able, relative to other associates, to affect the Company’s results.

Metrics Should Motivate Associates to Achieve the Mission						To be effective, performance-based compensation programs should enable participants to easily understand how their efforts can affect their pay through contributions to the Company’s achievement of its strategic, financial, and operational goals. Management prepares programs and materials that are presented to our associates to explain our compensation programs and the objectives of these programs to help our associates better understand how their efforts contribute to Company success.

Evaluating the Market. Although our determination of the amount and mix of compensation elements for our named executive officers is generally not influenced by short-term market shifts, when extraordinary business changes occur, we believe that our compensation practices should include the requisite flexibility to respond to those changes while remaining consistent with our compensation philosophy.

When setting compensation, we review compensation paid by other companies of comparable size in the same or similar industries (e.g., technology, manufacturing, energy services, and general industry), as well as where our compensation falls within our peer group. Our objective is to generally provide TDC opportunities around the 50th percentile in the aggregate (depending on tenure in position, individual performance, and criticality of role) while providing an opportunity to increase compensation further through exceptional performance, subject to a “maximum” cap on performance-based incentives.

We do not exclusively rely on market data to determine executive compensation levels. Instead, we incorporate flexibility into our compensation program and in our assessment process to respond to and adjust for the dynamic business environment in which we operate. As the solar industry and our operating initiatives evolve, we will continue to evaluate our approach to compensation with the goal that it be fully aligned with both the business environment and any future updates to our strategic plans.

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Components of 2024 Executive Compensation

For 2024, the compensation of named executive officers consisted primarily of three components: (i) base salary, (ii) cash incentive compensation (i.e., an annual bonus), and (iii) equity-based compensation (i.e., multi-year equity awards). These components are described in the table below, including how each fits into our overall executive compensation package (i.e., the objectives and the specific elements that our compensation programs are designed to address).

Component

Objective

Focus

Base Salary

ü Provides fixed portion of compensation

ü Compensates based on market value for position, individual performance, level of experience, and critical nature of role to the Company

ü Paid in cash

Cash Incentive Compensation

ü Provides at-risk variable compensation linked to short-term corporate, organizational, and strategic goals without sacrificing long-term Company performance

ü Compensates based on performance relative to shorter-term objectives

ü Paid in cash

Equity-Based Compensation

ü Provides at-risk variable pay compensation linked to long-term performance of the Company, individual performance, and critical nature of role

ü Aligns the long-term interests of our stockholders and our named executive officers

ü Paid in PUs and RSUs

ü Assists in attracting and retaining qualified executives

ü Compensates for overall Company performance

Generally, the types of compensation and benefits provided to the named executive officers are like those provided to other members of our senior executive team.

Compensation Committee Practices

Selection of Peer Companies

In 2024, the compensation committee asked WTW, its independent consultant, to provide (i) data and analysis regarding the selection of companies in our executive compensation peer group and (ii) a comparison of each of the components of the compensation of our named executive officers against the comparable compensation paid to executives in similarly situated positions at our peer group companies. WTW compared each element of compensation for a particular position against similar elements as disclosed by members of our peer group and as reported in a compensation survey of companies of similar size and relevant talent-competitor industries.

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The compensation committee routinely analyzes our peer group to determine if it represents comparable companies and industries, and we have made certain changes to our peer group over the years to include companies similar in size and revenue and with which we compete for talent. To inform decisions about 2024 compensation, our peer group comprised U.S.-based public companies, generally with expected annual revenues between $2 billion and $18 billion, that are (i) part of the semiconductors, renewable energy/independent power production, and electrical components and equipment industries; (ii) based in the U.S., with similar complexity and/or geographic reach; and/or (iii) companies with which we compete for executive talent. Additionally, electric utilities engaged in renewable energy generation were included to ensure that this critical and relevant element of our business is also captured.

This peer group included 28 companies that were generally reflective of a company of our size. When approved by the compensation committee in July 2023, the peer group had approximate median revenues of $4.0 billion and approximate median market capitalization of $13.9 billion. The peer group consisted of:


Ameresco, Inc.	Amkor Technology, Inc.	Analog Devices, Inc.
Array Technologies, Inc.	Avangrid, Inc.	Cirrus Logic, Inc.
Diodes Incorporated	EnerSys	Enphase Energy, Inc.
Entegris, Inc.	Generac Holdings Inc.	KLA Corporation
Lam Research Corporation	Marvell Technology, Inc.	Microchip Technology Incorporated
MKS Instruments, Inc.	Monolithic Power Systems, Inc.	NextEra Energy, Inc.
Nextracker Inc.	ON Semiconductor Corporation	Pinnacle West Capital Corporation
Qorvo, Inc.	Skyworks Solutions, Inc.	SunPower Corporation
Sunrun Inc.	Teradyne, Inc.	The AES Corporation
Xcel Energy Inc.

Review of Peer Company Data

The compensation committee evaluates the compensation of our named executive officers against data regarding the pay practices of companies in our peer group and relevant compensation survey data, looking at individual components of pay, including total amounts paid or payable. In addition, the compensation committee annually reviews the payments to our named executive officers that would be required under various severance scenarios. When conducting this review, the compensation committee also considers information and recommendations from management regarding past, present, and future compensation of our named executive officers under various payment scenarios.

Based on its review and analysis, WTW concluded, and our compensation committee agreed, that the compensation paid to our named executive officers was consistent with our stated compensation objectives regarding our target pay as compared to our peer group and was thus reasonable in the aggregate as compared to the peer group above. See “Executive Compensation Principles – Evaluating the Market.”

Individual Compensation Review

SEC Form DEF 14A filed by First Solar Inc.