First Solar CEO Gillette lands $16M for 3 months
Robert Gillette, CEO of First Solar Inc. since last fall, marked a mega payday in 2009 with a total comp package of nearly $16.6 million, much of that coming from stock awards and a sign-on bonus.
His base salary of $202,692 was complemented by a $5 million sign-on bonus, half of which was paid in 2009 and half of which will be paid this year, regardless of whether he remains with the company, according to First Solar’s proxy statement filed with the U.S. Securities and Exchange Commission.
Gillette also received stock awards valued at $9.75 million, including a fully vested sign-on grant of 20,313 shares at a market price and a new hire grant of 40,625 restricted units scheduled to vest in October 2011. He also received 34,084 vested stock options with an exercise price of $160.
His compensation package further included $850,000 from the company’s incentive plan and $60 in insurance benefits.
Former CEO Michael Ahearn, who remains executive chairman of First Solar, took in $4.28 million last year. His comp package breaks down like this: $525,000, salary; $3.02 million in stock awards; $721,875, incentive plan; $10,352 in other benefits.
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