New Orleans Solar Power

Robert Gillette, who will replace Michael Ahearn come Oct. 1, is set to get $5 million sign-on bonus and much more in stock and options.

First Solar’s new CEO will get a cool $5 million sign-on bonus and a starting annual salary of $850,000, according to a company filing with the U.S. Securities and Exchange Commission on Thursday.

Robert Gillette, who is due to start his new gig on Oct. 1, is replacing Michael Ahearn as the leader of one of the largest solar panel makers in the world. Ahearn has been at the helm for about 10 years and will become executive chairman to work on policy advocacy.

In an employment contract signed Wednesday, Tempe, Ariz.-based First Solar (NSDQ: FLSR) agreed to give Gillette annual bonuses that would be set by the compensation committee of its board of directors.

Gillette won’t have to work long to get the first year-end bonus, however. His contract calls for him to receive “at least $850,000 (without proration) and subject to upward adjustment based on performance” for First Solar’s fiscal 2009.

Source: Greentech Media

See and download the full gallery on posterous