[Form 4] FIRST SOLAR, INC. Insider Trading Activity

Rhea-AI Filing Summary

FIRST SOLAR, INC. executive Nathan B. Theurer, VP – Global Controller and CAO, reported routine equity compensation activity and related tax withholding. On March 6, 2026, restricted stock units vested into 481 shares of common stock tied to grants from March 2021, 2023, 2024, and 2025, and he also received a new grant of 635 restricted stock units under the 2020 Omnibus Incentive Compensation Plan.

In connection with the RSU vesting, a total of 157 shares of common stock were sold on March 9, 2026 at $190.36 per share to satisfy tax withholding obligations, rather than as a discretionary open-market sale. Following these transactions, Theurer holds a direct position of common stock and outstanding restricted stock units as reported in the filing.

Insights

Equity Compensation Analyst

Routine RSU vesting, tax-related share sales, and a new grant; no thesis-changing signal.

The filing shows Nathan B. Theurer receiving equity compensation through restricted stock units that vested into 481 common shares, plus a new grant of 635 RSUs under the 2020 Omnibus Incentive Compensation Plan. These RSUs stem from annual equity grants across multiple years.

A total of 157 shares of common stock were sold at $190.36 per share specifically to cover tax withholding obligations triggered by the RSU vesting, as described in the footnotes. This pattern aligns with standard executive compensation mechanics rather than signaling a discretionary change in exposure.

Theurer also retains remaining common shares and outstanding RSUs after these transactions, indicating continued equity alignment with FIRST SOLAR, INC.. Overall, the activity appears routine and compensation-driven, with limited informational value for assessing the company’s broader fundamentals.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Theurer Nathan B.

(Last) (First) (Middle)

C/O FIRST SOLAR, INC.

4300 E CAMELBACK ROAD, SUITE 220

(Street)

PHOENIX AZ 85018

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST SOLAR, INC. [ FSLR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP - Global Controller and CAO

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/06/2026		M		133(1)	A	$0	133	D
Common Stock	03/06/2026		M		82(2)	A	$0	215	D
Common Stock	03/06/2026		M		95(3)	A	$0	310	D
Common Stock	03/06/2026		M		171(4)	A	$0	481	D
Common Stock	03/09/2026		S		43(5)	D	$190.36	438	D
Common Stock	03/09/2026		S		27(5)	D	$190.36	411	D
Common Stock	03/09/2026		S		32(5)	D	$190.36	379	D
Common Stock	03/09/2026		S		55(5)	D	$190.36	324	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(6)	03/06/2026		M			133	(7)	(7)	Common Stock	133	$0	0	D
Restricted Stock Units	(6)	03/06/2026		M			82	(8)	(8)	Common Stock	82	$0	83	D
Restricted Stock Units	(6)	03/06/2026		M			95	(9)	(9)	Common Stock	95	$0	190	D
Restricted Stock Units	(6)	03/06/2026		M			171	(10)	(10)	Common Stock	171	$0	516	D
Restricted Stock Units	(6)	03/06/2026		A		635		(11)	(11)	Common Stock	635	$0	635	D

Explanation of Responses:

1. Represents shares of common stock issued upon vesting of 20% of the restricted stock units granted on March 6, 2021.

2. Represents shares of common stock issued upon vesting of 25% of the restricted stock units granted on March 6, 2023.

3. Represents shares of common stock issued upon vesting of 25% of the restricted stock units granted on March 6, 2024.

4. Represents shares of common stock issued upon vesting of 25% of the restricted stock units granted on March 6, 2025.

5. Represents shares of common stock sold by the Issuer to satisfy certain tax withholding obligations with the vesting of the restricted stock units.

6. Each restricted stock unit represents the right to receive, upon vesting, one share of the Issuer's common stock in accordance with the Issuer's 2020 Omnibus Incentive Compensation Plan.

7. The restricted stock units were granted on March 6, 2021 as part of the Issuer's annual equity grant to certain associates. The restricted stock units granted on March 6, 2021 vest annually at a rate of 20% on each anniversary of the grant date, commencing on the first anniversary of the grant date.

8. The restricted stock units were granted on March 6, 2023 as part of the Issuer's annual equity grant to certain associates. The restricted stock units granted on March 6, 2023 vest annually at a rate of 25% on each anniversary of the grant date, commencing on the first anniversary of the grant date.

9. The restricted stock units were granted on March 6, 2024 as part of the Issuer's annual equity grant to certain associates. The restricted stock units granted on March 6, 2024 vest annually at a rate of 25% on each anniversary of the grant date, commencing on the first anniversary of the grant date.

10. The restricted stock units were granted on March 6, 2025 as part of the Issuer's annual equity grant to executive officers. The restricted stock units granted on March 6, 2025 vest annually at a rate of 25% on each anniversary of the grant date, commencing on the first anniversary of the grant date.

11. The restricted stock units were granted on March 6, 2026 as part of the Issuer's annual equity grant to executive officers. The restricted stock units granted on March 6, 2026 vest annually at a rate of 25% on each anniversary of the grant date, commencing on the first anniversary of the grant date.

	/s/ Jason E. Dymbort, attorney-in-fact	03/10/2026
	** Signature of Reporting Person	Date
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