Nokia 2008 Annual Report Download - page 105
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Actual Executive Compensation for 2008
At December 31, 2008, Nokia had a Group Executive Board consisting of 12 members. The only
changes in the membership of our Group Executive Board during 2008 were due to the retirement of
Veli Sundba
¨ck, Executive Vice President, Corporate Relations and Responsibility, from the Group
Executive Board as of December 31, 2008 and the appointment of Esko Aho as a new member of our
Group Executive Board, effective January 1, 2009.
The following tables summarize the aggregate cash compensation paid and the longterm equity
based incentives granted to the members of the Group Executive Board under our equity plans in
2008.
Gains realized upon exercise of stock options and sharebased incentive grants vested for the
members of the Group Executive Board during 2008 are included in Item 6.E. “Share Ownership.”
Aggregate Cash Compensation to the Group Executive Board for 2008
Year
Number of
Members
December 31,
2008 Base Salaries
Cash
Incentive
Payments
(1)(2)
EUR EUR
2008............................................ 12 6146393 2713174
(1)
Includes base salary and cash incentives for the 2008 calendar year paid or payable by Nokia for
the respective fiscal year. The cash incentives are paid as a percentage of annual base salary
based on Nokia’s shortterm cash incentives.
(2)
Excluding any gains realized upon exercise of stock options, which are described in Item 6E.
“Share Ownership.”
LongTerm EquityBased Incentives Granted in 2008
(1)
Group Executive Board Total
Total number
of participants
Performance Shares at Threshold
(2)
............. 173500 2463033 6300
Stock Options ............................... 347000 3767163 3500
Restricted Shares ............................ 230000 1746500 300
(1)
The equitybased incentive grants are generally forfeited if the employment relationship
terminates with Nokia prior to vesting. The settlement is conditional upon performance and
service conditions, as determined in the relevant plan rules. For a description of our equity plans,
see Note 22 to our consolidated financial statements included in Item 18 of this annual report.
(2)
At maximum performance, the settlement amounts to four times the number at threshold.
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