Nokia 2009 Annual Report Download - page 239

23. Sharebased payment (Continued)
outstanding until the final settlement in 2008. The final payout, in 2008, was adjusted by the
shares delivered based on the Interim Measurement Period.
(4)
Includes also performance shares vested under other than global equity plans.
(5)
Based on the performance of the Group during the Interim Measurement Period 20052006, under
the 2005 Performance Share Plan, both performance criteria were met. Hence, 3 980 572 Nokia
shares equaling the threshold number were delivered in 2007. The performance shares related to
the interim settlement of the 2005 Performance Share Plan are included in the number of
performance shares outstanding at December 31, 2007 as these performance shares were
outstanding until the final settlement in 2009. The final payout, in 2009, was adjusted by the
shares delivered based on the Interim Measurement Period.
(6)
Includes performance shares under Performance Share Plan 2006 that vested on December 31,
2008.
(7)
Includes performance shares under Performance Share Plan 2007 that vested on December 31,
2009.
There will be no settlement under the Performance Share Plan 2007 as neither of the threshold
performance criteria of EPS and Average Annual Net Sales Growth of this plan was met.
Restricted shares
The Group has granted restricted shares under global plans to recruit, retain, reward and motivate
selected high potential employees, who are critical to the future success of Nokia. It is Nokia’s
philosophy that restricted shares will be used only for key management positions and other critical
talent. The outstanding global restricted share plans, including their terms and conditions, have been
approved by the Board of Directors. A valid authorization from the Annual General Meeting is required
when the plans are to be settled by using Nokia newly issued shares or treasury shares. The Group
may also settle the plans by using cash instead of shares.
All of our restricted share plans have a restriction period of three years after grant, after which period
the granted shares will vest. Once the shares vest, they will be delivered to the participants. Until the
Nokia shares are delivered, the participants will not have any shareholder rights, such as voting or
dividend rights, associated with the restricted shares.
Restricted Shares Outstanding as at December 31, 2009
(1)
Number of
Restricted
Shares
Weighted
average grant
date fair value
EUR
(2)
Restricted Shares at January 1, 2007 ............................ 6 064 876
Granted ..................................................... 1749433 24.37
Forfeited .................................................... 297900
Vested ...................................................... 1521080
Restricted Shares at December 31, 2007 ......................... 5 995 329
Granted
(3)
.................................................... 4799543 13.89
Forfeited .................................................... 358747
Vested ...................................................... 2386728
Restricted Shares at December 31, 2008 ......................... 8 049 397
Granted ..................................................... 4288600 7.59
Forfeited .................................................... 446695
Vested ...................................................... 2510300
Restricted Shares at December 31, 2009 ......................... 9 381 002
F65
Notes to the Consolidated Financial Statements (Continued)