Nokia 2012 Annual Report Download - page 270

Germany participate in the Nokia German Pension Plan that is 100% company funded. Contributions
are based on pensionable earnings, the pension table and retirement age. For the Nokia Leadership
Team members in UK, the pension accrued in the UK Pension Scheme is a Money Purchase benefit.
Contributions are paid into the UK Pension Scheme by both the member and employer. These
contributions are held within the UK Pension Scheme and are invested in funds selected by the
member.
Termination benefits of the President and CEO
In case of termination by Nokia for reasons other than cause, Mr. Elop is entitled to a severance
payment of up to 18 months of compensation (both annual base salary and target incentive) and his
equity will be forfeited as determined in the applicable equity plan rules, with the exception of the equity
out of the Nokia Equity Program 2010 which will vest in an accelerated manner (the performance
period of Nokia Performance Share Plan 2010 ended in 2012 and no shares were delivered in
accordance with its terms). In case of termination by Mr. Elop, the notice period is six months and he is
entitled to a payment for such notice period (both annual base salary and target incentive for six
months) and all his equity will be forfeited. In the event of a change of control of Nokia, Mr. Elop may
terminate his employment upon a material reduction of his duties and responsibilities, upon which he
will be entitled to a compensation of 18 months (both annual base salary and target incentive), and his
unvested equity will vest in an accelerated manner. In case of termination by Nokia for cause, Mr. Elop
is entitled to no additional compensation and all his equity will be forfeited. In case of termination by
Mr. Elop for cause, he is entitled to a severance payment equivalent to 18 months of notice (both
annual base salary and target incentive), and his unvested equity will vest in an accelerated manner.
Mr. Elop is subject to a 12-month non-competition obligation after termination of the contract. Unless
the contract is terminated by Nokia for cause, Mr. Elop may be entitled to compensation during the
non-competition period or a part of it. Such compensation amounts to the annual base salary and
target incentive for the respective period during which no severance payment is paid.
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