Nokia 2014 Annual Report Download - page 106

104 NOKIA IN 2014
The following table sets forth the number of shares in Nokia held by individual Nokia Group Leadership Team members at December 31, 2014.
NoNokia Group Leadership Team member held ADSs at December 31, 2014.
Ordinary shares(1)
Required holding
as a percentage of salary
Rajeev Suri 29 297 300%
Timo Ihamuotila 147 185 200%
Samih Elhage –200%
Ramzi Haidamus –200%
Sean Fernback –200%
(1) Stock options or other equity awards that are deemed as being benecially owned under the applicable SEC rules are not included.
The new share ownership policy eective from January 1, 2015 requires the Nokia Group Leadership Team members to build a shareholding
in Nokia in accordance with above. Executives are given ve years to amass the required level of shareholding and are not permitted to sell any
vesting equity awards other than for the purposes of meeting associated tax and social security liabilities, until the shareholding requirement
is satised.
Performance shares and restricted shares of the Nokia Group Leadership Team
The following table provides certain information relating to performance shares and restricted shares held by the Nokia Group Leadership
Team members at December 31, 2014. These entitlements were granted pursuant to our Nokia Performance Share Plans 2012, 2013
and 2014 and Nokia Restricted Share Plans 2012, 2013 and 2014. For a description of our performance share and restricted share plans,
refer to Note 25, Share based payment, of our consolidated nancial statements included in this annual report.
Performance shares Restricted shares
Plan Name Number(1)
Intrinsic value( (5)
at December 31,
2014 Plan Name Number(1)
Intrinsic value
at December 31,
2014
Name Threshold(2) Maximum(3) EUR EUR
Rajeev Suri 2014 340 020 1 360 078 – – – –
Timo Ihamuotila 2012 0 0 0 2012 104 622 686 320
2013 115 084 460 334 1 302 285(4) 2013 162 164 1 063 796
2014 86 313 345 250 –2014 – –
Samih Elhage 2014 125 546 502 184 – – – –
Ramzi Haidamus 2014 57 500 230 000 – – – –
Sean Fernback 2014 29 500 118 000 –2014 48 126 315 707
(1) The number of units held under the awards made before June 30, 2014, was adjusted to reect the impact of the special dividend paid in 2014.
(2) The threshold number will vest as Nokia shares, subject to the pre-determined threshold performance levels being met with respect to the applicable performance criteria. No Nokia shares were
delivered under the Nokia Performance Share Plan 2012, which would have vested in 2014, as Nokia’s performance did not reach the threshold level with respect to the applicable performance
criteria. Therefore, the shares deliverable at threshold equals zero for the Nokia Performance Share Plan 2012.
(3) The maximum number will vest as Nokia shares, subject to the predetermined maximum performance levels being met with respect to the applicable performance criteria. The maximum number
of performance shares equals four times the number at threshold. No Nokia shares were delivered under the Nokia Performance Share Plan 2012, as Nokia’s performance did not reach the requisite
maximum level with respect to the applicable performance criteria. Therefore, the shares deliverable at maximum equals zero for the Nokia Performance Share Plan 2012.
(4) For the Nokia Performance Share Plan 2013 the value of performance shares is presented on the basis of Nokia’s estimation of the number of shares expected to vest multiplied by the closing market
price of a Nokia share as stated in note (5) below.
(5) The intrinsic value is based on the closing market price of a Nokia share on the Nasdaq Helsinki at December 30, 2014 of EUR 6.56.
Compensation continued