Nokia 2015 Annual Report Download - page 167

165
Financial statements
NOKIA IN 2015
Active share-based payment plans by instrument
Performance shares outstanding at threshold(1) Restricted shares outstanding(1)
Number of
performance
shares at threshold
Weighted average grant
date fair value
EUR(2)
Number of
restricted
shares outstanding
Weighted average grant
date fair value
EUR(2)
At January 1, 2013 8 574 085 23 680 532
Granted 6 696 241 2.96 12 347 931 3.05
Forfeited (1 512 710) (3 490 913)
Vested(3) (2 767 412) (2 180 700)
At December 31, 2013 10 990 204 30 356 850
Granted 6 967 365 6.07 1 013 466 5.62
Forfeited (9 338 036) (19 546 605)
Vested (2 500) (4 228 306)
At December 31, 2014 8 617 033 7 595 405
Granted 6 776 996 5.78 342 200 6.22
Forfeited (3 929 604) (3 880 221)
Vested – (1 952 910)
At December 31, 2015(4) 11 464 425 2 104 474
(1) Includes performance and restricted shares granted under other than global equity plans.
(2) The fair values of performance and restricted shares are estimated based on the grant date market price of the Nokia share less the present value of dividends expected to be paid during the
vestingperiod.
(3) Shares vested at 0% payout.
(4) Includes 569 829 performance shares for the Performance Share Plan 2013 that vested on January 1, 2016, and 216 304 restricted shares granted in the fourth quarter under the Restricted Share
Plan 2012.
Employee share purchase plan
The Group oers a voluntary Employee Share Purchase Plan to employees working for Nokia Networks (from 2015), Nokia Technologies and
Group Common Functions. The voluntary Employee Share Purchase Plan was oered to employees of HERE until 2015 and Devices & Services
until 2013. Employees make contributions from their salary to purchase Nokia shares on a monthly basis during a 12-month savings period.
Onematching share is issued for every two purchased shares the employee still holds after the last monthly purchase has been made following
the savings period. In 2015, 140 436 matching shares were issued as settlement to the participants of the Employee Share Purchase Plan 2014
(133 341 matching shares issued in 2014). Employees participating in the 2015 Plan who have transferred with the Sale of the HERE Business
will receive a cash settlement in 2016 according to their accrued share purchases under the 2015 Plan. Employees who participated in the
2013Plan who have transferred to Microsoft following the Sale of the D&S Business received a cash settlement in 2014 for their accrued share
purchases under the 2013 Plan.
Legacy equity compensation programs
Stock options
In 2015, the Group administered two global stock option plans, the Stock Option Plans 2007 and 2011, approved by the shareholders at the
Annual General Meeting in the year when the plan was launched. Stock option plans have not been granted since 2013 as compensation to
Group employees.
Each stock option entitles the holder to subscribe for one new Nokia share. The stock options are not transferable and may be exercised for
shares only. Shares will be eligible for dividends for the nancial year in which the share subscription takes place. Other shareholder rights will
commence on the date on which the subscribed shares are entered in the Trade Register. The stock option grants are generally forfeited if
theemployment relationship with the Group is terminated. Unvested stock options held by employees transferred with the Sale of the HERE
Business in 2015 and the employees who were transferred to Microsoft following the Sale of the D&S Business in 2014 have been forfeited.