Document:

EX-4.7

 Exhibit 4.7 

 
 

 
 TERMS AND CONDITIONS OF THE NOKIA RESTRICTED SHARE PLAN 2013 

 

	 	1.	Purpose and Scope of the Plan 

 The purpose of the Nokia Restricted Share Plan 2013 is to recruit, retain, reward and motivate selected high potential employees with functional mastery and other employees deemed critical to Nokia’s
future success. This Plan is also intended to promote share ownership of these key employees. To accomplish these objectives the Company may grant eligible Nokia employees Restricted Shares under this Plan. 

The Plan may result in a grant of a maximum of 16 000 000 Restricted Shares. The Board determines the general guidelines under
the Plan and approves the grants to eligible employees within its authority. Grants of Restricted Shares under these terms and conditions may be made between January 24, 2013 and December 31, 2013, inclusive. 

 

	 	2.	Definitions 

Board: Board of Directors of the Company. 
 Company: Nokia Corporation 
 Grant Amount: The number
of Restricted Shares granted to a Participant. 
 Nokia: The Company together with its subsidiaries. Under this
Plan Nokia Siemens Networks B.V. and its subsidiaries are not considered to belong to Nokia. 
 Participant:
Employee of Nokia who has received a grant of Restricted Shares under the Plan. 
 Plan: Restricted Share Plan
2013 of the Company. 
 Restricted Share/Shares: Each Restricted Share represents a right to receive one Share or
its cash equivalent upon settlement subject to the fulfillment of these terms and conditions and provided that no other restriction related to these terms and conditions is applicable. 

Restriction Period: Period after which the Shares shall be settled to the Participant. The Restriction Period shall be no
less than 3 years from the date when the Restricted Shares were granted to the Participant. 
 Settlement Date: A
banking day in Helsinki, Finland falling as soon as practicable after the end of the Restriction Period, as determined by the Company. 
 Share/Shares: The Company’s ordinary shares. The terms and conditions applicable to Shares shall apply to their cash equivalent used for settlement, as applicable. 

 

 
  

	 	3.	Grant of Restricted Shares 

 At grant, each Participant is offered a Grant Amount of Restricted Shares. The Company will notify each Participant of the grant. 
 As a precondition for a valid grant, the Participant must be employed by Nokia at the time of the grant. The Participant may be required to give the Company such authorizations and consents, as the
Company deems necessary in order to administer the Plan. 
  

	 	4.	Restriction Period 

 The
Shares shall be settled to the Participant after the end of the Restriction Period. The end of the Restriction Period shall be specified to the Participant in the grant communication. 

During the Restriction Period, the Participant does not have any legal ownership or any other rights relating to the Shares. The
Participant shall not be entitled to any dividend or have any voting rights or any other rights as a shareholder to the Shares until and unless the Shares have been transferred to the Participant and, in case of new Shares issued by the Company,
until the Shares have been entered to the Trade Register. 
  

	 	5.	Settlement 

 On the
Settlement Date, the Company will complete the settlement by transferring the applicable number of Shares or their cash equivalent to the Participant’s book-entry, brokerage or other bank account, as applicable, provided that the Participant
has complied with these terms and conditions and performed all necessary actions to enable the Company to instruct the settlement. If the Participant has not performed all necessary actions to enable the Company to instruct the settlement, the
Company may, in its sole discretion, sell the Shares on behalf of the Participant and remit the proceeds to the Participant. 

The Company may, in its sole discretion, use for the settlement of Restricted Shares one or more of the following: newly issued Shares,
the Company’s own existing Shares (treasury Shares), Shares purchased from the open market, or, in lieu of Shares, cash. 

The Participants shall not be entitled to any dividend or have any voting rights or any other shareholder rights until and unless the
Shares have been transferred to the Participant and, in case of new Shares issued by the Company, until the Shares have been entered to the Trade Register. 
  

	 	6.	Changes in Employment 

If the employment of the Participant with Nokia terminates prior to the end of the Restriction Period by the reason of retirement,
permanent disability (as defined by the Company in its sole discretion), or death, the Participant retains the right to settlement. In case of death of the Participant prior to the end of the Restriction Period, the Company has the right to settle
the Restricted Shares at the Grant Amount prior to the end of the Restriction Period. If made, such special settlement will constitute full and final settlement of that Restricted Share grant. 

  

 

 
  

 If the employment of the Participant with Nokia terminates prior to the end of the
Restriction Period by any other reason than those mentioned above, the Company is entitled to redeem the Restricted Shares from the Participant without consideration, in which case the Participant shall not be entitled to any settlement under the
Plan. 
 In case of voluntary and/or statutory leave of absence of the Participant, the Company has the right to defer the end
of the Restriction Period or prorate the settlement. 
  

	 	7.	Breach of the Terms and Conditions 

 The Participant shall comply with these terms and conditions, as well as any instructions given by the Company regarding the Plan from time to time. If the Participant breaches these terms and conditions
and/or any instructions given by the Company, the Company may in its discretion at any time prior to settlement rescind the grant of Restricted Shares. 
  

	 	8.	Terms of Employment 

 The
grant or settlement of Restricted Shares does not constitute a term or a condition of the Participant’s employment contract with Nokia under applicable local laws. The Restricted Shares, Shares or their cash equivalent under the Plan do not
form a part of the Participant’s salary or benefit of any kind. 
  

	 	9.	Taxes and other Obligations 

 The Participants are personally responsible for all taxes and social security charges associated with the Restricted Share grants and Shares delivered upon settlement. This includes responsibility for any
and all tax liabilities in multiple countries, if the Participant has resided in more than one country during the Restriction Period. The Participants are advised to consult their own financial and tax advisers (at their own expense) before
accepting the grant in order to verify their tax position. 
 The Participants are also personally responsible for any potential
charges debited by financial institutions in connection with the settlement of the Restricted Shares or any subsequent transactions related to the Shares. 
 Pursuant to applicable laws, the Company is or may be required or may deem it appropriate to withhold taxes, social security charges or fulfill employment related or other obligations upon the grant or
settlement of Restricted Shares, or when Shares are disposed of by the Participants. The Company shall have the right to determine how such collection, withholding or other measures will be arranged or carried out, including but not limited to a
settlement of a net amount remaining after the completion of such measures or a potential sale of the Shares on behalf of the Participants for the completion of such measures. 

 

	 	10.	Validity of these Terms and Conditions 

 These terms and conditions shall become valid and effective upon the approval by the Board. The Board may, in its absolute discretion, at any time amend, modify or terminate these terms and conditions.

  

 

 
  

 Such action by the Board may also, as in each case is determined by the Board affect
the Restricted Share grants that are then outstanding, but not settled. 
  

	 	11.	Administration 

 The Plan
shall be administered by the Company in accordance with the general guidelines approved by the Board. The Company has the authority to interpret these terms and conditions, approve such other rules and procedures and take such other measures, as it
deems necessary or appropriate for the administration of the Plan. Such action may also affect the Restricted Share grants that are then outstanding, but not settled. 
 The Company has the right to determine the practical manner of administration and settlement of the Restricted Shares, including but not limited to the acquisition, issuance, sale, and transfer of the
Shares or their cash equivalent to the Participant. Furthermore, the Company has the right to require from the Participant the submission of such information or contribution that is necessary for the administration and settlement of the Restricted
Share grants. 
  

	 	12.	Rights of Participants in certain Cases 

 12.1 Should the Annual General Meeting of the Company in accordance with the proposal of the Board decide, prior to the settlement of the Restricted Shares, to distribute a special dividend constituting a
deviation from the customary dividend policy of the Company, the Board will decide if and how the Participants will be compensated for the special dividend. Such distribution of special dividend can include, but is not limited to, a distribution of
assets from reserves of unrestricted equity or distribution of share capital to the shareholders. The Board will specify in its proposal for the dividend whether the dividend, or a part of it, shall be considered a special dividend. 

12.2 Should the Company, prior to the settlement of the Restricted Shares, issue new shares, stock options or other special rights to all
shareholders, the Board will in its sole discretion decide what the rights of the Participants will be in such cases. 
 12.3
The Company’s decision to cancel existing shares held by the Company prior to the settlement of the Restricted Shares will not affect the settlement of Restricted Shares nor the number of Restricted Shares outstanding, but not settled.

 12.4. Should the Company, during the Restriction Period, be placed into liquidation, the Company has the right to settle the
Restricted Shares at the Grant Amount within such time period as resolved by the Board. Notwithstanding any other provisions in these terms and conditions, should the Company, prior to the settlement of the Restricted Shares, be deregistered from
the Trade Register, the Participants shall not have any right to settlement. 
 12.5. Should the Company during the Restriction
Period resolve to merge with another existing company or merge with a company to be established, or should the Company resolve to be demerged, the Company has the right to settle the Restricted Shares at the Grant Amount prior to the merger or
demerger or to convert the Restricted Shares into similar equity rights issued by the other company on such terms and within such a time period as resolved by the Board. Notwithstanding any other provisions in these terms and conditions, following
the 

  

 

 
  

 
closing of the merger or demerger, the Participants shall have no right to settlement under this Plan. The same also applies to a merger, in which the Company takes part, and whereby the Company
registers itself as a European Company (Societas Europae) in another member state in the European Economic Area or, if the Company after registering itself into a European Company registers a transfer of its domicile into another member state.

 12.6. Should the Company, prior to the settlement of the Restricted Shares, make a resolution to acquire its own shares
through a tender offer to all the shareholders, the Company shall make an equal offer to the Participants in respect of Restricted Shares outstanding, but not settled. If the Company acquires or redeems its own shares in any other manner, or if the
Company acquires stock options or other special rights entitling to shares, no measures will need to be taken in relation to this Plan. 
 12.7. Should during the Restriction Period a tender offer regarding all shares and stock options issued by the Company be made or should a shareholder under the Articles of Association of the Company or
the Finnish Securities Markets Act have the obligation to redeem the shares from the Company’s other shareholders, or to redeem the stock options, or should a shareholder have under the Finnish Companies Act the right and obligation to redeem
the shares from the Company’s other shareholders, then the Company has the right to settle the Restricted Shares at the Grant Amount prior to the tender offer or the offer to redeem the shares, as resolved by the Board. 

Should a shareholder under the Finnish Companies Act have the right to redeem the shares from the Company’s other shareholders, the
Company has the right, during the Restriction Period, to settle the Restricted Shares at the Grant Amount prior to the redemption, as resolved by the Board, after which the Participants’ obligation to transfer all of their shares will be
subject to the Finnish Companies Act. 
 The Board may, however, in any of the situations resolved in this section 12.7, also
give the Participants an opportunity to convert their Restricted Shares into equity-based incentives issued by another company on such terms and within such time period prior to the completion of the tender offer or redemption, as resolved by the
Board. 
 12.8. Should the Company during the Restriction Period be delisted from NASDAQ OMX Helsinki or its successors, the
Company has the right to settle the Restricted Shares at the Grant Amount prior to the delisting and make other amendments to these terms and conditions as resolved by the Board. 

 

	 	13.	The Recoupment of Equity Gains in the Event of Certain Restatements 

 Under the Nokia Policy on the recoupment of equity gains (“Nokia Policy”), as amended from time to time, in the event of certain restatements, if any of the Company’s financial statements
are required to be restated as a result of fraud or intentional misconduct, the Board of Directors may, in its discretion and at any time, resolve to recover or require reimbursement of all or a portion of any gains realized in accordance with the
terms and conditions set forth in the Nokia Policy. 

  

 

 
  

	 	14.	Governing Law 

 These
terms and conditions are governed by Finnish laws. Disputes arising out of these terms and conditions shall be settled by arbitration in Helsinki, Finland, in accordance with the Arbitration Rules of the Finnish Central Chamber of Commerce.

  

	 	15.	Processing of Personal Data 

 The Company has the right to transfer globally within Nokia and/or to an agent of Nokia any of the personal data required for the administration of the Plan and the settlement of the Restricted Share
grants. The personal data may be administered and processed by the Company or its authorized agent in the future. The Participant is entitled to request access to data referring to the Participant’s person, held by the Company or its agent, and
to request amendment or deletion of such data in accordance with applicable laws, statutes or regulations. In order to exercise these rights, the Participant must contact Nokia Legal and Intellectual Property, in Espoo, Finland. 

  

 

 
  

 SUPPLEMENT TO THE GRANT OF RESTRICTED SHARES UNDER THE NOKIA 

RESTRICTED SHARE PLAN 2013 IN THE USA 
 Amendments to the Nokia Restricted Share Plan 2013 
 For purposes of
Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the Nokia Restricted Share Plan 2013 (“Plan”) is amended, effective as of March 7, 2013, by adding the following “Code
Section 409A Schedule” to the Plan. This Plan, as amended by this Code Section 409A Schedule, is intended to comply with Section 409A of the Code. 
 “Code Section 409A Schedule” 
 Notwithstanding anything in
the terms and conditions of the Plan (“Plan Rules”) to the contrary, effective as of March 7, 2013, the Plan Rules are amended as set forth in this Code Section 409A Schedule in order to avoid adverse or unintended tax
consequences under Section 409A of the Code, and the applicable rules and regulations thereunder to Participants who are (or who may become) US taxpayers (the “US Participants”). The provisions of this Code Section 409A Schedule
shall apply to grants to all US Participants and shall supersede the other Plan Rules to the extent necessary to eliminate inconsistencies between this Code Section 409A Schedule and such other Plan Rules. 

1. In no event shall the Settlement Date occur later than the last banking day of the calendar year in which the Restriction Period ends,
or if later, the the 15th day of the third month after the month in which the Restriction Period ends. 
 2. In cases of
voluntary and/or statutory leave of absence of the US Participant, the length of which exceeds the threshold determined for the relevant type of leave in the applicable human resources policy at the time of the leave, Nokia will prorate and settle
the US Participant’s Restricted Shares after the end of the Restriction Period on the Settlement Date. 
 3. If a US
Participant’s employment with Nokia terminates prior to the end of the Restriction Period by reason of retirement or permanent disability, the US Participant will retain the right to settlement of the Restricted Shares on the Settlement Date.
If a US Participant’s employment terminates due to death, Nokia will settle the Restricted Shares at the Grant Amount prior to the end of the Restriction Period in the second month of the calendar quarter following the date of the US
Participant’s death. 
 4. Notwithstanding the above, Nokia will not settle the Restricted Shares of a US Participant who
is a “specified employee” under Section 409A of the Code earlier than the first business day following the date that is six months following the specified employee’s “separation from service” under Section 409A of
the Code (including, without limitation by reason of retirement, permanent disability or death) or, if earlier, the date of death of the specified employee. 
 5. The following provisions amend Section 12 of the Plan Rules, which is attached as Appendix C to the Legal Document for the Nokia Restricted Share Plan 2013: 

 

	 	a)	Should Nokia distribute a special dividend constituting a deviation from Nokia’s customary dividend policy as contemplated by Section 12.1 of the Plan Rules,
to the extent that US Participants receive the dividend, the dividend will be paid to US Participants after the end of the Restriction Period on the Settlement Date. 

 

 
  

	 	b)	In the event that during the Restriction Period Nokia is liquidated as contemplated by Section 12.4 of the Plan Rules, Nokia will settle the US Participant’s
Restricted Shares at the Grant Amount prior to the end of the calendar year that includes the Settlement Date. 

  

	 	c)	With respect to the transactions contemplated by Sections 12.5 and 12.7 of the Plan Rules, if during the Restriction Period Nokia experiences a change in the ownership
or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of the corporation, that constitutes a change-in-control event under Section 1.409A-3(i)(5) of the U.S. Income Tax Regulations, or any
successor provision (a “409A Change in Control Event”), Nokia will either (i) convert the Restricted Shares into similar equity or equity-based cash rights issued by the surviving corporation or its parent within 30 days of the 409A
Change in Control Event or (ii) settle the US Participant’s Restricted Shares at the Grant Amount within 30 days prior to the 409A Change in Control Event. If during the Restriction Period Nokia engages in a transaction as contemplated by
Section 12.5 or 12.7 of the Plan Rules that does not constitute a 409A Change in Control Event, the Restricted Shares shall be settled in accordance with their terms. 

 

	 	d)	If prior to the settlement of the Restricted Shares Nokia makes a resolution to acquire its own Shares through a tender offer to all the shareholders under
Section 12.6 of the Plan Rules, Nokia will exchange the US Participant’s Restricted Shares at the Grant Amount for a right to receive a cash payment to be paid out after the end of the Restriction Period on the Settlement Date.

  

	 	e)	In the event that during the Restriction Period Nokia is delisted from NASDAQ OMX Helsinki or its successors as contemplated by Section 12.8 of the Plan Rules,
Nokia will exchange the US Participant’s Restricted Shares at the Grant Amount for a right to receive a cash payment to be paid out after the end of the Restriction Period on the Settlement Date. 

6. If any Plan Rule or grant document contravenes any regulations or guidance promulgated under Section 409A of the Code or could
cause any granted Restricted Shares to be subject to taxes, interest or penalties under Section 409A of the Code, Nokia may, in its sole discretion and without the US Participant’s consent, modify the Plan Rules or grant documents to:
(i) comply with, or avoid being subject to, Section 409A of the Code, (ii) avoid the incurrence of additional taxes, interest or penalties under Section 409A of the Code, and (iii) maintain, to the maximum extent
practicable, the original intent of the applicable Plan Rule or provision without contravening the provisions of Section 409A of the Code. 
 * * * * * 
 Except as set forth herein, the Nokia Restricted Share Plan 2013
remains in full force and effect.EX-4.9

 Exhibit 4.9 

 
 

 
  

					
		  	Terms and conditions of the Nokia	  	
			
		  	Employee Share Purchase Plan	  	
			
		  	Approved by the Board of Directors on January 24, 2013	  	

 

 
  

 CONTENT 
  

							
	1	 	 DEFINITIONS AND INTERPRETATION
	  	 	32	  
			
	2	 	 INVITATION
	  	 	35	  
			
	3	 	 ENROLING IN THE PLAN
	  	 	35	  
			
	4	 	 LIMITS AND SCALING BACK
	  	 	36	  
			
	5	 	 PURCHASED SHARES
	  	 	36	  
			
	6	 	 MATCHING SHARE AWARDS
	  	 	37	  
			
	7	 	 END OF THE HOLDING PERIOD
	  	 	38	  
			
	8	 	 FREE SHARES
	  	 	38	  
			
	9	 	 TAXATION AND REGULATORY ISSUES
	  	 	38	  
			
	10	 	 CASH EQUIVALENT
	  	 	39	  
			
	11	 	 WITHDRAWAL
	  	 	39	  
			
	12	 	 CESSATION OF EMPLOYMENT
	  	 	40	  
			
	13	 	 CORPORATE EVENTS
	  	 	41	  
			
	14	 	 INTERNATIONAL TRANSFERS
	  	 	42	  
			
	15	 	 ADJUSTMENTS
	  	 	43	  
			
	16	 	 AMENDMENTS
	  	 	43	  
			
	17	 	 LEGAL ENTITLEMENT
	  	 	43	  
			
	18	 	 GENERAL
	  	 	44	  

  

 

 
  

 The Nokia Employee Share Purchase Plan 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	 	1.1	In this Plan, unless otherwise stated, the words and expressions below have the following meanings: 

 

			
	“Board”	  	the Board of Directors of the Company, any duly authorised committee of the board or any delegate of the board;
		
	“Company”	  	Nokia Corporation, a Company registered in Finland, with Business Identity Code 0112038-9;
		
	“Contribution”	  	the payment made by or on behalf of a Participant in the Participant’s local currency each month (or at such other frequency determined by the Board) during a Savings Period to
be used in the acquisition of Purchased Shares pursuant to the terms of the Plan;
		
	“Contribution Limit”	  	the maximum aggregate amount of Contributions in Euros which may be made by all Participants during a Savings Period determined by the Board in accordance with rule
2.2.6;
		
	“Dealing Day”	  	any day on which the NASDAQ OMX Helsinki exchange, or any other successor body carrying out the business of the NASDAQ OMX Helsinki exchange is open for business;
		
	“Dealing Restrictions”	  	restrictions imposed by the Company’s Insider Policy, the Finnish Securities Markets Act, the rules of the NASDAQ OMX Helsinki exchange, the standards imposed by the Finnish
Financial Supervisory Authority or any applicable laws or regulations applicable anywhere in the world which impose restrictions on share dealing;
		
	“Eligible Employee”	  	an employee of the Company or any of its Participating Subsidiaries who is resident or deemed to be resident in a Participating Jurisdiction;
		
	“Enrolment Period”	  	the period during which Eligible Employees may enter into an Investment Agreement to participate in the Plan pursuant to rule 3;
		
	“Free Shares”	  	Shares acquired by a Participant in accordance with rule 8;
		
	“Group Member”	  	the Company, or any Participating Subsidiary of the Company or any company which is the Company’s holding company or a Subsidiary of the Company’s holding
company;

  
 32 

 

 
  

			
	“Holding Period”	  	a period of one year or any other period as determined by the Board, starting on the Initial Acquisition Date;
		
	“Initial Acquisition Date”	  	the first date, following the end of the Enrolment Period, on which Contributions are applied to acquire Purchased Shares;
		
	“Internal Reorganisation”	  	where immediately after any event described in rule 13.1 or a tender offer, all or substantially all of the issued share capital of the acquiring company is owned directly or
indirectly by the persons who were shareholders in the Company immediately before such event;
		
	“Investment Agreement”	  	the agreement pursuant to which a Participant enrols in the Plan and agrees to make Contributions pursuant to rule 3.1;
		
	“Jurisdiction Limit”	  	the maximum aggregate amount of Contributions in the currency of the applicable jurisdiction that may be made by Eligible Employees resident or deemed to be resident in that
jurisdiction and set by the Board to take account of laws or regulations applicable in that jurisdiction or for any other reason at the Board’s discretion;
		
	“Matching Shares”	  	Shares to which a Matching Share Award relates;
		
	“Matching Share Award”	  	a right granted to each Participant to acquire Shares in accordance with rule 6;
		
	“Matching Share Ratio”	  	the ratio of Matching Shares to Purchased Shares applicable to Matching Share Awards, which will determine the number of Matching Shares to be issued or transferred to Participants
following the end of the Holding Period;
		
	“Original Euro Contribution Value”	  	the total amount in Euros of a Participant’s Contributions to be made over the Savings Period determined in accordance with rule 3.3;
		
	“Participant”	  	an Eligible Employee who has entered in to an Investment Agreement to participate in the Plan pursuant to rule 3, or their estate following the Participant’s
death;
		
	“Participating Jurisdiction”	  	a jurisdiction selected by the Board in which participation in the Plan will be offered;

  
 33 

 

 
  

			
	“Participating Subsidiary”	  	a Subsidiary selected by the Board for the purposes of the Plan;
		
	“Plan”	  	the Nokia Employee Share Purchase Plan in its present form or as from time to time amended;
		
	“Plan Cycle”	  	each occasion on which Eligible Employees are invited to participate in the Plan;
		
	“Purchased Share”	  	a Share acquired by or on behalf of a Participant as described in rule 5;
		
	“Savings Period”	  	a period, determined by the Board, over which Contributions are made by a Participant;
		
	“Scale Back Threshold”	  	the threshold amount in Euros above which a Participant’s Contributions may be scaled back in accordance with rule 4.2 and determined by the Board in accordance with rule
2.2.4;
		
	“Share”	  	a fully paid ordinary share in the capital of the Company;
		
	“Subsidiary”	  	a company in relation to which the Company (or any company which itself exercises control of the Company) exercises control which is included in the Company’s consolidated
financial statements;
		
	“Tax Liability”	  	any tax or social security contributions liability in any jurisdiction in connection with the Plan for which the Participant is liable and for which any Group Member or former Group
Member is obliged to account to any relevant authority;
		
	“Vest”	  	the point at which a Participant becomes entitled to receive the Shares subject to their Matching Share Award; and
		
		  	“Vesting” and “Vested” will be construed accordingly.

  

	 	1.2	Unless the context otherwise requires, references in the Plan to: 

  

	 	1.2.1	the singular include the plural and vice versa; and 

  

	 	1.2.2	the masculine include the feminine and vice versa. 

  

	 	1.3	Headings and explanatory wording does not form part of the Plan. 

  
 34 

 

 
  

	2	INVITATION 

  

	 	2.1	The Board may decide to operate the Plan at any time. 

  

	 	2.2	When the Board decides to operate the Plan, it will also decide in respect of each Plan Cycle: 

 

	 	2.2.1	the Participating Jurisdictions, Participating Subsidiaries and the Eligible Employees are to be invited to participate in the Plan; 

 

	 	2.2.2	the Savings Period and the Holding Period. The Board may set more than one Savings Period or Holding Period to take into account any legal or regulatory requirements
applicable in a Participating Jurisdiction, or for any other reason that it considers appropriate, in its absolute discretion; 

  

	 	2.2.3	the minimum and maximum Contribution in Euros which may be made on an annual basis during the Savings Period and the currency in which each Eligible Employee will be
invited to make Contributions; 

  

	 	2.2.4	any applicable Scale Back Threshold; 

  

	 	2.2.5	the exchange rates by reference to which such minimum and maximum Contributions and the Scale Back Threshold will be converted into the Participants’ local
currency; 

  

	 	2.2.6	any Contribution Limit which the Board deems appropriate to apply; 

  

	 	2.2.7	the jurisdictions (if any) in which a Jurisdiction Limit will apply and the amount of each applicable Jurisdiction Limit; 

 

	 	2.2.8	the Matching Share Ratio; 

  

	 	2.2.9	the Enrolment Period; and 

  

	 	2.2.10	whether Free Shares will be applicable and the terms on which a Participant may acquire Free Shares in accordance with rule 8. 

 

	 	2.3	Any Eligible Employee may be invited to participate in the Plan. The invitation will include the information set out in rule 2.2 (decisions of the Board) provided that
the minimum and maximum Contribution and the Scale Back Threshold will be stated in the local currency applicable to the Eligible Employee and expressed as an amount per month (or such other applicable frequency during the Savings Period).

  

	3	ENROLING IN THE PLAN 

  

	 	3.1	During the Enrolment Period, an Eligible Employee who chooses to participate in the Plan must enter into an Investment Agreement. 

  
 35 

 

 
  

	 	3.2	Each Eligible Employee will be required to specify the Contribution that they wish to make to the Plan for the duration of the Savings Period. The aggregate annual
Contributions during the Savings Period must be at least equal to the minimum Contribution specified by the Board pursuant to rule 2.2.3 (Contribution levels) which, subject to any applicable Jurisdiction Limit, must not exceed the lower of:

  

	 	3.2.1	the maximum Contribution determined by the Board in accordance with rule 2.2.3; and 

 

	 	3.2.2	10% of the Eligible Employee’s annual gross base salary. 

  

	 	3.3	Subject to rule 4 (limits and scaling back), the aggregate Contributions specified by a Participant pursuant to rule 3.2 will be converted to Euros at the exchange rate
referred to in rule 2.2.5 (the original exchange rate) to determine each Participant’s Original Euro Contribution Value for the relevant Savings Period. 

 

	 	3.4	Contributions will be made by or on behalf of Participants by deductions from salary, for the duration of the Savings Period, as soon as practicable after the end of
the Enrolment Period. 

  

	4	LIMITS AND SCALING BACK 

  

	 	4.1	At the end of the Enrolment Period, the aggregate Contributions in Euros to be made by Participants will be calculated for the relevant Savings Period and for this
purpose the same exchange rates as described in rule 2.2.5 (the original exchange rate) will be applied to convert Contributions to be made in another currency to Euros. 

 

	 	4.2	If the aggregate value of Contributions in Euros to be made during the Savings Period determined in accordance with rule 4.1 would exceed any Contribution Limit, the
Board may reduce the Contributions to be made by Participants by such method or methods as it deems appropriate provided that in reducing Contributions, the Board must not reduce the Contributions below the Scale Back Threshold.

  

	 	4.3	If the aggregate Contributions to be made by Participants in a Participating Jurisdiction during the Savings Period in accordance with rule 4.1 would meet or exceed any
Jurisdiction Limit, the Board may reduce Contributions to be made by those Participants using such method or methods as it deems appropriate. 

  

	 	4.4	Where the Contributions to be made by Participants are reduced pursuant to this rule 4, Participants will be notified accordingly before the start of the Savings
Period. 

  

	5	PURCHASED SHARES 

  

	 	5.1	Each Contribution made by a Participant during the relevant Savings Period will be applied to the acquisition of Purchased Shares as soon as practicable following the
date on which the Contribution is made, beginning on the Initial Acquisition Date. 

  

	 	5.2	Purchased Shares may be new Shares, treasury Shares or Shares purchased from the market. Where Shares are purchased in the market at more than one price with
Participants’ Contributions, the average price of the Shares calculated over several Dealing Days may be used to determine the number of Purchased Shares acquired on behalf of each Participant. 

  
 36 

 

 
  

	 	5.3	Where Contributions are made in a currency other than the currency in which Shares are traded, Contributions will be exchanged at the prevailing exchange rate before
being used to acquire Purchased Shares. 

  

	 	5.4	Purchased Shares will be held on the Participants’ behalf during the Holding Period in a nominee account or a book entry account or on such other basis as the
Board determines. 

  

	 	5.5	All dividends paid in respect of Purchased Shares will be used to acquire additional Shares, which will be held for the Participant on the same terms as the Purchased
Shares to which they relate, except that such Shares will not be included when applying the Matching Share Ratio. 

  

	 	5.6	Subject to any Dealing Restrictions, a Participant may sell or transfer some or all of their Purchased Shares at any time during the Holding Period. However, the number
of Matching Shares that will Vest will be reduced proportionately in accordance with rule 6.2 (application of the Matching Share Ratio). 

  

	 	5.7	If a Participant uses his Purchased Shares as security for any liability during the Holding Period, such Purchased Shares will be treated as having been sold or
transferred pursuant to rule 5.6. 

  

	6	MATCHING SHARE AWARDS 

  

	 	6.1	A Participant will receive a Matching Share Award on the first Dealing Day after the Enrolment Period, or if the enrolment is subject to any regulatory approvals, on
the first Dealing Day after such regulatory approval has been obtained provided that there is a period of at least three months between the date on which the Participant receives his Matching Share Award and the end of the Savings Period.

  

	 	6.2	The Matching Share Award will relate to such number of Shares as will be determined by applying the Matching Share Ratio to the number of Purchased Shares held by a
Participant at the end of the Holding Period, whether deemed to end or otherwise, not exceeding that number of Purchased Shares acquired with Contributions up to the Participant’s Original Euro Contribution Value. 

 

	 	6.3	A Participant is not required to pay for the Matching Share Award. 

  

	 	6.4	Before the Shares to which a Matching Share Award relates are issued or transferred to a Participant following Vesting, each Participant will have no rights in respect
of those Shares. 

  

	 	6.5	A Matching Share Award must not be used as security for any liability, be transferred or otherwise disposed of (except in the event of the Participant’s death, to
his personal representatives) and will lapse immediately on any attempt to do so. 

  
 37 

 

 
  

	7	END OF THE HOLDING PERIOD 

  

	 	7.1	Immediately following the end of the Holding Period: 

  

	 	7.1.1	Matching Share Awards will Vest over such number of Shares as specified in rule 6.2 (application of the Matching Share Ratio) and, subject to rule 9 (taxation and
regulatory issues) and rule 10 (cash equivalent), the Vested Shares will be issued or transferred to the Participant as soon as practicable thereafter; and 

 

	 	7.1.2	Purchased Shares will no longer be subject to rule 5.6 (proportionate reduction in Matching Shares) or any other rule of the Plan and subject to rule 9 (taxation and
regulatory issues) a Participant will be entitled to sell or otherwise transfer the Purchased Shares without the sale or transfer having an effect on his right to receive Matching Shares. 

 

	8	FREE SHARES 

  

	 	8.1	If the Board determines pursuant to rule 2.2.10 that Free Shares will be applicable to a Plan Cycle, this rule 8 will apply. 

 

	 	8.2	Any Participant, who makes Contributions to the Plan for such number of consecutive months as determined by the Board pursuant to rule 2.2.10 which are then used to
acquire Purchased Shares on his behalf, will receive a number of Free Shares, determined by the Board, in accordance with rule 8.3. 

  

	 	8.3	Subject to rule 9 (taxation and regulatory issues) and rule 10 (cash equivalent), the Free Shares will be issued or transferred to the Participant as soon as reasonably
practicable following the application of the last of such number of consecutive Contributions referred to in rule 8.2 to the acquisition of Purchased Shares. 

 

	9	TAXATION AND REGULATORY ISSUES 

  

	 	9.1	A Participant will be responsible for and indemnifies each relevant Group Member against any Tax Liability. Any Group Member may withhold an amount to settle such Tax
Liability from any amounts due to the Participant (to the extent such withholding is not in breach of any applicable laws) and/or make any other arrangements as it considers appropriate to ensure recovery of such Tax Liability including, without
limitation, the sale of sufficient Shares acquired subject to a Matching Share Award or otherwise to realise an amount to settle the Tax Liability. A Participant will also be responsible for all taxes and social security liabilities which he is
obliged to account for directly to any tax authority in any jurisdiction in connection with the Plan. 

  

	 	9.2	The Company, the Eligible Employees and the Participants are obliged to comply with any applicable laws and regulations on insider dealing and any Company insider
policies. 

  
 38 

 

 
  

	10	CASH EQUIVALENT 

  

	 	10.1	At any time prior to Vesting of a Matching Share Award or the issue or transfer of Free Shares pursuant to rule 8.3, the Board may determine that in substitution for
his right to acquire some or all of the relevant Shares, the Participant will instead receive a cash sum. The cash sum will be equal to the market value of that number of the Shares which would otherwise have been issued or transferred and for these
purposes: 

  

	 	10.1.1	market value will be determined on the date of Vesting in the case of a Matching Share Award and, in the case of Free Shares, the date on which the last of the
Contributions is applied to acquire Purchased Shares in accordance with rule 8.2; and 

  

	 	10.1.2	the cash sum will be paid to the Participant as soon as practicable thereafter, net of any deductions (including but not limited to any Tax Liability or similar
liabilities) as may be required by local law. 

  

	11	WITHDRAWAL 

  

	 	11.1	Subject to any Dealing Restrictions, a Participant may, at any time during the Savings Period give notice that he wishes to withdraw from the Plan. Where a Participant
has given notice to withdraw from the Plan in accordance with this rule 11.1, his Contributions will cease as soon as practicable thereafter. 

  

	 	11.2	Subject to any mandatory rules in a Participating Jurisdiction, if a Participant takes a voluntary or statutory leave of absence such that Contributions cannot be made
pursuant to rule 3.4, the Participant will be deemed to have withdrawn from the Plan in accordance with rule 11.1. 

  

	 	11.3	If rule 11.1 applies, any Purchased Shares acquired on the Participant’s behalf will remain subject to the rules of the Plan including rule 5.6 (proportionate
reduction in Matching Shares) for the remainder of the Holding Period. 

  

	 	11.4	At the end of the Holding Period: 

  

	 	11.4.1	Matching Share Awards will Vest over such number of Shares as specified in rule 6.2 (application of the Matching Share Ratio) and, subject to rule 9 (taxation and
regulatory issues) and rule 10 (cash equivalent), the Vested Shares will be issued or transferred to the Participant as soon as practicable thereafter; and 

 

	 	11.4.2	Purchased Shares will no longer be subject to rule 5.6 (proportionate reduction in Matching Shares) or any other rule of the Plan and subject to rule 9 (taxation and
regulatory issues) a Participant will be entitled to sell or otherwise transfer the Purchased Shares without the sale or transfer having an effect on his right to receive Matching Shares. 

  
 39 

 

 
  

	12	CESSATION OF EMPLOYMENT 

  

	 	12.1	Where a Participant ceases to hold office or employment with a Group Member before the end of the Holding Period other than in accordance with rule 12.2, the Holding
Period will be deemed to end and: 

  

	 	12.1.1	Purchased Shares will no longer be subject to rule 5.6 (proportionate reduction in Matching Shares) or any other rule of the Plan and subject to rule 9 (taxation and
regulatory issues) a Participant will be entitled to sell or otherwise transfer the Purchased Shares; and 

  

	 	12.1.2	his Matching Share Award will lapse on the date of such cessation. 

  

	 	12.2	Where a Participant ceases to hold office or employment with a Group Member before the end of the Holding Period for one of the following reasons:

  

	 	12.2.1	death; 

  

	 	12.2.2	permanent disability; 

  

	 	12.2.3	retirement with the agreement of the Participant’s employer; 

  

	 	12.2.4	redundancy; or 

  

	 	12.2.5	the Participant’s employing company ceasing to be a Group Member or the transfer of an undertaking or part of an undertaking (in which the Participant is employed)
to a person who is not a Group Member 

 the Holding Period will be deemed to end on the date of such cessation
and rule 12.3 will apply. 
  

	 	12.3	Where a Participant ceases to hold office or employment for one of the reasons specified in rule 12.2: 

 

	 	12.3.1	Purchased Shares will no longer be subject to rule 5.6 (proportionate reduction in Matching Shares) or any other rule of the Plan and subject to rule 9 (taxation and
regulatory issues) a Participant will be entitled to sell or otherwise transfer the Purchased Shares without the sale or transfer having an effect on his right to receive Matching Shares; and 

 

	 	12.3.2	Matching Share Awards will Vest over such number of Shares as specified in rule 6.2 (application of the Matching Share Ratio) provided that unless the Board determines
otherwise, no Vested Shares will be issued or transferred to a Participant and instead, subject to rule 9 (taxation and regulatory issues) a cash payment will be made to the Participant in accordance with rule 10 (cash equivalent) in respect of all
the Vested Shares to which his Matching Share Award relates. 

  

	 	12.4	For the purposes of the Plan, a person will be treated as ceasing to hold office or employment with a Group Member on the last day of employment.

  
 40 

 

 
  

	13	CORPORATE EVENTS 

  

	 	13.1	On the occurrence of any of the events set out below, subject to rule 13.4, the Holding Period will be deemed to end on the date of such event and rule 13.2 will apply.
These events are: 

  

	 	13.1.1	the placement of the Company into liquidation; 

  

	 	13.1.2	the resolution of merger, where the Company merges into another company, or demerger of the Company in accordance with the Finnish Companies Act.

  

	 	13.2	On the occurrence of any of the events referred to in rule 13.1 the Holding Period will be deemed to end at that time and: 

 

	 	13.2.1	Matching Share Awards will Vest over such number of Shares as specified in rule 6.2 (application of the Matching Share Ratio) and, subject to rule 9 (taxation and
regulatory issues) and rule 10 (cash equivalent), the Vested Shares will be issued or transferred to the Participant as soon as practicable thereafter; and 

 

	 	13.2.2	Purchased Shares will no longer be subject to the rule 5.6 (proportionate reduction in Matching Shares) or any other rule of the Plan and subject to rule 9 (taxation
and regulatory issues) a Participant will be entitled to sell or otherwise transfer the Purchased Shares without the sale or transfer having an effect on his right to receive Matching Shares. 

 

	 	13.3	Other events 

  

	 	13.3.1	If the Company is or may be affected by a delisting, special dividend, tender offer, redemption of Shares or other event which, in the opinion of the Board, may affect
the current or future value of Shares, the Board may determine that conditional on the event occurring, the Holding Period will be deemed to end on the date of the event and: 

 

	 	i)	Matching Share Awards will Vest over such number of Shares as specified in rule 6.2 (application of the Matching Share Ratio) and, subject to rule 9 (taxation and
regulatory issues) and rule 10 (cash equivalent), the Vested Shares will be issued or transferred to the Participant as soon as practicable thereafter; and 

 

	 	ii)	Purchased Shares will no longer be subject to the rule 5.6 (proportionate reduction in Matching Shares) or any other rule of the Plan and subject to rule 9 (taxation
and regulatory issues) a Participant will be entitled to sell or otherwise transfer the Purchased Shares without the sale or transfer having an effect on his right to receive Matching Shares. 

  
 41 

 

 
  

	 	13.3.2	If the event does not occur then rule 13.3.1 will not apply and the Savings Period and Holding Period will continue in respect of both Purchased Shares and Matching
Share Awards. 

  

	 	13.4	Exchange of the Matching Share Award 

  

	 	13.4.1	A Matching Share Award will not Vest under rule 13.2 or in accordance with rule 13.3 as a result of a tender offer, but will be released automatically in consideration
of the grant of a new award which, in the opinion of the Board, is equivalent to the Matching Share Award (“Existing Award”), but relates to shares in a different company (whether the acquiring company or a different company), to the
extent that: 

  

	 	i)	an offer to exchange the Existing Award is made and accepted by a Participant; 

 

	 	ii)	there is an Internal Reorganisation; or 

  

	 	iii)	the Board decides (before the event) that an Existing Award will be automatically exchanged. 

 

	 	13.5	Any reference to the Board in this rule 13 means the members of the Board immediately prior to the relevant event. 

 

	14	INTERNATIONAL TRANSFERS 

  

	 	14.1	If during a Savings Period: 

  

	 	14.1.1	a Participant ceases to be resident (or to be deemed to be resident) in a Participating Jurisdiction (the “Original Participating Jurisdiction”);

  

	 	14.1.2	the Participant immediately becomes resident (or is deemed to become resident) in another Participating Jurisdiction (the “New Participating Jurisdiction”);

  

	 	14.1.3	the events described at rules 14.1.1 and 14.1.2 do not cause the Participant to cease to hold office or employment with a Group Member in accordance with rules 12.1 or
12.2; and 

  

	 	14.1.4	the currency in the New Participating Jurisdiction is different from the currency in the Original Participating Jurisdiction 

the Participant will continue to make Contributions to the Plan but after he ceases to be resident (or deemed to be resident) in the
Original Participating Jurisdiction, the aggregate 

  
 42 

 

 
  

 
Contribution specified by the Participant pursuant to rule 3.2 will be converted from the currency applicable in the Original Participating Jurisdiction to the currency in the New Participating
Jurisdiction using the exchange rate referred to in rule 2.2.5 and the Contributions made by the Participant after he becomes resident (or is deemed to be resident) in the New Participating Jurisdiction will then be applied to the acquisition of
Purchased Shares in accordance with rule 5. 
  

	 	14.2	If during a Savings Period a Participant ceases to be (or to be deemed to be) resident in an Original Participating Jurisdiction and does not immediately become
resident (or be deemed to be resident) in a New Participating Jurisdiction, provided neither rule 12.1 or 12.2 is applicable: 

  

	 	14.2.1	the Participant will not make any further Contributions to the Plan after the date on which he ceases to be resident in the Original Participating Jurisdiction; and

  

	 	14.2.2	any Purchased Shares already acquired on the Participant’s behalf will remain subject to the rules of the Plan for the duration of the Holding Period, when rule 7
will apply. 

  

	15	ADJUSTMENTS 

  

	 	15.1	The number of Shares subject to a Matching Share Award may be adjusted in such manner as the Board determines, in the event of: 

 

	 	15.1.1	any variation of the share capital or in the number of Shares of the Company; or 

 

	 	15.1.2	a demerger, delisting, special dividend, rights issue or other event which may, in the Board’s opinion, affect the current or future value of Shares.

  

	16	AMENDMENTS 

  

	 	16.1	The Board may at any time amend the rules of the Plan, provided that no amendment to the material disadvantage of existing rights of Participants will be made unless:

  

	 	16.1.1	every Participant who may be affected by such amendment has been invited to indicate whether or not he approves the amendment; and 

 

	 	16.1.2	the amendment is approved by a majority of those Participants who have so indicated. 

 

	17	LEGAL ENTITLEMENT 

  

	 	17.1	This rule 17 applies during a Participant’s employment with any Group Member and after the termination of such employment. 

 

	 	17.2	Nothing in the Plan or its operation forms part of the terms of employment of a Participant and the rights and obligations arising from a Participant’s employment
with any Group Member are separate from, and are not affected by, the Participant’s participation in the Plan. Participation in the Plan does not create any right to continued employment for any Participant. 

  
 43 

 

 
  

	 	17.3	The acquisition of Purchased Shares on behalf of a Participant or the grant of any Matching Share Award to a Participant or the acquisition of any Free Shares does not
create any right for that Participant to be offered participation in the Plan in future or to be granted any additional Matching Share Awards or for Purchased Shares or Free Shares to be acquired or Matching Share Awards to be granted on any
particular terms, including the number of Shares to which a Matching Share Award relates. 

  

	 	17.4	By Participating in the Plan, a Participant waives all rights to compensation for any loss in relation to the Plan, including: 

 

	 	17.4.1	any loss or reduction of any rights or expectations under the Plan in any circumstances or for any reason; 

 

	 	17.4.2	any exercise of a discretion or a decision taken in relation to any Purchased Shares, Matching Share Awards and/or to the Plan, or any failure to exercise a discretion
or take a decision; 

  

	 	17.4.3	the operation, suspension, termination or amendment of the Plan. 

  

	18	GENERAL 

  

	 	18.1	The Plan will terminate by the passing of a resolution by the Board. Termination of the Plan will be without prejudice to the existing rights of Participants.

  

	 	18.2	Participants shall not be entitled to any dividends or have any voting rights or other shareholder rights until the Shares have been transferred to the Participant and,
in case of new Shares issued by the Company, until the Shares have been entered to the Trade Register. 

  

	 	18.3	Participants consent to the processing of personal data in connection with their participation in the Plan by any Group Member (and any third party appointed by a Group
Member in connection with the Plan) including the administration, maintenance of records and the provision of Participants’ details to future purchasers of the Company. Depending on the location of the Participant, the data might be transferred
internationally. The processing is described in more detail in the privacy supplement that will be provided to each Participant. 

  

	 	18.4	All charges levied in connection with the delivery or sale of Shares pursuant to the Plan will be borne by Participants. 

 

	 	18.5	The Plan will be administered by the Board. The Board will have full authority, consistent with the Plan, to administer the Plan, including authority to interpret and
construe any provision of the Plan and to adopt regulations for administering the Plan. Decisions of the Board will be final and binding on all parties. 

  
 44 

 

 
  

	 	18.6	Any notice or other communication in connection with the Plan may be delivered personally or sent by electronic means or post, in the case of a company to their
registered office (for the attention of the company secretary or a person in a similar position), and in the case of an individual to his last known address, or, where the individual is a director or employee of a Group Member, either to the
director or employee’s last known address or to the address of the place of business at which the director or employee performs the whole or substantially the whole of the duties of the director or employee’s office or employment. Where a
notice or other communication is given by post, it will be deemed to have been received 72 hours after it was put into the post properly addressed and stamped, and if by electronic means, when the sender receives electronic confirmation of delivery
or if not available, 24 hours after sending the notice. 

  

	 	18.7	These rules will be governed by and construed in accordance with the laws of Finland. Disputes arising in respect of the Plan will be settled by arbitration in
accordance with the Arbitration Rules of the Finnish Central Chamber of Commerce. 

  
 45 

 

 
  

 SUPPLEMENT TO THE NOKIA EMPLOYEE SHARE PURCHASE PLAN IN THE USA 

Amendments to the Nokia Employee Share Purchase Plan 
 For purposes of Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the Nokia Employee Share Purchase Plan (the “Plan”) is amended,
effective as of March 7, 2013, by adding the following “Code Section 409A Schedule” to the Plan. This Plan, as amended by this Code Section 409A Schedule, is intended to comply with Section 409A of the Code.

 “Code Section 409A Schedule” 
 Notwithstanding anything in the terms and conditions of the Plan (“Plan Rules”) to the contrary, effective as of March 7, 2013, the Plan Rules are amended as set forth in this Code
Section 409A Schedule in order to avoid adverse or unintended tax consequences under Section 409A of the Code, and the applicable rules and regulations thereunder to Participants who are (or who may become) US taxpayers (“US
Participant”). The provisions of this Code Section 409A Schedule shall apply to all US Participants and shall supersede the other Plan Rules to the extent necessary to eliminate inconsistencies between this Code Section 409A
Schedule and such other Plan Rules. 
  

	 	1.	 Settlement of any Vested Matching Shares (whether in cash or Shares) may not occur later than the last Dealing Day of the calendar year in which the
Holding Period ends, or if later, the 15th day of the
third month after the month in which the Holding Period ends. 

  

	 	2.	Delivery of any Free Shares will occur no later than the last Dealing Day of the calendar year in which the last Contribution is made, or if later, the 15th day of the
third month after the month in which the last Contribution is made. 

  

	 	3.	Where a US Participant is deemed to have withdrawn from the Plan in accordance with rule 11.2, the Company will issue or transfer the US Participant’s Matching
Shares in accordance with Paragraph 1 of this Code Section 409A Schedule. 

  

	 	4.	 In cases where a US Participant ceases to be employed pursuant to rule 12.2 of the Plan Rules and such termination of employment also constitutes a
“separation from service” under Section 409A of the Code (including, without limitation by reason of retirement, permanent disability or death), any Matching Share Award will Vest in accordance with rule 12.3.2 and any cash payment
will be made to the US Participant (or his/her estate) no later than the last Dealing Day of the calendar year in which the separation from service occurs, or if later, the 15th day of the third month after the month in which the separation from service occurs. Notwithstanding the above, any
cash payment will be issued and transferred to a US Participant who is a “specified employee” under Section 409A of the Code no earlier than the first Dealing Day following the date that is six months following the specified
employee’s separation from service (or, if earlier, the date of death of the specified employee). 

  
 46 

 

 
  

	 	5.	To the extent a US Participant ceases to be employed pursuant to rule 12.2 of the Plan Rules and such termination of employment does not constitute a “separation
from service” under Section 409A of the Code, any cash payment will be delivered to the US Participant in accordance with Paragraph 1 of this Code Section 409A Schedule. 

 

	 	6.	To the extent an event or transaction described in rule 13 of the Plan Rules occurs, and the event or transaction also constitutes a change in the ownership or
effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, under Section 1.409A-3(i)(5) of the U.S. Income Tax Regulations (“Section 409A Change in Control”), a
Matching Share Award will Vest in accordance with rule 13.2 and the Company will issue or transfer any Vested Matching Shares (or cash equivalent under rule 10) no later than the last Dealing Day of the calendar year in which the Section 409A
Change in Control event or transaction occurs, or if later, the 15th day of the third month after the month in which the Section 409A Change in Control event or transaction occurs. 

 

	 	7.	To the extent an event or transaction described in rule 13 of the Plan Rules occurs that does not constitute a 409A Change in Control Event, a Matching Share Award will
Vest in accordance with rule 13 but the Vested Shares (or cash equivalent under rule 10) shall be issued or transferred to the US Participant in accordance with Paragraph 1 of this Code Section 409A Schedule. For the avoidance of doubt, the
Holding Period shall not be deemed to end earlier than its original scheduled date. 

 If any Plan Rule or grant
document contravenes any regulations or guidance promulgated under Section 409A of the Code or could cause any Matching Shares or Free Shares to be subject to taxes, interest or penalties under Section 409A of the Code, the Company may, in
its sole discretion and without the US Participant’s consent, modify the Plan Rules or grant documents to: (i) comply with, or avoid being subject to, Section 409A of the Code, (ii) avoid the incurrence of additional taxes,
interest or penalties under Section 409A of the Code, and (iii) maintain, to the maximum extent practicable, the original intent of the applicable Plan Rule or provision without contravening the provisions of Section 409A of the Code.

 * * * * * 
 Except as set forth herein, the Nokia Employee Share Purchase Plan remains in full force and effect. 

  
 47

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