Document:

Terms and Conditions of

Nokia’s Employee Share Purchase
Plan:

 

Share in Success Plan 2021-2023

 

 

Approved by the Board of Directors
on

February 17, 2021

 

 

 

 

 

 

    	 	 	 

     

    

 

 

content

	1.	Purpose and Scope of the Plan	1
	2.	DEFINITIONS AND INTERPRETATION	2
	3.	INVITATION	3
	4.	ENROLLING IN THE PLAN	4
	5.	LIMITS AND SCALING BACK	5
	6.	PURCHASED SHARES	5
	7	MATCHING SHARE AWARDS	6
	8	END OF THE HOLDING PERIOD	6
	9	FREE SHARES	6
	10	TAXATION AND REGULATORY ISSUES	6
	11	CASH EQUIVALENT	7
	12	WITHDRAWAL	7
	13	CESSATION OF EMPLOYMENT	8
	14	CORPORATE EVENTS	9
	15	INTERNATIONAL TRANSFERS	10
	16	ADJUSTMENTS	11
	17	AMENDMENTS	11
	18	LEGAL ENTITLEMENT	11
	19	GENERAL	12

 

 

    	 	 	 

     

    

 

 

Nokia’s Employee Share Purchase
Plan: The Share in Success Plan 2021-2023

		

                                                  1.
	Purpose and Scope of the Plan

		1.1.	Nokia’s Share in Success Plan 2021-2023 is a key compensation tool which provides Eligible
Employees with the opportunity to purchase Nokia shares. The Plan aims to increase employee share ownership, thus encouraging greater
engagement and identification with the Company. The Plan also seeks to strengthen the focus on Nokia’s long-term performance
and share price appreciation so that Participants’ interests become aligned with those of the Company’s shareholders.

		1.2.	To accomplish these objectives the Company may invite Eligible Employees to participate in the
Plan.

		1.3.	The Board determines the general principles of the Plan and approves the invitation to Eligible
Employees to enroll in the Plan within its authority. Invitations under these Terms & Conditions may be made between February
17, 2021 and December 31, 2023, inclusive.

		1.4.	35 million Shares may be issued as a result of Matching Shares or Free Shares being granted to
Participants under this Plan.

 

		2.	DEFINITIONS AND INTERPRETATION

		2.1	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 Company) during a Savings Period (or any other period determined by the Company to be administratively necessary). The payment is to be used for 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 3.2.6;
	 	“Dealing Day”	any day on which the Nasdaq Helsinki exchange, or any other successor body carrying out the business of the Nasdaq Helsinki exchange is open for business;
	 	“Dealing Restrictions”	restrictions imposed by the Company’s Insider Policy, the EU Market Abuse Regulation, the Finnish Securities Market Act, the rules of the Nasdaq 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;

 

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	 	“Eligible Employee”	an employee: (i) of the Company or any of its Participating Subsidiaries, (ii) who is resident or deemed to be resident in a Participating Jurisdiction, and (iii) who is paid via payroll in a Participating Jurisdiction, regardless of whether the employee is on paid or unpaid leave at the time invitations are sent out pursuant to rule 3.3;
	 	“Enrollment Period” 	the period during which Eligible Employees may enter into an Investment Agreement to participate in the Plan pursuant to rule 4;
	 	 “Free Shares”	Shares acquired by a Participant in accordance with rule 9;
	 	“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;
	 	“Holding Period”	a period as determined by the Board, starting on the Initial Acquisition Date; 
	 	“Initial Acquisition Date”	the first date, following the end of the Enrollment Period, on which Contributions are first applied to acquire Purchased Shares; 
	 	“Internal Reorganisation”	where immediately after any event described in rule 14.1 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 enrolls in the Plan and agrees to make Contributions pursuant to rule 4.2;
	 	“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 7;
	 	“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;
	 	 “Participant”	an Eligible Employee who has entered into an Investment Agreement to participate in the Plan pursuant to rule 4, or their estate following the Participant’s death. A person ceases to be a Participant if, by the date a Contribution would otherwise have been made in a given month, (i) he is no longer an Eligible Employee; or (ii) his withdrawal from the Plan is deemed to have become effective, in accordance with rule 12;

 

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	 	“Participating Jurisdiction”	a jurisdiction selected by the Board in which participation in the Plan will be offered;
	 	“Participating Subsidiary”	all Subsidiaries within Participating Jurisdictions unless otherwise excluded by the Board;
	 	“Plan”	the Nokia Employee Share Purchase Plan, known as the Share in Success Plan 2021-2023, 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 6;
	 	“Savings Period”	a period, determined by the Board, over which Contributions are normally 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 5.2 and determined by the Board in accordance with rule 3.2.4;
	 	“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.

		2.1.	Unless the context otherwise requires, references in the Plan to:

		2.1.1.	the singular includes the plural and vice versa; and

		2.1.2.	the masculine includes the feminine and vice versa.

     Headings
and explanatory wording do not form part of the Plan.

		3.	INVITATION

		3.1.	Subject to rule 1, the Board may decide to operate the Plan at any time.

		3.2.	When the Board decides to operate the Plan, it may also decide in respect of each Plan Cycle:

		3.2.1.	the Participating Jurisdictions;

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		3.2.2.	the Eligible Employees who are to be invited to participate in the Plan;

		3.2.3.	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;

		3.2.4.	the minimum and maximum Contribution in Euros which may be made on an annual basis during the Savings
Period and any overall Contribution Limit which the Board deems appropriate to apply;

		3.2.5.	any applicable Scale Back Threshold;

		3.2.6.	the Matching Share Ratio; and

		3.2.7.	whether Free Shares will be applicable and the terms on which a Participant may acquire Free Shares
in accordance with rule 9.

		3.3.	Any Eligible Employee may be invited to participate in the Plan. As part of enrolling in the Plan,
an Eligible Employee will be provided with the information set out in rule 3.2 (decisions of the Board). The minimum and maximum
Contribution will be expressed as an amount per month (or such other applicable frequency during the Savings Period) in the local
currency as applicable to the Eligible Employee.

		4.	ENROLLING IN THE PLAN

		4.1.	Eligible Employees may only enroll in the Plan during the Enrollment Period. Neither the Company
nor any of its authorized agents will be held liable if, for whatever reason, an intended enrollment does not result in active
participation in the Plan.

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

		4.3.	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 3.2.3 (Contribution levels).

		4.4.	Contributions will be made by or on behalf of Participants by deductions from post-tax salary following
the end of the Enrollment Period.

		5.	LIMITS AND SCALING BACK

		5.1.	At the end of the Enrollment 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 3.2.5 (the
original exchange rate) will be applied to convert Contributions to be made in another currency to Euros.

		5.2.	If the aggregate value of Contributions in Euros to be made during the Savings Period determined
in accordance with rule 5.1 would exceed any Contribution Limit, the Company may reduce the Contributions to be made by Participants
by such method or methods as it deems appropriate provided that in reducing Contributions, the Company must not reduce the Contributions
below the Scale Back Threshold.

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		5.3.	If the aggregate Contributions to be made by Participants in a Participating Jurisdiction during
the Savings Period in accordance with rule 5.1 would meet or exceed any Jurisdiction Limit, the Company may reduce Contributions
to be made by those Participants using such method or methods as it deems appropriate.

		5.4.	Where the Contributions to be made by Participants are reduced pursuant to this rule 5, Participants
will be notified accordingly before the start of the Savings Period.

		6.	PURCHASED SHARES

		6.1	Each Contribution made by a Participant will be applied to the acquisition of Purchased Shares
on a date determined by the Company following the date on which the Contribution is made, beginning on the Initial Acquisition
Date. In cases where a Share purchase cannot be made with a Participant’s Contribution, due to an administrative reason or
otherwise, the Contribution shall be returned in full to the Participant and neither the Company nor any of its authorized agents
will be held liable for any compensation claim made by a Participant.

		6.2	Purchased Shares may be new Shares, treasury Shares (i.e. Company’s own shares held by the
Company or any of its subsidiaries) or Shares purchased from the market.

		6.3	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.

		6.4	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 on pre-determined dates before being used to acquire Purchased
Shares.

		6.5	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 Company determines.

		6.6	Dividends paid in respect of Purchased Shares may be used to acquire additional Shares, as determined
by the Company, 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.

		6.7	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 Vesting will be reduced proportionately in
accordance with rule 7.2 (application of the Matching Share Ratio).

		6.8	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 6.7.

		7	MATCHING SHARE AWARDS

		7.1	On the first Dealing Day after the Enrollment Period ends, or if the enrollment is subject to any
regulatory approvals, on the first Dealing Day after such regulatory approval has been obtained, the Company shall make the commitment
to deliver Matching Shares to the Participant following Vesting (the commitment being the Matching Share Award) in accordance with
the terms and condition of the Plan.

		7.2	The number of Matching Shares vesting 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, provided that a minimum of two Purchased
Shares are held by a Participant at the end of the Holding Period.

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

		7.4	Matching Shares may be new Shares, treasury Shares (i.e. Company’s own shares held by the
Company or any of its subsidiaries) or Shares purchased from the market.

		7.5	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.

		8	END OF THE HOLDING PERIOD

		8.1	Immediately following the end of the Holding Period:

		8.1.1	Matching Share Awards will Vest over such number of Shares as specified in rule 7.2 (application
of the Matching Share Ratio) and, subject to rule 10 (taxation and regulatory issues) and rule 11 (cash equivalent), the Vested
Shares will be issued or transferred to the Participant following Vesting on a date selected by the Company in its sole discretion;
and

		8.1.2	Purchased Shares will no longer be subject to rule 6.7 (proportionate reduction in Matching Shares)
or any other rule of the Plan and subject to rule 10 (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.

		9	FREE SHARES

		9.1	If the Board determines pursuant to rule 3.2.10 that Free Shares will be applicable to a Plan Cycle,
this rule 9 will apply.

		9.2	Any Participant, who makes Contributions to the Plan for such number of consecutive months as determined
by the Board pursuant to rule 3.2.10 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 9.3.

		9.3	Subject to rule 10 (taxation and regulatory issues) and rule 11 (cash equivalent), the Free Shares
will be issued or transferred to the Participant following the application of the last of such number of consecutive Contributions
referred to in rule 9.2 to the acquisition of Purchased Shares.

		10	TAXATION AND REGULATORY ISSUES

		10.1	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 Free Shares 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.

		10.2	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.

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		10.3	It may be necessary to terminate the Savings Period and the Holding Period early for some or all
Participants in a particular Participating Jurisdiction should any tax, regulatory, operational or legal obstacles arise which
impact or may affect the feasibility of operating the Plan in that relevant Participating Jurisdiction during the Plan Cycle. In
such circumstances, pursuant to rule 7.2, Participants would retain their rights to any Matching Shares accrued in relation to
any Purchased Shares acquired to the point of early termination. The Holding Period would be deemed to end on the last day of the
month of their final acquisition of Purchased Shares. Delivery of the Matching Shares will continue in accordance with the scheduled
delivery of Matching Shares to all other Participants unless in instances where rule 11.1 applies. The Company may also determine
if the affected Participants shall be compensated in any other way.

		10.4	It may be required to temporarily suspend the Contributions and acquisition of Purchased Shares
for some or all Participants in a particular Participating Jurisdiction should any tax, regulatory, operational or legal obstacles
arise which impact or may affect the feasibility of operating the Plan in that Participating Jurisdiction during the Plan Cycle.
In circumstances requiring Contributions and the corresponding acquisition of Purchased Shares to be suspended for a period ending
before the end of the Savings Period and Holding Period respectively, the Company may determine that Contributions will resume
as soon as practicable after the obstacle has been overcome. The Company shall determine whether additional Contributions may subsequently
be applied to acquire additional Purchased Shares to mitigate against the loss of Purchased Shares as a result of the suspension.
Delivery of the Matching Shares will continue in accordance with the scheduled delivery of Matching Shares to all other Participants
unless in instances where rule 11.1 applies. The Company may also determine if the affected Participants shall be compensated in
any other way.

 

		11	CASH EQUIVALENT

		11.1	The Company may determine that in substitution for a Participant’s right to acquire some
or all of the Matching Shares or Free Shares awarded to him, the Participant will instead receive a cash sum. In addition, where
it may be expedient or necessary for administrative or operational reasons, the Company may deliver a cash sum in lieu of some
or all of the Matching Shares or Free Shares awarded to a Participant or former Participant.

		11.2	The Company shall determine how the value of the cash sum is determined and the Participant shall
not be entitled to any compensation for any perceived loss in receiving cash instead of Matching Shares or Free Shares.

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

		12	WITHDRAWAL

		12.1	Subject to any Dealing Restrictions, a Participant may at any time following the first salary deduction,
give notice in accordance with the prescribed method set out in the Plan and invitation materials that he wishes to withdraw from
the Plan. Where a Participant has validly given notice to withdraw from the Plan in accordance with this rule, the Company will
endeavour to delimit the Participant’s Contributions in accordance with the Company’s opt out cut-off policy.

		12.2	For the avoidance of any doubt, any Contributions made prior to the withdrawal becoming effective
but not yet applied to acquire Purchase Shares will continue to be used for that purpose.

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		12.3	Subject to any mandatory rules in a Participating Jurisdiction or any arrangement agreed between
local payroll and the Participant, the Participant will be deemed to have withdrawn from the Plan in accordance with rule 12.1
if he or she takes a voluntary or statutory leave of absence such that no Contributions can be made for the remainder of the Plan
Cycle.

		12.4	If rule 12.1 applies, any Purchased Shares acquired on the Participant’s behalf will remain
subject to the rules of the Plan including rule 6.7 (proportionate reduction in Matching Shares) for the remainder of the Holding
Period.

		12.5	Immediately following the end of the Holding Period, the following will apply to a Participant
who is still an active employee of a Participating Subsidiary on this day:

		12.5.1	Matching Share Awards will Vest over such number of Shares as specified in rule 7.2 (application
of the Matching Share Ratio) and, subject to rule 10 (taxation and regulatory issues) and rule 11 (cash equivalent), the Vested
Shares will be issued or transferred to the Participant following Vesting on a date selected by the Company in its sole discretion;
and

		12.5.2	Purchased Shares will no longer be subject to rule 6.7 (proportionate reduction in Matching Shares)
or any other rule of the Plan and subject to rule 10 (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	CESSATION OF EMPLOYMENT

		13.1	Where a Participant ceases to hold office or employment with a Group Member before the last day
of the Holding Period other than in accordance with rule 13.2, the Holding Period will be deemed to end and:

		13.1.1	Purchased Shares will no longer be subject to rule 6.7 (proportionate reduction in Matching Shares)
or any other rule of the Plan and subject to rule 10 (taxation and regulatory issues) a Participant will be entitled to sell or
otherwise transfer the Purchased Shares; and

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

		13.2	Where a Participant ceases to hold office or employment such that he is not an active employee
of a Group Member on the last day of the Holding Period for one of the following reasons:

		13.2.1	death;

		13.2.2	permanent
disability as determined by the Company;

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

		13.2.4	involuntary
redundancy as determined by the Company; or

		13.2.5	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 13.3 will apply.

		13.3	When a Participant ceases to hold office or employment for one of the reasons specified in rule
13.2, the following provisions apply:

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		13.3.1	Purchased Shares will no longer be subject to rule 6.7 (proportionate reduction in Matching Shares)
or any other rule of the Plan and subject to rule 10 (taxation and regulatory issues) a Participant will be entitled to freely
sell or otherwise transfer the Purchased Shares; and

		13.3.2	Subject to rule 10 (taxation and regulatory issues), a cash payment will be made to the Participant
in accordance with rule 11 (cash equivalent) in lieu of his Matching Share Award, unless the Company determines in its sole discretion
that Vested Shares will be issued or transferred to the Participant instead.

		13.4	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.

		14	CORPORATE EVENTS

		14.1	On the occurrence of any of the events set out below, subject to rule 14.4, the Holding Period
will be deemed to end on the date of such event and rule 14.2 will apply. These events are:

		14.1.1	the placement of the Company into liquidation;

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

		14.2	On the occurrence of any of the events referred to in rule 14.1 the Holding Period will be deemed
to end at that time and:

		14.2.1	Matching Share Awards will Vest over such number of Shares as specified in rule 7.2 (application
of the Matching Share Ratio) and, subject to rule 10 (taxation and regulatory issues) and rule 11 (cash equivalent), the Vested
Shares will be issued or transferred to the Participant as soon as practicable thereafter; and

		14.2.2	Purchased Shares will no longer be subject to the rule 6.7 (proportionate reduction in Matching
Shares) or any other rule of the Plan and subject to rule 10 (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.

		14.3	Other events

		14.3.1	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:

		14.3.2	Matching Share Awards will Vest over such number of Shares as specified in rule 7.2 (application
of the Matching Share Ratio) and, subject to rule 10 (taxation and regulatory issues) and rule 11 (cash equivalent), the Vested
Shares will be issued or transferred to the Participant as soon as practicable thereafter; and

		14.3.3	Purchased Shares will no longer be subject to the rule 6.7 (proportionate reduction in Matching
Shares) or any other rule of the Plan and subject to rule 10 (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.

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		14.3.4	If the event does not occur, then rule 14.3.1 will not apply and the Savings Period and Holding
Period will continue in respect of both Purchased Shares and Matching Share Awards.

		14.4	Exchange of the Matching Share Award

		14.4.1	A Matching Share Award will not Vest under rule 14.2 or in accordance with rule 14.3 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:

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

		14.4.3	there is an Internal Reorganisation; or

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

		14.5	Any reference to the Board in this rule 14 means the members of the Board immediately prior to
the relevant event.

		15	INTERNATIONAL TRANSFERS

		15.1	If during a Savings Period:

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

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

		15.1.3	the events described at rules 15.1.1 and 15.1.2 do not cause the Participant to cease to hold office
or employment with a Group Member in accordance with rules 15.1 or 15.2; and

		15.1.4	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 Contribution specified by the Participant pursuant
to rule 5.3 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 3.2.5 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 future Purchased Shares in accordance with rule 6.

		15.2	If during a Savings Period a Participant ceases to be (or be deemed to be) resident in an Original
Participating Jurisdiction or an employee of one Participating Subsidiary and does not become resident (or be deemed to be resident)
in a New Participating Jurisdiction or an employee of another Participating Subsidiary, provided neither rule 15.1 or 15.2 is applicable:

		15.2.1	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 or an employee of a Participating Subsidiary; and

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		15.2.2	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 8 will apply.

		16	ADJUSTMENTS

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

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

		16.1.2	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.

		17	AMENDMENTS

		17.1	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:

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

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

 

		18	LEGAL ENTITLEMENT

		18.1	This rule 18 applies during a Participant’s employment with any Group Member and after the
termination of such employment.

		18.2	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.

		18.3	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.

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

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

		18.4.2	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;

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

 

    	 	 	 11

     

    

 

 

 

		19	GENERAL

		19.1	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.

		19.2	Participants’ personal data is processed 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
and maintenance of records. 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.

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

		19.4	The Plan shall be administered by the Company. The Company has the authority to interpret these
Plan rules, approve such other rules and procedures and take such other measures, as it deems necessary or appropriate to benefit
the administration of the Plan, including, but not limited to, taking action to take account of a change in legislation or to maintain
favourable tax, exchange control or regulatory treatment for Participants or for Nokia. The Company has the right to determine
the practical manner of administration and settlement of the Matching Shares and/or Free Shares, including but not limited to the
acquisition, issuance, sale, and transfer of the Matching Shares and/or Free 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 Matching Shares and/or Free Shares.

		19.5	Any notice or other communication in connection with the Plan may be delivered personally or sent
by electronic means or post. Where a notice or other communication is given by post, it will be deemed to have been received on
the seventh weekday after it was put into the post properly addressed and stamped. If a notice or communication is sent by electronic
means, it will be deemed to be received immediately after the communication is sent, on the date and in the time zone where the
sender is located.

		19.6	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 Finland Chamber of
Commerce.

 

 

    	 	 	 12Terms and Conditions
of the

 

 

 

Nokia Long-Term
Incentive Plan 2021-2023

 

 

 

 

Approved by the Board
of Directors on

February 17, 2021

 

 

 

 

    	 	 	 

     

    

 

TERMS AND CONDITIONS
OF THE NOKIA LONG-TERM INCENTIVE PLAN 2021-2023

 

		1.	Purpose and Scope of the Plan

		1.1.	Nokia seeks to recognise, reward and retain its most talented employees.

The Nokia Long-Term
Incentive Plan 2021-2023 is a key tool which supports these objectives by encouraging Participants to focus on Nokia’s long-term
performance and share price appreciation; thus aligning their interests with those of the Company’s shareholders.

		1.2.	To accomplish these objectives the Company may grant eligible Nokia Group employees awards under
this Plan in the form of Performance Shares and Restricted Shares.

		1.3.	The Board determines the general principles of the Plan and approves the grants to eligible employees
within its authority. Grants under these Terms & Conditions may be made between February 17, 2021 and December 31, 2023, inclusive.

		2.	Definitions

 

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

Award:
A conditional right to receive a certain number of Shares or their cash equivalent at a point
in future. 

Each Award shall
be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not
inconsistent with the Plan and that the Board deems appropriate for inclusion in the applicable Award, including without limitation
any Performance Criteria. The provisions of the various Awards under the Plan need not be identical.

The applicable
conditions related to each Award are set out in the Award Communication sent to each Participant.

Award
Communication: A message sent on behalf of the Company to each Participant notifying them
of the Grant as well as the conditions of the Grant including but not limited to the Grant Amount, applicable Performance Criteria,
Plan Period and Restriction Period, if any. 

Board:
The Board of Directors of the Company.

Company:
Nokia Corporation.

Delivery
Date: Following Vesting, the date Shares are delivered to a Participant; being a Helsinki
banking date chosen by the Company.

Grant:
An Award given to an employee of Nokia Group. 

Grant
Amount: The number of Performance Shares or Restricted Shares within each Award subject to
these Terms & Conditions.

Grant
Date: The date on which the Grant is formally made. 

Nokia:
Nokia Corporation.

Nokia
Group: The Company together with the companies over which the Company effectively exercises
control and which are included in the consolidated financial statements of the Company.

    	 	 	 

     

    

 

 

Participant:
Employee of the Nokia Group who holds an Award.

Performance
Criteria: Subject to rule 5, any performance related conditions set by the Board applicable
to a Participant with respect to the Award which must be met partly or in full during the Plan Period in order for an Award to
Vest partly or in full. 

Performance Share/Shares:
Shares awarded under this Plan that are subject to Performance Criteria and a performance-based
Restriction Period.

Plan Period:
Any performance period and any Restriction Period as determined by the Board, in its sole
discretion, which do not exceed 36 months. The Company may establish different Plan Periods for different Awards.

Plan:
This Long-term Incentive Plan 2021-2023.

Restricted
Shares: Shares awarded under this Plan that are subject to a time-based Restriction Period.

Restriction Period:
Any single restriction period or aggregate restriction periods as determined by the Board, in its sole
discretion. The Company may establish different Restriction Periods for different Awards.

Restrictions may be based on the
passage of time, the achievement of target levels of performance, or the occurrence of other events as determined the Company.

Share/Shares:
The Company’s ordinary shares. The Terms & Conditions applicable to Shares shall apply to their
cash equivalent used for delivery, as applicable.

Terms
& Conditions: The terms and conditions of this Plan.

Tranche:
One of the groups into which the Award may be divided, each with its own applicable Restriction
Period.

Vest:
The day(s) following the end of the Plan Period or Restriction Period(s), as applicable, when the Participant
becomes unconditionally entitled to receive Shares or their cash equivalent provided no other restriction related to these Terms
& Conditions is applicable.

		2.2.	Unless the context otherwise requires, references in the Plan to:

		2.2.1.	the singular includes the plural and vice versa; and

		2.2.2.	the masculine includes the feminine and vice versa.

Headings and explanatory
wording do not form part of the Plan.

 

		3.	Shares subject to the plan

The maximum aggregate
number of Shares that may be issued under the Plan is 350 million.

Shares shall not
be deemed to have been issued pursuant to the Plan with respect to any portion of an Award that is settled in cash, or to the extent
such Shares are withheld in satisfaction of tax withholding obligations. Upon delivery of Shares under the Plan, the number of
Shares available for issuance under the Plan shall be reduced only by the number of Shares actually issued for delivery.

If any Award is
forfeited or cancelled without having been settled in full, forfeited or cancelled shares underlying such Awards are counted against
Shares available for issuance under the Plan and shall again become available for Awards under the Plan.

    	 	 	 

     

    

  

		4.	Grant of an award

 

		4.1.	On the Grant Date, a Participant is offered a Grant. Award Communication will be sent to each Participant
notifying them of the key terms of their Award.

 

		4.2.	As a precondition for a valid Grant, the Participant must be employed by Nokia Group at the time
of the Grant.

 

		4.3.	The Participant may be required to give the Company such authorizations and consents, as the Company
deems necessary in order to administer the Plan.

 

		5.	Measurement and Calculation of Any Performance criteria

 

		5.1.	The measurement of any Performance Criteria shall be made by the Board in its sole discretion,
upon the recommendation of the Personnel Committee of the Board.

 

		5.2.	Based
on the Board’s measurement, the number of Shares Vesting or the equivalent amount of cash shall be calculated.

 

		5.3.	The calculation of the number of Shares Vesting shall not result in fractional Shares. The number
of Shares shall be rounded down to the nearest whole Share.

 

 

		6.	SHARE DELIVERY 

 

		6.1.	Until the Delivery Date, the Participant does not have any legal ownership of 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, where newly issued Shares are used for delivery, once such newly issued
Shares have been registered with the Finnish Trade Register.

 

		6.2.	The Company will complete the delivery by transferring the applicable number of Shares or their
cash equivalent to the Participant’s book-entry, brokerage or other account, as applicable on the Delivery Date.

 

		6.3.	Completion of share delivery is dependent on the Participant’s compliance with these Terms
& Conditions and all other necessary instructions and actions to enable the Company to facilitate the delivery of Shares. If
the Participant has not performed all necessary actions to enable the Company to complete the delivery, the Company will consider,
in its sole discretion, what appropriate action to take.

 

		6.4.	The Company may, in its sole discretion, use one or more of the following instruments to settle
an Award: newly issued Shares, the Company’s own existing Shares (treasury Shares), Shares purchased from the open market,
or, in lieu of Shares, cash.

 

    	 	 	 

     

    

 

 

		7.	Changes in Employment 

Performance
Share Awards

		7.1.	If the Participant’s last day of employment with the Nokia Group occurs before the end of
the Plan Period by the reason of permanent disability (as defined by the Company in its sole discretion), the Award will Vest,
subject to any applicable Performance Criteria, and the Participant retains the right to receive Shares on the scheduled Delivery
Date.

		7.2.	In the case of death of the Participant before the end of the Plan Period, unless the Company determines
otherwise in its sole discretion, the Award will Vest at the Grant Amount on the date of death and be settled in cash as soon as
practicable thereafter.

		7.3.	Notwithstanding rule 7.2. in the case of death of the Participant after the end of the Plan Period but before the Delivery
Date, unless the Company determines otherwise in its sole discretion, the Award will Vest in accordance with rule 5 of these Terms
& Conditions and be settled in cash as soon as practicable thereafter.

		7.4.	If the Participant’s last day of employment with the Nokia Group occurs before the end of
the Plan Period for any reason other than those mentioned above, then, unless the Personnel Committee of the Board, or the Board
itself, as applicable, determines otherwise in their sole discretion, the Company shall redeem the Award from the Participant without
consideration, in which case the Participant shall not be entitled to any delivery under the Plan.

		7.5.	In the event the Participant takes voluntary unpaid leave other than statutory leave, or is absent
due to a long-term illness or disability for a period exceeding 180 days during the Plan Period, the Company may adjust the Grant
Amount in proportion to the length of the leave period.

Restricted Share
Awards

		7.6.	If the Participant’s last day of employment with the Nokia Group occurs before the last day of the applicable Restriction
Period by the reason of permanent disability (as defined by the Company in its sole discretion), the Participant retains the right
to receive Shares on the scheduled Delivery Date(s).

 

		7.7.	In the case of the death of the Participant before the last day of the remaining Restriction Period(s),
unless the Company determines otherwise in its sole discretion, the Award will Vest and be settled in cash as soon as practicable
thereafter. The number of Shares to be delivered shall be the Grant Amount less the number of Shares potentially already delivered
under the Grant.

 

		7.8.	If Participant’s last day of employment with the Nokia Group occurs before the last day of
any of the remaining Restriction Periods for any reason other than those mentioned above, then unless the Personnel Committee of
the Board, or the Board itself, as applicable, determines otherwise in their sole discretion, the Company shall redeem the remaining
Award from the Participant without consideration and the Participant shall not be entitled to any delivery under the Plan. For
the avoidance of doubt, this will only apply to the part of the Grant Amount for which the Restriction Period(s) have not yet ended
at the date of termination of employment.

 

		7.9.	In the event the Participant takes voluntary unpaid leave other than statutory leave, or is absent
due to a long-term illness or disability for a period exceeding 180 days during the Restriction Periods, the Company may adjust
the Grant Amount in proportion to the length of the leave period.

 

		8.	Terms of Employment 

		8.1.	The Grant or Vesting of an Award does not constitute a term or a condition of the Participant’s
employment contract with Nokia Group under applicable local laws and the rights and obligations arising from a Participant’s
employment with Nokia are separate from, and are not affected by, the Participant’s participation in the Plan. An Award,
Shares or their cash equivalent under the Plan do not form a part of the Participant’s salary or benefit of any kind.

    	 	 	 

     

    

 

 

		8.2.	The Grant or delivery of Shares does not create any right for that Participant to be offered participation
in the Plan in the future or to be Granted any additional Award on any particular terms.

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

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

		8.3.2.	any exercise of a discretion or a decision taken in relation to any Award, and/or to the Plan,
or any failure to exercise a discretion or take a decision; and

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

 

		9.	Taxes and other Obligations

		9.1.	The Participant is personally responsible for all taxes and social security charges associated
with the Award and Shares delivered following Vesting. This includes responsibility for any and all tax liabilities in multiple
countries, if applicable. 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.

		9.2.	The Participant is also personally responsible for any potential charges debited by any plan administrator,
broker or financial institution in connection with the Vesting of the Award or any subsequent transactions related to the Shares.

		9.3.	An 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.

		9.4.	Pursuant to applicable laws, the Company or other Nokia Group entity is, or may be required or
may deem it appropriate to withhold taxes, social security charges or fulfil employment related and other obligations upon Grant,
Vesting, delivery or when the Shares are disposed of by a Participant. 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 delivery of a net amount remaining
after the completion of such measures or a potential sale of the Shares on behalf of a Participant for the completion of such measures.

 

		10.	Breach of these Terms and Conditions 

		10.1.	The Participant shall comply with these Terms & Conditions, as well as any instructions given
by the Company regarding the Plan from time to time.

		10.2.	If the Participant breaches these Terms & Conditions and/or any instructions given by the Company,
the Company may in its discretion, at any time prior to Vesting, rescind the Grant.

 

		11.	Validity of these Terms and Conditions and Amendments

		11.1.	These Terms & Conditions shall become valid and effective upon the approval by the Board.

		11.2.	The Board may, in its absolute discretion, at any time amend, modify or terminate these Terms &
Conditions.

    	 	 	 

     

    

 

 

		11.3.	Action taken by the Board in rule 11.2 may also, as in each case determined by the Board, affect
the Award that are then outstanding and not Vested.

 

		12.	Administration

		12.1.	The Plan shall be administered by the Company. The Company has the authority to interpret these
Terms & Conditions, approve such other rules and procedures and take such other measures, as it deems necessary or appropriate
to benefit the administration of the Plan, including, but not limited to, taking action to take account of a change in legislation
or to maintain favourable tax, exchange control or regulatory treatment for Participants or for Nokia. Such action may also affect
the Grants that are then outstanding, but not delivered.

		12.2.	The Company has the right to determine the practical manner of administration and delivery of the
Award, 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 of the Grants and any subsequent delivery of Shares.

		12.3.	Any notice or other communication
in connection with the Plan may be delivered personally or sent by electronic means or post. Where a notice or other communication
is given by post, it will be deemed to have been received on the seventh weekday after it was put into the post properly addressed
and stamped. If a notice or communication is sent by electronic means, it will be deemed to be received immediately after the communication
is sent, on the date and in the time zone where the sender is located.

 

 

		13.	Rights of Participants in Corporate Events

		13.1.	Should the Annual General Meeting in accordance with the proposal of the Board decide, prior to
the Vesting of an Award, to distribute a special dividend constituting a deviation from the customary dividend policy of the Company:

		13.1.1.	the Board may determine, in its sole discretion if and how the Participants will be compensated
for the special dividend.

		13.1.2.	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.

		13.1.3.	the Board will specify in any proposal for the dividend, whether the dividend, or a part of it,
shall be considered a special dividend.

		13.2.	Should the Company, prior to the Vesting of an Award, 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.

		13.3.	The Company’s decision to cancel existing shares held by the Company prior to the Vesting
of an Award will not affect the delivery of Shares.

		13.4.	Should the Company, during the Plan Period or Restriction Period, as applicable, be placed into
liquidation:

		13.4.1.	the Board may determine, in its sole discretion, whether an Award may be delivered at Grant Amount
(adjusted with any prior delivery of Shares under the Award). Any delivery will be within such period as resolved by the Board;

    	 	 	 

     

    

 

 

		13.4.2.	notwithstanding any other provisions in these Terms & Conditions, should the Company, prior
to the Vesting of an Award, be deregistered from the Trade Register, the Participants shall not have any right to delivery.

		13.5.	Should the Company, during the Plan Period or the Restriction Period(s), as applicable, resolve
to merge with another existing company or merge with a company to be formed, or should the Company resolve to be demerged:

		13.5.1.	the Board may determine, in its sole discretion, whether an Award Vests at the Grant Amount (adjusted
with any prior delivery of Shares under the Award) prior to the merger or demerger. Any delivery of Shares will be within such
period as resolved by the Board;

		13.5.2.	the Board may determine, in is sole discretion, whether an Award should be converted into similar
equity rights issued by the surviving company, if different from the Company. In such circumstances, the Board shall determine
the terms and the period in which any Award may be converted; and

		13.5.3.	notwithstanding any other provisions in these Terms & Conditions, following the closing of
the merger or demerger, the Participants shall have no right to delivery 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.

		13.6.	Should the Company, during the Plan Period or Restriction Period, 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 their Award, to settle the Award at the Grant Amount (adjusted with any prior delivery of Shares under the Award). 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, unless the Board, in its sole discretion, determines otherwise.

		13.7.	Should, during the Plan Period or 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: the Board may determine, in its sole discretion, whether an Award Vests at the Grant Amount (adjusted with
any prior delivery of Shares under the Award) prior to the tender offer or the offer to redeem the shares.

		13.8.	Should a shareholder under the Finnish Companies Act have the right to redeem the shares from the
Company’s other shareholders, the Board may determine, in its sole discretion, during the Plan Period or Restriction Period,
whether an Award Vests at the Grant Amount (adjusted with any prior delivery of Shares under the Award) prior to the redemption,
after which the Participants’ obligation to transfer all of their shares will be subject to the Finnish Companies Act.

		13.9.	The Board may, however, in any of the situations resolved in this rule 13, determine, in its sole
discretion, to provide the Participants with an opportunity to convert their Award 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.

		13.10.	Should the shares of the Company during the Plan Period or Restricted Period be delisted, with
the effect that the shares are no longer listed on any recognised stock exchange, nor subject to any other public trading:

    	 	 	 

     

    

 

 

		13.10.1.	the Board, may determine, in its sole discretion, whether any Award may Vest as a result of the
delisting. Any delivery will be within such period as resolved by the Board; and

		13.10.2.	the Board may also determine whether any other amendments to these Terms & Conditions are required
as a result of the delisting.

 

		14.	The Recoupment of Equity in the Event of Certain Restatements

		14.1.	Under the Nokia policy on the clawback of incentive compensation (“Clawback Policy”),
as amended from time to time, the Board may, in its sole discretion and at any time, resolve to recover or require reimbursement
of all or a portion of incentive compensation, which is defined in the Clawback Policy. The Grant and delivery of Shares are covered
by the Clawback Policy.

		14.2.	The impacted employees as well as the events that trigger recoupment are defined in the Clawback
Policy.

 

		15.	Processing of personal data 

		15.1.	Participants’ personal data is processed in connection with their participation in the Plan
by any Nokia Group entity (and any third party appointed by a Nokia Group entity in connection with the Plan) including the administration
and maintenance of records. 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.

		16.	Governing Law and Settlement of Disputes

		16.1.	These Terms & Conditions are governed under Finnish laws.

		16.2.	Disputes arising out of these Terms & Conditions shall be settled by arbitration in Helsinki,
Finland, in accordance with the Arbitration Rules of the Finland Chamber of Commerce.

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