Document:

exv10w27

Exhibit 10.27

AMENDMENT NO. 5 TO CRUDE OIL SUPPLY AGREEMENT

     THIS AMENDMENT NO. 5 TO CRUDE OIL SUPPLY AGREEMENT (the “Amendment”), dated as of March 24,
2011 but effective as of March 1, 2011 (the “Amendment Effective Date”), is made by and between
CALUMET SHREVEPORT FUELS, LLC, an Indiana limited liability company (“Customer”), and LEGACY
RESOURCES CO., L.P., an Indiana limited partnership (“Supplier”). Each of Customer and Supplier is
sometimes referred to hereinafter individually as a “Party” and they are collectively referred to
as the “Parties.” Capitalized terms used but not defined in this Amendment shall have the meanings
ascribed to such terms in the Agreement (as defined below).

RECITALS

     WHEREAS, Customer owns and operates a refinery in Shreveport, Louisiana (the “Refinery”) for
the processing and refining of crude oil into specialty lubricating oils and other refined
products;

     WHEREAS, Supplier is able to obtain certain commodities, including crude oil, from various
supply sources;

     WHEREAS, the Parties entered into that certain Crude Oil Supply Agreement (the “Agreement”)
dated as of September 1, 2009 and as subsequently amended, whereby Customer agreed to purchase from
Supplier, and Supplier agreed to sell and supply to Customer, crude oil on a just in time basis in
order to meet the inventory requirements of the Refinery;

     WHEREAS, pursuant to Section 23 of the Agreement, the Parties desire to amend certain
provisions of the Agreement as of the Amendment Effective Date; and

     WHEREAS, contemporaneously herewith, Customer is delivering to Supplier the Termination Notice
attached hereto as Exhibit B to terminate the Agreement upon the expiration of the Wind Up
Period on May 31, 2011.

AMENDMENT TO AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing recitals and the agreements contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties, intending to be legally bound, do hereby agree to amend the
Agreement as of the Amendment Effective Date as follows:

     1. Defined Term. The definition of the following capitalized term used in the Agreement is
deleted and replaced in its entirety with the following definition:

“Average Purchase Price” means, for purchases made by Customer from each applicable Storage
Tank, the sum of (i) the monthly average per barrel price quoted for the first nearby month
for West Texas Intermediate crude oil on the New York Mercantile Exchange and (ii) the per
barrel amount set forth on Exhibit A for each such Storage Tank, or such other price
as may be agreed by the Parties in accordance with Section 5.

     2. Modification of Effectiveness of Termination. Section 10(c) is deleted and replaced in
its entirety with the following:

     “(c) Effectiveness of Termination. Termination of this Agreement after a Termination
Notice shall be effective upon the expiration of the Wind Up Period. The Wind Up Period
shall be deemed to have ended on the later of (i) the sixtieth (60th) day
following the date that a

1

 

Termination Notice is delivered by one Party to the other and (ii) the last day of the
calendar month in which such 60th day occurred if such 60th day is not
the last day of a calendar month, in order to effect an orderly transition to a new crude
oil supplier, as crude oil supply arrangements are made on a full calendar month basis under
standard industry practices.”

     3. All other terms and conditions of the Agreement are unchanged and remain in full force and
effect as of the Amendment Effective Date.

[Signature Page Follows]

2

 

     IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above
written, but effective as of March 1, 2011.

	 	 	 	 	 
	 	CALUMET SHREVEPORT FUELS, LLC

 	 
	 	By:  	Calumet Shreveport, LLC, its sole member
 	 
	 	 	 
	 	By:  	                                                     Calumet Lubricants Co., L.P., its sole member
 	 
	 	 	 
	 	By:  	                                                     Calumet LP GP, LLC, its general partner
 	 
	 	 	 
	 	By:  	                                                     Calumet Operating, LLC, its sole member
 	 
	 	 	 
	 	By:  	                                                     Calumet Specialty Products Partners, L.P., its sole member
 	 
	 	 	 
	 	By:  	                                                    Calumet GP, LLC, its general partner
 	 
	 	 	 
	 	By:  	                                                     /s/ R. Patrick Murray, II
 	 
	 	 	Name:  	R. Patrick Murray, II 	 
	 	 	Title:  	Vice President & CFO 	 
	 	 	 
	 
	 	LEGACY RESOURCES CO., L.P.

By: Legacy Acquisitions, Inc., its general partner

 	 
	 	By:  	/s/ Mark F. Smith
 	 
	 	 	Name:  	Mark F. Smith 	 
	 	 	Title:  	President 	 
	 

 

 

EXHIBIT A

	 	 	 	 	 
	Storage Tank	 	Amount Per Barrel
	Tank 209
	 	$	12.90	 
	Tank 210
	 	$	6.19	 
	Tank 211
	 	$	(10.96	)

 

 

EXHIBIT B

TERMINATION NOTICE

     Pursuant to Section 10 of that certain Crude Oil Supply Agreement, dated as of September 1,
2009 and as subsequently amended through March 24, 2011 (the “Agreement”), by and between CALUMET
SHREVEPORT FUELS, LLC, an Indiana limited liability company (“Customer”), and LEGACY RESOURCES CO.,
L.P., an Indiana limited partnership (“Supplier”), effective March 24, 2011 (the “Notice Date”),
Customer hereby delivers to Supplier this Termination Notice to terminate the Agreement upon the
expiration of the Wind Up Period on May 31, 2011, in accordance with Section 10(c) of the
Agreement, and Supplier hereby acknowledges the receipt of this Termination Notice on the Notice
Date. Capitalized terms used but not defined in this Termination Notice shall have the meanings
ascribed to such terms in the Agreement.

[Signature Page Follows]

 

 

	 	 	 	 	 
	 	CALUMET SHREVEPORT FUELS, LLC

 	 
	 	By:  	Calumet Shreveport, LLC, its sole member
 	 
	 	 	 
	 	By:  	                                                          Calumet Lubricants Co., L.P., its sole member
 	 
	 	 	 
	 	By:  	                                                          Calumet LP GP, LLC, its general partner
 	 
	 	 	 
	 	By:  	                                                          Calumet Operating, LLC, its sole member
 	 
	 	 	 
	 	By:  	                                                          Calumet Specialty Products Partners, L.P., its sole member
 	 
	 	 	 
	 	By:  	                                                          Calumet GP, LLC, its general partner
 	 
	 	 	 
	 	By:  	                                                          /s/ R. Patrick Murray, II
 	 
	 	 	Name:  	R. Patrick Murray, II 	 
	 	 	Title:  	Vice President & CFO 	 
	 

	 	 	 	 	 
	AGREED AND ACKNOWLEDGED:

This 24th day of March, 2011.

LEGACY RESOURCES CO., L.P.

 	 	 
	By:  	Legacy Acquisitions, Inc.,
 	 	 
	 	its general partner 	 	 
	 
	 	 	 
	By:  	/s/ Mark F. Smith
 	 	 
	 	Name:  	Mark F. Smith 	 	 
	 	Title:  	Presidentexv4w3

			
	 
	 	EXHIBIT 4.3
		 	 
	 	 	 
	 
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TERMS AND CONDITIONS OF THE NOKIA PERFORMANCE SHARE PLAN 2011

	1.	 	Purpose and Scope of the Plan

	 	 	 	The purpose of the Nokia Performance Share Plan 2011 is to direct the focus of
the Participants on long-term financial performance as well as share price
appreciation, thus promoting long-term financial success of the Company and align
the interest of the Participants with those of the shareholders as well as to
retain Nokia employees on a long-term basis, to promote employees’ long-term
commitment and to compensate them for Nokia Group’s performance measured on a
long-term basis. To accomplish these objectives, the Company may grant eligible
Nokia employees Performance Shares under this Plan.
	 
	 	 	 	The Plan is tied directly to the performance of Nokia Group. For the purposes of
this Plan, performance is measured through net sales growth and profitability.
The compensation to the employees under the Plan becomes payable and the
financial benefits of the Plan materialize only if either or both of the
pre-determined performance levels, measured by Average Annual Net Sales Growth
and Average Annual Earnings Per Share (EPS), are achieved by the end of the
Performance Period.
	 
	 	 	 	Under the Plan, a maximum of 14 000 000 Performance Shares may be granted, which
may result in the settlement of 28 000 000 Shares at the maximum performance
level. The Board determines the general guidelines under the Plan and approves
the grants of Performance Shares to eligible employees within its authority.
Grants of Performance Shares under these terms and conditions may be made between
January 27, 2011 and December 31, 2011, inclusive.

	2.	 	Definitions

	 	 	 	Average Annual Net Sales Growth: Average Annual Net Sales Growth is an average of
the annual net sales growth rates in the consolidated profit and loss accounts
for Nokia Group (non-IFRS) during the Performance Period.
	 
	 	 	 	Average Annual EPS: Average Annual EPS (diluted, non-IFRS) is an average of the
annual earnings per share in the consolidated profit and loss accounts for Nokia
Group (non-IFRS) during the Performance Period.
	 
	 	 	 	Board: The Board of Directors of the Company.
	 
	 	 	 	Company: Nokia Corporation
	 
	 	 	 	Grant Amount: The number of Performance Shares granted to a Participant.
	 
	 	 	 	Maximum Number: The number of Performance Shares to be settled if the maximum
performance is achieved with respect to both of the performance criteria as
defined under paragraph 4.2. The Maximum Number equals two times the Grant
Amount. One half of the Maximum Number is tied to Average Annual EPS and one half
of the Maximum Number is tied to Average Annual Net Sales Growth.

 

 

			
		 	 
	 	 	 
	 
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	 	 	 	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.
	 
	 	 	 	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, including Nokia Siemens Networks B.V. and
its subsidiaries.
	 
	 	 	 	Participant: Employee of Nokia who has received a grant of Performance Shares
under the Plan.
	 
	 	 	 	Performance Share/Shares: Each Performance Share represents a right to receive a
certain number of Shares or their cash equivalent upon settlement, subject to the
fulfillment of the conditions under paragraph 4, and provided that no other
restriction related to these terms and conditions is applicable.
	 
	 	 	 	Performance Period: The three fiscal years starting on January 1, 2011 and ending
on December 31, 2013.
	 
	 	 	 	Plan: Performance Share Plan 2011 of the Company.
	 
	 	 	 	Settlement Date: A banking day in Helsinki, Finland falling as soon as
practicable after the end of the Performance 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.
	 
	 	 	 	Threshold Number: The number of Performance Shares to be settled, if the
threshold performance is achieved with respect to one performance criterion as
defined under paragraph 4.2. Each Threshold Number equals one quarter (1/4) of
the Grant Amount. One Threshold Number is tied to Average Annual EPS, and another
is tied to Average Annual Net Sales Growth.

	3.	 	Grant of Performance Shares

	 	 	 	At grant, each Participant will receive a Grant Amount of Performance 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.

 

 

			
		 	 
	 	 	 
	 
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	4.	 	Financial Performance Criteria
	 
	4.1	 	General Principles

	 	 	 	Measurement of the performance during the Performance Period will be based on
Nokia Group’s consolidated profit and loss accounts (non-IFRS) as of December 31,
2011, 2012 and 2013 compared to Nokia Group’s pre-established performance level
defined herein under section 4.2.
	 
	 	 	 	The two pre-determined financial performance criteria under the Plan are Average
Annual Net Sales Growth and Average Annual EPS. Average Annual Net Sales Growth
is calculated as an average of the net sales growth rates for the years 2011
through 2013. Average Annual EPS is calculated as an average of the annual
earnings per share for the years 2011 through 2013.

	4.2.	 	Threshold Performance and Maximum Performance

	 	 	 	Threshold (i.e. minimum) performance levels and maximum performance levels are
defined for each performance criterion as follows:
	 
	 	(a)	 	Average Annual Net Sales Growth during the Performance Period: 2.5%
(threshold) and 10% (maximum); and
	 
	 	(b)	 	Average Annual EPS: Average Annual EPS during the Performance Period: EUR
0.50 (threshold) and EUR 1.10 (maximum).
	 
	 	 	 	The number of Performance Shares to be settled, if any, is determined
independently with respect to Average Annual Net Sales Growth and to Average
Annual EPS.
	 
	 	 	 	If the threshold performance for neither of the two performance criteria is
reached, no settlement will take place.
	 
	 	 	 	If the threshold performance level is achieved in respect of a performance
criterion, the Threshold Number of Performance Shares will be settled.
	 
	 	 	 	To the extent the threshold performance level is exceeded in respect of a
performance criterion, the number of Performance Shares to be settled will
increase from the Threshold Number up to the Maximum Number following a
predetermined linear scale based on actual financial performance achieved.
	 
	 	 	 	The total number of Performance Shares to be settled, if any, may not exceed two
times the Grant Amount.
	 
	 	 	 	The following table summarizes each performance criterion:

	 	 	 	 	 	 	 	 	 	 	 
	Performance	 	Threshold	 	Maximum	 	Potential range of
	 Criterion	 	Performance	 	Performance	 	Settlement
	Average Annual EPS
during Jan. 1, 2011 —
Dec 31, 2013
(diluted, non-IFRS)

	 	EUR 0.50
	 	EUR 1.10
	 	Zero, or
from minimum level
(Threshold Number) to
up to maximum level (4
x Threshold Number)
	 
	 	 	 	 	 	 	 	 	 	 
	Average Annual Net Sales
growth during
Jan. 1, 2011 — Dec. 31,
2013 (non-IFRS)

	 	 	2.5	%	 	 	10	%	 	Zero, or
from minimum level
(Threshold Number) up
to maximum level
(4 x Threshold Number )

 

 

			
		 	 
	 
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	5.	 	Measurement and Calculation of Payout

	 	 	 	The measurement of Nokia Group’s performance shall be made after the end of the
Performance Period and approved by the Personnel Committee of the Company’s Board
of Directors. Based on this measurement, the number of Performance Shares to be
settled as Shares or the equivalent amount of cash shall be calculated.
	 
	 	 	 	The Company shall carry out the measurement and calculation in its sole
discretion.
	 
	 	 	 	The calculation of the number of Performance Shares to be settled shall not
result in fractional Shares. The number of Shares shall be rounded to the nearest
whole Share.

	6.	 	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 Settlement Date cannot be earlier than the first banking day immediately
following the day of the announcement of the Company’s annual results for the
fiscal year 2013.
	 
	 	 	 	The Company may, in its sole discretion, use for the settlement of Performance
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 settlement.
	 
	 	 	 	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.

	7.	 	Changes in Employment

	 	 	 	If the employment of the Participant with Nokia terminates prior to the end of
the Performance 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 Performance

 

 

			
		 	 
	 
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	 	 	 	Period, the Company has the right to settle the Performance
Shares at the Grant Amount prior to the end of the Performance Period. If made,
such special settlement will constitute full and final settlement of that
Performance Share grant.
	 
	 	 	 	If the employment of the Participant with Nokia terminates prior to the end of
the Performance Period for any other reason than those mentioned above, the
Company is entitled to redeem the Performance Shares from the Participant without
consideration, in which case the Participant shall not be entitled to any
settlement under the Plan.
	 
	 	 	 	In cases of voluntary and/or statutory leave of absence of the Participant, the
Company has the right to prorate the settlement.

	8.	 	Terms of Employment

	 	 	 	The grant or settlement of Performance Shares does not constitute a term or a
condition of the Participant’s employment contract with Nokia under applicable
local laws. The Performance 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 Performance 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 Performance 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
Performance 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 and other obligations upon grant or settlement of Performance Shares, or
when the 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.	 	Breach of these 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 Performance Shares.

 

 

			
		 	 
	 
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	11.	 	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 Performance Shares that are then outstanding, but not settled.

	12.	 	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 Performance 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 Performance 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 Performance Share grants.

		 	 13. Rights of Participants in certain Cases

	 		 	 13.1 Should the Annual General Meeting in accordance with the proposal of the
Board decide, prior to the settlement of the Performance 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.
	 
	 		 	13.2 Should the Company, prior to the settlement of the Performance 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.
	 
	 		 	13.3 The Company’s decision to cancel existing shares held by the Company prior
to the settlement of the Performance Shares will not affect the settlement of
Performance Shares nor the number of Performance Shares to be settled.
	 
	 		 	13.4. Should the Company, during the Performance Period, be placed into
liquidation, the Company has the right to settle the Performance 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 Performance Shares, be deregistered from the Trade
Register, the Participants shall not have any right to settlement.

 

 

			
		 	 
	 
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	 		 	13.5. Should the Company, during the Performance Period, resolve to merge with
another existing company or merge with a company to be formed, or should the
Company resolve to be demerged, the Company has the right to settle the
Performance Shares at the Grant Amount prior to the merger or demerger or to
convert the Performance 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.
	 
	 		 	13.6. Should the Company, during the Performance 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 Performance Shares to
settle the Performance Shares at the Grant Amount. 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.
	 
	 		 	13.7. Should during the Performance 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 Performance
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 Performance Period, to settle the Performance 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 13.7,
also give the Participants an opportunity to convert their Performance 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.
	 
	 		 	 13.8. Should the Company during the Performance Period be delisted from NASDAQ
OMX Helsinki or its successors, the Company has the right to settle the
Performance Shares at the Grant Amount prior to the delisting and make other
amendments to these terms and conditions as resolved by the Board.

 

 

			
		 	 
	 
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	14.	 	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 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.

	15.	 	Governing Law and Settlement of Disputes

	 	 	 	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.

	16.	 	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 Performance Shares. 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.

 

 

			
		 	 
	 
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SUPPLEMENT TO THE GRANT OF PERFORMANCE SHARES UNDER

THE NOKIA PERFORMANCE SHARE PLAN 2011 IN USA

Amendments to the Nokia Performance Share Plan 2011

For purposes of Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the
“Code”), the Nokia Performance Share Plan 2011 (“Plan”) is amended, effective as of March 25,
2011, by adding the following “Code Section 409A Schedule” to the Plan.

“Code Section 409A Schedule”

Notwithstanding anything in the terms and conditions of the Plan (“Plan Rules”) to the
contrary, effective as of March 25, 2011, the Plan Rules are amended as set forth in this
Code Section 409A Schedule in order to avoid adverse or unintended tax consequences to
Participants under Section 409A of the Code, and the applicable rules and regulations
thereunder. The provisions of this Code Section 409A Schedule shall apply to granted
Performance Shares that are, or could potentially be, subject to Section 409A of the Code,
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. The Settlement Date shall be the first banking day immediately following the day of
the announcement of the Company’s annual results for the fiscal year 2013.

     2. In cases of voluntary and/or statutory leave of absence of the 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, the Company will prorate and
settle the Participant’s Performance Shares on the Settlement Date.

     3. In the event that the Participant’s employment terminates by reason of retirement or
permanent disability prior to the end of the Performance Period, the Participant will retain
the right to settlement of the Performance Shares on the Settlement Date. In the event that
a Participant’s employment terminates due to death, the Company will settle the Participant’s
Performance Shares at the Grant Amount in the second month of the calendar quarter following
the date of the Participant’s death.

     4. The following provisions amend Section 13 of the Terms and Conditions of the Nokia
Performance Share Plan 2011 (the “Terms and Conditions”), which is attached as Appendix C
to the Legal Document for the 2011 Nokia Performance Share Plan:

	 	a)	 	Should the Company distribute a special dividend
constituting a deviation from the Company’s customary dividend policy
as contemplated by Section 13.1 of the Terms and Conditions, to the
extent that Participants receive the dividend, the dividend will be
paid to Participants after the end of the Performance Period on the
Settlement Date.

	 	b)	 	In the event that during the Performance Period the
Company is liquidated as contemplated by Section 13.4 of the Terms and
Conditions, the Company will settle the Participant’s Performance 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 13.5 and 13.7 of the Terms and Conditions, if during the
Performance Period the Company experiences a change in the ownership or
effective control of a corporation,

 

 

			
		 	 
	 
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	 		 	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”), the Company will either (i) convert the Performance
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 Performance Shares at the Grant
Amount within 30 days prior to the 409A Change in Control Event. If
during the Performance Period the Company engages in a transaction as
contemplated by Section 13.5 or 13.7 of the Terms and Conditions that
does not constitute a 409A Change in Control Event, the Performance
Shares shall be settled in accordance with their terms.

	 	d)	 	If prior to the settlement of the Performance Shares the
Company makes a resolution to acquire its own Shares through a tender
offer to all the shareholders under Section 13.6 of the Terms and
Conditions, the Company will exchange the Participant’s Performance
Shares at the Grant Amount for a right to receive a cash payment to be
paid out after the end of the Performance Period on the Settlement
Date.

	 	e)	 	In the event that during the Performance Period the
Company is delisted from NASDAQ OMX Helsinki or its successors as
contemplated by Section 13.8 of the Terms and Conditions, the Company
will exchange the Participant’s Performance Shares at the Grant Amount
for a right to receive a cash payment to be paid out after the end of
the Performance Period on the Settlement Date.

     5. If any Plan Rule or grant document contravenes any regulations or guidance
promulgated under Section 409A of the Code or could cause any granted Performance 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 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 Performance Share Plan 2011 remains in full force and
effect.

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