Document:

ex104-s8_052416.htm

EXHIBIT 10.4

 

Restricted Stock Award

Granted by

MELROSE BANCORP, INC.

under the

MELROSE BANCORP, INC.

2015 EQUITY INCENTIVE PLAN

This restricted stock agreement (“Restricted Stock Award” or “Agreement”) is and will be subject in every respect to the provisions of the 2015 Equity Incentive Plan (the “Plan”) of Melrose Bancorp, Inc. (the “Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this Restricted Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

 

1.              Name of Participant______________________________________________________

 

2.              Date of Grant: _____________, 2016.

 

	
3.  

	
Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award:

 

	
  

	
 (subject to adjustment pursuant to Section 9 hereof).

 

	
4.  

	
Vesting Schedule.  Except as otherwise provided in this Agreement, this Restricted Stock Award first becomes earned in accordance with the vesting schedule specified herein.

 

The Restricted Stock granted under this Agreement shall vest in five (5) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or _______, 2017, and succeeding installments on each anniversary thereafter, through __________, 2021.  To the extent the Restricted Stock awarded to me are not equally divisible by “5,” any excess Restricted Stock shall vest on __________, 2021.

  

  

  

Vesting will automatically accelerate pursuant to Sections 2.9 and 4.1 of the Plan (in the event of death, Disability or Involuntary Termination of Employment following a Change in Control or Involuntary Termination of Service as a Director following a Change in Control).

 

5.           Grant of Restricted Stock Award.

The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either registered in the name of the Participant and held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered to, the Participant.  Notwithstanding the foregoing, the Company may in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.

 

If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the transferability of the Restricted Stock.  The Restricted Stock awarded to the Participant will not be sold, encumbered hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

 

	
6.

	
Terms and Conditions.

 

	
  

	
6.1

	
The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require shareholder vote.

 

	
  

	
6.2

	
Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be distributed to the Participant at the time the Restricted Stock vests.

 

	
  

	
7.

	
Delivery of Shares.

 

Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.

8.          Change in Control.

	
  

	
8.1

	
In the event of the Participant’s Involuntary Termination of Employment following a Change in Control or Involuntary Termination of Service as a Director following a Change in Control, all Restricted Stock Awards held by the Participant will become fully vested.

	
  

	
8.2

	
A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

 

-2-

  

  

  

 

9.           Adjustment Provisions.

 

	
  

	
This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

 

10.           Effect of Termination of Service on Restricted Stock Award.

 

10.1           This Restricted Stock Award will vest as follows:

 

	
(i)  

	
Death.  In the event of the Participant’s Termination of Service by reason of the Participant’s death, all Restricted Stock will vest as to all shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.

 

	
(ii)  

	
Disability.  In the event of the Participant’s Termination of Service by reason of Disability, all Restricted Stock will vest as to all shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.

 

	
(iii)  

	
Retirement.  In the event of the Participant’s Termination of Service by reason of the Participant’s Retirement, any Restricted Stock award that has not vested as of the date of Termination of Service will expire and be forfeited.  “Retirement” shall have the meaning set forth in Section 8.1(dd) of the Plan.

 

	
(iv)  

	
Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Restricted Stock granted to a Participant that has not vested will expire and be forfeited.

 

	
(iv)  

	
Other Termination.  If a Participant terminates Service for any reason other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control or for Cause, all shares of  Restricted Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.

 

11.           Miscellaneous.

 

	
  

	
11.1

	
No Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

 

	
  

	
11.2

	
This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

 

	
  

	
11.3

	
Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

 

-3-

  

  

  

	
  

	
11.4

	
This Restricted Stock Award will be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

 

	
  

	
11.5

	
This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

 

[Signature Page Follows]

 

-4-

  

  

  

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award set forth above.

 

MELROSE BANCORP, INC.

 

By: ____________________________                                                                

Its: ____________________________                                                               

 

 

PARTICIPANT’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the 2015 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2015 Equity Incentive Plan.

 

PARTICIPANT

 

 

_______________________________

 

 

 

 

 

-5-Terms and Conditions of the

 

 

Nokia Performance Share Plan 2016

 

 

 

Approved by the Board of Directors on

 

 

10 February 2016 and restated on 25 May 2016

 

 

 

  

  

  

   

 

 

TERMS AND CONDITIONS OF THE NOKIA PERFORMANCE SHARE PLAN 2016

 

	
  

	
1.

	
PURPOSE AND SCOPE OF THE PLAN

	 	
1.1.

	
The purpose of the Nokia Performance Share Plan 2016 is to retain Nokia Group employees, to promote employees’ engagement and to reward them for Nokia Group’s long-term performance. This is accomplished by focusing the Participants on Nokia Group’s long-term financial performance and share price appreciation and thus aligning the interests of the Participants with those of the shareholders. To accomplish these objectives the Company may grant eligible Nokia Group employees Performance Shares under this Plan.

	 	
1.2.

	
The Plan is tied directly to the performance of Nokia Group. For the purposes of this plan, performance is measured through the Performance Criteria. The financial benefits of the Plan materialize after the Restriction Period only if the pre-determined performance levels measured by Performance Criteria, are achieved by the end of the Performance Period, subject to the Minimum Amount.

	 	
1.3.

	
Under the Plan, a maximum of 25.5 million Performance Shares may be granted, which may result in the settlement of 51 million Shares at the maximum performance level. The Board determines the general principles of the Plan and approves the grants of Performance Shares to eligible employees within its authority. Grants of Performance Shares under these Terms & Conditions may be made between February 10, 2016 and December 31, 2016, inclusive.

 

	
  

	
2.

	
DEFINITIONS

 

Board: The Board of Directors of the Company.

 

  

  

  

   

 

 

Company: Nokia Corporation.

 

Grant Amount: The number of Performance Shares granted to a Participant.

 

Grant Date: The date Performance Shares are awarded to an employee under the Plan.

 

Maximum Number: The number of Performance Shares to be settled if the maximum performance is achieved with respect to the Performance Criteria as defined under rule 4. The Maximum Number equals two times the Grant Amount. Maximum Number is tied to the Performance Criteria as defined in rule 4

 

Minimum Amount: a minimum pay-out which is 25% of the Grant Amount, payable only in the event that the calculated pay-out (based on Nokia’s performance against the Performance Criteria) is beneath 25% achievement against Performance Criteria.

 

Nokia: Nokia Corporation.

 

Nokia Average Annual Net Sales: Average Annual Net Sales is an average of the annual net sales in the consolidated profit and loss accounts for Nokia (non-IFRS) during the Performance Period.

 

Nokia 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.

 

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 has received a grant of Performance Shares under the Plan.

 

Performance Criteria/Criterion: For the purposes of the Plan, performance is measured by each pre-determined criterion as set in rule 4, together referred to as the Performance Criteria.

 

  

  

  

   

 

 

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 fulfilment of the conditions under rule 4, and provided that no other restriction related to these Terms & Conditions is applicable.

 

Performance Period: The two fiscal years starting on January 1, 2016 and ending on December 31, 2017.

 

Plan: Performance Share Plan 2016 of the Company

 

Restriction Period: Period after which the Shares shall be settled to the Participant. The Restriction Period shall be no less than one year from the end of the Performance Period.

 

Settlement Date: A banking day in Helsinki, Finland falling as soon as practicable after the end of the Restriction Period, as determined by the Company.

 

Share/Shares: The Company’s ordinary shares. The terms and conditions applicable to Shares shall apply to their cash equivalent used for settlement, as applicable.

 

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

 

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 rule 4, subject to the Minimum Amount.

 

	
  

	
3.

	
GRANT OF PERFORMANCE SHARES

 

 

	 	
3.1

	
At grant, each Participant will receive a Grant Amount of Performance Shares. The Company will notify each Participant of the grant.

 

 

	 	
3.2

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

  

  

  

   

 

 

 

	 	
3.3

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

 

	
  

	
4.

	
FINANCIAL PERFORMANCE CRITERIA

 

General Principles

 

	 	
4.1

	
Measurement of the performance during the Performance Period will be based on the Performance Criteria as of December 31, 2016 and 2017 compared to the pre-established performance level defined herein in this rule 4.

 

Threshold Performance and Maximum Performance

 

	 	
4.2

	
Threshold performance levels and maximum performance levels are defined for each Performance Criterion in the table below.

	 	
4.3

	
The number of Performance Shares to be settled is determined independently with respect to each applicable Performance Criterion, with the total final pay-out being subject to the Minimum Amount.

   

	 	
4.4

	
If no threshold performance is achieved in respect of a Performance Criterion, the Minimum Amount will be settled after the Restriction Period.

   

	 	
4.5

	
If the threshold performance level is achieved in respect of any Performance Criterion, the Threshold Number of Performance Shares will be settled after the Restriction Period, subject to the Minimum Amount.

    

	 	
4.6

	
To the extent the threshold performance level is exceeded in respect of a Performance Criterion, the number of Performance Shares to be settled after the Restriction Period will increase from the Threshold Number up to the Maximum Number following a pre-determined linear scale based on actual financial performance achieved, subject to the Minimum Amount.

   

  

  

  

    

 

	 	
4.7

	
The total number of Performance Shares to be settled may not exceed two times the Grant Amount.

   

	 	
4.8

	
The following table summarises each Performance Criterion for the Nokia Group employees:

 

	
Performance Criterion

	
Weighting

	
Threshold

performance 

(rounded)

	
Maximum 

Performance 

(rounded)

	
Potential range of Settlement*

	
Nokia Average Annual Net Sales (non-IFRS) during Jan.1 2016-Dec. 31. 2017

	
 

50%

	
 

EUR 24.097 billion

 

	
 

EUR 27.724 billion

 

	
Threshold Number up to maximum level (4 x Threshold Number)

	
Nokia Average Annual EPS (diluted, non-IFRS) during Jan.1 2016-Dec. 31. 2017

	
 

50%

	
 

0.23

	
 

0.34

	
Threshold Number up to maximum level (4 x Threshold Number)

 

 

  

  

  

   

 

 

* The minimum pay-out of 25% of the Grant Amount, will be payable only in the event that the calculated pay-out (based on Nokia’s performance against the Performance Criteria) is beneath 25% achievement against the Performance Criteria.

 

	
  

	
5.

	
MEASUREMENT AND CALCULATION OF PAY-OUT

	 	
5.1

	
The measurement of the Performance Criteria 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.

	 	
5.2

	
The Company shall carry out the measurement and calculation in its sole discretion.

	 	
5.3

	
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.

	
RESTRICTION PERIOD

	 	
6.1

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

	 	
6.2

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

 

 

  

  

  

   

 

 

	
  

	
7.

	
SETTLEMENT

	 	
7.1.

	
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 & 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.

   

	 	
7.2.

	
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.

	 	
7.3.

	
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, where new Shares issued by the Company are used for settlement, until the Shares have been entered in the Trade Register.

 

	
  

	
8.

	
CHANGES IN EMPLOYMENT

	 	
8.1

	
If the employment of the Participant with Nokia Group terminates prior to the end of the Restriction Period by the reason of retirement, permanent disability (as defined by the Company in its sole discretion) or death, the Participant retains the right to settlement.

	 	
8.2

	
In the case of death of the Participant prior to the end of the Performance Period, unless the Company determines otherwise in its sole discretion, the Performance Shares will be settled at the Grant Amount prior to the end of the Performance Period.

	 	
8.3

	
In the case of death of the Participant during the Restriction Period, unless the Board determines otherwise, the Performance Shares will be settled prior to the end of the Restriction Period based on the calculation of the number of Performance Shares to be settled made in accordance with rule 5 of these Terms & Conditions. If made, such special settlement will constitute full and final settlement of that Performance Share grant.

   

  

  

  

   

 

 

	 	
8.4

	
If the employment of the Participant with Nokia Group terminates prior to the end of the Restriction Period for any other reason than those mentioned above, then, unless the Board determines otherwise in its sole discretion, the Company shall redeem the Performance Shares from the Participant without consideration, in which case the Participant shall not be entitled to any settlement under the Plan.

	 	
8.5

	
In cases of voluntary and/or statutory leave of absence of the Participant, the Company has the right to defer the end of the Restriction Period or prorate the settlement.

 

	
  

	
9.

	
TERMS OF EMPLOYMENT

	 	
9.1

	
The grant or settlement of Performance Shares 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. 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.

	 	
9.2

	
The grant or settlement of Performance Shares do not create any right for that Participant to be offered participation in the Plan in future or to be granted any additional Performance Shares on any particular terms, including the number of Performance Shares.

	 	
9.3

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

	
  

	
9.3.1

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

	
  

	
9.3.2

	
any exercise of a discretion or a decision taken in relation to any Performance Shares, and/or to the Plan, or any failure to exercise a discretion or take a decision; and

	
  

	
9.3.3

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

   

  

  

  

 

 

	 	
10.

	
TAXES AND OTHER OBLIGATIONS

 

	
  

	
10.1

	
The Participant is 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 and/or Restriction Period. 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.

 

	 	
10.2

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

 

	 	
10.3

	
Pursuant to applicable laws, the Nokia Group 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 or settlement of Performance Shares, or when the Shares are disposed of by a Participant. The Nokia Group 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 a Participant for the completion of such measures.

 

	 	
11.

	
BREACH OF THESE TERMS AND CONDITIONS

 

	
  

	
11.1

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

 

	
  

	
11.2

	
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 settlement, rescind the grant of Performance Shares.

 

 

  

  

  

   

 

	 	
12.

	
VALIDITY OF THESE TERMS AND CONDITIONS AND AMENDMENTS

 

	
  

	
12.1

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

 

	
  

	
12.2

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

 

	
  

	
12.3

	
Action taken by the Board in rule 12.2 may also, as in each case determined by the Board, affect the Performance Shares that are then outstanding, but not settled.

 

	 	
13.

	
ADMINISTRATION

 

	
  

	
13.1

	
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 Performance Share grants that are then outstanding, but not settled.

 

	
  

	
13.2

	
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.

 

	 	
14.

	
RIGHTS OF PARTICIPANTS IN CORPORATE EVENTS

 

	
  

	
14.1

	
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:

 

	 	
14.1.1

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

   

  

  

  

   

 

 

	 	
14.1.2

	
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.

 

	 	
14.1.3

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

 

	
  

	
14.2

	
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.

 

	
  

	
14.3

	
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.

 

	
  

	
14.4

	
Should the Company, during the Performance Period, be placed into liquidation:

 

	 	
14.4.1

	
the Board may determine, in its sole discretion, whether Performance Shares may be settled at Grant Amount. Any settlement will be within such period as resolved by the Board;

 

	 	
14.4.2

	
notwithstanding any other provisions in these Terms & 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.

 

	 	
14.5

	
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:

 

	 	
14.5.1

	
the Board may determine, in its sole discretion, whether Performance Shares may be settled at the Grant Amount prior to the merger or demerger. Any settlement will be within such period as resolved by the Board;

 

	 	
14.5.2

	
the Board may determine, in is sole discretion, whether Performance Shares should be converted into similar equity rights issued by the other company. In such circumstances, the Board shall determine the terms and the period in which any Performance Shares may be converted; and

   

  

  

  

   

 

 

	 	
14.5.3

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

 

	 	
14.6

	
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, unless the Board, in its sole discretion, determines otherwise.

 

	 	
14.7

	
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:

 

	 	
14.7.1

	
the Board may determine, in its sole discretion, whether Performance Shares may be settled at the Grant Amount prior to the tender offer or the offer to redeem the shares.

 

	 	
14.8

	
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 Performance Period, whether Performance Shares will be settled at the Grant Amount prior to the redemption, after which the Participants’ obligation to transfer all of their shares will be subject to the Finnish Companies Act.

   

  

  

  

   

 

 

	 	
14.9

	
The Board may, however, in any of the situations resolved in this rule 14, determine, in its sole discretion, to provide the Participants with 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.

 

	 	
14.10

	
Should the shares of the Company during the Performance 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:

 

	 	
14.10.1

	
the Board, may determine, in its sole discretion, whether any Performance Shares may be settled as a result of the delisting. Any settlement will be within such period as resolved by the Board; and

 

	
  

	
14.10.2

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

 

	 	
14.11

	
Rules 14.4, 14.5, 14.6, 14.7 and 14.8 shall also apply should the situations set out in those rules take place during the Restriction Period, with the exception that instead of settlement at Grant Amount, the Company has the right to settle the Performance Shares based on the calculation of the number of Performance Shares to be settled made in accordance with rule 5 of these Terms & Conditions.

 

	 	
15.

	
THE RECOUPMENT OF EQUITY IN THE EVENT OF CERTAIN RESTATEMENTS

 

	 	
15.1

	
Under the Nokia policy on the clawback of incentive compensation (“Clawback Policy”), as amended from time to time, in the event that recoupment is triggered under the Clawback Policy, the Board of Directors 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 and includes any Performance Shares granted under the Plan and awarded to the employees covered by the Clawback Policy.

   

  

  

  

   

 

 

	 	
15.2

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

 

	 	
16.

	
GOVERNING LAW AND SETTLEMENT OF DISPUTES

 

	 	
16.1

	
These Terms & Conditions are governed by 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 Finnish Central Chamber of Commerce.

 

	 	
17.

	
PROCESSING OF PERSONAL DATA

 

	 	
17.1

	
Nokia Group has the right to transfer globally within Nokia Group and/or to an agent of Nokia Group any of the personal data required for the administration of the Plan and the settlement of the Performance Shares.

 

	
  

	
17.2

	
The personal data may be administered and processed by Nokia Group or its authorized agent in the future.

 

	
  

	
17.3

	
The Participant is entitled to request access to data referring to the Participant’s person, held by Nokia Group 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 & Compliance, in Espoo, Finland.

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