Document:

<PAGE>
                                                                   EXHIBIT 10.54

                                 PROMISSORY NOTE
                                     3/31/03
                                 ----------------
                                     (DATE)

 FOR VALUE RECEIVED, LA JOLLA PHARMACEUTICAL COMPANY a corporation located at
 the address stated below ("MAKER") promises, jointly and severally if more than
 one, to pay to the order of GENERAL ELECTRIC CAPITAL CORPORATION or any
 subsequent holder hereof (each, a "PAYEE") at its office located at 401 MERRITT
 7 SUITE 23, NORWALK, CT 06851-1177 or at such other place as Payee or the
 holder hereof may designate, the principal sum of ONE HUNDRED EIGHTY EIGHT
 THOUSAND SIX HUNDRED TWENTY AND 07/00 ($188,620.07), with interest on the
 unpaid principal balance, from the date hereof through and including the dates
 of payment, at a fixed interest rate of Eight and Twenty Seven Hundredths
 percent (8.27%) per annum, to be paid in lawful money of the United States, in
 Forty-Two (42) consecutive monthly installments of principal and interest as
 follows:

<TABLE>
<CAPTION>
          Periodic
       Installment                      Amount
-------------------------             -----------
<S>                                   <C>
       Thirty-Six (36)                $5,321.69
       Five (5)                       $3,973.49
</TABLE>

each ("Periodic Installment") and a final installment which shall be in the
amount of the total outstanding principal and interest. The first Periodic
Installment shall be due and payable on 4/1/04 and the following Periodic
Installments and the final installment shall be due and payable on the same day
of each succeeding month (each, a "Payment Date"). Such installments have been
calculated on the basis of a 360 day year of twelve 30-day months. Each payment
may, at the option of the Payee, be calculated and applied on an assumption that
such payment would be made on its due date.

The acceptance by Payee of any payment which is less than payment in full of all
amounts due and owing at such time shall not constitute a waiver of Payee's
right to receive payment in full at such time or at any prior or subsequent
time.

The Maker hereby expressly authorizes the Payee to insert the date value is
actually given in the blank space on the face hereof and on all related
documents pertaining hereto.

This Note may be secured by a security agreement, chattel mortgage, pledge
agreement or like instrument (each of which is hereinafter called a "SECURITY
AGREEMENT").

Time is of the essence hereof. If any installment or any other sum due under
this Note or any Security Agreement is not received within ten (10) days after
its due date, the Maker agrees to pay, in addition to the amount of each such
installment or other sum, a late payment charge of five percent (5%) of the
amount of said installment or other sum, but not exceeding any lawful maximum.
If (i) Maker fails to make payment of any amount due hereunder within ten (10)
days after the same becomes due and payable; or (ii) Maker is in default under,
or fails to perform under any term or condition contained in any Security
Agreement, then the entire principal sum remaining unpaid, together with all
accrued interest thereon and any other sum payable under this Note or any
Security Agreement, at the election of Payee, shall immediately become due and
payable, with interest thereon at the lesser of eighteen percent (18%) per annum
or the highest rate not prohibited by applicable law from the date of such
accelerated maturity until paid (both before and after any judgment).

Notwithstanding anything to the contrary contained herein or in the Security
Agreement, Maker may not prepay in full or in part any indebtedness hereunder
without the express written consent of Payee in its sole discretion.

It is the intention of the parties hereto to comply with the applicable usury
laws; accordingly, it is agreed that, notwithstanding any provision to the
contrary in this Note or any Security Agreement, in no event shall this Note or
any Security Agreement require the payment or permit the collection of interest
in excess of the maximum amount permitted by applicable law. If any such excess
interest is contracted for, charged or received under this Note or any Security
Agreement, or if all of the principal balance shall be prepaid, so that under
any of such circumstances the amount of interest contracted for, charged or
received under this Note or any Security Agreement on the principal balance
shall exceed the maximum amount of interest permitted by applicable law, then in
such event (a) the provisions of this paragraph shall govern and control, (b)
neither Maker nor any other person or entity now or hereafter liable for the
payment hereof shall be obligated to pay the amount of such interest to the
extent that it is in excess of the maximum amount of interest permitted by
applicable law, (c) any such excess which may have been collected shall be
either applied as a credit against the then unpaid principal balance or refunded
to Maker, at the option of the Payee, and (d) the effective rate of interest
shall be automatically reduced to the maximum lawful contract rate allowed under
applicable law as now or hereafter construed

<PAGE>

by the courts having jurisdiction thereof. It is further agreed that without
limitation of the foregoing, all calculations of the rate of interest contracted
for, charged or received under this Note or any Security Agreement which are
made for the purpose of determining whether such rate exceeds the maximum lawful
contract rate, shall be made, to the extent permitted by applicable law, by
amortizing, prorating, allocating and spreading in equal parts during the period
of the full stated term of the indebtedness evidenced hereby, all interest at
any time contracted for, charged or received from Maker or otherwise by Payee in
connection with such indebtedness; provided, however, that if any applicable
state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a
greater interest per annum rate than is presently allowed, the Maker agrees
that, on the effective date of such amendment or preemption, as the case may be,
the lawful maximum hereunder shall be increased to the maximum interest per
annum rate allowed by the amended state law or the law of the United States of
America.

The Maker and all sureties, endorsers, guarantors or any others (each such
person, other than the Maker, an "OBLIGOR") who may at any time become liable
for the payment hereof jointly and severally consent hereby to any and all
extensions of time, renewals, waivers or modifications of, and all substitutions
or releases of, security or of any party primarily or secondarily liable on this
Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and
maintained against any one or more of them, at the election of Payee without
joinder of any other as a party thereto, and that Payee shall not be required
first to foreclose, proceed against, or exhaust any security hereof in order to
enforce payment of this Note. The Maker and each Obligor hereby waives
presentment, demand for payment, notice of nonpayment, protest, notice of
protest, notice of dishonor, and all other notices in connection herewith, as
well as filing of suit (if permitted by law) and diligence in collecting this
Note or enforcing any of the security hereof, and agrees to pay (if permitted by
law) all expenses incurred in collection, including Payee's actual attorneys'
fees. Maker and each Obligor agrees that fees not in excess of twenty percent
(20%) of the amount then due shall be deemed reasonable.

THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS
NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE
RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS,
AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR
TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED
TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

This Note and any Security Agreement constitute the entire agreement of the
Maker and Payee with respect to the subject matter hereof and supercedes all
prior understandings, agreements and representations, express or implied.

No variation or modification of this Note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an
authorized representative of Maker and Payee. Any such waiver, consent,
modification or change shall be effective only in the specific instance and for
the specific purpose given.

<PAGE>

Any provision in this Note or any Security Agreement which is in conflict with
any statute, law or applicable rule shall be deemed omitted, modified or altered
to conform thereto.

<TABLE>
<S>                                       <C>
                                          LA JOLLA PHARMACEUTICAL COMPANY

 /s/ Lisa Peraza                          By:  /s/ Gail A. Sloan
 ----------------------------------            ---------------------
 (Witness)

 Lisa Peraza                              Name: Gail A. Sloan
 ----------------------------------             -------------
 (Print name)

 6455 Nancy  Ridge Drive                  Title: V.P. of Finance and Controller
 ----------------------------------              -------------------------------
San Diego, CA 92121
-------------------
  (Address)
                                          Federal Tax ID #:   330361285
                                                            ----------------
                                          Address:   6455 Nancy Ridge Drive,
                                          San Diego, San Diego County, CA 92121

</TABLE>NOKIA                                                                     1 (8)

TERMS AND CONDITIONS OF THE NOKIA PERFORMANCE SHARE PLAN 2004

1.     Definitions

                    Annual EPS: The Annual Earnings Per Share number (basic,
                    reported) in the approved consolidated financial accounts
                    for Nokia Group (IAS) for fiscal years 2003, 2005, and 2007,
                    as applicable, will be used for the measurement of the EPS
                    growth, as one financial performance objective and vesting
                    condition under paragraph 4.2.

                    Average Annual Net Sales: The Annual Net Sales in the
                    approved consolidated financial accounts for Nokia Group
                    (IAS) for fiscal years 2003, 2005, and 2007, as applicable,
                    will be used for the calculation of the Average Annual Net
                    Sales Growth as one financial performance objective and
                    vesting condition under paragraph 4.2 below.

                    Combined Threshold Number: The number of Units to vest,
                    provided that the Threshold Performance is achieved with
                    respect to both of the Performance Criteria, as determined
                    in the Vesting conditions of the Plan under paragraph 4.2.
                    The Combined Threshold Number equals the Grant Amount.

                    Grant Amount: The number of Units that will be allocated to
                    a Participant in a grant. One half of the Grant Amount
                    represents the Threshold Number for EPS Growth, and one half
                    represents the Threshold Number for Net Sales Growth. The
                    Grant Amount equals the Combined Threshold Number.

                    Interim Measurement Period: The period comprising the fiscal
                    years 2004 and 2005. The measurement of the first payout
                    during the Performance Period under paragraph 4.2 and 4.3
                    will be based on the performance during the Interim
                    Measurement Period.

                    Maximum Number: The number of granted Units to vest,
                    provided that the Maximum Performance is achieved with
                    respect to either performance criteria, as determined in the
                    Vesting conditions under paragraph 4. For each Performance
                    Criteria, the Maximum Number of Units is equal to four times
                    the Threshold Number. The combined Maximum Number of Units
                    for Maximum Performance on both Performance Criteria, shall
                    not, however, exceed four times the Grant Amount.

                    Maximum Performance: The performance level, which is defined
                    for each Performance Criteria under paragraph 4.2. The
                    Maximum Performance results in the Vesting of four times the
                    Threshold Number.

                    Participant: Eligible persons who, based on the grant
                    guidelines approved by the Personnel Committee, receive a
                    grant of Performance Share Units under the Plan.
<PAGE>

NOKIA                                                                     2 (8)

                    Performance Criteria: The pre-determined financial
                    objectives for the Plan, the measurement of which determines
                    whether granted Units shall vest as defined under paragraph
                    4.2. The two, equally weighted Performance Criteria are
                    annual EPS Growth and average annual Net Sales Growth.

                    Performance Period: The period comprising the fiscal years
                    2004 through 2007. The fulfillment of the pre-determined
                    Performance Criteria as described under paragraph 4.2, is
                    measured based on Nokia's financial performance during this
                    period.

                    Performance Share Unit or Unit: Each Participant is offered
                    at grant a number of Performance Share Units, equalling the
                    Grant Amount. The Units will vest as Shares for the
                    Participant to the extent of and subject to the Vesting
                    conditions under paragraph 4.2, and other restrictions under
                    these Plan Rules.

                    Plan Rules: This document as adopted by the Board of
                    Directors.

                    Settlement Date: The day of the settlement of the payouts
                    under the Plan. Subject to the Vesting conditions under
                    paragraph 4 below, there will be two Settlement Dates, one
                    after the Interim Measurement Period and a second after the
                    Performance Period as defined under paragraph 6. The
                    Settlement Date will be as soon as practicable after the
                    Vesting Date.

                    Shares: Nokia ordinary shares to be transferred to
                    Participants based on vested Units. Nokia may, however, in
                    its sole discretion, use for the settlement of vested Units
                    one or more of the ways of funding described under paragraph
                    6, including cash settlement.

                    Threshold Number: The number of Units to vest, provided that
                    the Threshold Performance is achieved with respect to either
                    of the performance criteria, as determined in the Vesting
                    conditions of the Plan under paragraph 4.2. For each
                    Performance Criteria, the Threshold Number is equal to
                    one-half of the Grant Amount.

                    Threshold Performance: The minimum performance level as
                    defined under paragraph 4.2, which results in the Vesting of
                    the Threshold Number of Units of a grant. For each
                    Performance Criteria, a Threshold Performance level is
                    established.

                    Vesting: The granted Units shall vest as Shares and the
                    Participant shall acquire the right to receive full
                    ownership of such number of Shares. The number of Units that
                    Vest will be dependent on the fulfilment of the Vesting
                    conditions under paragraph 4. The Vesting conditions will be
                    measured after the close of the Interim Measurement Period,
                    and the close of the Performance Period, as defined under
                    paragraph 4.3.

                    Vesting Date: The Vesting Date is the date of the Annual
                    General Meeting of Nokia in 2006 and 2008, respectively, as
                    determined by Nokia. The Vesting Date represents the day in
                    which a participant earns the shares, subject to the Vesting
                    conditions defined in paragraph 4.2. There will be two
                    Vesting Dates, one after the Interim Measurement Period and
                    a second after the Performance Period as defined under
                    paragraph 6.

2.     Purpose and Scope of the Plan

                    Nokia Corporation ("Nokia") may grant under the Performance
                    Share Plan 2004 (the "Plan") a maximum of 17 000 000 Nokia
                    shares (the "Shares") to eligible participants, subject to
                    the terms and conditions and

<PAGE>

NOKIA                                                                     3 (8)

                    other restrictions set out herein ("Plan Rules"). The
                    purpose of the Plan is to recruit, retain and motivate
                    selected personnel of Nokia Group, and to promote their
                    share ownership.

                    To comply with the purposes of the Plan, the Personnel
                    Committee of the Board of Directors of Nokia ("Personnel
                    Committee") shall determine the grant principles of the
                    Plan, as well as approve the eligible persons of Nokia Group
                    to receive grants under the Plan (the "Participants") from
                    time to time.

3.     Grant of Performance Share Units

                    At grant, each Participant will be offered a certain number
                    of Performance Share Units ("Grant Amount"). The granted
                    Units will vest as Shares to the Participants, subject to
                    the Vesting conditions described below under paragraph 4,
                    and other terms and conditions under these Plan Rules.

                    In connection with the grant, the Participant may be
                    required to give Nokia such authorizations and consents, as
                    Nokia deems necessary in order to administer the Plan from
                    time to time. The fulfillment of such requirements,
                    including the instructions given by Nokia regarding the
                    acceptance of a grant, forms a precondition of a valid
                    grant.

4.     Vesting Conditions of the Performance Share Units

4.1.   Vesting and Settlement

                    The granted Units shall vest as Shares and the Participant
                    shall acquire the right to receive full ownership of such
                    number of Shares, as determined in the Vesting conditions
                    described below in this paragraph 4 ("Vesting") and be
                    subject to Settlement pursuant to paragraph 6 below,
                    "Settlement of Grant".

4.2.   Performance Period and Financial Performance Criteria

                    The Vesting of Units under the Plan is determined by the
                    financial performance of Nokia during the Performance Period
                    comprising the fiscal years 2004 through 2007 ("Performance
                    Period").

                    The measurement of Nokia's performance during the
                    Performance Period will be based on the approved
                    consolidated financial accounts of Nokia Group (IAS) as of
                    the end of fiscal year 2003, compared with those of 2005 and
                    2007.

<PAGE>

NOKIA                                                                     4 (8)

                  Threshold Performance

                    The Threshold Number, equalling one half of the Grant
                    Amount, shall vest, if Nokia's financial performance equals
                    either of the two pre-determined financial performance
                    criteria ("Performance Criteria") described below as
                    Threshold Performance.

                    The Threshold Performance level for each Performance
                    Criteria is as follows:

                    1)   EPS Growth: Nokia's EPS (basic, reported) equals 0.84
                         at the end of 2007,

                    2)   Net Sales Growth: Nokia's Average Annual Net Sales
                         Growth rate equals 4% at the end of 2007.

                  Maximum Performance

                    For each criterion, the Maximum Number of Units shall vest,
                    if Nokia's financial performance equals or exceeds the
                    pre-determined financial performance criteria described
                    below as Maximum Performance.

                    1)   EPS Growth: Nokia's EPS (basic, reported) equals or
                         exceeds 1.18 EUR at the end of 2007

                    2)   Net Sales Growth: Nokia's Average Annual Net Sales
                         Growth rate for the Performance Period equals or
                         exceeds 16%

                    To the extent that the Threshold Performance is exceeded,
                    the number of Units to vest will increase linearly up to the
                    Maximum Performance level. For a graphical depiction of the
                    vesting schedule, please consult tables A and B below.

<PAGE>

NOKIA                                                                     5 (8)

                    The following table summarizes the Threshold Performance and
                    Maximum Performance for each Performance Criteria as well as
                    the number of Units being vested at each performance level
                    under the Plan:

<TABLE>
<CAPTION>

                             ------------------------------------------------ ------------------------------------------------
                             Threshold Performance                            Maximum Performance
  -------------------------- ------------------------------------------------ ------------------------------------------------
 <S>                         <C>                     <C>                      <C>                    <C>
  Performance Metric         Performance Criteria    Number of Units Vesting  Performance Criteria    Number of Units Vesting
  ----------------------------------------------------------------------------------------------------------------------------
  Interim Measurement Period
  -------------------------- ----------------------- ------------------------ ----------------------- ------------------------
  EPS in 2005                0.80 EUR                Threshold  Number  (one  0.94 EUR                Two      times      the
  (basic, reported)                                  half   of   the   Grant                          Threshold Number *
                                                     Amount)
  -------------------------- ----------------------- ------------------------ ----------------------- ------------------------
  Average  Annual Net Sales  4%                      Threshold  Number  (one  16% or higher           Two      times      the
  Growth Rate (2004-2005)                            half   of   the   Grant                          Threshold Number *
                                                     Amount)
  ----------------------------------------------------------------------------------------------------------------------------
  *) After the close of the Interim  Measurement  Period,  the maximum total number of Units that may be vested,  if any, may
  not exceed the Grant Amount or Combined Threshold Number.
  ----------------------------------------------------------------------------------------------------------------------------
  Performance Period
  -------------------------- ----------------------- ------------------------ ----------------------- ------------------------
  EPS in 2007                0.84 EUR                Threshold  Number  (one  1.18 EUR                Equal  to  four   times
  (basic, reported)                                  half   of   the   Grant                          the Threshold Number**)
                                                     Amount**))
  -------------------------- ----------------------- ------------------------ ----------------------- ------------------------
  Average  Annual Net Sales  4%                      Threshold  Number  (one  16% or higher           Equals  four  times the
  Growth Rate (2004-2007)                            half   of   the   Grant                          Threshold Number **)
                                                     Amount **)
  ----------------------------------------------------------------------------------------------------------------------------
  **) For the full Performance  Period,  the total amount of shares to be vested, if any, may not exceed four times the Grant
  Amount or the Combined Threshold Number, less any Shares delivered after the Interim Measurement Period.
  ----------------------------------------------------------------------------------------------------------------------------

</TABLE>

                Table A                                       Table B

           [GRAPHIC OMITTED]                             [GRAPHIC OMITTED]

<PAGE>

NOKIA                                                                     6 (8)

4.3.   Measurement and calculation of grant payout

                    The measurement of Nokia's performance under the Plan shall
                    be made after the close of the Interim Measurement Period as
                    well as after the Performance Period. Based on each of these
                    measurements, the number of Units being vested and Shares
                    shall be calculated, which calculation will always subject
                    to the approval of Nokia's financial accounts by the Annual
                    General Meeting of Shareholders for the relevant year.

                    Nokia shall carry out the measurement of Nokia's performance
                    and calculation of the number of Units being vested and
                    corresponding number of Shares under the Plan as well as the
                    payout in its sole discretion.

                    The calculation of the number of Units being vested shall
                    not result in fractional Shares. The number of Units vesting
                    shall be rounded to the nearest whole Share.

4.4.   Vesting Date

                    The measurement and calculation will be confirmed on the day
                    of the Annual General Meeting of Nokia in 2006 and 2008, as
                    determined by Nokia ("Vesting Date"). The Vesting Date
                    represents the day in which a participant earns the Shares,
                    subject to the fulfilment of the Vesting conditions
                    determined in this paragraph. There will be two Vesting
                    Dates: one after the Interim Measurement Period and a second
                    after the Performance Period as defined under paragraph 6.

4.5.   Interim and Final payout

                    The payout based on achievement during the Interim
                    Measurement Period shall not exceed the Grant Amount. The
                    portion of the payout after the close of the Interim
                    Measurement Period that would have, pursuant to the Vesting
                    conditions under 4.2 above, exceeded this limit, will be
                    paid out in 2008, if justified by the second measurement of
                    performance after the close of the Performance Period.

                    The final payout based on the achievement during the
                    Performance Period shall not exceed four times the Grant
                    Amount. The number of Units being vested shall be adjusted
                    by the number of Units delivered after the close of Interim
                    Measurement Period.

4.6.   Changes in employment

                    If the employment of the Participant terminates prior to
                    Vesting Date for any reason other than early retirement,
                    retirement, permanent disability (as defined by Nokia at its
                    sole discretion), or death, the Participant will not acquire
                    ownership of the vested Shares and they will not be
                    transferred to the Participant's account on or about the
                    Settlement Date.

                    If the employment of the Participant terminates prior to
                    Vesting Date by reason of early retirement, retirement,
                    permanent disability (as defined by Nokia at its sole
                    discretion) or death, the ownership of the Vested Shares
                    will pass to the Participant and the Shares will be
                    transferred to the Participant's account at the Settlement
                    Date.

                    In cases of voluntary and/or statutory leave of absence of
                    the Participant, Nokia has the right to defer the Vesting
                    Date and Settlement Date

<PAGE>

NOKIA                                                                     7 (8)

5.     Prohibited transactions

                    The Participants are not entitled to enter into any
                    derivative agreement or any other corresponding financial
                    arrangement relating to the Units or Shares until the Shares
                    have been vested and transferred to the Participant after
                    the Vesting Date.

6.     Settlement of Grant

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

                    As soon as practicable after Vesting Date and subject to the
                    fulfilment of the other Plan Rules, the Shares, and their
                    cash equivalent shall, as instructed by Nokia, be
                    transferred to the Participant's personal book-entry,
                    brokerage or bank account, provided that the Participant has
                    performed all the necessary actions to enable Nokia to
                    instruct such a transfer ("Settlement").

                    The participants 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 at the applicable Settlement
                    Date.

7.     Terms of employment

                    The grant of Performance Share Units does not constitute a
                    term or a condition of the Participant's employment
                    relationship with Nokia, nor does it form a part of the
                    Participant's employment contract under applicable local
                    laws. The granted Units do not form a part of the
                    Participant's salary or benefit of any kind.

8.     Taxes and other Obligations

                    Pursuant to applicable laws, Nokia is or may be required to
                    collect withholding taxes, social security charges or fulfil
                    other employment related obligations upon making Grants to
                    Participants, or on the receipt or sale of the Shares by the
                    Participants. Nokia shall have the right to determine how
                    such collection, withholding and other measures are arranged
                    or carried out, including but not limited to potential sale
                    of the Shares for the fulfilment of such liability.

                    The Participants are personally responsible for any taxes
                    and social security charges associated with the Shares. The
                    Participants are advised to consult their own financial and
                    tax advisers (at their own expense) in connection with the
                    Grant of Units in order to verify their tax position.

9.     Breach of the Plan Rules

                    The Participant shall comply with the Plan Rules in force
                    from time to time, as well as any instructions given by
                    Nokia regarding the Plan, including those regarding the
                    grants in paragraph 3 above. If the Participant breaches the
                    Plan Rules and/or any instructions given by Nokia regarding
                    the Plan, Nokia may at its discretion, at any time prior to
                    Vesting, rescind the Grant to a Participant who is in
                    breach.

<PAGE>

NOKIA                                                                     8 (8)

10.    Validity of the Plan

                    The Plan shall become valid and effective upon the adoption
                    by the Board. The Board may at any time amend, modify or
                    terminate the Plan and/or the Plan rules. The Board may make
                    such a resolution in its absolute discretion at any time,
                    including but not limited to situations where required
                    resolutions by Nokia's Annual General Meeting of
                    Shareholders are not received.

                    Such a resolution by the Board may also, as in each case
                    determined by the Board, affect the granted Units that are
                    then outstanding, but not settled.

11.    Administration

                    Nokia shall administer the Plan in accordance with
                    instructions given by its Board of Directors or the
                    Personnel Committee, as the case may be. Nokia has the
                    authority to interpret and amend these Plan Rules. Nokia may
                    also amend these Plan Rules, adopt such other rules and
                    procedures, and take such other measures, as it shall deem
                    necessary or appropriate for the administration of the Plan.

                    Nokia has the right to determine the practical manner of
                    administration and settlement of the Grants, including but
                    not limited to the acquisition, issuance, sale, and transfer
                    of the Shares to the Participant. Furthermore, Nokia 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 Grants.

12.    Governing Law

                    The Plan is governed by Finnish law. Disputes arising out of
                    the Plan shall be settled by arbitration in Helsinki,
                    Finland in accordance with the Arbitration Rules of the
                    Finnish Central Chamber of Commerce.

13.    Other Provisions

                    Any notices to the Participants relating to this Plan shall
                    be made electronically, in writing, or any other appropriate
                    manner as determined by Nokia.

                    The grant of Shares by Nokia to some Participants may be
                    limited and/or subject to additional terms and conditions
                    due to laws and other regulations applicable outside
                    Finland.

                    Nokia 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 grants. The data may be administered and
                    processed either by Nokia or an agent authorized by Nokia in
                    the future. The Participant is entitled to request access to
                    data referring to the Participant's person, held by Nokia 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 Head Office Legal department in Espoo,
                    Finland.

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