Nokia Board of Directors approves the Nokia Equity Program for 2016 and the issuance of shares held by the company
Nokia Corporation
Stock Exchange Release
February 11, 2016 at 08:30 (CET
+1)
Nokia Board of Directors approves the Nokia Equity Program for 2016 and the issuance of shares held by the company
Espoo, Finland - Nokia announced today that its Board of Directors has approved the Nokia's equity program for 2016 (the "Equity Program 2016"). In line with previous years, the Nokia Equity Program 2016 includes the following equity instruments:
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An employee share purchase plan for Nokia employees in selected jurisdictions (the "Employee Share Purchase Plan"), entitling the eligible employees to contribute a part of their salary to purchase Nokia shares. After a 12-month holding period, Nokia will offer the employees one matching share for every two purchased shares held by the an employee at the end of the holding period;
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Performance shares, which are dependent on the achievement of independent performance criteria ("Performance Share"); and
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Restricted shares, which are used on a limited basis or in exceptional retention and recruitment circumstances ("Restricted Shares").
Nokia Equity Program 2016
The Equity Program 2016 is designed to support and align the participants' focus with Nokia's strategy and long-term success. Employees of Alcatel-Lucent, who have transferred to Nokia as part of
the acquisition of Alcatel-Lucent, are also eligible to participate in the Equity Program 2016.
Nokia uses Performance Shares as the main long-term incentive vehicle with the intention of effectively contributing to the long-term value creation and sustainability of the company and to align interests of the employees with those of Nokia's shareholders. Performance Shares are also designed to ensure that the overall equity-based compensation is based on performance, while also supporting the recruitment and ensuring retention of vital talent for the future success of Nokia.
Restricted Shares are granted on a limited basis for exceptional purposes related to retention and recruitment, primarily in the United States, to ensure Nokia is able to retain and recruit vital talent for the future success of the company.
Since 2014, stock options have no longer been part of the Nokia Equity Programs.
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Employee Share Purchase Plan
Under the Employee Share Purchase Plan, the eligible Nokia employees may elect to make monthly contributions from their net salary to purchase Nokia shares. Participation in the plan is voluntary.