Nokia 2010 Annual Report Download - page 145

Summary Compensation Table 2010
Name and
Principal
Position
(1)
Year Salary Bonus
(2)
Stock
Awards
(3)(4)
Option
Awards
(3)(4)
NonEquity
Incentive Plan
Compensation
Change in
Pension Value
and Nonqualified
Deferred
Compensation
Earnings
(5)
All Other
Compensation
EUR Total
EUR EUR EUR EUR EUR EUR EUR EUR
Stephen Elop
President and CEO . . . . . . . . . . . . 2010 280 303 440 137 1 682 607 800 132 (*) 340 471 3 115 276
(6)
6 658 926
OlliPekka Kallasvuo 2010 979 758 676 599 3 267 288 641 551 (*)
(7)
5 524 061
(8)
11 089 257
President and CEO 2009 1 176 000 1 288 144 3 332 940 650 661 (*) 1 358 429 177 248 7 983 422
until September 20, 2010 . . . . . . . 2008 1 144 800 721 733 2 470 858 548 153 (*) 469 060 175 164 5 529 768
Timo Ihamuotila
EVP, Chief Financial 2010 423 524 245 634 1 341 568 166 328 (*) 31 933 8 893
(9)
2 217 880
Officer . . . . . . . . . . . . . . . . . . . 2009 396 825 234 286 752 856 135 834 (*) 15 575 21 195 1 556 571
2010 559 637 314 782 1 233 368 142 567 (*) 71 386
(11)
2 321 740
Mary T. McDowell 2009 508 338 349 911 800 873 152 283 (*) 33 726 1 845 131
EVP, Mobile Phones
(10)
. . . . . . . . . 2008 493 798 196 138 620 690 133 463 (*) 33 462 1 477 551
Kai O
¨ista
¨mo ¨2010 481 067 248 608 1 212 143 166 328 (*)
(12)
18 365
(13)
2 126 511
EVP, Chief Development 2009 460 000 343 225 935 174 166 126 (*) 9 824 29 778 1 944 127
Officer . . . . . . . . . . . . . . . . . . . 2008 445 143 200 126 699 952 152 529 (*) 87 922 29 712 1 615 384
Niklas Savander
EVP, Markets . . . . . . . . . . . . . . . 2010 441 943 247 086 1 233 368 142 567 (*)
(12)
23 634
(14)
2 088 598
Richard Simonson EVP, 2010 640 221 372 870 1 508 474 166 328 (*) 77 920
(15)
2 765 814
Mobile Phones until 2009 648 494 453 705 1 449 466 166 126 (*) 134 966 2 852 757
June 30, 2010
(10)
. . . . . . . . . . . . 2008 630 263 293 477 699 952 152 529 (*) 106 632 1 882 853
(1)
The positions set forth in this table are the current positions of the named executives. Mr. Elop
was appointed President and CEO effective September 21, 2010; Mr. Kallasvuo served as
President and CEO until September 20, 2010; Ms. McDowell served as Executive Vice President,
Corporate Development until June 30, 2010; Mr. O
¨ista
¨mo ¨served as Executive Vice President,
Devices until June 30, 2010; Mr. Savander served as Executive Vice President, Services until
June 30, 2010; also Mr. Simonson served as Executive Vice President, Mobile Phones until
June 30, 2010.
(2)
Bonus payments are part of Nokia’s shortterm cash incentives. The amount consists of the
bonus earned and paid or payable by Nokia for the respective fiscal year.
(3)
Amounts shown represent the grant date fair value of equity grants awarded for the respective
fiscal year. The fair value of stock options equals the estimated fair value on the grant date,
calculated using the BlackScholes model. The fair value of performance shares and restricted
shares equals the estimated fair value on grant date. The estimated fair value is based on the
grant date market price of the Nokia share less the present value of dividends expected to be
paid during the vesting period. The value of the performance shares is presented on the basis of
granted number of shares, which is two times the number of shares at threshold. The value of
the stock awards with performance shares valued at maximum (four times the number of shares
at threshold), for each of the named executive officer, is as follows: Mr. Elop EUR 2 718 091;
Mr. Kallasvuo EUR 4 854 540; Mr. Ihamuotila EUR 1 753 078; Ms. McDowell EUR 1 586 091;
Mr. O
¨ista
¨mo ¨EUR 1 623 653; Mr. Savander EUR 1 586 091; and Mr. Simonson EUR 1 919 984.
(4)
Mr. Kallasvuo’s and Mr. Simonson’s equity grants were forfeited and cancelled following end of
employment in accordance with plan provisions.
(5)
The change in pension value represents the proportionate change in the liability related to the
individual executives. These executives are covered by the Finnish State employees’ pension act
(“TyEL”) that provides for a retirement benefit based on years of service and earnings according
to the prescribed statutory system. The TyEL system is a partly funded and a partly pooled “pay
as you go” system. Effective March 1, 2008, Nokia transferred its TyEL pension liability and assets
to an external Finnish insurance company and no longer carries the liability on its financial
statements. The figures shown represent only the change in liability for the funded portion. The
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