Nokia's outgoing CEO Stephen Elop will get $25 million if and when Microsoft receives regulatory approval to acquire Nokia's handset business.
The new figure was disclosed in proxy materials made public on September 19 for Nokia's extraordinary general meeting regarding the Microsoft deal, as noted by the Financial Times. That meeting is set to take place November 19.
Elop's payout includes base salary and management incentives of $5.5 million (EUR 4.1 million) and s$19.7 million (EUR 14.6 million) in stock awards, according to the proxy. Microsoft will pay 70 percent of this amount, with Nokia paying the other 30, the proxy states.
Microsoft announced plans to buy Nokia's handset business and license a number of its key patents on September 3. At that time, Nokia and Microsoft announced that Elop would step down as Nokia's president and CEO and return to Microsoft, once the deal was finalized.
Elop will be running an expanded devices team at Microsoft, which will include all of Microsoft's current Devices and Studios work, which is currently under Executive Vice President Julie Larson-Green. Other Nokia executives will join Elop's team, including smart devices chief Jo Harlow, operations boss Juha Putkiranta, feature phones director Timo Toikkanen, and sales and marketing vice president Chris Weber.
It's worth noting Elop is considered one of the candidates for the CEO job at Microsoft. Current CEO Steve Ballmer announced he will be retiring from that role between August 2013 and August 2014.
Before joining Nokia as CEO in 2010, Elop worked at Microsoft, where he ran the Information Worker, Microsoft Business Solutions/Dynamics and Unified Communications Groups Businesses. He joined Microsoft in January 2008 from Juniper Networks where he was Chief Operating Officer.