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.