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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>As filed with the Securities and Exchange Commission on March 4, 2024</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C.&nbsp;&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>____________________</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>____________________</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOKIA CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of Registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Republic of Finland</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="width: 33%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification Number)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Karakaari 7 FI-02610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Espoo, Finland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>+358 10 4488000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address and telephone number of Registrant&#8217;s
principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOKIA EMPLOYEE SHARE PURCHASE PLAN: SHARE IN SUCCESS
PLAN 2024-2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOKIA LONG-TERM INCENTIVE PLAN 2024-2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Full title of the plans)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ronald A. Antush</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nokia of America Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3201 Olympus Blvd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dallas, Texas 75019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(469) 682-7649</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address and telephone number of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Doreen E. Lilienfeld, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shearman &amp; Sterling LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>599 Lexington Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 848-5000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the Registrant is a large accelerated filer,
an accelerated filer or a non-accelerated filer, or a smaller reporting company.&nbsp;&nbsp;See the definitions of &#8220;large accelerated
filer&#8221;, &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.&nbsp;&nbsp;(Check
one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated
filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller
reporting company</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Part I</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt; font: 10pt/12.5pt Times New Roman, Times, Serif">Item 1.</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt/12.5pt Times New Roman, Times, Serif"><B>Plan Information.<SUP>*</SUP></B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt; font: 10pt/12.5pt Times New Roman, Times, Serif">Item 2.</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt/12.5pt Times New Roman, Times, Serif"><B>Registrant Information and Employee Plan Annual Information.</B><SUP>*</SUP></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Part II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif">Item 3.</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><B>Incorporation of Documents by Reference.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The following documents filed with the Securities and
Exchange Commission (the &#8220;<I>Commission</I>&#8221;) are incorporated by reference as of their respective dates in this Registration
Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nokia
Corporation&#8217;s (the &#8220;<I>Registrant</I>&#8221;) Form 20-F for the fiscal year ended December 31, 2023 (File No. 001-13202),
filed on February 29, 2024; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
description of the Registrant&#8217;s shares (&#8220;<I>Shares</I>&#8221;), registered under Section 12 of the U.S. Securities Exchange
Act of 1934, as amended (the &#8220;<I>Exchange Act</I>&#8221;), contained in &#8220;Item 9.&nbsp;&nbsp;The Offer and Listing&#8221; and
&#8220;Item 10.&nbsp;&nbsp;Additional Information,&#8221; respectively, of the Form 20-F described in, and incorporated by reference in,
paragraph (a) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">All documents subsequently filed by the Registrant pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to this Registration Statement,
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement and are a part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Any statement contained in a document incorporated or
deemed incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement.&nbsp;&nbsp;Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif">Item 4.</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><B>Description of Securities.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif">Item 5.</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><B>Interests of Named Experts and Counsel.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Symbol"><SUP>*</SUP></FONT> Information required
by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement on Form S-8 (this &#8220;<I>Registration
Statement</I>&#8221;) in accordance with Rule 428 under the U.S. Securities Act of 1933, as amended (the &#8220;<I>Securities Act</I>&#8221;),
and the &#8220;Note&#8221; to Part I of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif">Item 6.</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><B>Indemnification of Directors and Officers.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The Articles of Association of the Registrant contain
no provisions under which any member of the Board of Directors or officers is indemnified in any manner against any liability which he
may incur in his capacity as such.&nbsp;&nbsp;Article 12 of the Articles of Association of the Registrant, however, provides <I>inter
alia</I>, that the &#8220;Annual General Meeting shall . . . take resolutions on . . . discharging the members of the Board of Directors
and the President from liability.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The Registrant maintains liability insurance for its
Board of Directors and certain of its officers.&nbsp;&nbsp;Such persons are insured against liability for &#8220;wrongful acts,&#8221;
including breach of duty, breach of trust, neglect, error and misstatement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif">Item 7.</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><B>Exemption from Registration Claimed.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif">Item 8.</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><B>Exhibits.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">The following exhibits are filed as part of this Registration Statement:</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding: 0.25pt; line-height: 12.5pt"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 90%; padding: 0.25pt; text-align: center; line-height: 12.5pt"><B>Description of Document</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">4.1</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="https://www.sec.gov/Archives/edgar/data/924613/000119312517093200/d283248dex1.htm">Articles of Association of the Registrant <FONT STYLE="background-color: white">(incorporated by reference to Exhibit 1 of the Registrant&#8217;s Annual Report on Form 20-F filed with the Commission on March 23, 2017 (File No. 001-13202))</FONT>.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">4.2</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="https://www.sec.gov/Archives/edgar/data/924613/000119887703000016/f6-403.txt">Amended and Restated Deposit Agreement dated March 28, 2000, by and among the Registrant, Citibank, N.A., as Depositary, and the Holders from time to time of American Depositary Receipts representing American Depositary Shares issued thereunder (incorporated by reference to the Registrant&#8217;s Registration Statement on Form F-6, filed with the Commission on May 19, 2003 (File&nbsp;No.&nbsp;333-105373)).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">4.3</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="https://www.sec.gov/Archives/edgar/data/924613/000119380508000214/e603114_ex99-aii.txt">Letter Agreement, dated as of September 27, 2007, by and between the Registrant and Citibank, N.A., as Depositary&nbsp;(incorporated by reference to Post-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on Form F-6, filed with the Commission on February 6, 2008 (File&nbsp;No.&nbsp;333&#45;105373)).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">4.4</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="https://www.sec.gov/Archives/edgar/data/924613/000119380508000214/e603114_ex99-ai.txt">Amendment No. 1 to the Amended and Restated Deposit Agreement, dated February 6, 2008, by and among the Registrant, Citibank, N.A., as Depositary, and the Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued under the Amended and Restated Deposit Agreement, dated as of March 28, 2000 (incorporated by reference to the Registrant&#8217;s Registration Statement on Form F-6, filed with the Commission on February 6, 2008 (File&nbsp;No. 333-105373)).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">4.5*</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="ss3068804_ex0405.htm">Terms and Conditions of the Nokia Employee Share Purchase Plan: Share in Success Plan 2024-2026.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">4.6*</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="ss3068804_ex0406.htm">Terms and Conditions of the Nokia Long-Term Incentive Plan 2024-2026.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">5.1*</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="ss3068804_ex0501.htm">Opinion of Esa Niinim&auml;ki, Chief Legal Officer of the Registrant, as to the validity of the shares to be issued pursuant to the Nokia Employee Share Purchase Plan: Share in Success Plan 2024-2026 and the Nokia Long-Term Incentive Plan 2024-2026.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">23.1*</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="ss3068804_ex2301.htm">Consent of Deloitte Oy, Helsinki, Finland, Independent Registered Public Accounting Firm.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">23.2*</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="ss3068804_ex0501.htm">Consent of Esa Niinim&auml;ki, Chief Legal Officer of the Registrant (included in Exhibit 5.1).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">24*</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="#a_001">Power of Attorney (included on signature page).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">107*</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt"><A HREF="ss3068804_ex0107.htm">Filing Fee Table.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97px; padding: 0.25pt">Item 9.</TD>
    <TD STYLE="padding: 0.25pt"><B>Undertakings.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant
hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to file,
during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>to include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><I>provided</I>, <I>however</I>, that paragraphs (i)
and (ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated
by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide</I> offering thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant
hereby further undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#8217;s
annual report pursuant to Section 13(a) or 15(d) of the Exchange Act <FONT STYLE="background-color: white">(and, where applicable, each
filing of an employee benefit plan&#8217;s annual report pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934) </FONT>that
is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&nbsp;&nbsp;In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Pursuant to the requirements of the U.S. Securities Act
of 1933, as amended, Nokia Corporation certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Espoo, Republic of Finland on March 4, 2024.</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding: 0.25pt; line-height: 12.5pt">NOKIA CORPORATION</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 36%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">/s/ Johanna Mandelin</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">/s/ Marjo Westerg&aring;rd</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name:</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Johanna Mandelin</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name:</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Marjo Westerg&aring;rd</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Title:</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Global Head of Corporate Legal</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Title:</TD>
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Lead Counsel, Corporate Governance, Corporate Legal</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_001" TITLE="powerofattorney"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>KNOW ALL PERSONS BY THESE PRESENTS</B> that each person
whose signature appears below constitutes and appoints Ms. Johanna Mandelin and Ms. Marjo Westerg&aring;rd and each of them, individually,
as his or her true and lawful attorney(s)-in-fact and agent(s), with full power of substitution, for him or her and in his or her name,
place and stead, in any and all capacities, to sign any or all amendments, including post-effective amendments, and supplements to this
Nokia Corporation Registration Statement on Form S-8, and to file the same, with all exhibits thereto and other documents in connection
therewith, with the United States Securities and Exchange Commission, granting unto said attorney(s)-in-fact and agent(s) full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney(s)-in-fact and agent(s),
or his or her substitute or substitutes, may lawfully do or cause to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Pursuant to the requirements of the U.S. Securities Act
of 1933, as amended, this registration statement has been signed below by the following persons in the indicated capacities on March 4,
2024.</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0"><B>Members of the Board of Directors:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD STYLE="width: 60%; padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ Sari Baldauf</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">Chair of the Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Sari Baldauf</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ S&oslash;ren Skou</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">Vice Chair of the Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: S&oslash;ren Skou</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ Timo Ahopelto</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Timo Ahopelto</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ Elizabeth Crain</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Elizabeth Crain</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ Thomas Dannenfeldt</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Thomas Dannenfeldt</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ Lisa Hook</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">Director </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Lisa Hook</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ Jeanette Horan</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt 0.25pt 1.75pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Jeanette Horan</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ Thomas Saueressig</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Thomas Saueressig</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; line-height: 12.5pt">/s/ Carla Smits-Nusteling</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding: 0.25pt 0.25pt 1.75pt; line-height: 12.5pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Carla Smits-Nusteling</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">&nbsp;</TD>
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    <TD ROWSPAN="2" STYLE="padding: 0.25pt">Director</TD></TR>
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    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Kai &Ouml;ist&auml;m&ouml;</TD>
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    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name: Pekka Lundmark</TD>
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    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt; line-height: 12.5pt">/s/ Marco Wir&eacute;n</TD>
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    <TD STYLE="padding: 0.25pt 0.25pt 1.75pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">/s/ Ronald A. Antush</TD>
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    <TD STYLE="padding: 0.25pt; line-height: 12.5pt">Name:&nbsp;&nbsp;Ronald A. Antush</TD>
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As filed with the Securities and Exchange Commission on March 4, 2024
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
____________________
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
____________________
NOKIA CORPORATION
(Exact name of Registrant as specified in its charter)
Republic of Finland
(State or other jurisdiction of
incorporation or organization)
Not Applicable
(I.R.S. Employer
Identification Number)
Karakaari 7 FI-02610
Espoo, Finland
+358 10 4488000
(Address and telephone number of Registrant's
principal executive offices)
NOKIA EMPLOYEE SHARE PURCHASE PLAN: SHARE IN SUCCESS
PLAN 2024-2026
NOKIA LONG-TERM INCENTIVE PLAN 2024-2026
(Full title of the plans)
Ronald A. Antush
Nokia of America Corporation
3201 Olympus Blvd.
Dallas, Texas 75019
(469) 682-7649
(Name, address and telephone number of agent for service)
Copies to:
Doreen E. Lilienfeld, Esq.
Shearman & Sterling LLP
599 Lexington Avenue
New York, New York 10022
(212) 848-5000
Indicate by check mark whether the Registrant is a large accelerated filer,
an accelerated filer or a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated
filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.  (Check
one):
Large accelerated filer
x
Accelerated
filer
o
Non-accelerated filer
o
Smaller
reporting company
Part I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1.
Plan Information.
*
Item 2.
Registrant Information and Employee Plan Annual Information.
*
Part II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The following documents filed with the Securities and
Exchange Commission (the "
Commission
") are incorporated by reference as of their respective dates in this Registration
Statement:
(a)       Nokia
Corporation's (the "
Registrant
") Form 20-F for the fiscal year ended December 31, 2023 (File No. 001-13202),
filed on February 29, 2024; and
(b)       the
description of the Registrant's shares ("
Shares
"), registered under Section 12 of the U.S. Securities Exchange
Act of 1934, as amended (the "
Exchange Act
"), contained in "Item 9.  The Offer and Listing" and
"Item 10.  Additional Information," respectively, of the Form 20-F described in, and incorporated by reference in,
paragraph (a) above.
All documents subsequently filed by the Registrant pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment to this Registration Statement,
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement and are a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated or
deemed incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement.  Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
_____________________
*
Information required
by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement on Form S-8 (this "
Registration
Statement
") in accordance with Rule 428 under the U.S. Securities Act of 1933, as amended (the "
Securities Act
"),
and the "Note" to Part I of Form S-8.
Item 6.
Indemnification of Directors and Officers.
The Articles of Association of the Registrant contain
no provisions under which any member of the Board of Directors or officers is indemnified in any manner against any liability which he
may incur in his capacity as such.  Article 12 of the Articles of Association of the Registrant, however, provides
inter
alia
, that the "Annual General Meeting shall . . . take resolutions on . . . discharging the members of the Board of Directors
and the President from liability."
The Registrant maintains liability insurance for its
Board of Directors and certain of its officers.  Such persons are insured against liability for "wrongful acts,"
including breach of duty, breach of trust, neglect, error and misstatement.
Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits.
The following exhibits are filed as part of this Registration Statement:
Exhibit No.
Description of Document
4.1
Articles of Association of the Registrant
(incorporated by reference to Exhibit 1 of the Registrant's Annual Report on Form 20-F filed with the Commission on March 23, 2017 (File No. 001-13202))
.
4.2
Amended and Restated Deposit Agreement dated March 28, 2000, by and among the Registrant, Citibank, N.A., as Depositary, and the Holders from time to time of American Depositary Receipts representing American Depositary Shares issued thereunder (incorporated by reference to the Registrant's Registration Statement on Form F-6, filed with the Commission on May 19, 2003 (File No. 333-105373)).
4.3
Letter Agreement, dated as of September 27, 2007, by and between the Registrant and Citibank, N.A., as Depositary (incorporated by reference to Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form F-6, filed with the Commission on February 6, 2008 (File No. 333-105373)).
4.4
Amendment No. 1 to the Amended and Restated Deposit Agreement, dated February 6, 2008, by and among the Registrant, Citibank, N.A., as Depositary, and the Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued under the Amended and Restated Deposit Agreement, dated as of March 28, 2000 (incorporated by reference to the Registrant's Registration Statement on Form F-6, filed with the Commission on February 6, 2008 (File No. 333-105373)).
4.5*
Terms and Conditions of the Nokia Employee Share Purchase Plan: Share in Success Plan 2024-2026.
4.6*
Terms and Conditions of the Nokia Long-Term Incentive Plan 2024-2026.
5.1*
Opinion of Esa Niinimäki, Chief Legal Officer of the Registrant, as to the validity of the shares to be issued pursuant to the Nokia Employee Share Purchase Plan: Share in Success Plan 2024-2026 and the Nokia Long-Term Incentive Plan 2024-2026.
23.1*
Consent of Deloitte Oy, Helsinki, Finland, Independent Registered Public Accounting Firm.
23.2*
Consent of Esa Niinimäki, Chief Legal Officer of the Registrant (included in Exhibit 5.1).
24*
Power of Attorney (included on signature page).
107*
Filing Fee Table.
* Filed herewith.
Item 9.
Undertakings.
(a)       The undersigned Registrant
hereby undertakes:
(1)       to file,
during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)
to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)          to
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement; and
(iii)         to
include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;
provided
,
however
, that paragraphs (i)
and (ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated
by reference in the registration statement.
(2)       that,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial
bona fide
offering thereof; and
(3)       to remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b)       The undersigned Registrant
hereby further undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's
annual report pursuant to Section 13(a) or 15(d) of the Exchange Act
(and, where applicable, each
filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934)
that
is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)       Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the U.S. Securities Act
of 1933, as amended, Nokia Corporation certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Espoo, Republic of Finland on March 4, 2024.
NOKIA CORPORATION
By:
/s/ Johanna Mandelin
By:
/s/ Marjo Westergård
Name:
Johanna Mandelin
Name:
Marjo Westergård
Title:
Global Head of Corporate Legal
Title:
Lead Counsel, Corporate Governance, Corporate Legal
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
that each person
whose signature appears below constitutes and appoints Ms. Johanna Mandelin and Ms. Marjo Westergård and each of them, individually,
as his or her true and lawful attorney(s)-in-fact and agent(s), with full power of substitution, for him or her and in his or her name,
place and stead, in any and all capacities, to sign any or all amendments, including post-effective amendments, and supplements to this
Nokia Corporation Registration Statement on Form S-8, and to file the same, with all exhibits thereto and other documents in connection
therewith, with the United States Securities and Exchange Commission, granting unto said attorney(s)-in-fact and agent(s) full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney(s)-in-fact and agent(s),
or his or her substitute or substitutes, may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the U.S. Securities Act
of 1933, as amended, this registration statement has been signed below by the following persons in the indicated capacities on March 4,
2024.
Members of the Board of Directors:
/s/ Sari Baldauf
Chair of the Board of Directors
Name: Sari Baldauf
/s/ Søren Skou
Vice Chair of the Board of Directors
Name: Søren Skou
/s/ Timo Ahopelto
Director
Name: Timo Ahopelto
/s/ Elizabeth Crain
Director
Name: Elizabeth Crain
/s/ Thomas Dannenfeldt
Director
Name: Thomas Dannenfeldt
/s/ Lisa Hook
Director
Name: Lisa Hook
/s/ Jeanette Horan
Director
Name: Jeanette Horan
/s/ Thomas Saueressig
Director
Name: Thomas Saueressig
/s/ Carla Smits-Nusteling
Director
Name: Carla Smits-Nusteling
/s/ Kai Öistämö
Director
Name: Kai Öistämö
President and Chief Executive Officer:
/s/ Pekka Lundmark
Name: Pekka Lundmark
Chief Financial Officer
(whose functions include those of Chief Accounting Officer):
/s/ Marco Wirén
Name: Marco Wirén
Authorized Representative in the United States:
/s/ Ronald A. Antush
Name:  Ronald A. Antush