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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;As filed with the Securities and Exchange Commission on
February 18, 2021</B></P>

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

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt 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">____________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Republic of Finland</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="width: 34%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt 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, P.O. Box 226</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FI-00045 NOKIA GROUP</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: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address and telephone number of Registrant&rsquo;s
principal executive offices)</B></P>

<P STYLE="font: 12pt 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 2021-2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOKIA LONG-TERM INCENTIVE PLAN 2021-2023</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Full title of the plans)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3100 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>+1 (469) 682-7649</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address and telephone number of agent
for service)</P>

<P STYLE="font: 12pt 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>+1 (212) 848-7171</B></P>

<P STYLE="font: 12pt 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 &ldquo;large
accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange
Act.&nbsp;&nbsp;(Check one):</P>

<P STYLE="font: 12pt 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&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-top: black 2.25pt double; border-bottom: black 2.25pt double; font: 12pt/12.5pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 8pt">Title of Securities to Be Registered</FONT></TD>
    <TD STYLE="width: 20%; border-left: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding: 1.5pt; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Amount to Be Registered</FONT></TD>
    <TD STYLE="width: 20%; border-left: black 1.5pt solid; padding: 1.5pt; border-bottom: black 1.5pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proposed Maximum</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Offering Price Per Security</P></TD>
    <TD STYLE="width: 20%; border-left: black 1.5pt solid; padding: 1.5pt; border-bottom: black 1.5pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proposed Maximum</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate Offering Price</P></TD>
    <TD STYLE="width: 20%; border-left: black 1.5pt solid; padding: 1.5pt; border-bottom: black 1.5pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amount of</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registration Fee</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; font: 12pt Times New Roman, Times, Serif; padding: 1.5pt"><FONT STYLE="font-size: 8pt">Shares of Nokia Corporation (1)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; border-left: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 8pt">125,000,000 (2)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; border-left: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 8pt">$4.09 (3)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; border-left: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 8pt">$511,250,000</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; border-left: black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 8pt">$55,777.38 (4)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">American Depositary Receipts evidencing American Depositary Shares (&ldquo;<I>ADSs</I>&rdquo;) issuable on deposit of shares (the &ldquo;<I>Shares</I>&rdquo;) of Nokia Corporation&nbsp;(the &ldquo;<I>Registrant</I>&rdquo;) have been registered pursuant to separate Registration Statements on Form F-6 (Registration Nos. 333-105373 and 333-182900) and currently are traded on the New York Stock Exchange under the ticker symbol &ldquo;NOK.&rdquo;&nbsp;&nbsp;Each ADS represents one Share.&nbsp;&nbsp;Pursuant to Rule 416 under the U.S. Securities Act of 1933, as amended (the &ldquo;<I>Securities Act</I>&rdquo;), this Registration Statement on Form S-8 (the &ldquo;<I>Registration Statement</I>&rdquo;) shall also cover any additional Shares that become deliverable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration that results in an increase in the number of outstanding Shares to be offered or sold pursuant to the Plans, as defined below.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Represents an aggregate of 125,000,000 Shares, of which 10,000,000 Shares are available for future issuance under the Nokia Employee Share Purchase Plan &ldquo;Share in Success&rdquo; Plan 2021-2023, and 115,000,000 Shares are available for future issuance under the Nokia Long-Term Incentive Plan 2021-2023 (these plans together, the &ldquo;<I>Plans</I>&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Estimated solely for the purpose of calculating the registration fee. Such estimate is calculated pursuant to Rules 457(c) and 457(h) under the Securities Act, based on the average of the high and low prices ($4.12 and $4.05, respectively) of Nokia Corporation ADSs on the New York Stock Exchange on February 17, 2021.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Pursuant to Rule 457(p) under the Securities Act, the registration fee of $56,186.50 with respect to the 125,000,000 Shares to be registered hereunder is offset by (1) fees totaling $2,446.97 paid by the Registrant in connection with the registration of 3,950,000 Shares for issuance pursuant to the Nokia Restricted Share Plan 2017 on Form S-8 (File No. 333-216908) filed with the U.S. Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;) on March 23, 2017, which was, together with the portion of the registration fee for issued Shares totaling $13,009.20, offset by (i) fees totaling $2,560.06 paid by the Registrant in connection with the registration of <FONT STYLE="background-color: white">4,400,000 Shares for issuance pursuant to the Nokia Restricted Share Plan 2013 and the registration of 850,000 Shares for issuance pursuant to the Nokia Employee Share Purchase Plan 2013 on Form S-8 (File No. 333-187096) filed with the Commission on March 7, 2013; and (ii) fees totaling $13,382.83 paid by the Registrant in connection with the registration of 12,900,000 Shares for issuance pursuant to the Nokia Performance Share Plan 2014 and the registration of 700,000 Shares for issuance pursuant to the Nokia Employee Share Purchase Plan 2014 on Form S-8 (File No. 333-194197) filed with the Commission on February 27, 2014</FONT>; and (2) fees totaling $12,769.00 paid by the Registrant in connection with the registration of 17,250,000 Shares for issuance pursuant to the Nokia Performance Share Plan 2018 and the registration of 775,000 Shares for issuance pursuant to the Nokia Employee Share Purchase Plan [&ldquo;Share in Success&rdquo;] on Form S-8 (File No. 333-223848) filed with the Commission on March 22, 2018, which was, together with the portion of the registration fee for issued Shares totaling $20,897.95, offset by (i) fees totaling $688.82 paid by the Registrant&nbsp;&nbsp;in connection with the registration of 700,000 Shares for issuance pursuant to the Nokia Restricted Share Plan 2014 on Form S-8 (File No. 333-194197) filed with the Commission on February 27, 2014; and (ii) fees totaling $3,911.95 paid by the Registrant in connection with the registration of 4,035,000 Shares for issuance pursuant to the Nokia Performance Share Plan 2015 and <FONT STYLE="background-color: white">the registration of 360,000 Shares for issuance pursuant to the Nokia Employee Share Purchase Plan 2015 </FONT>on Form S-8 (File No. 333-202866) filed with the Commission on March 19, 2015. Post-Effective Amendments to the foregoing Registration Statements to deregister such Shares in total are being filed contemporaneously with the filing of this Registration Statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/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>&nbsp;</B></P>

<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></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: 12pt/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: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font: 12pt/12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Item 1.</FONT></TD>
    <TD STYLE="font: 12pt/12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Plan Information.</B></FONT><FONT STYLE="font-size: 7pt">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font: 12pt/12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Item 2.</FONT></TD>
    <TD STYLE="font: 12pt/12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Registrant Information and Employee Plan Annual Information.</B>*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>









<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 10%; color: gray">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 48px; font: 12pt/12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">*</FONT></TD>
    <TD STYLE="font: 12pt/12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act, and the &ldquo;Note&rdquo; to Part I of Form S-8.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Item 3.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Incorporation of Documents by Reference.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt 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 Commission
are incorporated by reference as of their respective dates in this Registration Statement:</P>

<P STYLE="font: 12pt 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;&nbsp;&nbsp;&nbsp;&nbsp;the
Registrant&rsquo;s Form 20-F for the fiscal year ended December 31, 2019 (File No. 001-13202), filed on March 5, 2020; and</P>

<P STYLE="font: 12pt 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;&nbsp;&nbsp;the
description of the Registrant&rsquo;s Shares, registered under Section 12 of the U.S. Securities Exchange Act of 1934, as amended
(the &ldquo;<I>Exchange Act</I>&rdquo;), contained in &ldquo;Item 9.&nbsp;&nbsp;The Offer and Listing&rdquo; and &ldquo;Item 10.&nbsp;&nbsp;Additional
Information,&rdquo; respectively, of the Form 20-F described in, and incorporated by reference in, paragraph (a) above.</P>

<P STYLE="font: 12pt 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: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Item 4.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Description of Securities.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Item 5.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Interests of Named Experts and Counsel.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Item 6.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Indemnification of Directors and Officers.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt 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 &ldquo;Annual General Meeting shall &hellip; take resolutions on &hellip; discharging the members of
the Board of Directors and the President from liability.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The Registrant maintains
liability insurance for its Board of Directors and certain of its officers.&nbsp;&nbsp;Such persons are insured against liability
for &ldquo;wrongful acts,&rdquo; including breach of duty, breach of trust, neglect, error and misstatement.</FONT><FONT STYLE="font-size: 8pt">&nbsp;
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Item 7.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Exemption from Registration Claimed.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Item 8.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt 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: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 90%; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><B>Description of Document</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><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&rsquo;s annual report on Form 20-F filed with the Commission on March 23, 2017 (File No. 001-13202))</FONT>.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><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 Nokia Corporation, 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 Registrant&rsquo;s Form F-6 Registration Statement (File No. 333-105373), filed with the Commission on May 19, 2003).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><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 Company and the Depositary&nbsp;(previously filed and incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form F-6 (File No. 333-105373), filed with the Commission on February 6, 2008).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/924613/000119380508000214/e603114_ex99-ai.txt">Amendment No. 1 to Amended and Restated Deposit Agreement, dated February 6, 2008, by and among Nokia Corporation, 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 Registrant&rsquo;s Form F-6 Registration Statement (File No. 333-105373), filed with the Commission on February 6, 2008).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">*4.5</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><A HREF="ss192315_ex0405.htm">Terms and Conditions of the Nokia Employee Share Purchase Plan: Share in Success Plan 2021-2023.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">*4.6</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><A HREF="ss192315_ex0406.htm">Terms and Conditions of the Nokia Long-Term Incentive Plan 2021-2023.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">*5.1</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><A HREF="ss192315_ex0501.htm">Opinion of Esa Niinim&auml;ki, Deputy Chief Legal Officer, Corporate 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 2021-2023, and the Nokia Long-Term Incentive Plan 2021-2023.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">*23.1</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><A HREF="ss192315_ex2301.htm">Consent of PricewaterhouseCoopers Oy, Helsinki, Finland, Independent Registered Public Accounting Firm.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">*23.2</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><A HREF="ss192315_ex0501.htm">Consent of Esa Niinim&auml;ki, Deputy Chief Legal Officer, Corporate of the Registrant (included in Exhibit 5.1).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">*24</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><A HREF="#POA">Power of Attorney (included on signature page).</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">* Filed herewith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt">Item 9.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Undertakings.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To file, during any period in which offers or sales are being made of securities registered hereby, a post-effective amendment
to this Registration Statement which shall include any material information with respect to the plan of distribution not previously
disclosed in the Registration Statement or any material change to such information in the Registration Statement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&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&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference
in the 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&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
Securities and Exchange 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: 12pt/15pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 8pt 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></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>The Registrant.&nbsp;&nbsp;&nbsp;</B>Pursuant
to the requirements of the U.S. Securities Act of 1933, as amended, the Registrant 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 February 18, 2021.</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">NOKIA CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Esa Niinim&auml;ki</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Ulla Nyberg</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Esa Niinim&auml;ki</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Ulla Nyberg</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Deputy Chief Legal Officer, Corporate</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Senior Legal Counsel, Corporate Legal</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt/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 MEN BY THESE PRESENTS</B> that each
person whose signature appears below constitutes and appoints Mr. Esa Niinim&auml;ki and/or Ms. Ulla Nyberg his/her true and lawful
attorney-in-fact and agent, each acting alone, each with full power of substitution, for him/her and in his/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/she might or could do in person, hereby ratifying and confirming all that said attorney(s)-in-fact
and agent(s), or his/her substitute or substitutes, may lawfully do or cause to be done by virtue thereof.</P>

<P STYLE="font: 12pt 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 February 18, 2021.</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 60%; padding-bottom: 1.5pt; line-height: 12.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Sari Baldauf</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Chair of the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Sari Baldauf</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Bruce Brown</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Bruce Brown</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Jeanette Horan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Jeanette Horan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Edward Kozel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Edward Kozel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Elizabeth Nelson</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Elizabeth Nelson</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Thomas Dannenfeldt</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Director </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Thomas Dannenfeldt</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ S&oslash;ren Skou</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: S&oslash;ren Skou</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Carla Smits-Nusteling</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Carla Smits-Nusteling</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Kari Stadigh</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Vice Chair of the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Kari Stadigh</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><B>President and Chief Executive Officer:</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Pekka Lundmark</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Pekka Lundmark</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><B>Chief Financial Officer </B>(whose functions include those of Chief Accounting Officer):</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">/s/ Marco Wir&eacute;n</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name: Marco Wir&eacute;n</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; line-height: 12.5pt"><FONT STYLE="font-size: 10pt"><B>Authorized Representative in the United States:</B></FONT></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Ronald A. Antush</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Ronald A. Antush</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/15pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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</HTML>
[{"type": "S-8", "sequence": "1", "filename": "ss192315_s8.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 61957}]
{"company-data": {"conformed-name": "NOKIA CORP", "cik": "0000924613", "assigned-sic": "3663", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-253253", "film-number": "21648758"}, "business-address": {"street1": "KARAPORTTI 3", "street2": "P O BOX 226", "city": "ESPOO FINLAND", "state": "H9", "zip": "02610", "phone": "00358104488000"}, "mail-address": {"street1": "KARAPORTTI 3", "street2": "P O BOX 226", "city": "ESPOO", "state": "H9", "zip": "02610"}}
As filed with the Securities and Exchange Commission on
February 18, 2021
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, P.O. Box 226
FI-00045 NOKIA GROUP
Espoo, Finland
+358 10 4488000
(Address and telephone number of Registrant's
principal executive offices)
NOKIA EMPLOYEE SHARE PURCHASE PLAN: SHARE
IN SUCCESS PLAN 2021-2023
NOKIA LONG-TERM INCENTIVE PLAN 2021-2023
(Full title of the plans)
Ronald A. Antush
Nokia of America Corporation
3100 Olympus Blvd.
Dallas, Texas 75019
+1 (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
+1 (212) 848-7171
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
CALCULATION OF REGISTRATION FEE
Title of Securities to Be Registered
Amount to Be Registered
Proposed Maximum
Offering Price Per Security
Proposed Maximum
Aggregate Offering Price
Amount of
Registration Fee
Shares of Nokia Corporation (1)
125,000,000 (2)
$4.09 (3)
$511,250,000
$55,777.38 (4)
(1)
American Depositary Receipts evidencing American Depositary Shares ("
ADSs
") issuable on deposit of shares (the "
Shares
") of Nokia Corporation (the "
Registrant
") have been registered pursuant to separate Registration Statements on Form F-6 (Registration Nos. 333-105373 and 333-182900) and currently are traded on the New York Stock Exchange under the ticker symbol "NOK."  Each ADS represents one Share.  Pursuant to Rule 416 under the U.S. Securities Act of 1933, as amended (the "
Securities Act
"), this Registration Statement on Form S-8 (the "
Registration Statement
") shall also cover any additional Shares that become deliverable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration that results in an increase in the number of outstanding Shares to be offered or sold pursuant to the Plans, as defined below.
(2)
Represents an aggregate of 125,000,000 Shares, of which 10,000,000 Shares are available for future issuance under the Nokia Employee Share Purchase Plan "Share in Success" Plan 2021-2023, and 115,000,000 Shares are available for future issuance under the Nokia Long-Term Incentive Plan 2021-2023 (these plans together, the "
Plans
").
(3)
Estimated solely for the purpose of calculating the registration fee. Such estimate is calculated pursuant to Rules 457(c) and 457(h) under the Securities Act, based on the average of the high and low prices ($4.12 and $4.05, respectively) of Nokia Corporation ADSs on the New York Stock Exchange on February 17, 2021.
(4)
Pursuant to Rule 457(p) under the Securities Act, the registration fee of $56,186.50 with respect to the 125,000,000 Shares to be registered hereunder is offset by (1) fees totaling $2,446.97 paid by the Registrant in connection with the registration of 3,950,000 Shares for issuance pursuant to the Nokia Restricted Share Plan 2017 on Form S-8 (File No. 333-216908) filed with the U.S. Securities and Exchange Commission (the "
Commission
") on March 23, 2017, which was, together with the portion of the registration fee for issued Shares totaling $13,009.20, offset by (i) fees totaling $2,560.06 paid by the Registrant in connection with the registration of
4,400,000 Shares for issuance pursuant to the Nokia Restricted Share Plan 2013 and the registration of 850,000 Shares for issuance pursuant to the Nokia Employee Share Purchase Plan 2013 on Form S-8 (File No. 333-187096) filed with the Commission on March 7, 2013; and (ii) fees totaling $13,382.83 paid by the Registrant in connection with the registration of 12,900,000 Shares for issuance pursuant to the Nokia Performance Share Plan 2014 and the registration of 700,000 Shares for issuance pursuant to the Nokia Employee Share Purchase Plan 2014 on Form S-8 (File No. 333-194197) filed with the Commission on February 27, 2014
; and (2) fees totaling $12,769.00 paid by the Registrant in connection with the registration of 17,250,000 Shares for issuance pursuant to the Nokia Performance Share Plan 2018 and the registration of 775,000 Shares for issuance pursuant to the Nokia Employee Share Purchase Plan ["Share in Success"] on Form S-8 (File No. 333-223848) filed with the Commission on March 22, 2018, which was, together with the portion of the registration fee for issued Shares totaling $20,897.95, offset by (i) fees totaling $688.82 paid by the Registrant  in connection with the registration of 700,000 Shares for issuance pursuant to the Nokia Restricted Share Plan 2014 on Form S-8 (File No. 333-194197) filed with the Commission on February 27, 2014; and (ii) fees totaling $3,911.95 paid by the Registrant in connection with the registration of 4,035,000 Shares for issuance pursuant to the Nokia Performance Share Plan 2015 and
the registration of 360,000 Shares for issuance pursuant to the Nokia Employee Share Purchase Plan 2015
on Form S-8 (File No. 333-202866) filed with the Commission on March 19, 2015. Post-Effective Amendments to the foregoing Registration Statements to deregister such Shares in total are being filed contemporaneously with the filing of this Registration Statement.
Part I
INFORMATION REQUIRED IN THE SECTION
10(a) PROSPECTUS
Item 1.
Plan Information.
*
Item 2.
Registrant Information and Employee Plan Annual Information.
*
*
Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act, and the "Note" to Part I of Form S-8.
Part II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3.
Incorporation of Documents by Reference.
The following documents filed with the Commission
are incorporated by reference as of their respective dates in this Registration Statement:
(a)           the
Registrant's Form 20-F for the fiscal year ended December 31, 2019 (File No. 001-13202), filed on March 5, 2020; and
(b)         the
description of the Registrant's 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
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 Nokia Corporation, 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 Registrant's Form F-6 Registration Statement (File No. 333-105373), filed with the Commission on May 19, 2003).
4.3
Letter Agreement, dated as of September 27, 2007, by and between the Company and the Depositary (previously filed and incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form F-6 (File No. 333-105373), filed with the Commission on February 6, 2008).
4.4
Amendment No. 1 to Amended and Restated Deposit Agreement, dated February 6, 2008, by and among Nokia Corporation, 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 Registrant's Form F-6 Registration Statement (File No. 333-105373), filed with the Commission on February 6, 2008).
*4.5
Terms and Conditions of the Nokia Employee Share Purchase Plan: Share in Success Plan 2021-2023.
*4.6
Terms and Conditions of the Nokia Long-Term Incentive Plan 2021-2023.
*5.1
Opinion of Esa Niinimäki, Deputy Chief Legal Officer, Corporate 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 2021-2023, and the Nokia Long-Term Incentive Plan 2021-2023.
*23.1
Consent of PricewaterhouseCoopers Oy, Helsinki, Finland, Independent Registered Public Accounting Firm.
*23.2
Consent of Esa Niinimäki, Deputy Chief Legal Officer, Corporate of the Registrant (included in Exhibit 5.1).
*24
Power of Attorney (included on signature page).
* 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 of securities registered hereby, a post-effective amendment
to this Registration Statement which shall include any material information with respect to the plan of distribution not previously
disclosed in the Registration Statement or any material change to such information 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 that is incorporated by reference
in the 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
Securities and Exchange 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
The Registrant.
Pursuant
to the requirements of the U.S. Securities Act of 1933, as amended, the Registrant 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 February 18, 2021.
NOKIA CORPORATION
By:
/s/ Esa Niinimäki
By:
/s/ Ulla Nyberg
Name:
Esa Niinimäki
Name:
Ulla Nyberg
Title:
Deputy Chief Legal Officer, Corporate
Title:
Senior Legal Counsel, Corporate Legal
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS
that each
person whose signature appears below constitutes and appoints Mr. Esa Niinimäki and/or Ms. Ulla Nyberg his/her true and lawful
attorney-in-fact and agent, each acting alone, each with full power of substitution, for him/her and in his/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/she might or could do in person, hereby ratifying and confirming all that said attorney(s)-in-fact
and agent(s), or his/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 February 18, 2021.
Members of the Board of Directors:
/s/ Sari Baldauf
Chair of the Board of Directors
Name: Sari Baldauf
/s/ Bruce Brown
Director
Name: Bruce Brown
/s/ Jeanette Horan
Director
Name: Jeanette Horan
/s/ Edward Kozel
Director
Name: Edward Kozel
/s/ Elizabeth Nelson
Director
Name: Elizabeth Nelson
/s/ Thomas Dannenfeldt
Director
Name: Thomas Dannenfeldt
/s/ Søren Skou
Director
Name: Søren Skou
/s/ Carla Smits-Nusteling
Director
Name: Carla Smits-Nusteling
/s/ Kari Stadigh
Vice Chair of the Board of Directors
Name: Kari Stadigh
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