>This adjustment meant that unlike previous CEOs, Elop was facing an instant, massive windfall should the following sequence happen to take place:

- Nokia's share price drops steeply as the company drifts close to cash flow crisis under Elop.

- Elop sells the company's handset unit to Microsoft under pressure to raise cash

- The share price rebounds sharply, though remains far below where it was when Elop joined the company.

Sorry but that sounds more like clever negotation from Elops's side and like a naive blindsided board.