Former Nokia CEO Stephen Elop will receive $33 million in cash and stock as he leave the Finnish handset maker for his new home at Microsoft.
Nokia and Microsoft will split payment of Elop's severance, with Microsoft paying 70 percent and Nokia 30 percent. .
Elop stepped down from his post at Nokia in September but has overseen the company's transition to Microsoft.
Microsoft acquired Nokia's handset division in a deal valued at $7.2 billion when first announced in September 2012 and eventually closed at $7.5 billion.
In his new position as Executive Vice President of Devices at Microsoft, Elop will report directly to CEO Satya Nadella. Elop will also have a hand in developing the Xbox, according to Reuters.