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Stephen Elop and Steve Ballmer. Microsoft photo.

Well, this isn’t too bad for a two-year stint.

Stephen Elop, who took over the reins of Finnish phone giant Nokia in September 2010, is slated to get a $25.5 million payout after he rejoins Microsoft. Microsoft announced its intentions to buy Nokia’s cellphone business for $7.2 billion earlier this month, and as part of the deal Elop is planning to rejoin his former employer.

Microsoft is set to provide 70 percent of the payout, with Nokia covering the rest, according to The New York Times. The Times also reports that Elop initially collected $6.2 million to join Nokia two years ago.

Elop has been discussed as a frontrunner to succeed outgoing Microsoft CEO Steve Ballmer, who announced his plans to step down late last month. The Nokia-Microsoft transaction is expected to get approval next year, and Elop’s $25.5 million payment will occur once the deal is finalized.

Terms of the payout were described in a Nokia filing today.

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