Other Information

Pension and Transitional Benefits

The Supervisory Board allocates an entitlement to pension plan benefits to the Management Board members. These entitlements involve a defined contribution pension plan. Under this pension plan, a personal pension account has been set up for each participating member of the Management Board after appointment to the Management Board. A contribution is made annually into this pension account. This annual contribution is calculated using an individual contribution rate on the basis of each member’s base salary and total bonus up to a defined ceiling, and accrues interest credited in advance, determined by means of an age-related factor, at an average rate of 6 % per year up to the age of 60. From the age of 61 on, the pension account is credited with an annual interest payment of 6 % up to the date of retirement. The annual payments, taken together, form the pension amount available to pay the future pension benefit. Under defined conditions, the pension may also become due for payment before a regular pension event (age limit, disability or death) has occurred. The pension right is vested from the start.

In connection with their exit from the bank, Dr. Ackermann, Dr. Bänziger and Mr. Lamberti were entitled to transition payments in 2013. The contractually agreed transition payments for Dr. Ackermann totaled € 3,384,375 in 2013, and were composed of eleven monthly payments made from January to November (inclusive) in the amount of € 103,125 each, and a one-time payment in February 2013 in the amount of € 2,250,000. Another one-time payment for Dr. Ackermann is due in 2014. Dr. Bänziger and Mr. Lamberti each received a one-time payment in the amount of € 575,000 in February 2013. Based on existing contractual commitments, Dr. Ackermann and Mr. Lamberti are entitled, in addition, to monthly pensions payments of € 29,400 each after the end of their respective monthly transition payments, i.e. for Dr. Ackermann as of December 2013 and for Mr. Lamberti for the entire year 2013.

The following table shows the annual contributions, the interest credits, the account balances and the annual service costs for the years 2013 and 2012 as well as the corresponding defined benefit obligations for each current member of the Management Board as of December 31, 2013 and December 31, 2012. The different balances are attributable to the different lengths of service on the Management Board, the respective age-related factors, and the different contribution rates, as well as the individual pensionable compensation amounts and the previously mentioned additional individual entitlements.

Members of the Management Board

Annual contribution,
in the year

Interest credit,
in the year

Account balance,
end of year

Service cost,
in the year

Present value of the defined benefit obligation,
end of year

in €

2013

2012

2013

2012

2013

2012

2013

2012

2013

2012

1

Member of the Management Board from June 1, 2012.

Jürgen Fitschen

230,000

253,815

48,633

31,513

1,089,173

810,540

290,457

327,364

1,442,337

1,093,915

Anshuman Jain

690,000

422,625

0

0

1,112,625

422,625

692,433

412,524

1,129,633

412,524

Stefan Krause

327,750

560,194

0

0

2,986,137

2,658,387

340,985

550,439

3,036,880

2,564,927

Dr. Stephan Leithner1

396,750

241,500

0

0

638,250

241,500

360,800

210,469

586,293

210,469

Stuart Lewis1

379,500

231,438

0

0

610,938

231,438

351,335

209,385

571,042

209,385

Rainer Neske

362,250

616,214

0

0

2,796,865

2,434,615

348,352

560,153

2,628,520

2,179,771

Henry Ritchotte1

345,000

211,313

0

0

556,313

211,313

344,689

206,692

561,276

206,692

Other Benefits upon Premature Termination

The Management Board members are in principle entitled to receive a severance payment upon early termination of their appointment at the bank’s initiative, provided the bank is not entitled to revoke the appointment or give notice under the contractual agreement for cause. The severance payment, as a rule, will not exceed the lesser of two annual compensation amounts and the claims to compensation for the remaining term of the contract. The calculation of the compensation is based on the annual compensation for the previous financial year.

If a Management Board member leaves office in connection with a change of control, he is also, under certain conditions, entitled in principle to a severance payment. The severance payment, as a rule, will not exceed the lesser of three annual compensation amounts and the claims to compensation for the remaining term of the contract. The calculation of the compensation is again based on the annual compensation for the previous financial year.

The severance payment mentioned above is determined by the Supervisory Board and within its sole discretion. In principle, the disbursement of the severance payment takes place in two installments; the second installment is subject to certain forfeiture conditions until vesting.

In connection with their exit from the bank in 2012, Dr. Bänziger and Mr. Lamberti received a severance payment based on a termination agreement concluded. The second installment of the severance payment vested on May 31, 2013 and was € 3,691,000 for Dr. Bänziger and € 3,664,000 for Mr. Lamberti.

Expense for Long-Term Incentive Components

The following table presents the compensation expense recognized in the respective years for long-term incentive components of compensation granted for service on the Management Board.

Members of the Management Board

Amount expensed for

 

share-based compensation components

cash-based compensation components

in €

2013

2012

2013

2012

1

Member of the Management Board until May 31, 2012.

2

Member of the Management Board from June 1, 2012.

Dr. Josef Ackermann1

728,432

5,093,773

744,600

4,688,524

Dr. Hugo Bänziger1

341,305

2,314,873

269,217

1,989,185

Jürgen Fitschen

1,196,942

967,516

1,117,213

819,851

Anshuman Jain

3,152,852

2,738,231

2,693,501

3,092,210

Stefan Krause

1,107,799

981,775

919,828

824,961

Hermann-Josef Lamberti1

341,305

2,485,906

269,217

1,974,270

Dr. Stephan Leithner2

103,399

0

172,939

0

Stuart Lewis2

103,399

0

172,939

0

Rainer Neske

1,103,157

969,746

916,694

827,875

Henry Ritchotte2

103,399

0

172,939

0

Management Board Share Ownership

As of February 21, 2014 and March 28, 2013, respectively, the current members of the Management Board held Deutsche Bank shares as presented below:

Members of the Management Board

 

Number of shares

Jürgen Fitschen

2014

205,173

 

2013

183,759

Anshuman Jain

2014

615,276

 

2013

572,701

Stefan Krause

2014

27,442

 

2013

0

Dr. Stephan Leithner

2014

57,488

 

2013

24,632

Stuart Lewis

2014

32,530

 

2013

20,480

Rainer Neske

2014

95,533

 

2013

73,940

Henry Ritchotte

2014

166.526

 

2013

134,082

Total

2014

1,199,968

 

2013

1,009,594

The current members of the Management Board held an aggregate of 1,199,968 of Deutsche Bank shares on February 21, 2014, amounting to approximately 0.12 % of Deutsche Bank shares issued on that date.

The following table shows the number of share awards held by the Management Board members as of March 28, 2013 and February 21, 2014 as well as the number of share awards newly granted, delivered or forfeited in this period.

Members of the Management Board

Balance as of Mar 28, 2013

Granted

Delivered

Forfeited

Balance as of Feb 21, 2014

Jürgen Fitschen

146,472

44,192

104,592

0

206,872

Anshuman Jain

344,875

80,537

104,592

0

368,930

Stefan Krause

141,148

52,250

69,667

0

158,565

Dr. Stephan Leithner

180,348

64,235

71,068

0

187,181

Stuart Lewis

77,706

22,659

70,081

0

125,128

Rainer Neske

132,905

44,562

69,667

0

158,010

Henry Ritchotte

144,944

56,788

70,804

0

158,960