Other Information

Share awards

The number of share awards in the form of Restricted Equity Awards (REA) granted in 2015 for the year 2014 to each member of the Management Board was determined by dividing the respective euro amounts by € 27.108 the average Deutsche Bank AG XETRA share closing prices on the first ten trading days in February 2015 (prior year: € 35.4385 = average of the XETRA closing prices of a Deutsche Bank AG share on the first ten trading days in February 2014).

As a result, the number of share awards granted was as follows (rounded):

Members of the Management Board

Units

Year

Equity Upfront Award(s)
(with retention period)

Restricted Equity Award(s) (deferred with additional retention period)

Jürgen Fitschen

2014

0

73,828

 

2013

4,233

99,515

Anshuman Jain

2014

0

73,828

 

2013

4,233

99,515

Stefan Krause

2014

0

46,628

 

2013

4,233

64,901

Dr. Stephan Leithner

2014

0

46,628

 

2013

4,233

64,901

Stuart Lewis

2014

0

46,628

 

2013

4,233

64,901

Rainer Neske

2014

0

46,628

 

2013

4,233

64,901

Henry Ritchotte

2014

0

46,628

 

2013

4,233

64,901

Management Board members do not receive any compensation for mandates on boards of Deutsche Bank subsidiaries.

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.

Up to and including 2013, this annual contribution was 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 onwards, the part of the pension account which consists of contributions made up to and including contribution year 2013 is credited with an annual interest payment of 6 % up to the date of retirement.

As part of the redesign of the compensation system, the pension commitment was modified with effect from January 1, 2014. Management Board members now receive a contribution in the form of a contractually agreed fixed annual amount in Euro. The contribution accrues interest credited in advance, determined by means of an age-related factor, at an average rate of 4 % per year up to the age of 60. From the age of 61 onwards, the part of the pension account which consists of contributions made as of 2014 is credited with an annual interest payment of 4 % up to the date of retirement.

The annual contributions, 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 his exit from the Bank, Dr. Ackermann was entitled to a transition payment in 2014. The contractually agreed transition payment in form of a one-time payment was € 2,750,000.

The following table shows the annual contributions, the interest credits, the account balances and the annual service costs for the years 2014 and 2013 as well as the corresponding defined benefit obligations for each current member of the Management Board as of December 31, 2014 and December 31, 2013. 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 year1

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 €

2014

2013

2014

2013

2014

2013

2014

2013

2014

2013

1

Including age-related factor.

Jürgen Fitschen

650,000

230,000

65,351

48,633

1,804,524

1,089,173

648,216

290,457

1,935,819

1,442,337

Anshuman Jain

903,500

690,000

0

0

2,016,125

1,112,625

857,192

692,433

1,884,104

1,129,633

Stefan Krause

536,000

327,750

0

0

3,522,137

2,986,137

521,887

340,985

3,336,863

3,036,880

Dr. Stephan Leithner

620,000

396,750

0

0

1,258,250

638,250

561,694

360,800

1,128,360

586,293

Stuart Lewis

600,000

379,500

0

0

1,210,938

610,938

551,095

351,335

1,103,545

571,042

Rainer Neske

576,000

362,250

0

0

3,372,865

2,796,865

539,553

348,352

3,068,819

2,628,520

Henry Ritchotte

556,000

345,000

0

0

1,112,313

556,313

530,086

344,689

1,053,970

561,276

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.

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 €

2014

2013

2014

2013

Jürgen Fitschen

734,201

1,196,942

1,278,486

1,117,213

Anshuman Jain

707,318

3,152,852

2,140,366

2,693,501

Stefan Krause

464,263

1,107,799

946,856

919,828

Dr. Stephan Leithner

496,929

103,399

500,137

172,939

Stuart Lewis

447,126

103,399

487,735

172,939

Rainer Neske

487,657

1,103,157

996,551

916,694

Henry Ritchotte

484,343

103,399

487,735

172,939

Management Board Share Ownership

As of February 21, 2015 and February 21, 2014, 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

2015

262,166

 

2014

205,173

Anshuman Jain

2015

786,188

 

2014

615,276

Stefan Krause

2015

35,065

 

2014

27,442

Dr. Stephan Leithner

2015

85,736

 

2014

57,488

Stuart Lewis

2015

51,347

 

2014

32,530

Rainer Neske

2015

100,777

 

2014

95,533

Henry Ritchotte

2015

234,996

 

2014

166,526

Christian Sewing

2015

30,488

Total

2015

1,586,763

 

2014

1,199,968

The current members of the Management Board held an aggregate of 1,586,763 Deutsche Bank shares on February 21, 2015, 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 February 21, 2014 and February 21, 2015 as well as the number of share awards newly granted, delivered or forfeited in this period.

Members of the Management Board

Balance as of Feb 21, 2014

Granted

Delivered

Forfeited

Balance as of Feb 21, 2015

Jürgen Fitschen

206,872

87,642

0

0

294,514

Anshuman Jain

368,930

95,502

0

0

464,432

Stefan Krause

158,565

56,801

0

0

215,366

Dr. Stephan Leithner

187,181

59,914

50,888

0

196,207

Stuart Lewis

125,128

55,688

18,506

0

162,310

Rainer Neske

158,010

56,774

0

0

214,784

Henry Ritchotte

158,960

58,709

33,706

0

183,963


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