Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 616

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 616
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 6 and 7 following the grant date. After vesting, each tranche is subject to an additional holding period of one year.

| 350 |

| Deutsche Bank      |
| Annual Report 2024 |

In its meeting on July 25, 2024, the Supervisory Board decided to grant an amount corresponding to the dividend distributed to shareholders of € 0.45 per share to Management Board members with equity-based deferred compensation awards that were in the holding period at the time of the General Meeting 2024. Dividend equivalents are payments that mirror dividend payments to shareholders and are often granted under share-based compensation programs. The granted dividend awards are calculated based on the dividend paid per Deutsche Bank share multiplied by the number of Deutsche Bank share units subject to the holding requirement (a fixed EUR value) and subject to the same provisions as the underlying award, including but not limited to suspension, forfeiture or clawback. The decision to grant a dividend equivalent was made by the Supervisory Board against the backdrop that the deferred compensation components are already to be attributed to the Management Board members economically after the end of the five-year deferral period (vesting). The Management Board members are the economic owners of the share-based compensation with effect from the vesting. However, the vested share-based compensation is subject to an additional holding period of one year as required by the European Banking Authority (EBA) guidelines (EBA Guidelines on Sound Remuneration Policies) applicable to financial institutions. The Bank is allowed to transfer shares to the Management Board members already after the vesting but decided to wait until the end of the additional holding period as they are still subject to suspension and forfeiture provisions. As this procedure leads to an economic disadvantage for the Management Board members, the plan rules for share-based compensation and the service contracts provide the possibility of an equivalent payment per share if a dividend is paid on Deutsche Bank shares during their holding period. This practice is in line with all regulatory requirements and market practice. Under the EBA Guidelines specified above, these dividend equivalents are not considered to be variable compensation as the value is determined by reference to the shares which are fully vested and economically attributable to the Management Board members. Therefore, no approval by the General Meeting is required for their granting.

| 351 |

| Deutsche Bank      |
| Annual Report 2024 |

Application of the compensation system in the financial year Target and maximum amounts of base salary and variable compensation

|                                                            |     |       2024 |     |                     |     |                    |     |                    |