# EDGAR Filing Document

**Accession Number:** 0001159508
**File Stem:** 0001999371-26-002943
**Filing Date:** 2026-2
**Character Count:** 76395
**Document Hash:** 1338cbb8e05fc760b5a4a4df37ca333c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-002943.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001999371-26-002943

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE BANK AKTIENGESELLSCHAFT
- **CENTRAL INDEX KEY:** 0001159508
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293341
- **FILM NUMBER:** 26615366

**BUSINESS ADDRESS:**
- **STREET 1:** DEUTSCHE BANK AG - LEGAL DEPARTMENT
- **STREET 2:** 1 COLUMBUS CIRCLE, 19TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-250-1306

**MAIL ADDRESS:**
- **STREET 1:** DEUTSCHE BANK AG - LEGAL DEPARTMENT
- **STREET 2:** 1 COLUMBUS CIRCLE, 19TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

As filed with the Securities and Exchange Commission on February 10, 2026

**Registration No. 333-**

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

------

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER** 

**THE SECURITIES ACT OF 1933**

------

**Deutsche Bank Aktiengesellschaft**

*(Exact name of Registrant as specified in its charter)*

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| | | |
|:---|:---|:---|
| **Germany**<br>*(State or other jurisdiction of* <br> *incorporation or organization)*<br>|  | **Not Applicable**<br> *(I.R.S. Employer* <br> *Identification Number)* |
|  | **Taunusanlage 12** <br> **60325 Frankfurt am Main**<br>**Germany**<br>**011-49-69-910-00**<br>|  |

---

*(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)*

---

| |
|:---|
| **Deutsche Bank Equity Plan** |
| **Deutsche Bank Restricted Share Plan** |
| **Deutsche Bank Global Share Purchase Plan** |

---

*(Full Title of the Plans)* 

<br> **DB USA Corporation**

**1 Columbus Circle**

**New York, New York 10019**

**Attention: Office of the Secretary**

**(212) 250-2500**

*(Name, address, including zip code, and telephone number, including area code, of agent for service)*

**Copies to:**

---

| | |
|:---|:---|
| **Legal Department**<br> **Deutsche Bank Aktiengesellschaft**<br> **1 Columbus Circle**<br> **New York, NY 10019**<br> **(212) 250-2500** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Legal Department**<br> **Deutsche Bank Aktiengesellschaft**<br> **Taunusanlage 12**<br> **60325 Frankfurt am Main**<br> **Germany**<br> **011-49-69-910-00**  |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Large accelerated filer ☒ | &nbsp;&nbsp;Accelerated filer ☐ |
| &nbsp;&nbsp;Non-accelerated filer ☐ (Do not check if a smaller reporting company) | &nbsp;&nbsp;Smaller Reporting Company ☐ |
|  | &nbsp;&nbsp;Emerging Growth Company ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This Registration Statement is being filed by Deutsche Bank Aktiengesellschaft, a German corporation (the "Registrant"), to register 51,000,000 additional shares to be issued under the plans referred to on the cover hereof (the "Plans"). Pursuant to the Plans, certain employees of the Registrant and its subsidiaries are granted the right to receive ordinary shares, no par value, of the Registrant, subject to the satisfaction of applicable vesting conditions, and, in the case of the Global Share Purchase Plan, are offered such shares for purchase. On February 28, 2018, the Registrant filed with the U.S. Securities and Exchange Commission ("SEC") Form S-8 Registration Statement (File No. 333-223301) and on December 15, 2023, the Registrant filed with the SEC a Post-Effective Amendment to Form S-8 Registration Statement (File No. 333-223301) (collectively, the "Prior Registration Statements") relating to ordinary shares issuable to eligible employees of the Registrant under the Plans. The Prior Registration Statements are currently effective. The Registration Statement relates to securities of the same class as those to which the Prior Registration Statements relate and is submitted in accordance with General Instruction E of Form S-8 regarding Registration of Additional Securities. Pursuant to General Instruction E of Form S-8, the contents of the Prior Registration Statements relating to the Plans, including periodic reports that the Registrant filed after the Prior Registration Statements to maintain current information about the Registrant, are incorporated herein by reference and made part of the Registration Statement, except to the extent supplemented, superseded or modified by the specific information set forth below and/or the specific exhibits attached hereto.

**Part II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 8. Exhibits**

The following exhibits are filed with or incorporated by reference into this Registration Statement (numbering corresponds to Exhibit Table in Item 601 of Regulation S-K):

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| | |
|:---|:---|
| 4.1+ | [English translation of Articles of Association of the Registrant](http://www.sec.gov/Archives/edgar/data/1159508/000115950826000002/db20260105992.htm) (incorporated by reference to Exhibit 99.2 to the Registrant's Report on Form 6-K (Registration No. 001-15242) filed by the Registrant with the Commission on January 5, 2026) |

---

---

| | |
|:---|:---|
| 4.2+ | [Deutsche Bank Equity Plan – Plan Rules Effective from March 1, 2021](http://www.sec.gov/Archives/edgar/data/1159508/000115950821000008/db20210312045.htm) (incorporated by reference to Exhibit 4.5 to the Registrant's 2020 Annual Report on Form 20-F (Registration No. 001-15242) filed by the Registrant with the Commission on March 15, 2021) |

---

---

| | |
|:---|:---|
| 4.3+ | [Deutsche Bank Equity Plan – Plan Rules Effective from March 1, 2022](http://www.sec.gov/Archives/edgar/data/1159508/000115950822000014/db2022031146.htm) (incorporated by reference to Exhibit 4.6 to the Registrant's 2021 Annual Report on Form 20-F (Registration No. 001-15242) filed by the Registrant with the Commission on March 14, 2022) |

---

---

| | |
|:---|:---|
| 4.4+ | [Deutsche Bank Equity Plan – Plan Rules Effective from March 1, 2023](http://www.sec.gov/Archives/edgar/data/1159508/000115950823000021/db2023031746.htm) (incorporated by reference to Exhibit 4.6 to the Registrant's 2022 Annual Report on Form 20-F (Registration No. 001-15242) filed by the Registrant with the Commission on March 20, 2023) |

---

---

| | |
|:---|:---|
| 4.5+ | [Deutsche Bank Equity Plan – Plan Rules Effective from March 1, 2024](http://www.sec.gov/Archives/edgar/data/1159508/000115950824000021/db2024031446.htm) (incorporated by reference to Exhibit 4.6 to the Registrant's 2023 Annual Report on Form 20-F (Registration No. 001-15242) filed by the Registrant with the Commission on March 14, 2024) |

---

---

| | |
|:---|:---|
| 4.6+ | [Deutsche Bank Equity Plan – Plan Rules Effective from March 1, 2025](http://www.sec.gov/Archives/edgar/data/1159508/000115950825000020/db2025031346.htm) (incorporated by reference to Exhibit 4.6 to the Registrant's 2024 Annual Report on Form 20-F (Registration No. 001-15242) filed by the Registrant with the Commission on March 13, 2025) |

---

---

| | |
|:---|:---|
| 4.7+ | [Deutsche Bank Restricted Share Plan – Plan Rules Effective from March 1, 2025](http://www.sec.gov/Archives/edgar/data/1159508/000115950825000020/db20250313411.htm) (incorporated by reference to Exhibit 4.11 to the Registrant's 2024 Annual Report on Form 20-F (Registration No. 001-15242) filed by the Registrant with the Commission on March 13, 2025) |

---

4.8\* [Deutsche Bank Global Share Purchase Plan – 2025 Plan Rules Effective from November 1, 2025](ex4-8.htm)

23.1\* [Consent of EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft, Independent Registered Public Accounting Firm](ex23-1.htm)

24.0\* Power of Attorney (included on signature pages)

107\* [Filing Fee Table](ex107.htm)

\* Filed herewith

+ Incorporated herein by references

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Frankfurt am Main, Germany, as of this 10th day of February 2026.

---

| | | |
|:---|:---|:---|
| DEUTSCHE BANK AKTIENGESELLSCHAFT | DEUTSCHE BANK AKTIENGESELLSCHAFT | DEUTSCHE BANK AKTIENGESELLSCHAFT |
| By: | /s/ CHRISTIAN SEWING  | /s/ CHRISTIAN SEWING  |
|  | Name: | Christian Sewing |
|  | Title: | Chief Executive Officer and Chairman of the Management Board |
| By: | /s/ JAMES VON MOLTKE  | /s/ JAMES VON MOLTKE  |
|  | Name: | James von Moltke |
|  | Title: | Chief Financial Officer and Member of the Management Board |

---

The Registrant and each person whose signature appears below constitutes and appoints each of Jonathan Blake, Joseph C. Kopec, Mathias Otto, Thomas Rueckert, David Hermes and Andrew Rivas, any two such individuals acting together, his, her or its true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him, her or it and in his, her, or its name, place and stead, in any and all capacities, to sign and file any and all amendments (including post-effective amendments) to this Registration Statement on Form S-8, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, any two acting together, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he, she, or it might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, any two acting together, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated as of this 10th day of February 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ CHRISTIAN SEWING | Chief Executive Officer (Principal Executive Officer) |
| Christian Sewing | and Chairman of the Management Board |
| /s/ JAMES VON MOLTKE | Chief Financial Officer (Principal Financial Officer) |
| James von Moltke | and Member of the Management Board |
| /s/ RAJA AKRAM |  |
| Raja Akram | Member of the Management Board |
| /s/ FABRIZIO CAMPELLI |  |
| Fabrizio Campelli | Member of the Management Board |
| /s/ MARCUS CHROMIK |  |
| Marcus Chromik | Member of the Management Board |
| /s/ BERND LEUKERT |  |
| Bernd Leukert | Member of the Management Board |
| /s/ ALEXANDER VON ZUR MÜHLEN |  |
| Alexander von zur Mühlen | Member of the Management Board |
| /s/ LAURA PADOVANI |  |
| Laura Padovani | Member of the Management Board |
| /s/ CLAUDIO DE SANCTIS |  |
| Claudio de Sanctis | Member of the Management Board |
| /s/ REBECCA SHORT |  |
| Rebecca Short | Member of the Management Board |
| /s/ ANDREA SCHRIBER |  |
| Andrea Schriber | Chief Accounting Officer (Principal Accounting Officer) |
| /s/ LISA MCGEOUGH |  |
| Lisa McGeough | Authorized Representative in the United States |

---

## Exhibit 4.8

**[DEUTSCHE BANK AKTIENGESELLSCHAFT S-8](deutsche-s8_021026.htm)**

**Exhibit 4.8**

Deutsche Bank

Human Resources

![](ex48001.jpg)

**Deutsche Bank** 

**2025 Global Share Purchase Plan**

**Plan Rules**

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| | |
|:---|:---|
| Effective date: 1 November 2025 | ![](ex48002.jpg) |

---

---

| | |
|:---|:---|
| **1** | **Purpose** |

---

The Global Share Purchase Plan enables eligible employees to acquire Shares in DB which give them a continuing stake in DB. The Plan is intended to support retention and reward employee commitment to DB. Participation during one Plan Year does not guarantee future participation.

---

| | |
|:---|:---|
| **2** | **Definitions** |

---

For the purposes of the Plan, the following terms shall have the meanings indicated:

"Acquirer Entity" means the person, company or entity which, through acquisition, merger, spin-off, transfer, or other consolidation (or series thereof), shall be the legal successor to or owner (whether direct or indirect) of the DB business unit, Division or Subsidiary (or, if applicable, the part of the DB business unit or Division) in which the relevant Participant worked, or any of its Subsidiaries or Holding Companies or any Subsidiary of any such Holding Company.

"Agreed Termination" means a Participant ceasing to be a DB Employee following the resolution of an employment-related dispute, resolved by the execution of a settlement, separation or compromise agreement containing, among other things, a full release of claims against each DB Group Company by the Participant, and which is approved as an Agreed Termination by the Committee.

"Award" means Purchased Shares and/or a Matching Award.

"Award Date" means the date which the Committee sets in respect of the grant of a Matching Award.

"Cause" means in respect of the termination of the Participant's employment as a DB Employee by any DB Group Company: (i) any act or omission or series of acts or omissions that, when taken together or alone, constitute a material breach of the terms and conditions of employment; (ii) the conviction of the Participant by a competent court of law of any crime (other than minor offences that do not adversely affect the business or reputation of any DB Group Company, as determined by the Committee in its sole discretion); (iii) unlawful, unethical or illegal conduct, or any misconduct by the Participant in connection with the performance of the Participant's duties as a DB Employee or conduct by the Participant otherwise in violation of the terms of the applicable employee handbook or other local policy or contractual documentation; (iv) knowingly failing or refusing to carry out specific lawful instructions from a DB Group Company (or a duly authorized employee or officer of such a company) relating to material matters or duties within the scope of the Participant's responsibilities for a DB Group Company; (v) committing any act involving dishonesty, fraud, misrepresentation, or breach of trust; or (vi) the issuance of any order or enforcement action against the Participant or against any DB Group Company in connection with the Participant's actions or omissions by any regulatory body with authority over the conduct of business by that DB Group Company where the issuance of that order or enforcement action impairs a) the financial condition or business reputation of the DB Group or any DB Group Company or b) the Participant's ability to perform the Participant's assigned duties (or would have done so if the Participant were still a DB Employee).

"Change of Control" means a change in the control of Deutsche Bank AG which shall occur if, by one or a series of transactions or events, a third party or a group of third parties acting together (directly or indirectly) acquires more than 50 percent of the issued share capital of Deutsche Bank AG and/or becomes entitled to exercise more than 50 percent of voting rights attributable to the issued share capital of Deutsche Bank AG. The Committee (as constituted before the relevant event) will determine, in its sole discretion, whether or not a Change of Control has occurred in accordance with this definition.

"Committee" means the Senior Executive Compensation Committee but may alternatively be the Management Board or any committee or other entity or persons designated by the Senior Executive Compensation Committee, the Management Board or these Plan Rules to act as the decisional body under this Plan (and, for the avoidance of doubt, the provisions of Rule 8 shall apply to any such entity or person). To the extent that matters are determined in relation to the operation of the Plan for members of the Management Board, the Committee means the Supervisory Board of Deutsche Bank or a duly authorised committee of the same.

"Compliance Department" means any applicable compliance department of the DB Group.

"Contribution Amount" means the money deducted from a Participant's salary after applicable tax and social security withholding during the Plan Year, or otherwise paid by the Participant during the Plan Year to the Plan Administrator, to acquire Purchased Shares.

"DB Employee" means a person employed by any DB Group Company.

"DB" or "DB Group" means Deutsche Bank and each of its Subsidiaries.

"DB Group Company" means any company or other corporation in the DB Group.

"DB Participating Entity" means any company in the DB Group which, at the time of invitation, employs any employee invited to participate in the Plan under Rule 4.1.

"DB Share(s)" or "Shares" means a registered share of Deutsche Bank AG, as listed and traded on the Frankfurt Stock Exchange – Xetra or other authorized exchanges, or any other shares which may replace them from time to time (whether in a successor corporation or otherwise).

"Delivery" means DB Shares forming all or part of an Award being held by the Participant or, if earlier, being transferred into the Participant's (or the Participant's Representative's) custody or brokerage account and any DB Shares being treated as Delivered in accordance with Rule 6.3. "Delivery Date" and "Delivered" shall be construed accordingly.

"Deutsche Bank" means Deutsche Bank AG and any successor corporation or other corporation into which Deutsche Bank AG is merged or consolidated or to which Deutsche Bank AG transfers or sells all or substantially all of its assets.

"Division(s)" means the primary operational business areas of the DB Group, which include the core revenue generating areas and infrastructure and support areas, as established or adjusted by Deutsche Bank, in its discretion, from time to time. Each Division is divided into smaller operating business units.

"Holding Company" of a company or entity means a company or entity of which the first company or entity is a Subsidiary.

"Management Board" means the Management Board of Deutsche Bank (the Vorstand).

"Matching Award" means a conditional right to receive DB Shares granted under Rule 4.2.

"Participant" means a person on behalf of whom Purchased Shares are held or who holds a Matching Award or, in the case of the Participant's death, the Participant's Representative.

"Plan" means the "Global Share Purchase Plan" as governed by these Rules.

"Plan Administrator" means Deutsche Bank AG or any other person or entity appointed by the Committee for the purpose of administering the Plan as referred to in Rule 8.1.

"Plan Rules" or "Rules" means this document, including all applicable Schedules, which sets out the binding terms and conditions of the Plan (as amended from time to time pursuant to Rule 9).

"Plan Year" means the financial year of DB during which employees are invited to participate under Rule 4.1.

"Purchased Shares" means DB Shares acquired on behalf of a Participant in accordance with Rule 4.1, using: (i) the Contribution Amount the Participant has contributed; and (ii) any cash dividends payable during the Plan Year in respect of those DB Shares.

"Representative" means, in the case of death or Total Disability, the Participant's duly appointed beneficiary, legal representative or administrator, as applicable.

"Retirement" means retirement at pensionable age as determined in accordance with the pension plan arranged or provided by or in conjunction with a DB Group Company, of which the Participant is, or is eligible to be, a member, or where there is no such pension plan, retirement age as determined in accordance with the local policy of DB Group.

"Salary" means the annual base salary which has been notified to the employee.

"Schedule" means any schedule to the Plan Rules approved by the Committee (as amended from time to time in accordance with Rule 9).

"Section 409A" means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and any regulations promulgated or U.S. Treasury Department or U.S. Internal Revenue Service guidance issued thereunder, as may be in effect from time to time.

"Senior Executive Compensation Committee" means the committee delegated by the Management Board to govern this Plan.

"Subsidiary" means a company or other entity in which a Holding Company has a direct or indirect controlling interest or equity or ownership interest which represents more than fifty percent (50%) of the aggregate equity or ownership interest in that company or entity.

"Supervisory Board of Deutsche Bank" means the board that oversees and advises the Management Board in its management of the business.

"Total Disability" means the Participant being prevented from engaging in any substantial gainful activity by physical or mental impairment that can be expected to either (i) result in death or (ii) last for a continuous period of not less than 12 months as certified by the Committee, in its sole discretion.

"U.S. Taxpayer" means any employee resident in the U.S., all U.S. persons employed outside the U.S. and any other individual subject to U.S. taxation.

"Vest" means, in the context of an Award, to be no longer subject to the forfeiture provisions contained in these Plan Rules, except for those contained in Rule 4.2.3 and 5.4, as applicable. "Vesting" and "Vested" shall be construed accordingly.

"Vesting Date" means the earlier of: (i) the date determined by the Committee on which, subject to the terms of these Plan Rules, a Participant becomes unconditionally entitled to the DB Shares comprised in the Participant's Matching Award, as determined in accordance with Rule 4.1.1(vi); and (ii) the date on which the Matching Award Vests in accordance with Rules 5 or 7.

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| | |
|:---|:---|
| **3** | **Interpretation** |

---

In this Plan, where the context permits, words in the singular shall include the plural. The headings in the Rules are for the sake of convenience only and should be ignored when construing the Rules.

Each Award granted under the Plan is subject to the Plan Rules as modified by any Schedules which apply to that Award, in each case as amended from time to time in accordance with Rule 9.2.

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| | |
|:---|:---|
| **4** | **Awards** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Purchased
 Shares: The
 Committee may invite, at any time, DB Employees to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 The
 Committee shall determine the following for each invitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) any
 eligibility requirements in order to participate in the Plan, including the terms of
 any qualifying period of service;

ii) any maximum and/or minimum amount of Contribution Amount which the employee may contribute in any month or Plan Year;

iii) whether the Contribution Amount may be contributed via Salary deduction and/or other form of payment by the Participant (including one off lump sum contributions) and details of how the contributions will be made, including, for Salary deductions, whether these will be on a monthly or four-weekly basis and, in respect of contributions otherwise than by Salary deduction, the timing of payments and any information the Participant is required to supply;

iv) the date during the Plan Year on which a Participant may elect to cease making contributions of Contribution Amount for that Plan Year without prejudicing the Participant's right to receive a Matching Award in respect of Purchased Shares already acquired, in accordance with Rule 4.1.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) the
 number of DB Shares in a Matching Award which may be granted to the Participant on the
 Award Date, by reference to the number of Purchased Shares held on that date, subject
 to any maximum limits;

vi) the Vesting Date for Matching Awards; and

vii) any other terms or features of the Award which the Committee deems relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 Any
 amount contributed in excess of (a) the maximum allowed under Rule 4.1.1(ii), or (b)
 any amount the Participant agrees to contribute as Contribution Amount, shall be paid
 over to the Participant as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Subject
 to Rule 4.1.4, any cash dividends payable during the Plan Year in relation to Purchased
 Shares will be used to acquire further Purchased Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 The
Plan Administrator shall acquire DB Shares on behalf of the Participant as soon as practicable after the Contribution Amount is
deducted from the Participant's salary or otherwise paid by the Participant or as soon as practicable after the cash dividend
has been paid. Any surplus amount of Contribution Amount or cash dividend remaining after the acquisition of DB Shares by the
Plan Administrator shall be carried forward and aggregated with the amount to be used for the next acquisition of DB Shares or,
if any such surplus amount remains after the last acquisition of DB Shares relating to a Plan Year, it shall be paid over to the
Participant as soon as possible unless DB and the Participant agree otherwise. The Participant shall not be entitled to interest
on any such surplus amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 Any
Purchased Shares shall be held on the Participant's behalf in an account established by the Plan Administrator for the Participant,
which may be an account held with an entity outside DB, until they are withdrawn from the Plan. Subject to Rules 5 and 7, a Participant
may withdraw all the Purchased Shares held on that Participant's behalf at any time by notice in writing to DB and the Purchased
Shares will be transferred or sold in accordance with Rule 6.2. Unless a later date is specified in the notice, such notice shall
take effect 30 days after DB receives it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.6 Without
 prejudice to Rule 4.1.7, a Participant may stop contributions of the Contribution Amount
 with effect from the date determined under Rule 4.1.1(iv) by giving at least 30 days'
 notice in writing to DB. The Participant may not re-start contributions of the Contribution
 Amount in the same Plan Year except on life change events in accordance with Rule 4.1.7.
 The Participant shall continue to be entitled to receive a Matching Award in respect
 of the Purchased Shares the Participant continues to hold in respect of that Plan Year,
 provided the Participant satisfies all other relevant requirements of the Plan on the
 Award Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.7 A
Participant may, on a one off basis, either stop making contributions or re-start contributions or change the Contribution Amount
if the Participant gives notice in writing to the Plan Administrator, together with supporting evidence, that the Participant
has experienced a life change event during the relevant Plan Year, including but not limited to the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) parental
 status change;

ii) marital and civil partnership status change;

iii) relocation of the Participant's home or office;

iv) changes to the Participant's working hours; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) any
 other event, that has had a significant and detrimental effect on the Participant's
 financial position, to be determined by the Committee in its sole discretion.

Where a Participant gives notice, including supporting evidence, in accordance with this Rule 4.1.7 and in a form satisfactory to the Plan Administrator that the Participant has experienced such a life change event during the Plan Year, such notice shall take effect 30 days after the Plan Administrator receives it. If the Participant is re-starting contributions or changing the Contribution Amount, the Participant must specify the amount of the contributions in the notice, in accordance with any maximum and/or minimum amount allowed under Rule 4.1.1(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.8 Purchased
 Shares shall not be subject to any provision under which they may be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.9 A
 Participant shall be entitled to receive dividends, subject to Rule 4.1.3, and vote and
 have all other rights of a shareholder in respect of any DB Shares held on behalf of
 the Participant as Purchased Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Matching
 Awards: On
 the Award Date for each relevant Plan Year, the Committee may grant or permit to be granted
 by such other persons as it may determine a Matching Award to a Participant based on
 the number of Purchased Shares acquired in that Plan Year, in accordance with Rule 4.1.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 In
making a Matching Award the Committee will notify to the Participant the number of DB Shares subject to the Matching Award and
the Vesting Date, in accordance with Rule 4.1.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 A
 Participant may surrender a Matching Award or a part of a Matching Award at any time
 prior to the Vesting Date, and any Matching Award (or part of a Matching Award) so surrendered
 shall (to the extent possible) be deemed never to have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 A
 Participant may not at any time before settlement in accordance with Rule 6 (whether
 before or after the Vesting Date) (i) transfer, assign, sell, pledge, or grant to any
 person or entity any rights in respect of any Matching Award, or (ii) enter into any
 transactions having the economic effect of hedging a Matching Award or otherwise offsetting
 the risk of price movements, or in each case attempt to do so, with respect to all or
 part of the DB Shares subject to the Matching Award. This Rule 4.2.3 does not apply to
 the transmission of a Matching Award on the death or Total Disability of a Participant
 to the duly appointed Representative. Unless the Plan Administrator or the Committee
 decides otherwise, any breach of this Rule will result in the forfeiture by the Participant
 of the Participant's Matching Award without any claim for compensation by the Participant
 or any Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 A
 Participant has no entitlement whatsoever to any DB Shares in respect of a Matching Award
 until the Matching Award is settled in accordance with Rule 6.1. For the avoidance of
 doubt a Participant is not entitled to any dividends, voting rights or any other rights
 of a shareholder in respect of the DB Shares subject to a Matching Award until the DB
 Shares are transferred to a Participant's account in accordance with Rule 6.1.
 Neither a Matching Award nor any DB Shares delivered in settlement of a Matching Award
 give a Participant the right to subscribe for unissued DB Shares.

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| | |
|:---|:---|
| **5** | **Impact of termination of employment, transfer and minimum holding** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 If
 a Participant ceases to be employed by any DB Participating Entity prior to the Vesting
 Date specified under Rule 4.1.1(vi), the Participant will forfeit a Matching Award without
 any claim for compensation, unless either (a) the Participant continues to be employed,
 with no break in service, by a company in the DB Group (i.e. a non DB Participating Entity)
 or (b) the Participant ceases to be a DB Employee for one of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) termination
 by a DB Group Company without Cause;

ii) redundancy;

iii) Agreed Termination;

iv) the Participant ceases to be employed by any DB Participating Entity due to the sale, merger, spin-off, transfer, or other consolidation (or series thereof) outside of the DB Group of the DB business unit, Division or Subsidiary (or, if applicable, the part of the DB business unit or Division) in which the Participant worked, but excluding a sale or transfer by which Deutsche Bank is merged or consolidated or transfers or sells substantially all of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Retirement;
 or

vi) death or Total Disability of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Where
 a Participant ceases to be employed by a DB Participating Entity but continues to be
 employed by a DB Group Company, or ceases employment with a DB Participating Entity for
 one of the reasons specified in Rule 5.1 above, to be determined by the Committee in
 its sole discretion, the Matching Award shall Vest in full on the cessation of employment
 with the DB Participating Entity and be distributed in accordance with Rule 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Where
 a Participant continues to be employed, with no break in service, by a company in the
 DB Group (whether or not such company is a DB Participating Entity) but the Participant
 moves to a different jurisdiction prior to the Vesting Date specified under Rule 4.1.1(vi):
 (i) any unvested Matching Award shall Vest in full on the transfer to the new jurisdiction
 and be distributed in accordance with Rule 6.1; (ii) no further contributions of Contribution
 Amount shall be made nor Purchased Shares acquired in the Plan Year during which the
 Participant moves to a different jurisdiction; and (iii) no Matching Award will be granted
 in relation to that Plan Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Where
 a Participant ceases to be employed by a DB Participating Entity for any reason, even
 if the Participant continues to be employed by a DB Group Company, any Purchased Shares
 held on the Participant's behalf shall be withdrawn from the Plan and transferred
 or sold in accordance with Rule 6.2 within 90 days of cessation of employment. With effect
 from the date of cessation of employment with the DB Participating Entity, no further
 contributions of Contribution Amount will be made and any cash dividends payable in relation
 to Purchased Shares will not be used to acquire further Purchased Shares. For the avoidance
 of doubt, no Matching Award will be granted by reference to any Purchased Shares withdrawn
 before the Award Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 A
 Participant shall automatically forfeit, without any claim for compensation by the Participant
 or any Representative, Matching Awards which have not been Delivered, if at any time
 prior to Delivery the Participant ceases to be a DB Employee by reason of termination
 for Cause as decided by a DB Group Company, which shall have full discretion to make
 a Cause determination.

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| | |
|:---|:---|
| **6** | **Settlement of Matching Awards, transfer and sale of Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Time
 and manner of settlement of Matching Awards: Matching
 Award will be settled in accordance with this Rule 6.1 within two and a half months following
 the Vesting Date of that Award, or such other number of days as determined by the Committee
 in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 Subject
 to Rule 6.3, a Matching Award will be settled by way of a distribution by the Plan Administrator
 of the number of DB Shares in the Matching Award to either a Participant's employee
 account or to an account established by the Plan Administrator for a Participant, which
 may be an account held with an entity outside DB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 In
 the case of settlement following the death of a Participant, prior to settling the Matching
 Award in accordance with this Rule 6.1, the Committee may require the Representative
 of the deceased Participant to produce such evidence as the Plan Administrator may require
 in order to establish that the Representative is entitled to receive the DB Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Transfer
 and sale of Shares: If
 required by the Plan Administrator, a Participant must provide details of the Participant's
 bank account and any personal custody or brokerage account at any time before the Vesting
 Date of a Matching Award or the withdrawal of Purchased Shares in accordance with these
 Rules, by notice in writing or via the intranet to the Plan Administrator. Following
 settlement of a Matching Award as described in Rule 6.1 or the withdrawal of Purchased
 Shares, a Participant may direct the transfer of the DB Shares to the Participant's
 personal custody or brokerage account or the sale of the DB Shares and transfer of the
 proceeds to the Participant's bank account, subject to Rule 6.3 and in accordance
 with the terms governing the Participant's account, Compliance Department rules
 that are in effect from time to time and such rules, laws and regulations as may be applicable
 to the holding of the settled DB Shares by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Tax
 and social security and other statutory withholding: The
 Plan Administrator or any DB Group Company may withhold such amounts and make such arrangements
 as it considers necessary to meet any liability to taxation, social security contributions
 or any other statutory deduction in respect of an Award. Without limitation, these arrangements
 may include the sale or reduction in number of any DB Shares on behalf of a Participant
 or withholding the necessary amounts from the Participant's monthly salary. If
 any liability to taxation, social security contributions or any other statutory deduction
 is due on the Vesting of an Award under Rule 5, the Plan Administrator may sell on behalf
 of the Participant any DB Shares to be received by a Participant in respect of an Award
 and distribute the proceeds of such sale, less any applicable withholdings, to the Participant.
 Any DB Shares sold on behalf of the Participant pursuant to this Rule 6.3 shall be treated
 as Delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Amounts
 owed by Participant to a DB Group Company: Subject
 to applicable law, the Plan Administrator or any DB Group Company may withhold such amount
 and make such arrangements as it considers necessary in relation to the settlement of
 a Matching Award to recover any amounts owed for any reason by the Participant to any
 DB Group Company ("Owed Amounts"). Without limitation, a distribution into
 a Participant's custody or brokerage account may be made net of any Owed Amounts,
 or the distribution may be reduced by a number of DB Shares or other assets with a value
 equal to the Owed Amounts, and in each case the amount of the deduction or the reduced
 number of DB Shares shall be treated as Delivered. The Plan Administrator may sell an
 appropriate portion of the DB Shares or other assets otherwise distributable to the Participant
 (or the Participant's Representative or such other person to whom the distribution
 is made) and withhold sufficient sale proceeds to satisfy the Owed Amounts, and such
 portion of the DB Shares or other assets so sold shall be treated as Delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Compliance: The
 acquisition of Purchased Shares and the making of a Matching Award and its settlement
 are subject to any approvals or consents required under any applicable laws or regulations
 or by any governmental authority, the requirements of any exchange on which DB Shares
 are traded and any policy adopted by the Compliance Department. The sale of DB Shares
 by DB Employees requires a mandatory Compliance Department pre-approval in most locations
 before submitting a request to sell. This needs to be done via the Employee Trade Request
 Application: https://etra.compliance.intranet.db.com/pads/. Without prejudice to the
 generality of the foregoing, if any approval or consent required to permit the settlement
 of a Matching Award in DB Shares (or the acquisition of those shares by any DB Group
 Company for the purpose of settlement of a Matching Award) is not in place in time to
 facilitate the transfer of DB Shares within the time period specified in Rule 6.1, the
 DB Shares shall be transferred on the first business day following the obtaining of the
 approval or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Residual
 cash: Any
 residual cash following the sale or reduction in number of DB Shares under Rule 6.3 will
 be settled by the Plan Administrator by a cash payment to the Participant through local
 payroll or in any other way the Plan Administrator sees fit.

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| | |
|:---|:---|
| **7** | **Corporate Events** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Effect
 of Change of Control on Awards: On
 or before the occurrence of a Change of Control, the Committee shall have the sole discretion
 to determine whether none, some or all of the outstanding Matching Awards will Vest as
 a result of the Change of Control and be distributed in accordance with Rule 6.1 and/or
 any Purchased Shares shall be withdrawn from the Plan and transferred or sold in accordance
 with Rule 6.2 within 90 days of the Change of Control; provided that, with respect to
 all U.S. Taxpayers, the Committee shall not take any action inconsistent with Section
 409A. With effect from the date of the Change of Control, no further contributions of
 Contribution Amount will be made and any cash dividends payable in relation to Purchased
 Shares will not be used to acquire further Purchased Shares. For the avoidance of doubt,
 no Matching Award will be granted by reference to any Purchased Shares withdrawn before
 the applicable Award Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Corporate
 successors: The
 Plan shall not be automatically terminated by a transfer or sale of the whole or substantially
 the whole of the assets of Deutsche Bank AG, or by its merger or consolidation into or
 with any other corporation or other entity, but the Plan or an equivalent benefits plan
 shall be continued after such sale, merger or consolidation subject to the agreement
 of the transferee, purchaser or successor entity. In the event that the Plan is not continued
 by the transferee, purchaser or successor entity, the Plan shall terminate subject to
 the provisions of the Plan, including Rule 6 and Rule 9, and the Participant or any Representative
 shall have no claim for compensation arising out of any such termination of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Changes
 in capitalisation: If
 any change affects DB Shares on account of a merger, reorganisation, rights issue, extraordinary
 stock dividend, stock split or similar changes which the Committee reasonably determines
 justifies adjustments to Awards, the Plan Administrator shall make such adjustments as
 are determined by the Committee to be necessary or appropriate to prevent enlargement
 or dilution of rights.

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| | |
|:---|:---|
| **8** | **Administration** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Administration
 by the Plan Administrator: The
 Plan Administrator shall be responsible for the general operation and administration
 of the Plan in accordance with its terms and for carrying out the provisions of the Plan
 in accordance with such resolutions as may from time to time be adopted, or decisions
 made, by the Committee and shall have all powers necessary to carry out the provisions
 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Interpretation
 by the Committee: The
 Committee will have full discretionary power to interpret and enforce the provisions
 of this Plan and to adopt such regulations for administering the Plan as it decides are
 necessary or desirable. All decisions made by the Committee (including, for the avoidance
 of doubt, by the Plan Administrator, the DB Group or a DB Group Company, where designated
 in the Plan Rules as the body to make the decision) pursuant to the Plan are final, conclusive
 and binding on all persons, including the Participants and any DB Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Forfeiture
 and Vesting: The
 Committee shall have full discretion to determine whether or not any of the events or
 activities set forth in Rule 5 has occurred.

---

| | |
|:---|:---|
| **9** | **Amendment or termination of the Plan** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Termination
 of Plan: The
 Committee may terminate the Plan at any time at its sole discretion. Termination of the
 Plan (as opposed to amendment of the Plan) would be without prejudice to the subsisting
 rights of Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Amendment
 of Plan: The
 Committee may at any time amend, alter or add to all or any of the provisions of the
 Plan (including, for the avoidance of doubt, the amendment of existing Schedules and
 the addition of new Schedules) in any respect in its sole discretion, provided that the
 Committee cannot materially adversely affect a Participant's existing Award except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) with
the Participant's prior consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the amendment, alteration or addition is made in order to comply with applicable regulatory
 requirements which, for the avoidance of doubt, includes any legislation or guidance
 published by a regulator from time to time. For the avoidance of doubt, no oral representation
 or statement made by any party, including any employee, officer, or director of any DB
 Group Company as to the interpretation, application or operation of this Plan or any
 Awards under it either generally or to any specific set of circumstances shall bind any
 DB Group Company unless it is confirmed in writing by the Plan Administrator or Senior
 Executive Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Termination
 of Awards: The
 Committee may, in its sole discretion, decide at any time to replace an Award with an
 award of other assets (including cash or any combination of cash and other assets) or
 to take such other steps as necessary or appropriate to prevent enlargement or dilution
 of rights.

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| | |
|:---|:---|
| **10** | **General** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 No
 guarantee of benefits or unintended rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 The
 granting of an Award is at the sole discretion of the Committee (or other persons the
 Committee permits to make Awards under Rule 4.2). The Committee is not obliged to make
 any Matching Award, or permit any Purchased Shares to be acquired or any Matching Award
 to be made, in the future or to allow DB Employees to participate in any future or other
 compensation plan even if an Award has been awarded in one or more previous years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 Nothing
 in these Plan Rules shall be construed as an obligation or a guarantee by any DB Group
 Company, the Committee or the Plan Administrator with respect to the future value of
 an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 Nothing
 contained in these Plan Rules shall constitute a guarantee by any DB Group Company that
 the assets of the DB Group will be sufficient to pay any benefit or obligation hereunder.
 No Participant or any Representative shall have any right to receive a benefit under
 the Plan except in accordance with the terms of these Plan Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 An
 Award and resulting distribution shall not (except as may be required by taxation law
 or other applicable law) form part of the emoluments of individuals or count as wages
 or remuneration for pension or other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 If
 a Participant ceases to be a DB Employee or an employee of a DB Participating Entity
 for any reason and, as a result, loses or suffers a diminution in value of an Award in
 accordance with the Plan Rules, that Participant shall not be entitled, and shall be
 deemed irrevocably to have waived any entitlement to any compensation by way of damages
 or otherwise in connection with that loss or diminution in value in relation to the Award,
 except as specifically provided for in the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6 Notwithstanding
 anything to the contrary in these Rules, the Participant shall not have, and waives any
 right to, bring a claim against any DB Group Company for any loss caused or alleged to
 have been caused by the manner in which any discretion referred to in these Rules has
 been exercised (or, as the case may be, not exercised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 No
 enlargement of Participant rights: The
 establishment of the Plan, the acquisition of Purchased Shares and the making of a Matching
 Award under it is entirely at the sole discretion of the Committee, shall not be construed
 as an employment agreement and shall not give any Participant the right to be retained
 as a DB Employee or to otherwise impede the ability of any DB Group Company to terminate
 the Participant's employment. No communications concerning the Plan shall be construed
 as forming part of a Participant's terms and conditions of employment or any employment
 agreement with any DB Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Severability: The
 invalidity or non-enforceability of any one or more provisions of these Rules shall not
 affect the validity or enforceability of any other provision of these Rules, which shall
 remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Limitations
 on liability: Notwithstanding
 anything to the contrary in these Rules, neither any DB Group Company, the Plan Administrator,
 nor any individual acting as an employee, agent or officer of any DB Group Company or
 the Plan Administrator, shall be liable to any Participant, former employee or any Representative
 for any claim, loss, liability or expense incurred in connection with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Claims
 by Participants: Any
 claim or action of any kind by a Participant or Representative with respect to benefits
 under the Plan or these Plan Rules, including any arbitration or litigation filed in
 a court of law, must be brought within one year from the date that settlement of a Participant's
 Matching Award was made or would have been made had such an Award not been forfeited
 pursuant to these Rules, save to the extent that this restriction would be unlawful under
 applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 No
 trust or fund created: Neither
 the Plan nor any agreement made hereunder shall create or be construed as creating a
 trust or separate fund of any kind or a fiduciary relationship between any DB Group Company
 and the Participants or any Representative, except to the extent necessary or desirable
 to facilitate the holding of DB Shares on behalf of any Participant at any time before
 they are transferred or sold in accordance with Rule 6.2. To the extent that any Representative
 acquired a right to receive payments from any DB Group Company pursuant to an Award,
 such right shall be no greater than the right of any unsecured general creditor of that
 DB Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 No
 right to dividends: An
 Award does not give any right to the Participant to receive dividends in relation to
 any DB Shares prior to Delivery of those DB Shares to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Dealing
 in DB Shares: Any
 dealing in DB Shares acquired by a Participant pursuant to the Plan shall remain subject
 to the requisite Compliance Department approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Participant
 confidentiality: Except
 where this provision is contrary to applicable law (including for the avoidance of doubt
 any applicable law of a jurisdiction other than England and Wales) the Participant shall
 maintain the Participant's participation in the Plan in confidence both within
 and outside the DB Group, and shall not disclose the provisions of the Plan or the amount
 of any Award made to the Participant under the Plan to any person or entity, except the
 Participant's spouse or partner or the Participant's legal, tax and/or financial
 adviser or to the extent legally required to do so, without the prior written authorisation
 of the Plan Administrator. For the avoidance of doubt, nothing in these Rules shall prohibit
 or restrict the Plan Administrator, any Participant or any Group Company from disclosing
 information as required by law or by any securities exchange, tax or regulatory authority
 having jurisdiction over any Group Company or in order to take professional advice or
 as ordered by a court of competent jurisdiction. Additionally, neither the Plan Administrator,
 any Participant nor any Group Company is prevented by these Rules from reporting any
 wrongdoing to a statutory regulator in circumstances in which there is a duty to disclose
 that wrongdoing or from reporting a criminal offence to the police or other relevant
 criminal enforcement body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 Assignment: Except
 in accordance with Rule 4.2.3 an Award, including a Vested Award, is not transferable
 or assignable by the Participant. Notwithstanding this, any DB Group Company shall have
 the right to novate and/or assign its contractual rights and/or obligations under this
 Plan in full or in part to any other DB Group Company or an Acquirer Entity at its sole
 discretion without the express consent of the Participant.10.11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 Data
 protection: Any
 DB Group Company may collect and process various data that is personal to a Participant
 (including, for example, name and address, taxpayer and social security identification
 numbers, and employee number or other means of confirming employment and
title or position with a DB Group Company) for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) administering
 the Plan and Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) complying
 with any legal or regulatory requirements, including tax-related requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) preventing
 or investigating crimes and misconduct.

This data will be collected directly from the Participant or from the DB Group Company that employs the Participant. If a Participant chooses not to provide or update the data for the purposes described above, this may result in the DB Group being unable to administer the Plan and Awards in respect of the Participant.

In certain countries, there is a requirement to inform Participants of the legal bases permitting DB Group to collect and handle Participants' personal data. In such countries, the legal bases on which DB Group collects and uses a Participant's personal data are to enter into a contract of employment with the Participant, to comply with legal obligations, or because it is necessary in DB Group's legitimate interests.

A DB Group Company may disclose this data to its affiliates or service providers (including the Plan Administrator) in connection with the administration of the Plan and the Award. Some data processing may be done outside of the country in which the Participant is employed, where laws and practices relating to the protection of personal data may not be as stringent as those in the country in which the Participant is employed, including in the United States of America, but the relevant DB Group Company will take steps to ensure that a Participant's personal information is adequately protected in accordance with the local data protection legislation in the country in which the Participant is employed. Furthermore, in certain circumstances, a Participant's personal data may be disclosed for legal or regulatory purposes, within or outside of the country in which the Participant is employed, such as where a court, the police, or other law enforcement agency or regulatory body requests it.

Depending on the country in which the Participant is employed, the Participant may be entitled to exercise certain rights in respect of the Participant's personal data, such as the right to request correction of, or access to a copy of, the Participant's personal data held by the relevant DB Group Company. To find out more about how to exercise those rights, or in case of any questions about how personal data is used, a Participant should contact the Participant's local HR department, or the local Data Protection Officer of the DB Group Company that employs the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Entire
 agreement: These
 Rules set forth the entire understanding of the parties with respect to the Award. These
 Rules prevail over any agreement, arrangement or communication, whether oral or written,
 relating to the Purchased Shares or Matching Award. To the extent that there is any inconsistency
 between these Rules and any other communications, these Rules prevail.

---

| | |
|:---|:---|
| **11** | **Notices** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Form
 of notices: Form
 of notices: All notices or other communications with respect to these Plan Rules shall
 be in writing and be delivered in person, by email or plan portal, by facsimile transmission,
 by registered mail (return receipt requested, postage prepaid) or as may otherwise be
 indicated by the Plan Administrator (including via any online computer processes established
 by the Plan Administrator).

Notices or communications to the Plan Administrator or any DB Group Company shall be sent to the following address (or to such other address or in such other manner for the Plan Administrator or any DB Group Company as shall be notified to the Participant):

Plan Administrator (or DB Group Company) Deutsche Bank AG

Global Share Purchase Plan

Postfach 200143, 60605 Frankfurt am Main, Germany.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 When
 notices take effect: Notices
 or other communications shall take effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) if
 delivered by hand, upon delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) if
 posted, upon delivery, or, in relation to communications sent to a Participant by first
 class post, 10.00 a.m. (CET) on the second day after posting if earlier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) if
 sent by facsimile or email, when a complete and legible copy of the relevant communication,
 whether that sent by facsimile or email (as the case may be) or a hard copy sent by post
 or delivered by hand, has been received at the appropriate address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) if
 sent via any online computer processes established by the Plan Administrator, when that
 communication is registered by the system or acknowledged by the Participant, as the
 case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Participants'
 contact details: It
 is each Participant's responsibility to keep the Plan Administrator updated with
 any change to address and other contact details for that Participant. By participating
 in the Plan, each Participant acknowledges and agrees that the Participant shall have
 no claim for compensation or otherwise for any loss suffered as a result of, or in connection
 with, a failure to keep contact details updated. Any notice or other communication given
 to a Participant by the Plan Administrator or any DB Group Company shall be validly given
 if sent to the last address validly notified to the Plan Administrator by the Participant
 (or in the absence of any such notification to the address that the Plan Administrator
 reasonably believes to be that Participant's address, or to be that Participant's
 address before any change of address which has not been validly notified to the Plan
 Administrator).

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| | |
|:---|:---|
| **12** | **Applicable law and jurisdiction** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Interpretation of these Rules shall be governed by and construed in accordance with the laws of England and Wales to the exclusion of the rules on the conflict of laws. All disputes arising out of or in connection with the Plan or any Purchased Shares or Matching Award shall be subject to the exclusive jurisdiction of the courts of England and Wales.

The effective date of this document is 1 November 2025. These Plan Rules (as may be amended from time to time) apply to all Awards granted on or after this Date and before Plan Rules are issued with a later effective date which will supersede and replace these Plan Rules in relation to future grants of Awards.

Schedule1 – United States of America Taxpayers

This schedule ("Schedule 1") modifies the provisions of the Deutsche Bank Global Share Purchase Plan, as amended from time to time (the "Plan").

The provisions of this Schedule 1

&nbsp;&nbsp;&nbsp;&nbsp;i) apply
 only with respect to Participants who are subject to federal taxation in the United States
 of America; and

ii) supersede any contrary provisions contained in the Plan or any document evidencing an Award.

Any capitalized terms contained but not defined in this Schedule 1 shall have the meaning provided in the Plan.

Effective from and after the date hereof, and pursuant to its authority under Rule of the Plan, the Committee hereby amends the Plan with the intent that the Plan fit within the short-term deferral exemption to Section 409A as follows:

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| | |
|:---|:---|
| **1** | **Definitions** |

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The following definitions are added to Rule 2 of the Plan:

"Section 409A" means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and any regulations promulgated or U.S. Treasury Department or U.S. Internal Revenue Service guidance issued thereunder, as may be in effect from time to time.

The definition of "Retirement" in Rule 2 is replaced with the following provision:

"Retirement" means, for the purposes of the Plan, the actual date of retirement by a Participant, on or after age 65.

The definition of "Total Disability" in Rule 2 is replaced with the following provision:

"Total Disability" means either (a) a medically determinable physical or mental impairment (i) that can be expected to either (1) result in death, or (2) last for a continuous period of not less than 12 months and (ii) as a result of which, the Participant either (1) becomes unable to engage in any substantial gainful activity or (2) receives income replacement benefits for a period of not less than 6 months under a long-term disability plan covering DB Employees (but in no case shall the receipt of workers' compensation benefits be considered to qualify as such benefits); or (b) the Participant is deemed Totally Disabled and eligible to receive disability benefits from the U.S. Social Security Administration.

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| | |
|:---|:---|
| **2** | **Administration** |

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The following Rules 8.4 and 8.5 are added to Rule 8 of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Section 409A: The Plan and any document evidencing an Award are intended to satisfy the short-term deferral exemption to Section 409A and shall be interpreted, operated and administered accordingly; provided, that, for purposes of the foregoing, references to a term or event (including any authority or right of any DB Group company or a Participant) being "permitted" under Section 409A shall mean that the term or event will not cause the Award to be subject to taxation under Section 409A.

Rule 4.1.1 is replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 The Plan Administrator shall acquire Shares on behalf of the Participant as soon as practicable after the Contribution Amount is deducted from the Participant's Salary or otherwise paid by the Participant or as soon as practicable after the cash dividend has been paid.

The Shares shall be purchased on the open market at the Deutsche Bank share price on the date of purchase and shall not be purchased at a discount.

Any surplus amount of Contribution Amount or cash dividend remaining after the acquisition of Shares by the Plan Administrator shall be carried forward and aggregated with the amount to be used for the next acquisition of Shares or, if any such surplus amount remains after the last acquisition of Shares relating to a Plan Year, it shall be paid over to the Participant as soon as possible unless DB and the Participant agree otherwise.

The Participant shall not be entitled to interest on any such surplus amount.

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| | |
|:---|:---|
| **3** | **Impact of termination of employment** |

---

The first two paragraphs of Rule 5 are replaced with the following provisions:

If a Participant ceases to be employed by any DB Participating Entity prior to the Vesting Date specified under Rule 4.1.1(vi), the Participant will forfeit a Matching Award without any claim for compensation, unless either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Participant continues to be employed by a DB Group Company (i.e. a non DB Participating Entity) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Participant ceases employment for one of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) termination by a DB Group Company without Cause;

ii) redundancy;

iii) Agreed Termination;

iv) the Participant ceases to be employed by any DB Participating Entity due to the sale, merger, spin-off, transfer, or other consolidation (or series thereof) outside of the DB Group of the DB business unit, Division or Subsidiary (or, if applicable, the part of the DB business unit or Division) in which the Participant worked, but excluding a sale or transfer by which Deutsche Bank is merged or consolidated or transfers or sells substantially all of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) Retirement;

vi) death or Total Disability of the Participant; or

vii) an approved leave of absence constituting a "separation from service" for the purposes of Section 409A.

Where a Participant ceases to be employed by a DB Participating Entity but continues to be employed by a DB Group Company or ceases employment for one of the reasons specified above, to be determined by the Committee in its sole discretion, the Matching Award shall vest on such cessation of employment and be distributed in accordance with Rule 6.1. In the event that the Participant is either eligible for Retirement on the date the Matching Award is granted or becomes eligible for Retirement prior to the Vesting Date, will realize taxable income in respect of the Matching Award no later than 15 March following year in which the Matching Award is granted or the Participant becomes Retirement eligible, as applicable.

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| | |
|:---|:---|
| **4** | **Time and Manner of settlement of Matching Awards** |

---

Rule 6.1 is replaced with the following provision:

Time and Manner of settlement of Matching Awards:

A Matching Award will be settled in accordance with this Rule 6.1 on a date that is within two and a half months following the Vesting Date as determined by the Plan Administrator in its sole discretion, and in no event later than 15 March following the year in which the Vesting Date occurs.

---

| | |
|:---|:---|
| **5** | **Amendment or Termination of the Plan** |

---

Rule 9.2 is replaced with the following provision:

Amendment: Subject to the requirements of Section 409A, the Committee may at any time amend, alter or add to all or any of the provisions of the Plan (including, for the avoidance of doubt, the amendment of existing Schedules and the addition of new Schedules) in its sole discretion, provided that the Committee cannot materially adversely affect a Participant's existing Award except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) with the Participant's prior consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) where the amendment, alteration or addition is made in order to comply with applicable regulatory requirements (which, for the avoidance of doubt, includes any legislation or guidance published by a regulator from time to time).

For the avoidance of doubt, no oral representation or statement made by any party, including any manager, officer, or director of any DB Group Company, as to the interpretation, application or operation of this Plan or any Awards under it either generally or to any specific set of circumstances shall bind any DB Group Company unless it is confirmed in writing by the Plan Administrator or Senior Executive Compensation Committee. Subject to the requirements of Section 409A, the Committee may at any time in its discretion accelerate the Vesting of a Participant's Award or replace it with an award of cash or other assets subject to settlement in accordance with Rule 6.1 or take such other steps as it decides are appropriate.

[The Remaining schedules, Schedules 2, 3 and 4, contain modifications applicable to plan participant employees in Australia, Germany and India, respectively, and have been omitted as they are not material to plan participant employees in the United States.]

## Exhibit 23.1

**[DEUTSCHE BANK AKTIENGESELLSCHAFT S-8](deutsche-s8_021026.htm)**

**Exhibit 23.1**

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| | | |
|:---|:---|:---|
| ![](deutsches8ex2301_001.jpg) | EY GmbH & Co. KG <br> Wirtschaftsprüfungsgesellschaft<br> Mergenthalerallee 3-5 <br> 65760 Eschborn/Frankfurt/M. <br> Postfach 53 23<br> 65728 Eschborn/Frankfurt/M. | Carsten Rothermel <br> Phone +49 6196 996 14624<br> Mobile +49 160 939 14624 <br> carsten.rothermel@de.ey.com <br> www.de.ey.com |

---

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement on Form S-8 filed with the Securities and Exchange Commission on February 10, 2026 pertaining to the Deutsche Bank Equity Plan, Deutsche Bank Restricted Share Plan and Deutsche Bank Global Share Purchase Plan of our reports dated March 10, 2025, with respect to the consolidated financial statements of Deutsche Bank Aktiengesellschaft and the effectiveness of internal control over financial reporting of Deutsche Bank Aktiengesellschaft included in its Annual Report (Form 20-F) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

![](deutsches8ex2301_002.jpg)

Eschborn/Frankfurt am Main, Germany

February 10, 2026

EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft

Registered Office: Stuttgart – Legal Form: GmbH & Co. KG – Register Court: Stuttgart HRA 741047 – VAT-ID: DE 147799609

General Partner: EY Verwaltungs-GmbH Wirtschaftsprüfungsgesellschaft

Chairman of the Supervisory Board: WP/StB Georg Graf Waldersee – Management Board: Chairman WP/StB Jan Brorhilker, <br> RA/StB Dr. Henrik Ahlers, WP Susanne Jäger

Registered office: Stuttgart – Legal Form: GmbH – Register Court: Stuttgart HRB 792419

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

**[DEUTSCHE BANK AKTIENGESELLSCHAFT S-8](deutsche-s8_021026.htm)**

**Exhibit 107**

**Calculation of Filing Fee Tables**

**S-8**

**Deutsche Bank Aktiengesellschaft**

**Table 1: Newly Registered Securities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| 1 | Equity | Ordinary Shares, no par value, issuable under the Deutsche Bank Equity Plan | Other | 40000000 | $37.87 | $1514800000 | 0.0001381 | $209194 |
| 2 | Equity | Ordinary Shares, no par value, issuable under the Deutsche Bank Restricted Share Plan | Other | 10000000 | $37.87 | $378700000 | 0.0001381 | $52298<br>|
| 3 | Equity | Ordinary Shares, no par value, issuable under the Deutsche Bank Global Share Purchase Plan | Other | 1000000 | $37.87 | 37870000 | 0.0001381 | $5230<br>|
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $1931370000 |  | $266722 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  |  | $0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  |  | $266722 |

---

N/A —

**Offering Note**

<sup>(1)</sup> Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of ordinary shares, no par value ("Ordinary Shares"), of Deutsche Bank Aktiengesellschaft (the "Company") that become issuable under the Company's Deutsche Bank Equity Plan, Deutsche Bank Restricted Share Plan and Deutsche Bank Global Share Purchase Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of outstanding Ordinary Shares.

<sup>(2)</sup> The Proposed Maximum Offering Price Per Unit is estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for purposes of calculating the registration fee. The Proposed Maximum Offering Price Per Share for shares available for future grant is the average of the high and low prices for the registrant's Common Stock as reported on The New York Stock Exchange on February 4, 2026, which was $37.87.