Document:

EX-4.8

 Exhibit 4.8 

Deutsche Bank 
 Restricted Share Plan 

Plan Rules 
 Effective date – 1 March 2018 

 1. Purpose 
 The
Deutsche Bank Restricted Share Plan is intended to motivate key employees by aligning the interests of employees of the DB Group with those of the shareholders and fostering a sense of employee ownership through awards linked directly to the
Deutsche Bank share price in a fashion that is consistent with safe and sound banking practices, particularly with respect to the applicable regulatory guidance and requirements governing incentive compensation practices. 

Participants in the Plan are selected at the discretion of the Committee. Participation during one Plan year does not guarantee future participation.

  
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 2. Definitions 
 For
the purposes of the Plan, the following terms shall have the meanings indicated: 
 “Acknowledgement” has the meaning given in Rule 4.7,
and “Acknowledge” and “Acknowledged” shall be construed accordingly. 
 “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. 

“Annual Award” means any Award referred to as an Annual Award in the Award Statement. 

“Applicable DB Group Policy or Procedure” means any DB policy or procedure regarding: general accounting; application of accounting
methodologies; approvals procedures; risk management; regulatory procedures or rules; any other financial or compliance matters; or conduct matters, including, but not limited to, Deutsche Bank’s Code of Business Conduct and Ethics as amended
from time to time (in each case of which the Participant knew or it would be reasonable to expect the Participant to have known). 
 “Award”
means an award of DB Shares subject to and in accordance with the Plan Rules where beneficial ownership of those shares is transferred to the Participant on the Award Date, and the DB Shares are subject to forfeiture in accordance with the Plan
Rules until the Release Date. An Award may be an Annual Award, New Hire Award, Off-cycle Award or Upfront Award. An Award does not give a Participant a right to subscribe for unissued DB Shares. 

“Award Date” means the effective date of an Award, as shown on the Award Statement. 

“Award Statement” means the statement provided to a Participant under Rule 4.3. 

“Award Shares” has the meaning given in Rule 4.3. 

“Award Tax Shares” has the meaning given in Rule 4.8. 

“Cause” means in respect of the termination of a Participant’s employment 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 authorised 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. 

  
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 “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 9 shall apply to any such entity or person). To the extent that matters are determined in relation to Awards made or to be made to members of the Management Board, the Committee means the Supervisory Board of Deutsche Bank or a
duly authorised committee of the same. 
 “Competitive Services” means services that are substantially similar to any or all of the
services provided by the Participant during the period that the Participant was a DB Employee, and are competitive with, or are intended to replace or serve as an alternative to, any services provided by the Division in which the Participant worked
during that period. 
 “Compliance Department” means any applicable compliance department of the DB Group. 

“Control Failure” means: 
  

	 	(a)	a failure to take adequate steps to promptly identify, assess, report, escalate or address misconduct or risk (including without limitation regulatory, client, reputational, market and/or other risk); 

 

	 	(b)	a failure to address, manage or remedy any control weaknesses identified by the DB Group or any regulator of which the Participant was aware (or could have been reasonably expected to be aware); 

 

	 	(c)	a failure to draft, adopt, approve or implement internal financial and operational policies or procedures of the DB Group (or any DB Group Company) which would have provided for (i) the reliability and integrity of
information, (ii) compliance with laws and regulations, (iii) safeguarding and accountability of assets, and/or (iv) preventing or detecting error or fraud. 

“DB Employee” means a person employed by any DB Group Company. 

“DB Group” means Deutsche Bank and each of its Subsidiaries. 

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

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

“Financial Services” includes (without limitation) any (or any combination) of the following: 

 

	 	(a)	commercial or retail banking; 

  

	 	(b)	brokerage; 

  

	 	(c)	wealth management; 

  

	 	(d)	insurance, pension or lending services; 

  
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	 	(e)	financial, business, investment or economic advisory services (including raising or preserving capital or transitioning ownership of any asset); 

 

	 	(f)	asset management; 

  

	 	(g)	issuing, trading or selling instruments or other investments; and 

  

	 	(h)	advising on or investing in private equity or real estate, 

 and also includes any other activities engaged in
by any DB Group Company that the Committee considers constitute financial services. 
 “Financial Services Firm” means a business
enterprise whose sole or primary function is the provision of Financial Services (whether to individuals, institutions or any other person or entity). 

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

“InstitutsVergV” means the German Remuneration Ordinance (Institutsvergütungsverordnung), as amended from time to time. 

“Management Board” means the Management Board of Deutsche Bank (the Vorstand). 

“Material Risk Taker” means a material risk taker (as determined by the DB Group in its sole discretion) having regard to InstitutsVergV or
any other applicable regulation. 
 “Net Award Shares” has the meaning given in Rule 4.8. 

“New Hire Award” means an Award referred to as a New Hire Award in the Award Statement, usually being
“buy-out”, “replacement” or “sign-on” awards granted or issued in connection with the commencement of a Participant’s employment as a
DB Employee. 
 “Nominee” means the party which holds the Net Award Shares as nominee for a Participant during the Restricted Period in
accordance with the Plan Rules, being DB Group Services (UK) Ltd or such other party as may be appointed by the Committee from time to time. 
 “Off-cycle Award” means an Award referred to as an Off-cycle Award in the Award Statement. 

“Participant” means any person to whom an Award has been made under the terms and conditions of this Plan for so long as that person has any
rights under this Plan. 
 “Performance Condition” means a condition or conditions stated in the Award Statement for
an Award or a Tranche of an Award which determines the extent to which that Award or Tranche will become capable of Release. 
 “Performance
Period” means the period of time as referred to in InstitutsVergV (or any other applicable legislation) during which a Participant’s performance is assessed for the purposes of determining the grant of an Award under InstitutsVergV,
and “Performance Period in relation to which an Award is made” and similar phrases shall be interpreted accordingly. 
 “Plan”
means the Deutsche Bank Restricted Share Plan as governed by these Plan Rules. 
 “Plan Administrator” means DB Group Services (UK) Limited
or any other person or entity appointed by the Committee for the purpose of administering the Plan as referred to in Rule 9.1. 
 “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 10). 

  
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 “Proof of Certification” means any information deemed necessary or desirable by the Plan
Administrator (i) to confirm a Participant’s compliance with the terms and provisions of an Award; (ii) to enable the Plan Administrator to apply the terms and provisions of an Award; or (iii) to enable the Plan Administrator (or
any DB Group Company) to comply with its obligations in relation to an Award, including, but not limited to: copies of tax returns and employment or payroll-related documentation, or any confirmation or agreement by a Participant deemed necessary or
desirable by the Plan Administrator to carry out any of the Plan Rules or any other rule or regulation, as determined by the Plan Administrator (including without limitation confirmation or agreement that the Participant is bound by the Plan Rules
in relation to an Award). 
 “Proprietary Information” means any information which is not publicly available (other than as a result of the
Participant’s action), including, without limitation, all financial or product information, business plans, client lists, compensation details or other confidential information, copyright, patent and design rights in any invention, design,
discovery or improvement, model, computer program, system, database, formula or documentation, including information conceived, discovered or created during or in consequence of the Participant’s employment as a DB Employee. 

“Release” in relation to an Award means that the Net Award Shares (or a portion of those shares) are no longer subject to forfeiture in
accordance with the Rules and are capable of withdrawal by the Participant in accordance with Rule 7 and “Released” shall be interpreted accordingly. 

“Release Date” means the last day of the Restricted Period as stated in the Award Statement (or any earlier date on which the Award or
Tranche of an Award is Released or the Restricted Period ceases to apply under Rule 8), or any later date on which it is determined that any applicable Performance Conditions are satisfied and, in each case, subject to any delay in the Release Date
pursuant to Rule 6.6. 
 “Relevant Individual” in relation to a Significant Adverse Event means a DB Employee or a contingent worker
engaged by a DB Group Company whose conduct is the subject of an internal investigation by a DB Group Company in connection with that Significant Adverse Event which results in disciplinary measures or sanctions against the Relevant Individual, or
would have resulted in such measures or sanctions (as determined by the Committee in its absolute discretion) if, in the case of a former DB Employee, the Relevant Individual had not ceased to be a DB Employee or, in the case of a contingent worker
or former contingent worker, the Relevant Individual had been a DB Employee subject to disciplinary measures or sanctions by a DB Group Company. 

“Representative” means, in the case of death or Total Disability, the Participant’s duly appointed beneficiary, legal representative or
administrator, as applicable. 
 “Restricted Period” in relation to an Award means the period from the Award Date to the Release Date for
that Award or Tranche of an Award. 
 “Schedule” means any schedule to the Plan Rules approved by the Committee (as amended from time to
time in accordance with Rule 10). 
 “Senior Executive Compensation Committee” means the committee delegated by the Management Board to
govern this Plan.  
 “Significant Adverse Event” means an event (or series of events, in each case whether by any acts or
omissions) that has resulted in any internal or external finding of misconduct or of risk (including without limitation regulatory, client, reputational, market and/or other risk), or financial loss (whether direct or indirect, and whether by way of
a regulatory fine, sanction, action, or settlement, including any associated cost or otherwise), which, as determined by the Committee in its absolute discretion, is classified by the DB Group as being “Acute”, “Severe” or
“High” (or a similar level under any alternative categorisation in place from time to time) and which the Committee has determined in its absolute discretion has had or is likely to have an adverse effect on the DB Group, a DB Group
Company, a Division or a business unit. 

  
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 “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. 

“Sufficiently Proximate” to a Relevant Individual in relation to a Significant Adverse Event means a Participant who is: 

 

	 	(a)	a legal, local or functional manager (or other equivalent manager type applicable at the time) of a Relevant Individual who is a DB Employee (the “First Level Manager”), or a DB sponsor of a Relevant
Individual who is a contingent worker engaged by a DB Group Company (the “First Level Sponsor”); 

  

	 	(b)	a legal, local or functional manager (or other equivalent manager type applicable at the time) of a First Level Manager or First Level Sponsor of the Relevant Individual or the head of the business unit in which the
Relevant Individual is employed or engaged; 

  

	 	(c)	only in case of a Significant Adverse Event which is classified by the DB Group as being “Acute” (or a similar level under any alternative categorisation in place from time to time), the head of Division, the
Chief Country Officer(s), the CEO or Chief Operating Officer(s) where the Relevant Individual works (or worked) or is engaged (or was engaged); 

in each case, at the time when Significant Adverse Event(s) (or portion thereof), or the actions or omissions (in each case, or portions thereof) of the
Relevant Individual contributing to the Significant Adverse Effect, occurred and regardless of whether the Participant was himself responsible for, or contributed to, the Significant Adverse Event, in any way other than being Sufficiently Proximate
to a Relevant Individual. 
 “Supervisory Board of Deutsche Bank” means the board that oversees and advises the Management Board in its
management of the business. 
 “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 US Social Security Administration, provided that, if the Participant ceases to reside in the United States, the
Committee may substitute such definition as they consider appropriate. 
 “Tranche” means a portion of an Award as detailed on the Award
Statement, which may be subject to different provisions related to Release, and/or Performance Conditions, to other Tranches comprised within that Award. 

“Upfront Award” means an Award referred to as an Upfront Award in the Award Statement. 

“Volume-Weighted Average Price” means the volume-weighted average price of a DB Share on Xetra for the relevant trading day, or the
volume-weighted average price on such other exchange as may be determined by the Committee from time to time. 
 3. Interpretation 

In this Plan, where the context permits: 
  

	a)	where an Award has been made in different Tranches, references to an Award shall be taken to refer to each Tranche separately; and 

  

	b)	words in the singular shall include the plural and vice versa and words in the masculine shall include the feminine. 

The headings in the Rules are for the sake of convenience only and should be ignored when construing the Rules. 

  
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 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 10.2. 
 4. Awards 

4.1 Eligibility: Subject to the terms and conditions in these Plan Rules, the Committee may from time to time make Awards or permit Awards to be made by
such other persons as it may determine to such DB Employees as the Committee shall select. 
 4.2 Terms of Awards: Subject to the terms and conditions
in these Plan Rules, the Committee shall be entitled to determine the terms of Awards and the dates on which those Awards are made. 
 4.3 Award
Statement: As soon as practicable on or after the Award Date, the Participant shall be issued an Award Statement in relation to the Award in such form as the Committee shall determine in its sole discretion. The Award Statement shall state (in
relation to each Tranche of the Award where applicable): 
  

	a)	the Award Date; 

  

	b)	the number of DB Shares subject to the Award (before any reductions to take account of tax and social security contributions in accordance with Rule 4.8) (the “Award Shares”); 

 

	c)	the type of Award (Annual, New Hire, Off-cycle or Upfront Award); 

  

	d)	the Release Date (assuming no acceleration or delay of the Release Date under these Plan Rules); and 

  

	e)	details of any Performance Conditions applicable to the Award. 

 4.4 Performance Conditions: Awards or
Tranches of Awards may be made subject to Performance Conditions as approved by the Committee at the time the Award is made. Any such conditions will be detailed in the Award Statement. The degree to which a Performance Condition is satisfied will
determine the extent to which the Net Award Shares subject to that Award or Tranche will be Released, and the degree to which the Performance Condition is satisfied must be determined before the Award or relevant part of the Award can be Released.
An Award shall be forfeited to the extent that it is determined that it is no longer capable of being Released because the Performance Condition has not been satisfied in full. The Management Board may amend the Performance Conditions if
circumstances exist such that the Management Board considers, in its sole discretion, that the existing Performance Conditions should be so amended to ensure that they remain appropriate or because of regulatory requirements. Notwithstanding the
foregoing, in relation to an Award held by a member of the Management Board, the Management Board’s decision is not binding and the Supervisory Board will decide in its full discretion on the confirmation of or the deviation from the Management
Board’s decision for purposes of these Awards; the decision of the Supervisory Board shall be final and binding. 
 4.5 Compliance: The
making of any Award is 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. 
 4.6 Award Shares: The Plan Administrator shall on the Award Date cause the Award Shares to be held by the Nominee as nominee for the
Participant during the Restricted Period (subject to the provisions of the Plan, and in particular Rule 4.8), and the beneficial interest in the Award Shares shall be held by the Participant from that date. 

4.7 Acknowledgement of Award: to Acknowledge the Award the Participant must: 

 

	a)	acknowledge the Award and agree to be bound by and comply with the provisions of the Plan and any other terms contained in the Award Statement in relation to the Award; and 

  
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	b)	enter into an election under Section 83(b) of the Internal Revenue Code of the United States of America (“83(b) Election”) in relation to the DB Shares subject to the Award in a form acceptable to
the Committee or the Plan Administrator; 

 (such steps together being “Acknowledgement”). The procedure for Acknowledgement
(including the period for doing so) will be communicated or made available to the Participant in such manner as the Committee or Plan Administrator may determine. If the Participant has not Acknowledged the Award in accordance with the specified
procedure by the end of the period provided in that procedure, the Award and all the Award Shares shall be forfeited, and upon that forfeiture neither the Participant nor any Representative shall have any claim for compensation in relation to that
forfeiture. Following such forfeiture, the Participant will no longer be able to Acknowledge the Award and shall forfeit all interest in the Award and the Award Shares subject to it, and no DB Group Company shall have any obligation to the
Participant in relation to it. For the avoidance of doubt, the Participant shall not have any interest in the Tax Award Shares on any such forfeiture. 

4.8 Award Tax Shares and Net Award Shares: Immediately following the time the Award Shares are first held by the Nominee as nominee for the Participant
on the Award Date as provided in Rule 4.6, the smallest whole number of the Award Shares sufficient to satisfy the amount of any taxation and social security contributions (calculated on the basis that an 83(b) Election is made in relation to the
Award Shares with effect from the Award Date) for which any DB Group Company is liable to account or withhold on behalf of the Participant in relation to the acquisition of the Award Shares by the Participant (the “Award Tax
Shares”) shall cease to be held by the Nominee as nominee for the Participant, the Participant shall no longer have any beneficial interest in the Award Tax Shares and the beneficial interest in those shares shall revert to the Nominee. The
number of DB Shares remaining held by the Nominee as nominee for the Participant shall be the “Net Award Shares”, which shall be held by the Nominee as nominee for the Participant subject to the Plan Rules for the remainder of the
Restricted Period. The Award Tax Shares shall for all purposes be treated as retained by the DB Group to satisfy the relevant taxation or social security contributions, and shall no longer be subject to the Plan Rules. 

The number of Award Tax Shares shall be determined by the Plan Administrator in its sole discretion. If, because of rounding, the number of Award Tax Shares is
greater than the number required to satisfy the taxation and social security contributions by a fraction of a DB Share, that fraction may be dealt with in the manner the Plan Administrator in its sole discretion sees fit, including, but not limited
to, making a cash payment to the Participant on Release of the Award (or Tranche of an Award) equal to the cash value of the fraction of one DB Share. 
 No
DB Group Company takes any responsibility (except where legally required) as to the taxation or social security consequences of the Participant participating in the Plan and a Participant should therefore seek independent tax and social security
advice. 
 4.9 Non-transferable Awards: A Participant may not at any time before the Release Date
(i) transfer, assign, sell, pledge or grant to any person or entity any rights in respect of any Award or any of the Award Shares (other than to a Representative in the event of the death or Total Disability of the Participant); or
(ii) enter into any transactions having the economic effect of hedging or otherwise offsetting the risk of price movements, or attempt to do so, with respect to all or part of the Award Shares. Nothing in this Rule shall prevent the operation
of Rule 4.8. Unless the Plan Administrator or the Committee decides otherwise, any breach of this Rule 4.9 will result in the forfeiture by the Participant of the Participant’s Award without any claim for compensation by the Participant or any
Representative. 
 4.10 Dividend Rights: No dividends shall be paid, nor accrued, in relation to any of the Award Shares during the Restricted Period.

 4.11 Voting Rights: There shall be no voting rights in respect of any of the Award Shares during the Restricted Period. 

4.12 Effect of forfeiture: Where an Award is forfeited in accordance with any of the Plan Rules the Participant shall cease to have any rights in
relation that Award to the extent that it is forfeited, and in particular the Participant shall no longer have any beneficial interest in any of the Award Shares so forfeited. 

  
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 5. Impact of termination of employment 

5.1 Termination: Save as provided in Rule 5.3, an Award will not be forfeited by reason of the Participant ceasing to be a DB Employee and (save as
provided in Rule 5.2) will remain subject to the Plan Rules (including the Restricted Period and any Performance Conditions). 
 5.2 Termination upon
death or Total Disability: If a Participant ceases to be a DB Employee due to death or Total Disability (documented to the reasonable satisfaction of the Plan Administrator), an Award which is not subject to a Performance Condition will, subject
to Rule 6.6, be Released in full (to the extent not previously Released) on the next administratively possible Release Date for other Awards granted pursuant to the Plan following receipt of such documentation as the Plan Administrator may require
to establish the entitlement of the Participant or the Representative claiming on behalf of the Participant. 
 If a Participant who has ceased to be a DB
Employee subsequently dies, and at the time of death holds any Awards which are not subject to a Performance Condition, those Awards will, subject to Rule 6.6, be Released in full (to the extent not previously Released) on the next administratively
possible Release Date for other Awards granted pursuant to the Plan following receipt of such documentation as the Plan Administrator may require to establish the entitlement of the Participant or the Representative claiming on behalf of the
Participant. 
 Where an Award is subject to a Performance Condition the Restricted Period will continue in accordance with the Award Statement and subject
to these Plan Rules (including, without limitation, the forfeiture provisions of Rule 6), and the Award will remain subject to the Performance Condition. 

5.3 Termination resulting in Complete Forfeiture: Awards which have not been Released shall be automatically forfeited if, at any time prior to Release,
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. 

6. General forfeiture and clawback 
 6.1 Complete Forfeiture
for certain acts: In addition to the other forfeiture provisions contained in the Plan Rules, a Participant shall automatically forfeit any Awards that have not been Released, without any claim for compensation by the Participant or any
Representative, if any of the following events or activities occurs at any time prior to the Release Date for that Award, during or following employment as a DB Employee: 
  

	a)	the Participant directly or indirectly solicits or entices away, or endeavours to solicit or entice away any individual person who is employed or engaged by any DB Group Company and, if following the termination of the
Participant’s employment as a DB Employee, with whom the Participant has had business dealings during the course of the Participant’s employment in the 12 months immediately prior to the termination date; 

 

	b)	the Participant solicits, directly or indirectly, any company, entity or individual who was a customer or client of any DB Group Company and, if following the termination of the Participant’s employment as a DB
Employee, with whom the Participant has had business dealings during the course of the Participant’s employment in the 12 months immediately prior to the termination date in order to provide Competitive Services to such company, entity or
individual; 

  

	c)	the Participant directly or indirectly obtains, uses, discloses or disseminates Proprietary Information to any other company, individual or entity or otherwise employs Proprietary Information, except as specifically
required in the proper performance of the Participant’s duties for any DB Group Company; 

  

	d)	the Participant acts in a manner that is prejudicial to the reputation of the DB Group or any DB Group Company; 

  

	e)	the Participant or any Representative is responsible for any act or omission that breaches the terms of any agreement into which the Participant has entered with any DB Group Company, including any settlement or
separation agreement or compromise agreement; or 

  

	f)	the Participant fails to provide, if asked, Proof of Certification, in accordance with Rule 7.4. 

  
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 6.2 Complete or Partial Forfeiture: In addition to the other forfeiture provisions contained in the Plan
Rules, the Committee may, in its sole discretion, determine that a Participant shall forfeit such proportion (up to and including 100%) of any Award which has not been Released as may be determined by the Committee in its sole discretion without any
claim for compensation by the Participant or any Representative in the following circumstances: 
  

	a)	where a Participant engages in any conduct at any time prior to the Release Date, including prior to the Award Date, that: 

  

	 	(i)	breaches any Applicable DB Group Policy or Procedure; 

  

	 	(ii)	breaches any applicable laws or regulations imposed other than by the DB Group or any DB Group Company; or 

  

	 	(iii)	constitutes a Control Failure, whether arising by act or omission (or series of acts or omissions), whether in whole or in part, directly or indirectly; 

in each case, where that conduct is the subject of an internal investigation by a DB Group Company or of an investigation by a regulatory or
law enforcement body and it results in disciplinary measures or sanctions against the Participant or a DB Group Company or would have resulted in such measures or sanctions if the Participant had not ceased to be a DB Employee; 

 

	b)	where: 

  

	 	(i)	the grant of that Award was based on a performance measure or measures or on assumptions that are later determined to be materially inaccurate (regardless of whether any relevant measures or assumptions were
communicated to the Participant); or 

  

	 	(ii)	the grant, vesting or settlement of any other award made to the Participant (whether under the Plan, other compensation plans or other bonus or incentive arrangements, and whether delivered or not) was based on a
performance measure or measures or on assumptions that are later determined to be materially inaccurate (regardless of whether any relevant measures or assumptions were communicated to the Participant); 

 

	c)	where a Significant Adverse Event occurs, and the Committee considers the Participant to be Sufficiently Proximate to a Relevant Individual in relation to that Significant Adverse Event; or 

 

	d)	where the Committee determines, in its sole discretion, that forfeiture is required on the basis of prevailing regulatory requirements (which includes any legislation or guidance published by a regulator from time to
time). For the avoidance of doubt, this includes (but is not limited to) having regard to sections 7 of InstitutsVergV and 45 para. 2 sentence 1 no. 5a, 6 of the German Banking Act (Kreditwesengesetz) (as may be amended, modified or replaced
from time to time), including any order made by the German Federal Financial Supervisory Authority (BaFin) or any other competent regulatory authority in relation to such regulatory requirements. 

Forfeiture under this Rule 6.2 may occur either before or after the Participant ceases to be a DB Employee for any reason. 

6.3 Complete Forfeiture for Behaviour Amounting to Cause: A Participant shall automatically forfeit any Awards which have not been Released if: 

 

	a)	during the Participant’s employment as a DB Employee, the Participant is responsible for an act or omission, or a series of acts or omissions, which amounted to behaviour listed in the definition of Cause in Rule
2, whether or not the employment is terminated as a result of those acts or omissions; 

  

	b)	after the termination of the Participant’s employment as a DB Employee (for whatever reason), it is determined that the Participant was responsible for an act or omission, or a series of acts or omissions, while a
DB Employee which gave rise to a right on the part of any DB Group Company to terminate the Participant’s employment for Cause, even if that right was not exercised; or 

  
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	c)	after the termination of the Participant’s employment as a DB Employee, the Participant is responsible for an act or omission, or a series of acts or omissions, which would have given rise to a right on the part of
any DB Group Company to terminate the Participant’s employment for Cause had the Participant been a DB Employee at the time of the acts or omissions, 

in each case whether or not any DB Group Company or any officer or employee of any DB Group Company knew at the time of the act or omission, or series of acts
or omissions, that the relevant right had arisen or would arise. Neither the Participant nor any Representative shall have any claim for compensation in relation to any forfeiture under this Rule 6.3. 

6.4 Failure to provide details of brokerage or custody account: If the Net Award Shares are to be Released into a brokerage or custody account following
the Release Date in accordance with Rule 7.1, and, if required by the Plan Administrator, the Participant has not provided details of a valid brokerage or custody account in accordance with Rule 7.2, the Committee may in its sole discretion forfeit
the Award (and the Net Award Shares), and neither the Participant nor any Representative shall have any claim for compensation in relation to that forfeiture against any DB Group Company or the Nominee (as applicable). 

6.5 Complete Forfeiture in connection with Competitive Services: A Participant that has ceased to be a DB Employee by reason of resignation, retirement
or any other termination elected by that Participant shall automatically forfeit without any claim for compensation by the Participant or any Representative any Awards (or Tranche(s) of an Award) that have not been Released if it is determined by
the Committee in its sole discretion that the Participant is employed or engaged in any capacity by a Financial Services Firm (whether directly or via an intermediary and whether or not for remuneration) in connection with the provision of
Competitive Services before the Release Date, except where: 
  

	a)	the services are provided in the ordinary course of a business other than a Financial Services Firm which employs or engages the Participant in any capacity; and 

 

	b)	either: 

  

	 	(i)	the majority of the clients to whom the Participant’s services are provided are not Financial Services Firms; or 

  

	 	(ii)	the services provided by the Participant taken as a whole are not Competitive Services. 

 6.6 Suspension:

  

	a)	If the Committee considers that circumstances may be such that forfeiture may result under Rule 5.3, Rule 6.1(a) to (f), Rule 6.2, Rule 6.3, Rule 6.5 or Rule 6.7, the Release Date for an Award may at the sole discretion
of the Committee be delayed until after those circumstances have been investigated (including, but not limited to, pursuant to any investigation referred to in Rule 6.2) and a determination regarding forfeiture has been made. 

 

	b)	In addition, and without limitation to rule 6.2(d), the Committee may delay the Release Date of an Award in order to comply with, or to enable the compliance with, prevailing regulatory requirements (which, for the
avoidance of doubt, includes any legislation or guidance published by a regulator from time to time and (without limitation) sections 7 of InstitutsVergV and 45 para. 2 sentence 1 no. 5a, 6 of the German Banking Act (Kreditwesengesetz) (in
each case, as may be amended, modified or replaced from time to time)). 

  

	c)	Where the Release Date for an Award is delayed under Rule 6.6(a) and a determination has been made not to forfeit an Award (or portion of an Award), if: 

 

	 	(i)	the Participant disposes of the DB Shares immediately following the Release of the Award; and 

  

	 	(ii)	the Committee determines that the Participant has suffered a disadvantage as a result of the delay caused by the suspension due to changes in the value of a DB Share or changes in the relevant foreign exchange rates
between the original Release Date and the date of sale following the delayed Release Date, 

 the Committee may, but is not
obliged to, make a discretionary payment of such sum as it considers appropriate to the Participant by way of compensation, provided that in no event may any such sum exceed the difference in the value of the relevant DB Shares at the original
Release Date and the value of those shares on the date of sale. 

  
 12 

 6.7 Additional Complete Forfeiture Provisions for Material Risk Takers: In addition to the other
forfeiture provisions contained in the Plan Rules (and without prejudice to the operation of those provisions), if a Participant was a Material Risk Taker in any part of a Performance Period (being calendar year 2018 or later) in relation to which
an Award was made, any part of that Award that has not been Released shall be forfeited, without any claim for compensation by the Participant or any Representative, if the Committee determines in its sole discretion that the Material Risk Taker has
during that Performance Period: 
  

	a)	participated to a significant extent in or been responsible for conduct that has resulted in significant loss or a material regulatory sanction for any DB Group Company; or 

 

	b)	failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB
Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or a similar provision in any other applicable regulation. 

6.8 Clawback of Awards Delivered to Material Risk Takers: 
  

	a)	This Rule 6.8 applies in relation to an Award (or, where applicable, Tranches of an Award) which has been Released where the Participant was a Material Risk Taker in any part of the Performance Period in relation to
which the Award is made, if: 

  

	 	(i)	the Committee determines in its sole discretion that the Material Risk Taker has during that Performance Period: 

  

	 	(A)	participated to a significant extent in or been responsible for conduct that has resulted in significant loss or a material regulatory sanction for any DB Group Company; or 

 

	 	(B)	failed to comply to a significant extent with relevant external or internal rules regarding appropriate standards of conduct (including, without limitation, standards of fitness and propriety and/or any Applicable DB
Group Policy or Procedure) within the ambit of section 18 para 5 sentence 3 no. 2 of InstitutsVergV or the equivalent provision in any other applicable regulation; and 

 

	 	(ii)	that Performance Period was calendar year 2018 or later. 

  

	b)	Where the Committee determines that this Rule 6.8 applies in relation to an Award (or Tranche of an Award), the Participant shall be required to reimburse the Clawback Amount to the DB Group in accordance with the
provisions of this Rule 6.8. The Committee shall notify the Participant in writing of the determination and of the Clawback Amount that is due from the Participant (a “Clawback Notice”). 

 

	c)	For the purposes of this Rule 6.8, the “Clawback Amount” shall be either: 

  

	 	(i)	the number of DB Shares originally subject to the part of the Award that has been Released, before any reduction in accordance with Rule 4.8, but taking account of any reduction resulting from failure to meet a
Performance Condition in full, (the “Clawback Shares”); or 

  

	 	(ii)	the market value at the Release Date of the Clawback Shares (the “Clawback Cash”). 

  

	d)	The Participant shall reimburse the DB Group for the Clawback Amount by either, at the election of the Participant, transferring the Clawback Shares to such person or entity designated by the Committee or paying the
Clawback Cash to a DB Group Company designated by the Committee, as directed by the Committee, in each case as soon as possible after the Clawback Notice takes effect (as provided in Rule 12.2), and in any event within 30 days of that notice taking
effect. If the Participant fails to reimburse the DB Group within 30 days of the notice taking effect, the DB Group reserves all of its rights to obtain reimbursement of the Clawback Amount (whether the Clawback Shares or the Clawback Cash, or any
combination thereof, regardless of any election of the Participant) from the Participant in any way (or any combination of ways) it deems appropriate to the extent permitted by law. Without prejudice to the generality of the foregoing, any DB Group
Company shall be entitled to: 

  
 13 

	 	(i)	deduct the relevant sum or part of it from any amounts due to the Participant from that DB Group Company (including salary) to the extent permitted by applicable law; and/or 

 

	 	(ii)	institute legal proceedings against the Participant for the recovery of the Clawback Amount or any part of it. 

  

	e)	If the Committee considers that any taxation or social security contributions paid in relation to the Award may not be recovered from or repaid by the relevant tax authority following the application of this Rule 6.8,
the Committee at its discretion, may, but is not required to, reduce the Clawback Amount to take account of this taxation or social security contributions. Where the Clawback Amount is so reduced, the Participant shall make reasonable efforts to
recover the amount of taxation and social security contributions which resulted in the reduction from the relevant tax authority, and if any such taxation or social security contributions are subsequently recovered by the Participant from the
relevant tax authority, the Participant shall pay the amount of any such taxation or social security contributions recovered by the Participant to the DB Group. If the Clawback Amount is reduced as described in this Rule 6.8(e) and a DB Group
Company recovers any amount of taxation or social security contributions associated with the reduction, the DB Group Company shall retain the amount so recovered. 

 

	f)	Neither the Participant nor any Representative shall have any claim for compensation as a result of the operation of this Rule 6.8. 

  

	g)	This Rule 6.8 shall not apply to an Award unless the Clawback Notice is delivered so as to take effect before the second anniversary of the Last Release Date for the Award. For these purposes, the “Last Release
Date” is the date set forth in the Award Statement as the date upon which the Award is Released, or where the Award is granted in Tranches, the final date set forth in the Award Statement as the date upon which a Tranche of the Award is
Released. 

 7. Release 
 7.1 Release: As
soon as practicable following the Release Date of an Award (or Tranche of an Award), the Participant shall be entitled to withdraw the Net Award Shares subject to that Award or Tranche (taking account of any forfeiture in accordance with the Plan
Rules) from the Nominee and have the shares placed in a valid DB Group brokerage or custody account, or other brokerage or custody account approved by the Plan Administrator for this purpose, in the name of the Participant (and the Nominee shall be
entitled to so place the Net Award Shares regardless of whether so requested by the Participant), and the Participant shall be free to sell those Shares, subject to the requisite Compliance Department approval as referred to in Rule 11.6. 

7.2 Custody/brokerage account: If required by the Plan Administrator, the Participant or any Representative must provide to the Plan Administrator,
before the Release Date or such other date as identified by the Plan Administrator, details of a valid DB Group brokerage or custody account, or other brokerage or custody account approved by the Plan Administrator for this purpose, into which the
Net Award Shares may be placed, in a form satisfactory to the Plan Administrator. 
 7.3 Tax and social security withholding: The Plan Administrator
or any DB Group Company may withhold such amount and make such arrangements as it considers necessary to meet any liability to taxation and social security contributions in the event any such liability arises in respect of the Release of Awards.
Without limitation, the number of shares to be placed into a Participant’s custody or brokerage account may be reduced by a number of DB Shares or other assets with a value equal to the amount of such applicable tax and social security
requirements, and in each case the amount of the deduction or the reduced number of DB Shares shall be treated as Released. Depending on the Participant’s individual circumstances, if a Participant changes locations between the Award Date and
Release, an Award may become subject to multiple withholding taxes or double taxation. The Plan Administrator or Nominee may sell an appropriate portion of the Net Award Shares and withhold sufficient sale proceeds to satisfy the withholding
liability, and such portion of the Net Award Shares shall be treated as Released. 

  
 14 

 The Participant (or the Participant’s Representative, if applicable) is responsible for reporting the
receipt of income or the proceeds of any sale as a result of the operation of this Rule 7.3 or otherwise to the appropriate tax authority (except where any DB Group Company is legally obliged to account for such reporting). 

No DB Group Company takes any responsibility (except where legally required) as to the taxation or social security consequences of the Participant
participating in the Plan and a Participant should therefore seek independent tax and social security advice. 
 7.4 Proof of Certification: If the
Plan Administrator requests any Proof of Certification, the Participant must provide such Proof of Certification in a form satisfactory to the Plan Administrator within 30 days of the request. 

7.5 Notification of events: The Participant must notify the Plan Administrator of any events which may result in the forfeiture of the Award or any part
of it prior to any Release Date. Furthermore, the Participant agrees that the Participant shall be deemed to warrant and undertake to the Plan Administrator and each DB Group Company on each Release Date that the Participant has not acted in any way
giving rise to forfeiture pursuant to these Plan Rules at any time prior to the relevant Release Date. 
 If, contrary to Rule 6, the Participant derives
any benefit, following the Release Date, to which the Participant is not entitled then the Plan Administrator (or any relevant DB Group Company) shall be entitled to a full recovery of all benefits derived by the Participant wrongly in breach of the
warranty and undertaking and/or contrary to Rule 6. This shall be without prejudice to any other rights which any DB Group Company may have arising out of the act or omission giving rise to forfeiture. 

7.6 Compliance: Any action in relation to an Award or the Award Shares is 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. 

8. Corporate events 
 8.1 Effect of Change of Control:
Except as may otherwise be specified in a Participant’s Award Statement, 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 Awards will be
Released (and the extent to which any Performance Conditions applicable to those Awards shall be treated as satisfied) as a result of the Change of Control, to the extent not already Released. 

8.2 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 equity incentive 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 7 and Rule 10, and the
Participant or any Representative shall have no further claim for compensation arising out of any such termination of the Plan. 
 8.3 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 appropriate adjustments as are determined by the Committee to be necessary or appropriate to prevent enlargement or dilution of rights. 

9. Administration 
 9.1 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. 

  
 15 

 9.2 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. 

9.3 Forfeiture and Release: The Committee shall have full discretion to determine whether or not any of the events or activities set forth in Rule 5
and/or Rule 6 has occurred. 
 10. Amendment or termination of the Plan 

10.1 Termination of Plan: The Committee may terminate the Plan at any time in its sole discretion. Termination of the Plan (as opposed to amendment of
the Plan) would be without prejudice to the subsisting rights of Participants. 
 10.2 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) or of any Award Statement in any respect in its sole discretion, provided that the
Committee cannot materially adversely affect a Participant’s existing Award except: 
  

	a)	with the Participant’s prior consent; or 

  

	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. 
 11. General 

11.1 No guarantee of benefits or unintended rights: 
  

	a)	The granting of an Award is at the sole discretion of the Committee (or other persons the Committee permits to make Awards under Rule 4.1). The Committee is not obligated to make any Award, or permit any 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. 

 

	b)	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. 

 

	c)	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. 

 

	d)	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. 

  

	e)	If a Participant ceases to be a DB Employee 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. 

  
 16 

	f)	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). 

 11.2 No enlargement
of Participant rights: The establishment of the Plan and the making of Awards 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 Award shall be construed as forming part of a Participant’s terms and
conditions of employment or any employment agreement with any DB Group Company. 
 11.3 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. 

11.4 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. 
 11.5 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 a Participant’s Award was Released or would have been Released had such Award not been forfeited or lapsed pursuant
to these Rules, save to the extent that this restriction would be unlawful under applicable law. 
 11.6 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. 
 11.7 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 their legal, tax and/or financial adviser or to the extent legally required to do so, without the prior written authorisation of the Plan Administrator. 

11.8 Assignment: Except in accordance with Rule 4.9, an 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. 
 11.9 Data protection: Any DB Group Company may collect and process various data that is personal to Participants (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 purposes of administering the Plan, compliance with
any requirement of law or regulation, including tax-related requirements, and the prevention or investigation of crimes and malpractice. This data will be collected directly from the Participant or from the DB
Group Company that employs the Participant. A failure or refusal on the part of the Participant to provide or update the data (or to agree to the uses of the Participant’s personal data described above) may result in the DB Group being unable
to administer the Plan in respect of the Participant. 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. Some data processing may be
done outside the country in which the Participant is employed, where laws and practices relating to the protection of personal data may be weaker than those in the country in which the Participant is employed, including in the United States of
America, but 

  
 17 

 
wherever practicable the DB Group will take steps to ensure that Participants’ personal information is adequately protected and complies, so far as possible, with the local data protection
legislation in the country in which the Participant is employed. In certain circumstances courts, law enforcement agencies or regulatory agencies within or outside the country in which the Participant is employed may be entitled to access the data.
Depending on the country in which the Participant is employed, the Participant may have the right to request access to, a copy of and correction of information held by the DB Group and may write to the local Data Protection Officers of the DB Group,
at the contact details which will be provided from time to time, for these purposes and also to request that the DB Group specify or explain its policies and procedures in relation to data and the types of data held. 

11.10 Entire agreement: These Plan Rules together with the Award Statement set forth the entire understanding of the parties with respect to the Award
described on the Award Statement. Any agreement, arrangement or communication, whether oral or written, pertaining to the Award described in the Award Statement is hereby superseded and the foregoing Award shall be subject to the provisions of these
Plan Rules. To the extent that there is any inconsistency between these Rules and the Award Statement or other communications, these Plan Rules shall prevail. 

12. Notices 
 12.1 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, 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) 
 HR
Performance & Reward 
 c/o DB Group Services (UK) Limited 

1 Great Winchester Street 
 London EC2N 2DB, United
Kingdom 
 12.2 When notices take effect: Notices or other communications shall take effect: 

 

	a)	if delivered by hand, upon delivery; 

  

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

 

	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 

  

	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. 

12.3 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). 

  
 18 

 13. Applicable law and jurisdiction 

Interpretation of these Plan 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 this Award shall be subject to the exclusive jurisdiction of the courts of England and Wales. 

The effective date of this document is 1 March 2018. 

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. 

  
 19EX-4.9

 Exhibit 4.9 

Global Share Purchase Plan 
 Plan Rules 

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. 

“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 motoring offences or offences of a similar nature that do not materially affect the business or reputation of any DB Group Company); (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 that materially 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. 
 “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 

  
 1 

 
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 in normal circumstances but may alternatively be the Management Board or any committee or other entity or persons designated by the Management Board to act as the decisional body under this Plan. 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 account. “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. 

  
 2 

 “Plan” means this all employee share plan, the “Global Share Purchase Plan” as governed by
these Rules as changed from time to time. 
 “Plan Administrator” means Deutsche Privat- und Geschäftskunden 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 any annexes to this document which have been approved by the Committee) 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 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. 
 “Salary” means the annual base salary which has been notified to the
employee. 
 “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. 

  
 3 

 3 Interpretation 

In this Plan, where the context permits, words in the singular shall include the plural and vice versa and words in the masculine shall include the feminine.

 The headings in the Rules are for the sake of convenience only and should be ignored when construing the Rules. 

4 Awards 
 4.1 Purchased Shares: The Committee may invite, at any
time, DB Employees to participate in the Plan. 
 4.1.1 The Committee shall determine the following for each invitation: 

(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; 

(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. 

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. 
 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. 
 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. 

  
 4 

 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. 

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. 
 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: 
 (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 
 (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). 
 4.1.8 Any Purchased Shares shall not be subject to any provision under which they may be forfeited. 

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. 
 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. 

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. 

  
 5 

 4.2.2 A Participant may surrender a Matching Award in whole or in part by notice in writing to the Plan
Administrator no later than 60 days after the Award Date. A Matching Award, or part of a Matching Award, which has been validly surrendered will be deemed never to have been made under the Plan. 

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 a Matching Award 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 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 4.2.3 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. 
 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. 

5 Impact of termination of employment 
 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: 

(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;

 (v) Retirement; 
 (vi) death or Total Disability of the
Participant. 
 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. 

  
 6 

 5.3 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. 
 5.4
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 by any DB Group Company. 
 6 Settlement of Matching Awards, transfer and sale of Shares 

6.1 Time and manner of settlement of Matching Awards: A 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. 
 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. 
 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. 
 6.2 Transfer and sale of Shares: A Participant must provide details of the Participant’s bank account and any personal custody 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 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. 
 6.3 Tax and social security 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 or social security contributions in respect of an Award. 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 or social security contributions 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. 

  
 7 

 6.4 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. 
 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 pre-approval in most locations before
submitting a request to sell. Reference for more details is made to the Compliance website: http://dbnetwork.db.com/plus/infrastructure/cagg/en/about-cagg.html 

7 Corporate Events 
 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. 

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 further claim for compensation arising out of any such termination of the Plan. 
 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 appropriate adjustments as are determined by the Committee to be necessary or appropriate to prevent enlargement or dilution of rights. 
 8
Administration 
 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. 
 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 pursuant to the Plan are final, conclusive and binding on all persons, including the Participants and
any DB Group Company. 

  
 8 

 8.3 Forfeiture and Vesting: The Committee shall have sole discretion, acting reasonably, 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 

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. 
 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 in any respect in its sole discretion, provided that the Committee cannot materially adversely affect a Participant’s existing Award without the Participant’s prior consent. For the avoidance of doubt, no
oral representation or statement made by any third 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. 

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. 
 10
General 
 10.1 No guarantee of benefits: 
 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. 

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. 
 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. 

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. 
 10.1.5 Any Participant who ceases to be a DB Employee or an employee of a DB
Participating Entity for any reason (whether lawful or unlawful) shall not be entitled, and shall be deemed irrevocably to have waived any entitlement to any compensation by way of damages for loss of employment or otherwise in connection with any
loss or diminution in value in relation to any Award, except as specifically provided for in the Rules. 

  
 9 

 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. 
 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. 
 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. 
 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. 

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. 
 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. 
 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. 
 10.9 Participant confidentiality: In accordance with applicable law 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. 

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 

 10.11 Data protection: Any DB Group Company may collect and process various data that is personal to Participants
(for example, taxpayer and social security identification numbers) for the purposes of administering the Plan, compliance with any requirement of law or regulation, including tax-related requirements, and the
prevention or investigation of crimes and malpractice. 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. Some data processing may be
done outside the European Economic Area (“EEA”) where laws and practices relating to the protection of personal data may be weaker than those within the EEA, including in the United States of America, but wherever practicable the DB Group
will take steps to ensure that Participants’ personal information is adequately protected. In certain circumstances courts, law enforcement agencies or regulatory agencies within or outside the EEA may be entitled to access the data. Details of
Participants’ rights concerning data, which may include rights of access to their information and correction of inaccurate information, can be obtained from the local Data Protection Officers of the DB Group. 

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 
 11.1 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 

Kooperationsmanagement 
 Global Share Purchase Plan 

60486 Frankfurt a.M. 
 11.2 When notices take effect: Notices or
other communications shall take effect: 
 a) if delivered by hand, upon delivery; 

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; 
 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 
 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. 

  
 11 

 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). 
 12 Applicable law and jurisdiction 

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 2016. 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. 

The Committee may amend or modify these Plan Rules by way of schedules to the Plan (or otherwise). Any Awards granted pursuant to such schedules shall be
subject to the Plan Rules as amended or modified by that particular schedule (from time to time). 

  
 12 

 Global Share Purchase Plan 

Schedule 1 – 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 
 (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 be compliant with Section 409A and Section 457A as follows: 
 1 Definitions 

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. 
 “Section 457A” means
Section 457A of the U.S. Internal Revenue Code of 1986, as amended, any regulations promulgated or U.S. Treasury Department or U.S. Internal 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, or on 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 U.S. employees of the DB Group (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. 

2 Administration 
 The following Rules 8.4 and 8.5 are added to
Rule 8 of the Plan: 
 8.4 Section 409A: The Plan and any document evidencing an Award are intended to comply with 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. 

  
 13 

 8.5 Section 457A: Each Award is intended not to be treated as compensation which is deferred for purposes of
Section 457A, in accordance with Section 457A(d)(3)(B) of the U.S Internal Revenue Code of 1986, as amended. 
 Awards: The following clause
(vi) is added to Rule 4.1.6: 
 (vi) an approved leave of absence, other than an approved leave of absence that would constitute a “separation from
service” for the purposes of Section 409A. 
 The following Rule 4.1.10 is added to Rule 4 of the Plan: 

4.1.10 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. 

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), he will forfeit a Matching Award without any claim for compensation, unless either (a) he continues to be employed by a DB Group Company (i.e. a non DB Participating Entity) or (b) he ceases employment for
one of the following reasons: 
 (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; 
 (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. 

  
 14 

 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, and such cessation constitutes the Participant’s “separation from service” for the purposes of
Section 409A, the Matching Award shall vest on such cessation of employment and be distributed in accordance with Rule 6.1. 
 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. Notwithstanding the foregoing, a Participant who is subject to Section 457A and who is either eligible for Retirement on the date a Matching Award
is granted to him/her or who becomes eligible for Retirement during the year in which such date occurs will realize any taxable income in respect of his/ her Matching Award no later than December 31 of the year following the year in which such
date occurs. 
 5 Change of Control 
 The first sentence of
Rule 7.1 is deleted in its entirety. 
 6 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 amend the Plan at any time in any way at its discretion provided that the Committee may not materially adversely affect a Participant’s existing Award without the
Participant’s consent. 
 Subject to the requirements of Section 409A, the Committee may at any time in its discretion accelerate the settlement
of a Participant’s Award or replace it with an award of cash or other assets, or take such other steps as it decides are appropriate. 

  
 15 

 Global Share Purchase Plan 

Schedule 2 – Plan Rules for Australia 
 This is the Schedule
to the Deutsche Bank Global Share Purchase Plan – Plan Rules 2016 effective 1 November 2016 (“Plan Rules”) for Australian residents. Terms used in this Schedule will have the same meaning as the terms used in the Plan Rules. The
offer is made pursuant to ASIC Class Order 14/1000, which requires Deutsche Bank AG to disclose the following. 
 Shares acquired with the Contribution
Amount: 
 a) The acquisition price for any Shares acquired on behalf of the Participant using the Contribution Amount will be the market price on the
Frankfurt Stock Exchange, without any discount for the employee, at the time that the Shares are acquired by the Plan Administrator. The Contribution Amount will be subject to acquisition costs of 0.2% of the market price. 

b) The Participant’s Contribution Amount will be exchanged to Euros using the currency rate at the date of transfer to the Plan Administrator following
employees’ payroll deduction, so that the Plan Administrator can purchase Shares. By way of example only, if the market price of the Shares was determined on 22 July 2016, the market price of the Shares would be EUR 13.09 the Australian
dollar equivalent of which is AUD 19.26. 
 c) Any surplus amounts held by the Plan Administrator under 4.1.4 of the Plan Rules will be held in an account
with Deutsche Bank Aktiengesellschaft until the next acquisition of Shares or as set out in 4.1.4 of the Plan Rules. No interest is payable on such amounts. The maximum length of time such surplus amounts will be held in the account will therefore
be the duration of the applicable offering period as set out in the Plan Rules. 
 d) Share ownership carries risks and the price of shares on the Frankfurt
Stock Exchange and on other stock exchanges is volatile. Deutsche Bank’s share price and trading volumes, as with those of all listed companies, may fluctuate due to factors including but not limited to: 

i. economic conditions affecting interest rates, inflation rates, foreign exchange rates and employment rates, amongst other factors; 

ii. market sentiment in respect of Deutsche Bank specifically or a market or markets generally; 

iii. changes to fiscal policies, financial, corporate or other regulation and other government action or inaction in any country or region connected to, or
presumed to be connected to, a market in which Deutsche Bank operates; 
 iv. environmental and geopolitical circumstances such as natural disasters, or
threats or acts of military conflict or terrorism; 
 v. Deutsche Bank’s
day-to-day operations and any transactions to which Deutsche Bank is a party to or is subject to, such as mergers, acquisitions, partnerships, joint ventures or
restructures; 
 vi. real or predicted fluctuations in Deutsche Bank’s performance; 

vii. the departure and/or appointment of key personnel to Deutsche Bank; and 

viii. the action or inaction of any one employee, contractor or agent of Deutsche Bank. 

  
 16 

 As a result of these and other innumerable factors the value of Deutsche Bank shares may fall and dividends may
not be paid or maintained at historical levels. The amount received on the sale of Deutsche Bank shares may be substantially less than the price paid for those shares (whether in cash or in kind). Prospective investors should refer to the latest
Frankfurt Stock Exchange announcements and Deutsche Banks’ annual report for more information on Deutsche Bank and Deutsche Bank shares. 
 Shares
acquired under the Matching Award: 
 a) The acquisition price paid by the Participant for the Matching Award will be nil. 

b) The Participant may derive an amount of assessable income for Australian income tax purposes at the time the Matching Award vests or at the time the
Participant ceases to be employed by Deutsche Bank. The Participant may also be subject to capital gains tax on any capital gain arising when they sell the DB Shares. 

Matching Award: 
 a) In accordance with 4.2.3 of the Plan Rules,
a Participant, may not at any time before settlement in accordance with Rule 6 of the Plan Rules (whether before or after the Vesting Date) (i) transfer, assign, sell, pledge, or grant a Matching Award 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 attempt to do so, with respect to all or part of the DB Shares
subject to the Matching Award. Rule 4.2.3 of the Plan Rules does not apply to the transmission of a Matching Award on the death or Total Disability of a Participant to the duly appointed Representative. 

b) Subdivision 83A-C of the Income Tax Assessment Act, 1997 applies to the Matching Award such that the Matching Award
is subject to deferred taxation. 
 Plan Rules and Share price 

We will, throughout the offer period, and within a reasonable period of you requesting it, provide you, without charge, with a copy of the Plan Rules and
information about the current share price of the DB Shares and the Australian dollar equivalent of that price. This information may be obtained by sending a written request to hr.dks-lifecycle@db.com. 

Further to 4.1.6 and 4.1.7 in the Plan Rules, Australian employees will be able to cease their payroll deductions to the Plan at any time, with the cessation
of their deductions to take effect no more than 45 days after they give notice to Payroll in writing. Payroll will process the request in the next practicable payroll following receipt of the request. 

Terms used in this Addendum will have the same meaning as the terms used in the Rules. 

WARNING 
 Please note that any financial product advice contained
in the documentation related to the Plan is general advice only. No financial product advice is provided in the documentation related to this offer and nothing in the documentation should be taken to constitute a recommendation or statement of
opinion that is intended to influence you in making a decision to participate in the Plan. The documentation does not take into account the objectives, financial situation or needs of any particular person. Before acting on the information contained
in the documentation, or making a decision to participate in the Plan, you should seek professional advice from an independent person who is licensed by the Australian Securities and Investments Commission to give advice about participants in the
Plan as to whether participation in the Plan is appropriate in light of your own circumstances. 

  
 17 

 Global Share Purchase Plan 

Schedule 2 – Plan Rules for Germany (English translation of German original) 

This schedule (“Schedule 3”) modifies the provisions of the Deutsche Bank Global Share Purchase Plan with respect to the Purchased Shares of a
Participant whom the Plan Administrator has designated as a participant enrolled in Germany. Where a dividend is payable on such a Purchased Share, the amount of the dividend will be paid (less any withholdings) into any bank account notified by the

 Participant to the Plan Administrator under Rule 6.2 or, if no such account is notified, into the bank account into which the Participant’s salary
is paid. If there is no such account, the dividend will be paid to the Participant in such manner as the Plan Administrator sees fit. 
 Specification or
Amendment of Rule 5.1 in correlation with Rule 2 of the English Global Share 
 Purchase Plan Rules: 

“Total Disability” = “Erwerbsminderung” means the employment relationship ends before the fixed retirement age
and the Participant has provided a pension certificate (“Rentenbescheid”) from a German Social Security Authority indicating that the Participant is prevented from engaging in any gainful activity due to disability and – if
only partially disabled – has not taken on any employment with another employer. 
 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 (even a non DB Participating Entity) or (b) the Participant ceases to be a DB employee for one of the following reasons: 
 a)
termination by a DB Group Company for other than a reason related to the conduct of the Participant 
 b) redundancy; 

c) termination subsequently followed by early retirement as agreed with the DB Group Company (Vorruhestands- oder Wartestandsvereinbarung). 

d) Agreed Termination – not applicable in Germany; 
 e) the
Participant ceases to be employed as a DB Employee 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 DB
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;

 f) Retirement in accordance with pension promise, 
 g) Death
or Total Disability of the Participant. 

  
 18 

 Global Share Purchase Plan 

Schedule 4 – Participants in India 
 This schedule
(“Schedule 4”) modifies the provisions of the Deutsche Bank Global Share Purchase Plan with respect to the Purchased Shares of a Participant whom the Plan Administrator has designated as a participant enrolled in India or a participant who
is subject to Indian foreign exchange requirements. 
 1 Rule 4.1.3 is hereby replaced with the following: 

Where a dividend is payable on such a Purchased Share, the amount of the dividend will be paid (less any withholdings) into any bank account notified by the
Participant to the Plan Administrator under Rule 6.2, provided that the Plan Administrator confirms that the payment of such dividend into that bank account will be in compliance with Indian foreign exchange requirements. If no such bank account is
notified or if the Plan Administrator concludes that payment of a dividend into such account would not be compliant with Indian foreign exchange requirements, the payment will be made into the bank account into which the Participant’s salary is
paid. If there is no such account, the dividend will be paid to the Participant in such manner as the Plan Administrator sees fit. 
 Subject to this Rule
4.1.3, any dividend payable on a Purchased Share will be paid to the Participant within 10 business days after such dividend has been declared or within such other period as is deemed appropriate by the Plan Administrator. 

The amount to be paid to the Participant under this Schedule 5 will be converted into Indian Rupees using the foreign exchange rate reported on Bloomberg at
close the day before the date on which the payment is made, or such other foreign exchange rate that the Plan Administrator deems appropriate. 

  
 19

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