SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank
Annual Report 2010 on Form 20-F
Item 6: Directors, Senior Management and Employees 107
long-term incentives (2009: € 9,587,269). In addition, there were other benefits amounting to € 795,338
(2009: € 849,346), so that total compensation of the Management Board members was € 33,230,174 (2009:
€ 35,023,965) collectively. On an individual basis, the Management Board members received the following
compensation components for their service on the Management Board for the years 2010 and 2009.
Members of the Management Board
in € Base salary
Nonperformancerelated
components Performance-related components
without long-term
incentives 1
Equity Upfront
Award(s)
(retention) 2
with long-term incentives
Restricted Equity
Award(s)
(deferred plus
retention) 2 Total
Dr. Josef Ackermann 2010 1,650,000 1,034,322 1,086,038 2,534,089 6,304,449
2009 1,150,000 1,575,000 – 4,747,500 7,472,500
Dr. Hugo Bänziger 2010 1,150,000 523,428 549,599 824,399 3,047,426
2009 800,000 1,231,425 – 1,657,500 3,688,925
Michael Cohrs 3 2010 862,500 577,533 606,410 1,350,943 3,397,386
2009 600,000 905,428 – 1,546,575 3,052,003
Jürgen Fitschen 4 2010 1,150,000 507,790 533,180 799,770 2,990,740
2009 600,000 923,569 – 1,243,125 2,766,694
Anshuman Jain 4 2010 1,150,000 992,752 1,042,390 4,367,413 7,552,555
2009 600,000 1,565,428 – 4,884,525 7,049,953
Stefan Krause 2010 1,150,000 539,066 566,019 849,029 3,104,114
2009 800,000 1,231,425 – 1,657,500 3,688,925
Hermann-Josef Lamberti 2010 1,150,000 507,790 533,180 799,770 2,990,740
2009 800,000 1,231,425 – 1,657,500 3,688,925
Rainer Neske 4 2010 1,150,000 523,428 549,599 824,399 3,047,426
2009 600,000 923,569 – 1,243,125 2,766,694
Total 2010 9,412,500 5,206,109 5,466,415 12,349,812 32,434,836
Total 2009 5,950,000 9,587,269 – 18,637,350 34,174,619
1 Immediately paid out.
2 The number of share awards in the form of Equity Upfront Awards (EUA) and Restricted Equity Awards (REA) granted in 2011 for the year 2010 to each member of
the Management Board was determined by dividing the respective Euro amounts by € 44.42, the XETRA closing price of the DB share as of February 2, 2011. As a
result, the number of share awards granted was as follows (rounded): Dr. Ackermann: 24,449 EUA and 57,048 REA, Dr. Bänziger: 12,372 EUA and 18,559 REA, Mr.
Cohrs: 13,651 EUA and 30,412 REA, Mr. Fitschen: 12,003 EUA and 18,004 REA, Mr. Jain: 23,466 EUA and 98,320 REA, Mr. Krause: 12,742 EUA and 19,113 REA,
Mr. Lamberti: 12,003 EUA and 18,004 REA, and Mr. Neske: 12,372 EUA and 18,559 REA.
3 Member of the Management Board from April 1, 2009 until September 30, 2010. Due to U.S. tax rules applicable to Mr. Cohrs the vesting of all awards granted to him
for the financial year 2009 was accelerated prior to maturity and the awards were immediately taxed when he left the Bank. The net euro amount of cash awards was
booked into a euro account and the net amount of shares was booked into a securities account both blocked in favor of the Bank. They are subject to the payment
and forfeiture conditions which already applied to these awards before their premature vesting. This procedure also applies for the awards granted to him for the
service performed in the financial year 2010.
4 Member of the Management Board since April 1, 2009.
In February 2011, members of the Management Board were granted a total of 401,077 shares in the form of
Restricted Equity Awards and Equity Upfront Awards for their performance in 2010 (2009: 405,349 shares in
the form of Restricted Equity Awards only).
In accordance with German Accounting Standard 17, any claims resulting from deferred cash compensation
subject to further conditions must be disclosed as part of the total compensation only in the financial year of
their vesting (i.e., unconditional payout) and not in the year of grant, which also applies now with respect to the
presentation of the previous year’s compensation data.
Conditional deferred cash compensation totaling € 12,349,812 was granted to the members of the Management
Board as Restrictive Incentive Awards for the 2010 financial year. For each Management Board member such
grants vest beginning in August 2012 in four equal annual tranches in a total amount granted as follows: