SEC Form 20-F - Deutsche Bank Annual Report 2012
SEC Form 20-F - Deutsche Bank Annual Report 2012
SEC Form 20-F - Deutsche Bank Annual Report 2012
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<strong>Deutsche</strong> <strong>Bank</strong><br />
<strong>Annual</strong> <strong>Report</strong> <strong>20</strong>10 on <strong>Form</strong> <strong>20</strong>-F<br />
Item 6: Directors, Senior Management and Employees 109<br />
have received over this six months period, if he had left on December 31, <strong>20</strong>10 or on December 31, <strong>20</strong>09, was<br />
for Dr. Ackermann € 2,825,000 and for each of Dr. Bänziger and Mr. Lamberti € 1,150,000.<br />
If Dr. Ackermann and Mr. Lamberti leave office after reaching the age of 60, they are each subsequently entitled,<br />
under defined conditions, directly after the end of the six-month transition period, to payment of first 75 % and<br />
then 50 % of the sum of his salary and last target bonus, each for a period of 24 months. This payment ends no<br />
later than six months after the end of the <strong>Annual</strong> General Meeting in the year in which the Board member<br />
reaches his 65th birthday.<br />
The following table shows the annual additions to provisions for obligations regarding pension benefits and<br />
transition payments for the years ended December 31, <strong>20</strong>10 and December 31, <strong>20</strong>09 and the related Defined<br />
Benefit Obligation at the respective dates for the individual members of the Management Board. The different<br />
sizes of the balances are due to the different length of services on the Management Board, the respective agerelated<br />
factors, the different contribution rates as well as the individual pensionable compensation amounts and<br />
the previously mentioned additional individual entitlements.<br />
Members of the Management Board 1<br />
Present value of the defined<br />
Additions to provisions for benefit obligation for pension<br />
pension benefits and transition<br />
benefits and transition<br />
in €<br />
payments, year ended<br />
payments, end of year<br />
Dr. Josef Ackermann <strong>20</strong>10 1,263,161 13,236,187<br />
<strong>20</strong>09 – 3<br />
11,973,026<br />
Dr. Hugo Bänziger <strong>20</strong>10 670,727 2,161,491<br />
<strong>20</strong>09 342,949 1,490,764<br />
Jürgen Fitschen 2 <strong>20</strong>10 244,364 307,348<br />
<strong>20</strong>09 62,984 62,984<br />
Stefan Krause <strong>20</strong>10 550,405 825,181<br />
<strong>20</strong>09 166,891 274,776<br />
Hermann-Josef Lamberti <strong>20</strong>10 1,223,474 11,177,275<br />
<strong>20</strong>09 2,488,164 9,953,801<br />
Rainer Neske 2 <strong>20</strong>10 461,013 575,398<br />
<strong>20</strong>09 114,385 114,385<br />
1 Other members of the Management Board are not entitled to such benefits after appointment to the Management Board.<br />
2 Member of the Management Board since April 1, <strong>20</strong>09.<br />
3 No addition to provision required in <strong>20</strong>09.<br />
<strong>Form</strong>er members of the Management Board of <strong>Deutsche</strong> <strong>Bank</strong> AG or their surviving dependents received<br />
€ 18,083,535 and € 19,849,430 for the years ended December 31, <strong>20</strong>10 and <strong>20</strong>09, respectively.<br />
Other termination benefits<br />
The Management Board members are principally entitled to receive a severance payment upon a premature<br />
termination of their appointment at our initiative, without us having been entitled to revoke the appointment or<br />
give notice under the contractual agreement for cause. The severance payment, as a rule, will not exceed the<br />
lesser of two annual compensation amounts and the claims to compensation for the remaining term of the<br />
contract (compensation calculated on the basis of the annual compensation for the previous financial year).<br />
If a Management Board member departs in connection with a change of control, he is under certain conditions<br />
in principle entitled to a severance payment. The severance payment, as a rule, will not exceed the lesser of<br />
three annual compensation amounts and the claims to compensation for the remaining term of the contract.<br />
The calculation of the compensation is based on the annual compensation for the previous financial year.