EAP 7.4 jboss-client.jar throws NoClassDefFoundError

Issue

With EAP 7.4.7 the contained jboss-client.jar now throws a NoClassDefFoundError when a remote EJB is called.
It is my understanding the jboss-client.jar should be a complete in itself fat jar for an EJB client that does not require further dependencies.
Our reproducer generates the following Stacktrace:

.. ..
INFO: JBoss EJB Client version 4.0.45.Final-redhat-00001
Exception in thread "main" java.lang.NoClassDefFoundError: org/jboss/modules/ModuleLoadException
        at org.jboss.ejb.client.EJBClientContext.getDefault(EJBClientContext.java:110)
        at org.wildfly.common.context.ContextManager.getPrivileged(ContextManager.java:286)
        at org.jboss.ejb.client.EJBClientContext.getCurrent(EJBClientContext.java:861)
        at org.jboss.ejb.client.EJBInvocationHandler.invoke(EJBInvocationHandler.java:165)
        at org.jboss.ejb.client.EJBInvocationHandler.invoke(EJBInvocationHandler.java:116)
        at com.sun.proxy.$Proxy3.sayHello(Unknown Source)
        at test.EJBClient.main(EJBClient.java:22)
Caused by: java.lang.ClassNotFoundException: org.jboss.modules.ModuleLoadException
        at java.base/jdk.internal.loader.BuiltinClassLoader.loadClass(BuiltinClassLoader.java:581)
        at java.base/jdk.internal.loader.ClassLoaders$AppClassLoader.loadClass(ClassLoaders.java:178)
        at java.base/java.lang.ClassLoader.loadClass(ClassLoader.java:521)
        ... 7 more
.. ..