Document:

exv4w9

 

Exhibit 4.9

SUBORDINATED DEPOSIT AGREEMENT

BY AND BETWEEN

DEUTSCHE BANK CONTINGENT CAPITAL LLC V

AND

DEUTSCHE BANK AKTIENGESELLSCHAFT

DATED AS OF May 9, 2008

 

 

          This Subordinated Deposit Agreement (the “Agreement”), dated May 9, 2008, is entered into
between Deutsche Bank Aktiengesellschaft, a German stock corporation (the “Bank”), and Deutsche
Bank Contingent Capital LLC V, a Delaware limited liability company (the “Company”).

          WHEREAS, pursuant to the LLC Agreement (as defined herein), the Company will issue the Class B
Preferred Securities (as defined herein) to Deutsche Bank Contingent Capital Trust V (the “Trust”);

          WHEREAS, pursuant to the Trust Agreement (as defined herein), the Trust will issue the Trust
Preferred Securities (as defined herein) with the same terms and in the same amount as the Class B
Preferred Securities;

          WHEREAS, the Company will use the proceeds from the issuance of the Class B Preferred
Securities to purchase the Initial Obligation (as defined herein) from the Bank;

          WHEREAS, amounts paid by the Bank pursuant to the Initial Obligation will be used by the
Company to pay capital payments on the Class A Preferred Security (as defined herein), the Class B
Preferred Securities and the Company Common Security (as defined herein) in accordance with the LLC
Agreement;

          WHEREAS, the Company may from time to time defer capital payments on the Class B Preferred
Securities pursuant to and in accordance with the LLC Agreement;

          NOW, THEREFORE, the parties agree as follows:

          Section 1. Certain Definitions.

          “Account” means a deposit account in the name of the Company and maintained by the Bank
subject to the terms of this Agreement.

          “Account Moneys” means all monies from time to time deposited in the Account pursuant to
Clause 2 (Deposit of Account Moneys), together with all property from time to time representing the
same, together with any accrued interest thereon.

          “Agreement” has the meaning specified in the preamble.

          “Arrears of Payments” means Capital Payments, the payment of which has, in accordance with the
deferral provisions of the Class B Preferred Securities, been deferred, and which thereupon
constitute cumulative arrears of Capital Payments.

          “Bank” has the meaning specified in the preamble.

          “Capital Payments” means the periodic distributions on the Class B Preferred Securities in
accordance with the LLC Agreement.

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          “Company” has the meaning specified in the preamble.

          “Class A Preferred Security” means the single security in the Company designated as the Class
A Preferred Security representing an ownership interest in the capital of the Company, with a
liquidation amount of $25 per Class A Preferred Security.

          “Class B Preferred Guarantee” means the agreement by Deutsche Bank AG, as Guarantor, with The
Bank of New York, as Class B Preferred Guarantee Trustee, for the benefit of the holders of the
Class B Preferred Securities to guarantee payment, on a subordinated basis, of certain payments on
the Class B Preferred Securities.

          “Class B Preferred Securities” mean the class of securities in the Company representing
preferred limited liability company interests in the Company, with a liquidation amount of $25 per
Class B Preferred Security.

          “Company” has the meaning specified in the preamble.

          “Guarantees” means the Trust Preferred Guarantee and the Class B Preferred Guarantee,
collectively.

          “Initial Obligation” means the subordinated obligation of the Bank acquired by the Company
using the proceeds from the issuance of the Class B Preferred Securities.

          “Interest Payment Date” means March 30, June 30, September 30 and December 30 of each year,
commencing on June 30, 2008.

          “Junior Securities” means (i) ordinary shares of common stock of the Bank, (ii) each class of
preference shares of the Bank ranking junior to Preferred Tier 1 Securities of the Bank, if any,
and any other instrument of the Bank ranking on parity with such preference shares or junior
thereto and (iii) preference shares or any other instrument of any subsidiary of the Bank subject
to any guarantee or support agreement of the Bank which guarantee or support undertaking ranks
junior to the obligations of the Bank under the Guarantees.

          “Liability” means any loss, damage, cost, charge, claim, demand, expense, penalty, judgment,
demand, action proceeding or other liability whatsoever (including, without limitation, in respect
of taxes, duties, levies, imposts and other charges) and including any value added tax or similar
tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis.

          “LLC Agreement” means the limited liability company agreement of the Company dated as of April
24, 2008, as amended and restated as of May 9, 2008 and as the same may be further amended from
time to time in accordance with its terms.

          “Payment Date” means March 30, June 30, September 30 and December 30 of each year, commencing
on June 30, 2008.

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          “Person” means any individual, corporation, association, partnership (general or limited),
joint venture, trust, estate, limited liability company, or other legal entity or organization.

          “Preferred Tier 1 Securities” means (i) each class of the most senior ranking preference
shares of the Bank, if any, and (ii) preference shares or any other instrument of any subsidiary of
the Bank subject to any guarantee or support agreement of the Bank which guarantee or support
undertaking ranks on parity with the obligations of the Bank under the Guarantees.

          “Trust” has the meaning specified in the preamble.

          “Trust Agreement” means the trust agreement of the Trust dated as of April 24, 2008, as
amended and restated as of May 9, 2008 and as the same may be further amended from time to time in
accordance with its terms.

          “Trust Preferred Guarantee” means the agreement by Deutsche Bank AG, as Guarantor, with The
Bank of New York, as Trust Preferred Guarantee Trustee, for the benefit of the holders of the Trust
Preferred Securities to guarantee the payment, on a subordinated basis, of certain payments on the
Trust Preferred Securities.

          “Trust Preferred Securities” means the Trust Preferred Securities issued by the Trust.

          Clause headings are for reference purposes only and shall not affect the construction or
effect of any provision hereof.

     In this Agreement, unless the context otherwise requires:

	 	(a)	 	references to a party include references to the successors or assigns (immediate or
otherwise) of that party;
	 
	 	(b)	 	references to “person” shall include any firm or body of persons whether corporate or
incorporate and any person deriving title therefrom and any of their respective successors
or assigns; and
	 
	 	(c)	 	words importing the singular number alone shall include the plural number and vice
versa.

Deposit of Account Moneys

	2.1	 	On each Interest Payment Date or other date when the Company receives payments of interest on
the Initial Obligation which, as a result of the deferral of Capital Payments in accordance
with the LLC Agreement, exceed the Capital Payments declared (or deemed declared) and paid on
the Class B Preferred Securities on the corresponding Payment Date, the Account, if not
already open at such time, shall be opened and such excess shall be deposited by the Company
into the Account as Account Moneys pursuant to this Agreement.

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Payment of Amounts

	3.1	 	At the time when the Company is required under the terms of the LLC Agreement to pay Arrears
of Payments on the Class B Preferred Securities, the Bank shall release Account Moneys, for
value on the date such Arrears of Payments are paid on the Class B Preferred Securities, in an
amount equivalent to the amount of the Arrears of Payments then required to be and being paid.

Treatment of Account Moneys

	4.1	 	The Bank shall not make any deductions from the Account by virtue of any right of set-off,
lien, consolation, merger or claim which it may have against the Company. The Bank shall not
release any of the Account Moneys, except as provided in this Agreement.
	 
	4.2	 	The Bank shall pay interest on the cash balance in the Account standing to the credit of the
Company at a rate of 0.75% per annum, compounded annually. Any interest earned or profit
generated from the Account (subject to any deduction of tax at source and any bank or other
charges (including without limitation any deductions made pursuant to clauses hereof and
properly charged to the Account in accordance with this Agreement)) shall be for the account
of the Company, and shall be paid in full to the Company on each Payment Date when such
amounts are held in the Account.
	 
	4.3	 	The Company and the Bank agree that all Account Moneys shall be (i) subordinated in right of
payment to the prior payment in full of all indebtedness and other liabilities of the Bank to
its creditors (including subordinated liabilities), except those which by their terms rank on
parity with or are subordinated to the Bank’s obligations under this Subordinated Deposit
Agreement, (ii) on parity with the most senior ranking preference shares of the Bank, if any,
and any obligations or instruments of the Bank which by their terms rank on parity with such
preference shares and (iii) senior to the Junior Securities.

Representations and Warranties

	5.1	 	The Company hereby represents and warrants to the Bank that (i) it is a company duly
organized and in good standing in every jurisdiction where it is required so to be, (ii) it
has the power and authority to sign and to perform its obligations under this Agreement, (iii)
this Agreement is duly authorized and executed and is its legal, valid and binding obligation,
(iv) any consent, authorization or instruction required in connection with its execution and
performance of this Agreement has been provided by any relevant third party, (v) any act
required by any relevant governmental or other authority to be done in connection with its
execution and performance of this Agreement has been or will be done (and will be renewed if
necessary), and (vi) its performance of this Agreement will not violate or breach any
applicable law, regulation, contract or other requirement.

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Liability of the Bank

	6.1	 	The Bank shall not be liable or responsible for any Liabilities or inconvenience which may
result from anything done or omitted to be done by it in accordance with the provisions of
this Agreement and shall bear no obligation or responsibility to any person in respect of the
operation of the Account or its application of the Account Moneys unless such liability arises
as a result of gross negligence, fraud or willful default on the part of the Bank. In
particular, but without limiting the generality of the foregoing, the Bank shall not be liable
for any failure to maximize the amount of interest or other amounts earned on all or part of
the Account Moneys. Under no circumstances shall the Bank be liable for any consequential or
special loss, or indirect, consequential or punitive damages, however caused or arising
(including loss of business, goodwill, opportunity or profit) even if advised of the
possibility of such loss or damage.
	 
	6.2	 	No implied duties or obligations shall be imposed on the Bank by virtue of its entering into
this Agreement or its agreeing to provide the services hereunder. The Bank shall not be
obligated to perform any additional duties unless it shall have previously agreed to perform
such duties. The Bank shall not be under any obligation to take any action under this
Agreement that it expects will result in any expense to, or liability for, it, the payment of
which is not, in its opinion, assured to it within a reasonable time.
	 
	6.3	 	The Company shall indemnify and hold harmless the Bank for an amount equal to any and all
Liabilities or obligations of any kind whatsoever (and any interest thereon) (including, but
not limited to, all properly incurred costs, charges and expenses paid or incurred in
disputing or defending any of the foregoing) that may be imposed on or incurred by the Bank in
connection with any action, claim or proceeding of any kind brought or threatened to be
brought against it as a result of its acting hereunder or as a result of any action taken or
omitted to be taken by it before the date of this Agreement in preparation for acting
hereunder, provided that the Company shall not have any obligation to indemnify the
Bank or any of its officers and employees or any other person for any claims arising in
consequence of the gross negligence, fraud or willful default on the part of the Bank.
	 
	6.4	 	The Bank shall be entitled to rely on, and shall not be liable for acting upon, and shall be
entitled to treat as genuine and as the document it purports to be, any instruction, letter,
notice, opinion, advice, or other document furnished to it by the Company or any lawyer or
other expert in whatever format and by whatever means, including electronic, and believed by
the Bank, in its absolute discretion, to be genuine and to have been signed and presented by
the proper person or persons.
	 
	6.5	 	The indemnities contained in this Clause 6 shall survive the termination of this Agreement.

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Modification

	7.1	 	No variation of this Agreement (or any document entered into pursuant to this Agreement)
shall be valid unless it is in writing and signed by or on behalf of the Company and the Bank.

Notices

	8.1	 	Any notice under this Agreement shall be in writing and signed by or on behalf of the party
giving it and may be served by leaving it or sending it by facsimile, pre-paid recorded
delivery or registered post to the address and for the attention of the relevant party set out
in Clause 8.2 (or as otherwise notified form time to time hereunder). Any notice to be served
by facsimile or post shall be deemed to have been received:

	 	(a)	 	in the case of facsimile, on confirmation of transmission being received by
the sending machine; and
	 
	 	(b)	 	in the case of recorded delivery or registered post, 48 hours from the date
of posting.

	8.2	 	The addresses of the parties for the purpose of Clause 8.1 are as follows:

	 
	 	 	Bank:
	 
	 	 	Deutsche Bank AG

Theodor-Heuss-Allee 70

D-60486 Frankfurt am Main

Germany

	 
	 	 	Telecopy No.: (+49) 69 910-35092
	 
	 	 	Company:
	 
	 	 	Deutsche Bank Contingent Capital Trust V

60 Wall Street

New York, New York 10005

	 
	 	 	Telecopy No.: (732) 460-7125

Attention: Treasury (mail stop NYC 60-4011)

	 
	 	 	with a copy to:

	 
	 	 	Deutsche Bank Contingent Capital Trust V

c/o Deutsche Bank Trust Company Delaware

1011 Centre Road, Suite 200

Wilmington, Delaware 19805

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Termination

	9.1	 	If there are no outstanding Account Moneys, the Account may be closed; provided,
however, that this Agreement shall not be terminated except in accordance with the
next paragraph.
	 
	9.2	 	Following redemption of the Class B Preferred Securities and the payment of all outstanding
Account Moneys in accordance with this Agreement, the Bank shall following such payment close
the Account and this Agreement shall terminate.

Resignation

	10	 	The Bank shall not have the right to resign its appointment hereunder.

Counterparts

	11	 	This Agreement may be entered into in any number of counterparts and by the parties to it on
separate counterparts, each of which, when executed, shall be an original, but all the
counterparts shall together constitute one and the same instrument.

Whole Agreement

	12	 	This Agreement represents the whole agreement between the parties in relation to its subject
matter and supersedes all prior representations, promises, agreements and understandings.

Other

	13.1	 	This Agreement is governed by, and shall be construed in accordance with, the laws of
Germany.
	 
	13.2	 	The parties to this Agreement hereby irrevocably submit for the benefit of the non-exclusive
jurisdiction of the local courts of Frankfurt, Germany and waive any objection to any
proceedings in relation to this Agreement (“Proceedings”) in such courts, whether on the
ground of venue or on the ground that the Proceedings have been brought in an inconvenient
forum. This submission is for the benefit of the Bank and shall not limit its right to take
Proceedings in any other court of competent jurisdiction, nor shall the taking of Proceedings
in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction
(whether concurrently or not).
	 
	13.3	 	In the event that one or several provisions of this Agreement shall be invalid or
unenforceable, or if this Agreement turns out to contain a gap, the validity and
enforceability of the other provisions of this Agreement shall not be affected thereby. In
such case, the parties shall undertake to agree on such valid and enforceable provision or on
provisions filing the gap in this Agreement which are as close as possible to the original
commercial intention of the parties.

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	13.4	 	The Bank shall maintain a book-entry registration system with respect to the Account (the
“Register”). A transfer of the right to payment of principal and interest with respect to the
Account will be effective only if transferred through a book-entry reflected in the Register. The
Register will record the registered owners of the Account.

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IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed as of the day
and year first before written.

	 	 	 	 	 
	DEUTSCHE BANK CONTINGENT CAPITAL LLC V
 	 
	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	 	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	DEUTSCHE BANK AKTIENGESELLSCHAFT

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	 	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:exv4w10

 

Exhibit 4.10

THIS NOTE IS NOT REQUIRED TO BE, AND HAS NOT BEEN, REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED. THIS NOTE EVIDENCES OBLIGATIONS THAT ARE NOT INSURED BY THE U.S. FEDERAL DEPOSIT
INSURANCE CORPORATION OR BY ANY OTHER GOVERNMENTAL AGENCY.

Deutsche Bank Aktiengesellschaft

U.S.$1,265,000,025

8.05% PERPETUAL SUBORDINATED NOTE

          Deutsche Bank Aktiengesellschaft (the “Bank”), for value received, hereby promises to pay to
Deutsche Bank Contingent Capital LLC V (the “Trust”), or registered assigns, the aggregate
principal sum of ONE BILLION TWO HUNDRED SIXTY-FIVE MILLION TWENTY-FIVE U.S. DOLLARS
(U.S.$1,265,000,025) (the “Principal Amount”) upon presentation and surrender hereof upon the
redemption hereof, and to pay interest on the Principal Amount from and including the date of
issue, at a rate and at such times as determined in accordance with the provisions herein until the
principal hereof is paid or duly made available for payment. This Security is one of the 8.05%
Perpetual Subordinated Notes in the aggregate principal amount of U.S.$1,265,000,025 (such Notes,
as outstanding from time to time, the “Outstanding Securities”).

          1. Payments; Interest

          (a) Interest will be payable on the Principal Amount quarterly in arrears on March 30, June
30, September 30 and December 30 of each year, commencing on June 30, 2008. Each such date is
referred to herein as an “Interest Payment Date.” Interest payments payable on each Interest
Payment Date will be calculated as provided below and will accrue from and including the
immediately preceding Interest Payment Date (or from and including May 9, 2008, with respect to the
first Interest Payment Date) to but excluding the relevant Interest Payment Date or date fixed for
redemption (each such period, an “Interest Period”).

          Interest will be payable on the Principal Amount at a fixed rate of 8.05% per annum,
calculated on the basis of a 360-day year of twelve 30-day months. The interest rate is referred
to herein as the “Stated Rate.”

          Each calculation of the amount of interest due hereunder shall be made as if this Security
represented 1,264,999 individual subordinated notes, each with a principal amount of U.S.
$1,000 and one individual subordinated note with a principal amount of U.S.$1,025.

          (b) Interest payable on any Interest Payment Date will be paid to the person in whose name
this Security is registered on the register (each such person the “Holder” of this Security)
maintained by the Bank for such purpose (the “Register”) at the close of business on the Business
Day immediately preceding such Interest Payment Date, or, in the case of interest payable on a date
fixed for redemption (the “Obligation Redemption Date”) that is not an Interest Payment Date, to
the person in whose name this Security is registered on the Register at the close of business on
the 15th day (whether or not a Business Day) prior to the Obligation Redemption Date
(each a “Regular Record Date”). Any interest not so punctually paid or duly provided for (“Unpaid
Interest Amounts”) shall forthwith cease to be payable to the person registered in the Register on
such Regular Record

 

 

Date and may be paid to the person in whose name this Security is registered at the close of
business on any Business Day set as a special record date (“Special Record Date”) by the Bank for
the payment of such Unpaid Interest Amounts. Unpaid Interest Amounts may be paid at any time in
any lawful manner. “Regular Record Date” and “Special Record Date” are each referred to herein as
the “Record Date”. As used herein, “Business Day” shall mean any day other than Saturday, Sunday
or a day on which banks in New York City are required or authorized by law to close.

          (c) If any Interest Payment Date or Obligation Redemption Date falls on a day that is not a
Business Day, payment of all amounts otherwise payable on such date will be made on the next
succeeding Business Day, without adjustment, interest or further payment as a result thereof.

          (d) Payments of interest and Additional Interest Amounts (as defined herein), if any, on this
Security, including interest payable on the Obligation Redemption Date, will be made in immediately
available funds in The City of New York, to the person in whose name this Security is registered on
the Register on the related Record Date by wire transfer to a bank account designated by such
person in a written notice received by the Bank prior to such Record Date.

          (e) The Principal Amount hereof will be paid in immediately available funds on the Obligation
Redemption Date upon presentation and surrender of this Security, to the person in whose name this
Security is registered on the Register on the related Record Date by wire transfer to a bank
account designated by such person in a written notice received by the Bank prior to such Record
Date.

          (f) Prior to due presentment of this Security for registration of transfer, the Bank (or any
agent of the Bank) may treat the person in whose name this Security is registered on the Register
as the owner hereof for the purpose of receiving payment of the principal of, and interest and any
Additional Interest Amounts on, this Security and for all other purposes whatsoever, whether or not
this Security shall be overdue. The Bank shall not be affected by notice to the contrary.

          (g) No provision of this Security shall alter or impair the obligation of the Bank, which is
direct, subordinated as provided herein, unconditional and unsecured, to pay the Principal Amount
of, and interest and any Additional Interest Amounts on, this Security in accordance with and
subject to the terms hereof at the times, place and rate, and in the coin or currency herein
prescribed.

          2. Currency

          Payments of the Principal Amount of, and interest and Additional Interest Amounts, if any, on
this Security shall be made in United States Dollars or in such other coin or currency of the
United States that at the time of payment is legal tender for the payment of public and private
debts in the United States. Until the date on which this Security shall have been delivered to the
Bank for cancellation, or shall have become due and payable in full and a sum sufficient to pay all
unpaid Principal Amount of and interest and any Additional Interest Amounts on this Security has
been duly made available for payment and either paid or returned to the Bank as provided herein,
the Bank shall at all times maintain an office or agency in the The City of New York, where this
Security may be presented or surrendered for payment.

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          3. Status

          This Security is a direct, unsecured subordinated debt obligation of the Bank.

          Except with respect to an amount corresponding to the Tier 1 Percentage of the Trust Preferred
Securities, if any, the claims for repayment of this Security upon the bankruptcy, insolvency or
liquidation of the Bank will rank (x) subordinate and junior in right of payment to the prior
payment in full of all senior and subordinated indebtedness and other liabilities of the Bank
(including profit participation rights (Genussscheine)); (y) senior to all preference shares,
Preferred Tier 1 Capital Securities and the common shares of the Bank and (z) pari passu with any
instrument or contractual obligation of the Bank ranking junior to any of the instruments included
in clause (x) above and senior to any of the instruments or contractual obligations of the Bank
included in clause (y) above.

          Claims for repayment of this Security in an amount corresponding to the Tier 1 Percentage of
the Trust Preferred Securities, if any, upon the bankruptcy, insolvency or liquidation of the Bank
will rank (x) subordinate and junior to all senior and subordinated debt obligations of the Bank
that do not expressly rank on parity with the obligations of the Bank under the Guarantees, (y) on
parity with the most senior ranking preference shares of the Bank, if any, and with its obligations
under any guarantee or support agreement or undertaking relating to any preference shares or other
instrument of any subsidiary of the Bank qualifying as consolidated Tier 1 capital of the Bank that
does not expressly rank junior to the obligation of the Bank under the Guarantees and (z) senior to
the Junior Securities.

          Pursuant to § 10, paragraph (5a) of the German Banking Act (Kreditwesengesetz), if the Bank
redeems or repays this Security prior to a date on which such redemption or repayment is permitted
under the terms thereof, notwithstanding any agreements to the contrary, any amounts so paid to a
Holder of this Security must be repaid to the Bank unless a statutory exemption (replacement of the
Principal Amount with at least equivalent own funds or prior approval of the German Federal
Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) (“BaFin”))
applies.

          The Bank may not secure its obligations under this Security by any lien, security interest or
other encumbrance on any property of the Bank or any other person, and except as permitted by
applicable law, the Bank shall not, directly or indirectly, acquire for its own account, finance
for the account of any other person the acquisition of, or accept as security for any obligation
owed to it, any of this Security.

          The Holder agrees by its acceptance of this Security that it waives any and all rights it may
have to set off claims under this Security against claims the Bank may have against it.

          “Tier 1 Qualification Election” means the election of the Bank on one or more
occasions prior to June 30, 2013 to treat all or a portion of
each and every Class B Preferred Security as consolidated Tier 1 regulatory capital and as a
consequence to replace, from and after the first day of the Payment Period during which such
election occurs, specified terms of all or such portion of each and every Class B Preferred
Security and Trust Preferred Security with terms specified to be then applicable.

          “Tier 1 Percentage” means the Specified Increment of each Class B Preferred Security with
respect to which Tier 1 Qualification Elections have been made and the Specified Increment of each
Trust Preferred Security that is reclassified as a result of such

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Tier 1 Qualification Election, as applicable, in each case from and after the first day of the
Interest Period during which such Tier 1 Qualification Election occurs.

          “Upper Tier 2 Percentage” means the portion of each Class B Preferred Security with respect to
which no Tier 1 Qualification Election has been made and the same portion of each Trust
Preferred Security that has not been reclassified pursuant to any Tier 1 Qualification Election.

          “Specified Increment” means the percentage of the aggregate liquidation preference amount of
the Trust Preferred Securities or the Class B Preferred Securities, as applicable, to which a Tier
1 Qualification Election relates, which percentage may only be (a) zero or (b) 10% or an integral
multiple thereof.

          “Preferred Tier 1 Capital Securities” of any person means each class of the most senior
ranking preference shares of such person and any other instruments of such person (other than
common shares) qualifying as Tier 1 regulatory capital and, if such person is the Bank, Preferred
Tier 1 Subsidiary Securities.

          “Preferred Tier 1 Securities” means (i) each class of the most senior ranking preference
shares of the Bank, if any, and (ii) preference shares or any other instrument of any subsidiary of
the Bank subject to any guarantee or support agreement of the Bank which guarantee or support
undertaking ranks on parity with the obligations of the Bank under the Guarantees.

          “Preferred Tier 1 Subsidiary Securities” means the most senior ranking preference shares and
any other instruments of any person other than the Bank, which, in each case, qualify as Tier 1
regulatory capital and are subject to any agreement of the Bank that guarantees or otherwise
provides support of such preference shares or other instruments.

          “Junior Securities” means (i) ordinary shares of common stock of the Bank, (ii) each class of
preference shares of the Bank ranking junior to Preferred Tier 1 Securities of the Bank, if any,
and any other instrument of the Bank ranking on parity with such preference shares or junior
thereto and (iii) preference shares or any other instrument of any subsidiary of the Bank subject
to any guarantee or support agreement of the Bank which guarantee or support undertaking ranks
junior to the obligations of the Bank under the Guarantees.

          “Guarantees” means collectively (i) the agreement by the Bank with The Bank of New York as
class B preferred guarantee trustee for the benefit of the holders of the Class B Preferred
Securities to guarantee payment, on a subordinated basis, of certain payments on the Class B
Preferred Securities and (ii) the agreement by the Bank with The Bank of New York as trust
preferred guarantee trustee for the benefit of the holders of the Trust Preferred Securities to
guarantee the payment, on a subordinated basis, of certain payments on the Trust Preferred
Securities.

          4. Redemption

          (a) The Bank may redeem this Security, in whole but not in part, upon at least 30 days’ prior
notice, on any Interest Payment Date on or after June 30, 2018, provided the Bank has
obtained any required regulatory approvals.

          (b) This Security may be redeemed by the Bank in whole but not in part, upon at least 30 days’
prior notice, at any time if both (i) a Special Redemption Event has occurred and Deutsche Bank
Contingent Capital LLC V (the “Company”) has decided to redeem its

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Class B Preferred Securities (the “Class B Preferred Securities”) in whole and (ii) the Bank
has either (x) replaced the Principal Amount by paying in other, at least equivalent, own funds
(haftendes Eigenkapital) within the meaning of the German Banking Act, or (y) obtained prior
approval of the BaFin or any successor authority for such early redemption.

          (c) This Security may be redeemed by the Bank at any time in whole or in part, if it is
replaced in whole or in such part, as applicable, with Substitute Obligations (as defined below),
subject to Section 5 below.

          (d) Any redemption of this Security will be at a redemption price equal to the Principal
Amount to be redeemed plus accrued and unpaid interest thereon to the Obligation Redemption Date,
and Additional Interest Amounts, if any.

          “Special Redemption Event” means (i) a Regulatory Event, (ii) a Tax Event or (iii) an
Investment Company Act Event.

          “Regulatory Event” means that the Bank is notified by a relevant regulatory authority that, as
a result of the occurrence of any amendment to, or change (including any change that has been
adopted but has not yet become effective) in, the applicable banking laws of Germany (or any rules,
regulations or interpretations thereunder, including rulings of the relevant banking authorities)
or the guidelines of the Committee on Banking Supervision at the Bank for International
Settlements, in each case effective after the date of the issuance of the Class B Preferred
Securities, the Bank is not, or will not be, allowed to treat (i) the Upper Tier 2 Percentage of
the Class B Preferred Securities, if any, as supplementary capital (Ergänzungskapital) or Upper
Tier 2 regulatory capital or (ii) the Tier 1 Percentage of the Class B Preferred Securities, if
any, as core capital (Kernkapital) or Tier I regulatory capital, in each case for capital adequacy
purposes on a consolidated basis.

          “Tax Event” means (A) the receipt by the Bank of an opinion of a nationally recognized law
firm or other tax adviser in the United States or Germany or, during any period in which any
Substitute Obligations are outstanding, in the jurisdiction of residence of any obligor on such
Substitute Obligations (or any jurisdiction from which payments are made) (each, a “Relevant
Jurisdiction”) experienced in such matters, to the effect that, as a result of (i) any amendment
to, or clarification of, or change (including any announced prospective change) in, the laws (or
any regulations promulgated thereunder) of a Relevant Jurisdiction or any political subdivision or
taxing authority thereof or therein affecting taxation, (ii) any judicial decision, official
administrative pronouncement, published or private ruling, regulatory procedure, notice or
announcement (including any notice or announcement of intent to adopt such procedures or
regulations) by any legislative body, court, governmental authority or regulatory body (an
“Administrative Action”), or (iii) any amendment to, clarification of, or change in the official
position or the interpretation of such Administrative Action or any interpretation or pronouncement
that provides for a position with respect to such Administrative Action that differs from the
theretofore generally accepted position, in each case, by any legislative body, court, governmental
authority or regulatory body, irrespective of the manner in which such amendment, clarification or
change is made known, which amendment, clarification or change is effective, or which
Administrative Action, pronouncement or decision is announced, after the date of issuance of the
Class B Preferred Securities, there is more than an insubstantial risk that (a) the Trust or the
Company is or will be subject to more than a de minimis amount of taxes, duties or other
governmental charges, (b) the Trust or the Company would be obligated to pay additional amounts in
respect of the Trust Preferred Securities or the Class B Preferred Securities, as applicable, the
Bank would be obligated to pay additional amounts under the Trust Preferred Guarantee or the Class
B Preferred Guarantee, as applicable, or an obligor on the Obligations

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would be obligated to pay Additional Interest Amounts, or (c) the Bank would be subject to tax
on income of the Company under the rules of the German Foreign Tax Act (Aussensteuergesetz) except
in cases where the capital payments may not be declared by the Company, or (B) a final
determination has been made by the German tax authorities to the effect that the Bank, as obligor
on the Obligations, may not, in the determination of its taxable income for the purposes of
determining German corporate income tax in any year, deduct in full interest payments on the
Obligations (except to the extent such interest payments are determined to be connected with income
of a branch that is not subject to taxation in Germany). However, none of the foregoing will
constitute a Tax Event if it may be avoided by the Bank, the Trust or the Company taking reasonable
measures under the circumstances. “Obligations” means (i) the Outstanding Securities, (ii) an
obligation, if any, issued by the Bank in connection with a notice to the Company to issue
additional Class B Preferred Securities and having the same terms and conditions as the Outstanding
Securities in all respects except for the issue date, the date from which interest accrues, the
issue price and any other deviations required for compliance with applicable law and (iii) the
Substitute Obligations, if any.

          “Investment Company Act Event” means that the Bank has requested and received an opinion of a
nationally recognized U.S. law firm experienced in such matters to the effect that there is more
than an insubstantial risk that the Company or the Trust is or will be considered an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, as a result of any
judicial decision, pronouncement or interpretation (irrespective of the manner in which the same is
made known), the adoption or amendment of any law, rule or regulation, or any notice or
announcement (including any notice or announcement of intent to adopt such law, rule or regulation)
by any U.S. legislative body, court, governmental agency, or regulatory authority, in each case
after the date of issuance of the Class B Preferred Securities.

          5. Substitution

          At any time, the Bank will have the right to (i) substitute another obligor on this Security,
in whole or in part, which obligor will be either a branch of the Bank or a Subsidiary, or (ii)
replace this Security, in whole or in part, with one or more Substitute Obligations.

          “Substitute Obligations” means a subordinated obligation issued in substitution for this
Security by the Bank or a Subsidiary with the same aggregate principal amount and interest rate and
payment dates as those of this Security and a maturity that is perpetual or is not earlier than May
9, 2038 and terms otherwise substantially identical to those of this Security, provided, that
unless the Bank itself is the issuer of the Substitute Obligations, the Bank (which may act through
a branch) guarantees on a subordinated basis, at least equal to the ranking of this Security, the
obligations of the new substitute obligor; provided, in each case, that (a) the Bank has received
the written opinion of a nationally recognized law firm in the United States that reinvestment in
such Substitute Obligation will not adversely affect the “qualified dividend income” eligibility
for purposes of Section 1(h)(11) of the Internal Revenue Code of 1986, as amended (or any successor
legislation), of capital payments on the Trust Preferred Securities issued by the Trust (the “Trust
Preferred Securities”), or cause the holders thereof to recognize gain or loss for U.S. federal
income tax purposes and (b) such substitution or replacement does not result in a Special
Redemption Event, and provided, further in each case that the Bank has obtained any required
regulatory approvals.

6

 

          “Subsidiary” means a subsidiary (i) that is consolidated with the Bank for German bank
regulatory purposes and (ii) of which the Bank owns or controls, directly or indirectly, more than
(x) fifty percent (50%) of the outstanding voting stock or other equity interest entitled
ordinarily to vote in the election of the directors or other governing body (however designated)
and (y) fifty percent (50%) of the outstanding capital stock or other equity interest.

          6. Taxation

          Payments of interest and principal in respect of this Security and any repayment upon
redemption thereof shall be payable free and clear of, and without deduction or withholding for, or
on account of, any present or future taxes, duties or other governmental charges of whatever nature
imposed, levied or collected by or on behalf of any Relevant Jurisdiction or by or on behalf of any
political subdivision or authority therein or thereof having the power to tax (all such taxes
herein called “Withholding Taxes”), unless such deduction or withholding is required by law. In
such event, the Bank shall pay as additional interest such amounts (“Additional Interest Amounts”)
as may be necessary in order that the net amount actually received by any Holder of this Security
after such deduction or withholding for or on account of Withholding Taxes, shall equal the amounts
such Holder would have received had no such Withholding Taxes been withheld or deducted from such
payment; provided, that the foregoing obligation of the Bank to pay such Additional
Interest Amounts shall not apply to any of the following:

          (i) any Withholding Tax which is payable otherwise than by deduction or withholding;

          (ii) any tax imposed on the net income of the Holder or beneficial owner hereof (or of any
Substitute Obligation) or that is payable by reason of the Holder or beneficial owner hereof (or of
any Substitute Obligation) having some connection with any Relevant Jurisdiction other than by
reason only of the mere holding or beneficial ownership of this Security (or of any Substitute
Obligation);

          (iii) any Withholding Taxes which are deducted or withheld pursuant to (i) European Council
Directive 2003/48/EC or any other European Union Directive or Regulation implementing the
conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings income,
or (ii) any international treaty or understanding entered into for the purpose of facilitating
cooperation in the reporting and collection of savings income and to which (x) the United States,
and (y) the European Union or Germany are parties, or (iii) any provision of law implementing, or
complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding;

          (iv) any Withholding Tax to the extent the same would not have been so imposed but for the
presentation of this Security (or of any Substitute Obligation) for payment on a date more than 15
days after the date on which such payment became due and payable or the date on which payment
thereof is duly provided for, whichever occurs later; or

          (v) to the extent such deduction or withholding can be avoided or reduced if the holder or
beneficial owner of the Trust Preferred Securities makes a declaration of non-residence or other
similar claim for exemption to the relevant tax authority or complies with any reasonable
certification, documentation, information or other reporting requirement imposed by the relevant
tax authority; provided, however, that the exclusion set forth in this clause shall not apply if
the certification, documentation, information or other reporting requirement would be materially
more onerous (in form, procedure or the substance of information required to be disclosed) to the
holder or the beneficial owner of Trust Preferred

7

 

Securities than comparable information or other reporting requirements imposed under U.S. tax
law, regulation and administrative practice (such as IRS Forms W-8 and W-9).

          7. Assignment

          (a) An assignment of any claims arising from this Security shall be valid only if the Holder
gives notice of the assignment in writing, stating the name and address of the assignee (a “Notice
of Assignment”) and surrenders the Security to the Bank. The parties to the assignment may agree
that the assignment shall become effective at a later date, provided, however, that
such agreement be specified in the Notice of Assignment for it to be effective against the Bank.

          (b) Upon receipt of the Notice of Assignment and the Security, the Bank shall promptly deliver
a new Security to the assignee registered in the assignee’s name. The terms and conditions of the
new registered security (the “New Security”) shall be identical to the terms and conditions of this
Security, although the New Security may state the principal amount due to the assignee and identify
the assignee as the Holder thereof as indicated in the Notice of Assignment.

          (c) If the Holder assigns claims only to some, but not all, of the Principal Amount of this
Security, paragraph (b) of this Section 7 shall apply mutatis mutandis to the Holder’s remaining
claims after the assignment.

          8. Jurisdiction

          The Bank irrevocably consents and agrees, for the benefit of the Holders from time to time of
this Security or of any security issued upon the registration of assignment hereof, or in exchange
hereof or in lieu hereof, that any legal action, suit or proceeding against it with respect to its
obligations or liabilities arising out of or in connection with this Security may be brought in the
courts in the City of New York and, until all amounts due and to become due in respect of this
Security have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction
of each such court in personam, generally and unconditionally with respect to any such action, suit
or proceeding for itself and in respect of its properties, assets and revenues.

          9. Notices

          (a) All notices to the Bank under this Security shall be in writing and addressed to the Bank
at Theodor-Heuss-Allee 70, D-60486 Frankfurt am Main, telecopier no. (+49) 69 910-35092; Attention:
Group Treasury, and with a copy to Group Legal Services of the Bank, Theodor-Heuss-Allee 70,
D-60486 Frankfurt am Main; or to such other address as the Bank may notify the registered Holder of
this Security.

          (b) Where this Security provides for notice to the Holder of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Holder at his last address as it appears in the Register.
Neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Where this
Security provides for notice in any manner, such notice may be waived in writing by the person
entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice.

          (c) In case, by reason of the suspension of or irregularities in regular mail service, it
shall be impractical to mail notice of any event to Holders of this Security when

8

 

such notice is required to be given pursuant to any provision of this Security, then any
manner of giving such notice as shall be reasonably satisfactory to the Bank shall be deemed to be
sufficient giving of such notice.

          10. Enforcement

          In the event the Bank shall fail to make any payment of interest and Additional Interest
Amounts, if any, any Holder of the Outstanding Securities may bring an action or proceeding to
enforce such payment, provided that the Bank is not in default in the payment of interest under any
indebtedness to which this Security is subordinated pursuant to Section 3 hereof. The Holders of
the Outstanding Securities shall have no right to accelerate payment of this Security in the case
of a failure of the Bank to make any payment of principal of, interest on, or other amounts owing
under, the Outstanding Securities or a failure to perform any other covenant of the Bank contained
in the Outstanding Securities.

          11. Amendments and Modifications

          (a) This Security, the rights and obligations of the Bank hereunder and the rights of the
Holder of this Security hereunder may be modified and amended, and any failure by the Bank to make
any payment of interest and Additional Interest Amounts hereunder may be waived, in each case with
the consent of the Holders of not less than a majority in aggregate Principal Amount of the
Outstanding Securities, provided that no such modification, amendment or waiver may, without the
consent of Holders of 100% in aggregate Principal Amount of the Outstanding Securities (i) waive a
failure to make any payment of interest or Additional Interest Amounts on, or change the stated
maturity of the interest or Additional Interest Amount on, any Outstanding Security, or reduce the
principal amount thereof or the rate of interest thereon, or change the obligation of the Bank to
pay Additional Interest Amounts, or change any place where, or the coin or currency in which, any
Outstanding Security or any interest or Additional Interest Amount thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or with respect to any
Outstanding Security; (ii) reduce the percentage of Outstanding Securities the consent of whose
Holders is required to modify or amend this Security or for the waiver of any past failure to make
payments of interest or Additional Interest Amounts; (iii) modify the obligations of the Bank
hereunder to maintain offices or agencies in Frankfurt am Main; (iv) modify the obligation of the
Bank to pay amounts under this Security; or (v) modify the above provisions, except to provide that
modification, amendment or waiver of other provisions of this Security shall not be effective as to
any Outstanding Security without the consent of the Holder of such Outstanding Security.

          (b) This Security may also be amended or modified by the Bank, without the consent of the
Holder of this Security (i) to add to the covenants of the Bank for the benefit of the Holder of
this Security, (ii) to surrender any right or power conferred upon the Bank, (iii) to cure any
ambiguity, correct or supplement any provisions of this Security which may be inconsistent with any
other provision herein or to make any other provisions with respect to matters or questions arising
under this Security, provided that such action shall not adversely affect the interests of the
Holder of this Security in any material respect.

          (c) Notwithstanding the foregoing, no amendment or modification of this Security may be made
which (i) limits the subordination provisions of this Security pursuant to Section 3 or (ii)
shortens the period prior to which the Bank can redeem this Security pursuant to Section 4.

9

 

          (d) Any amendment, modification or waiver of or to this Security and the rights and
obligations of the Bank hereunder and the rights of the Holder of this Security hereunder in
accordance with the foregoing provisions will be conclusive and binding upon the Holder of this
Security, and of any securities issued upon the registration of assignment hereof or in exchange
herefor or in lieu hereof, whether or not the Holder shall have given its consent and whether or
not notation of such amendment, modification or waiver is made upon this Security.

          12. Conditions Precedent

          The Bank hereby certifies and declares that all acts, conditions and things required to be
done and performed and to have happened precedent to the creation and issuance of this Security,
and to constitute the same a legal, valid and binding obligation of the Bank enforceable in
accordance with its terms, have been done and performed and have happened in due and strict
compliance with all applicable law.

          13. Governing Law

          This Security shall be governed by, and construed in accordance with, the laws of the State of
New York.

          14. Headings

          Headings and sub-headings are for ease of reference only and shall not affect the construction
of the terms of this Security.

10

 

          IN WITNESS WHEREOF, the Bank has caused this Security to be duly executed by two of its duly
authorized officers as of the date first above written.

	 	 	 	 	 
	 	DEUTSCHE BANK AKTIENGESELLSCHAFT

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:

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