Document:

exv4w1

 

Exhibit 4.1

     TRUST AGREEMENT, dated as of June 14, 2007, among DEUTSCHE BANK CONTINGENT CAPITAL LLC III, a
Delaware limited liability company (the “Sponsor”), and THE BANK OF NEW YORK, a New York banking
corporation (the “Property Trustee”), and DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware banking
corporation (the “Delaware Trustee”), as trustees (together with such other trustees as the Sponsor
may, from time to time, appoint hereunder, the “Trustees”). The Sponsor and the Trustees hereby
agree as follows:

     1. The trust created hereby shall be known as “Deutsche Bank Contingent Capital Trust III,” in
which name the Trustees, or the Sponsor to the extent provided herein, may conduct the business of
the Trust, make and execute contracts, and sue and be sued.

     2. The Sponsor hereby assigns, transfers, conveys and sets over to the Property Trustee the
sum of $10. The Property Trustee hereby acknowledges receipt of such amount in trust from the
Sponsor, which amount shall constitute the initial trust estate. The Sponsor shall be the initial
beneficial owner of the Trust. It is the intention of the parties hereto that the Trust created
hereby constitute a statutory trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§ 3801 et seq. (the “Statutory Trust Act”), and that this document constitute the governing
instrument of the Trust. The Trustees are hereby authorized, empowered and directed to execute and
file a certificate of trust in the office of the Secretary of State of the State of Delaware in the
form attached hereto. The Trust is hereby established by the Sponsor and the Trustees for the
purpose of (i) issuing trust preferred securities (“Preferred Securities”) representing undivided
beneficial interests in the assets of the Trust in exchange for cash and investing the proceeds
thereof in Class B Preferred Securities of the Sponsor, (ii) issuing and selling common securities
(“Common Securities” and, together with the Preferred Securities, “Trust Securities”) representing
undivided beneficial interests in the assets of the Trust to the Sponsor in exchange for cash and
investing the proceeds thereof in additional Class B Preferred Securities of the Sponsor and (iii)
engaging in such other activities as are necessary, convenient or incidental thereto.

     3. Concurrent with the first issuance of any Trust Securities by the Trust, the Sponsor and
the Trustees intend to enter into an amended and restated Trust Agreement, satisfactory to each
such party, to provide for the contemplated operation of the Trust created hereby and the issuance
of the Preferred Securities and the Common Securities referred to therein. Prior to the execution
and delivery of such amended and restated Trust Agreement, the Trustees shall not have any duty or
obligation hereunder or with respect to the trust estate other than (i) the execution of the
Certificate of Trust and (ii) the receipt and holding in trust of $10 as the initial trust estate.
The Sponsor, as agent for the Trust pursuant to Section 3806(b)(7) of the Statutory Trust Act,
shall take any and all action on behalf of the Trust prior to the execution and delivery of the
amended and restated Trust Agreement as may be necessary to obtain any licenses, consents or
approvals as required by applicable law or otherwise, and to take the actions contemplated by
paragraph 5 hereof.

 

 

     4. The Delaware Trustee is appointed to serve as the trustee of the Trust in the State of
Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the Statutory
Trust Act that the Trust have at least one trustee with a principal place of business in the State
of Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee shall
have none of the duties or liabilities of the other Trustees. The duties of the Delaware Trustee
shall be limited to (a) accepting legal process served on the Trust in the State of Delaware and
(b) the execution of any certificates required to be filed with the Delaware Secretary of State
which the Delaware Trustee is required to execute under Section 3811 of the Statutory Trust Act.
To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary
duties) and liabilities relating thereto to the Trust, the beneficial owners thereof or any other
person, it is hereby understood and agreed by the other parties hereto that, to the fullest extent
permitted by applicable law, such duties and liabilities are replaced by the duties and liabilities
of the Delaware Trustee expressly set forth in this Agreement.

     5. The Sponsor and the Trustees hereby authorize and direct the Sponsor, as the sponsor and
agent of the Trust, (i) to prepare an offering circular (the “Offering Circular”) in preliminary
and final form, in relation to the offering and sale of the Preferred Securities; (ii) to negotiate
the terms of, and execute on behalf of the Trust, a purchase agreement among the Trust, the Sponsor
and any underwriter, dealer or agent relating to the offer and sale of the Preferred Securities,
satisfactory to each such party; (iii) to execute and file on behalf of the Trust an application,
and all other applications, statements, certificates, agreements and other documents that shall be
necessary or desirable, to effect the listing of Trust Preferred Securities on the Luxembourg Stock
Exchange or the clearance of the Trust Preferred Securities through the facilities of Clearstream
Banking AG, Clearstream Bank, société anonyme, Luxembourg and Euroclear Banking S.A./N.V.; (iv) to
prepare or cause the preparation of and to file and execute on behalf of the Trust such
applications, reports, surety bonds, irrevocable consents, appointments of attorney for service of
process and other papers and documents as shall be necessary or desirable to register the Preferred
Securities under the securities or blue sky laws of such jurisdictions as the Sponsor, on behalf of
the Trust, may deem necessary or desirable; and (v) to execute and deliver on behalf of the Trust
any and all letters or documents to, or instruments for filing with, a depository relating to the
Preferred Securities of the Trust. In the event that any document or filing referred to in clauses
(iii) and (iv) above is required to be executed on behalf of the Trust by the Trustees, the
Trustees are hereby authorized and directed to join in any such filing and to execute on behalf of
the Trust any and all of the foregoing, it being understood that the Trustees shall not be required
to join in any such filing or execute on behalf of the Trust any such document unless required by
the rules and regulations of the Luxembourg Stock Exchange or such securities or blue sky laws.

     6. This Trust Agreement may be executed in one or more counterparts.

     7. The number of Trustees initially shall be two (2) and thereafter the number of Trustees
shall be such number as shall be fixed from time to time by a written instrument signed by the
Sponsor which may increase or decrease the number of Trustees; provided, however, that the number
of Trustees shall in no event be less than one (1); and provided, further, however, that to the
extent required by the Statutory Trust Act, one Trustee shall either be a natural person who is a
resident of the State of Delaware or, if not a natural person, an entity

 

 

which has its principal place of business in the State of Delaware and meets any other requirements
imposed by applicable law. Subject to the foregoing, the Sponsor is entitled to appoint or remove
without cause any Trustee at any time. Any Trustee may resign upon thirty (30) days prior notice
to the Sponsor provided that its office shall only terminate if there is at least one (1) remaining
Trustee satisfying the requirements of this Trust Agreement or if a successor trustee has been
appointed.

     8. The recitals contained in this Trust Agreement shall be taken as statements of the Sponsor,
and the Trustees do not assume any responsibility for their correctness. The Trustees make no
representations as to the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this Trust Agreement.

     9. (a) The Trustees (the “Fiduciary Indemnified Persons”) shall not be liable, responsible or
accountable in damages or otherwise to the Trust, the Sponsor, the Trustees or any holder of the
Trust Securities (the Trust, the Sponsor and any holder of the Trust Securities being a “Covered
Person”) for any loss, damage or claim incurred by reason of any act or omission performed or
omitted by the Fiduciary Indemnified Persons in good faith on behalf of the Trust and in a manner
the Fiduciary Indemnified Persons reasonably believed to be within the scope of authority conferred
on the Fiduciary Indemnified Persons by this Trust Agreement or by law, except that the Fiduciary
Indemnified Persons shall be liable for any such loss, damage or claim incurred by reason of the
Fiduciary Indemnified Person’s gross negligence or bad faith with respect to such acts or
omissions.

     (b) The Fiduciary Indemnified Persons shall be fully protected in relying in good faith upon
the records of the Trust and upon such information, opinions, reports or statements presented to
the Trust by any person as to matters the Fiduciary Indemnified Persons reasonably believes are
within such other person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of the Trust, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits, losses, or any other
facts pertinent to the existence and amount of assets from which distributions to holders of Trust
Securities might properly be paid.

     10. The Sponsor agrees, to the fullest extent permitted by applicable law,

     (a) to indemnify and hold harmless each Fiduciary Indemnified Person, or any of its officers,
directors, shareholders, employees, representatives or agents, from and against any loss, damage,
liability, tax, penalty, expense or claim of any kind or nature whatsoever incurred by the
Fiduciary Indemnified Persons by reason of the creation, operation or termination of the Trust in a
manner the Fiduciary Indemnified Persons reasonably believed to be within the scope of authority
conferred on the Fiduciary Indemnified Persons by this Trust Agreement, except that no Fiduciary
Indemnified Persons shall be entitled to be indemnified in respect of any loss, damage or claim
incurred by the Fiduciary Indemnified Persons by reason of gross negligence or willful misconduct
with respect to such acts or omissions; and

 

 

     (b) to advance expenses (including reasonable legal fees and expenses) incurred by a Fiduciary
Indemnified Person in defending any claim, demand, action, suit or proceeding shall, from time to
time, prior to the final disposition of such claim, demand, action, suit or proceeding, upon
receipt by the Trust of an undertaking by or on behalf of such Fiduciary Indemnified Persons to
repay such amount if it shall be determined that such Fiduciary Indemnified Person is not entitled
to be indemnified as authorized in the preceding subsection.

     11. The provisions of Section 9 and Section 10 shall survive the termination of this Trust
Agreement or the earlier resignation or removal of the Fiduciary Indemnified Persons.

     12. The Trust may terminate without issuing any Trust Securities at the election of the
Sponsor.

     13. This Trust Agreement and the rights of the parties hereunder shall be governed by and
interpreted in accordance with the laws of the State of Delaware and all rights and remedies shall
be governed by such laws without regard to the principles of conflict of laws.

[signature page follows]

 

 

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

	 	 	 	 	 
	 	DEUTSCHE BANK CONTINGENT CAPITAL LLC III, as Sponsor

BY: Deutsche Bank Aktiengesellschaft, a Federal

Republic of Germany corporation, as Member

 	 
	 	By:  	/s/ Jonathan Blake	 
	 	 	Name:  	Jonathan Blake	 
	 	 	Title:  	Director	 
	 	 	 
	 	By:  	/s/ Joachim Bartsch	 
	 	 	Name:  	Joachim Bartsch	 
	 	 	Title:  	Director	 
	 
	 	THE BANK OF NEW YORK, as Property Trustee

 	 
	 	By:  	/s/ Lesley Daley	 
	 	 	Name:  	Lesley Daley	 
	 	 	Title:  	Assistant Vice President	 
	 
	 	DEUTSCHE BANK TRUST COMPANY
DELAWARE, as Delaware Trustee

 	 
	 	By:  	/s/ Elizabeth B. Ferry	 
	 	 	Name:  	Elizabeth B. Ferry	 
	 	 	Title:  	Assistant Vice President	 
	 	 	 
	 	By:  	/s/ Michelle Siwik	 
	 	 	Name:  	Michelle Siwik	 
	 	 	Title:  	Associateexv4w3

 

Exhibit 4.3

LIMITED LIABILITY COMPANY AGREEMENT

OF

DEUTSCHE BANK CONTINGENT CAPITAL LLC III

     This Limited Liability Company Agreement (this “Agreement”) of Deutsche Bank Contingent
Capital LLC III is entered into by Deutsche Bank Aktiengesellschaft, a Federal Republic of Germany
corporation (the “Member”).

     The Member, by execution of this Agreement, hereby forms a limited liability company pursuant
to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101,
et seq.), as amended from time to time (the “Act”), and hereby agrees as follows:

     1. Name. The name of the limited liability company formed hereby is Deutsche Bank
Contingent Capital LLC III (the “Company”).

     2. Certificates. James G. Leyden, Jr., as an authorized person within the meaning of
the Act, shall execute, deliver and file the Certificate of Formation with the Secretary of State
of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of
State of the State of Delaware, his powers as an authorized person shall cease and the Member shall
thereafter be designated as an authorized person within the meaning of the Act. The Member or an
Officer (as defined herein) shall execute, deliver and file any other certificates (and any
amendments and/or restatements thereof) necessary for the Company to qualify to do business in a
jurisdiction in which the Company may wish to conduct business.

     3. Purpose. The Company is formed for the object and purpose of, and the nature of
the business to be conducted and promoted by the Company is, engaging in any lawful act or activity
for which limited liability companies may be formed under the Act.

     4. Powers. In furtherance of its purposes, but subject to all of the provisions of
this Agreement, the Company shall have the power and is hereby authorized to:

          a. acquire by purchase, lease, contribution of property or otherwise, own, hold, sell, convey,
transfer or dispose of any real or personal property which may be necessary, convenient or
incidental to the accomplishment of the purpose of the Company;

          b. act as a trustee, executor, nominee, bailee, director, officer, agent or in some other
fiduciary capacity for any person or entity and to exercise all of the powers, duties, rights and
responsibilities associated therewith;

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          c. take any and all actions necessary, convenient or appropriate as trustee, executor,
nominee, bailee, director, officer, agent or other fiduciary, including the granting or approval of
waivers, consents or amendments of rights or powers relating thereto and the execution of
appropriate documents to evidence such waivers, consents or amendments;

          d. operate, purchase, maintain, finance, improve, own, sell, convey, assign, mortgage, lease
or demolish or otherwise dispose of any real or personal property which may be necessary,
convenient or incidental to the accomplishment of the purposes of the Company;

          e. borrow money and issue evidences of indebtedness in furtherance of any or all of the
purposes of the Company, and secure the same by mortgage, pledge or other lien on the assets of the
Company;

          f. invest any funds of the Company pending distribution or payment of the same pursuant to the
provisions of this Agreement;

          g. prepay in whole or in part, refinance, recast, increase, modify or extend any indebtedness
of the Company and, in connection therewith, execute any extensions, renewals or modifications of
any mortgage or security agreement securing such indebtedness;

          h. enter into, perform and carry out contracts of any kind, including, without limitation,
contracts with any person or entity affiliated with the Member, necessary to, in connection with,
convenient to, or incidental to the accomplishment of the purposes of the Company;

          i. employ or otherwise engage employees, managers, contractors, advisors, attorneys and
consultants and pay reasonable compensation for such services;

          j. enter into partnerships, limited liability companies, trusts, associations, corporations or
other ventures with other persons or entities in furtherance of the purposes of the Company; and

          k. do such other things and engage in such other activities related to the foregoing as may be
necessary, convenient or incidental to the conduct of the business of the Company, and have and
exercise all of the powers and rights conferred upon limited liability companies formed pursuant to
the Act.

     5. Principal Business Office. The principal business office of the Company shall be
located at such location as may hereafter be determined by the Member.

     6. Registered Office. The address of the registered office of the Company in the
State of Delaware is c/o The Corporation Trust Company, 1209 Orange Street, Corporation Trust
Center, Wilmington, New Castle County, Delaware 19801.

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     7. Registered Agent. The name and address of the registered agent of the Company for
service of process on the Company in the State of Delaware is The Corporation Trust Company, 1209
Orange Street, Corporation Trust Center, Wilmington, New Castle County, Delaware 19801.

     8. Members. The name and the mailing address of the Member is set forth in the
records of the Company.

     9. Limited Liability. Except as otherwise provided by the Act, the debts, obligations
and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the
debts, obligations and liabilities of the Company, and the Member shall not be obligated personally
for any such debt, obligation or liability of the Company solely by reason of being a member of the
Company.

     10. Capital Contributions. The Member is deemed admitted as the Member of the Company
upon its execution and delivery of this Agreement. The Member will contribute $100 to the Company.

     11. Additional Contributions. The Member is not required to make any additional
capital contribution to the Company. However, a Member may make additional capital contributions
to the Company with the written consent of the Member.

     12. Allocation of Profits and Losses. The Company’s profits and losses shall be
allocated to the Member.

     13. Distributions. Distributions shall be made to the Member at the times and in the
aggregate amounts determined by the Member. Notwithstanding any provision to the contrary
contained in this Agreement, the Company shall not make a distribution to any Member on account of
its interest in the Company if such distribution would violate Section 18-607 of the Act or other
applicable law.

     14. Management. In accordance with Section 18-402 of the Act, management of the
Company shall be vested in the Member. The Member shall have the power to do any and all acts
necessary, convenient or incidental to or for the furtherance of the purposes described herein,
including all powers, statutory or otherwise, possessed by members of a limited liability company
under the laws of the State of Delaware. The Member has the authority to bind the Company.

     15. Officers. The Member may, from time to time as it deems advisable, appoint
officers of the Company (the “Officers”) and assign in writing titles (including, without
limitation, President, Vice President, Secretary, and Treasurer) to any such person. Unless the
Member decides otherwise, if the title is one commonly used for officers of a business corporation
formed under the Delaware General Corporation Law, the assignment of such title shall constitute
the delegation to such person of the authorities and duties that are normally

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associated with that office. Any delegation pursuant to this Section 15 may be revoked at any
time by the Member.

     16. Other Business. The Member may engage in or possess an interest in other business
ventures (unconnected with the Company) of every kind and description, independently or with
others. The Company shall not have any rights in or to such independent ventures or the income or
profits therefrom by virtue of this Agreement.

     17. Exculpation and Indemnification. No Member or Officer shall be liable to the
Company, or any other person or entity who has an interest in the Company, for any loss, damage or
claim incurred by reason of any act or omission performed or omitted by such Member or Officer in
good faith on behalf of the Company and in a manner reasonably believed to be within the scope of
the authority conferred on such Member or Officer by this Agreement, except that a Member or
Officer shall be liable for any such loss, damage or claim incurred by reason of such Member’s or
Officer’s willful misconduct. To the fullest extent permitted by applicable law, a Member or
Officer shall be entitled to indemnification from the Company for any loss, damage or claim
incurred by such Member or Officer by reason of any act or omission performed or omitted by such
Member or Officer in good faith on behalf of the Company and in a manner reasonably believed to be
within the scope of the authority conferred on such Member or Officer by this Agreement, except
that no Member or Officer shall be entitled to be indemnified in respect of any loss, damage or
claim incurred by such Member or Officer by reason of willful misconduct with respect to such acts
or omissions; provided, however, that any indemnity under this Section 17 shall be
provided out of and to the extent of Company assets only, and no Member shall have personal
liability on account thereof.

     18. Assignments. A Member may assign in whole or in part its limited liability
company interest with the written consent of the Member. If a Member transfers all of its interest
in the Company pursuant to this Section, the transferee shall be admitted to the Company upon its
execution of an instrument signifying its agreement to be bound by the terms and conditions of this
Agreement. Such admission shall be deemed effective immediately prior to the transfer, and,
immediately following such admission, the transferor Member shall cease to be a member of the
Company.

     19. Resignation. A Member may resign from the Company with the written consent of the
Member. If a Member is permitted to resign pursuant to this Section, an additional member shall be
admitted to the Company, subject to Section 20, upon its execution of an instrument signifying its
agreement to be bound by the terms and conditions of this Agreement. Such admission shall be
deemed effective immediately prior to the resignation, and, immediately following such admission,
the resigning Member shall cease to be a member of the Company.

     20. Admission of Additional Members. One (1) or more additional members of the
Company may be admitted to the Company with the written consent of the Member.

     21. Dissolution.

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          a. The Company shall dissolve, and its affairs shall be wound up upon the first to occur of
the following: (i) the written consent of the Member, (ii) the retirement, resignation or
dissolution of the Member or the occurrence of any other event which terminates the continued
membership of the Member in the Company unless the business of the Company is continued in a manner
permitted by the Act, or (iii) the entry of a decree of judicial dissolution under Section 18-802
of the Act.

          b. The bankruptcy of the Member will not cause the Member to cease to be a member of the
Company and upon the occurrence of such an event, the business of the Company shall continue
without dissolution.

          c. In the event of dissolution, the Company shall conduct only such activities as are
necessary to wind up its affairs (including the sale of the assets of the Company in an orderly
manner), and the assets of the Company shall be applied in the manner, and in the order of
priority, set forth in Section 18-804 of the Act.

     22. Separability of Provisions. Each provision of this Agreement shall be considered
separable and if for any reason any provision or provisions herein are determined to be invalid,
unenforceable or illegal under any existing or future law, such invalidity, unenforceability or
illegality shall not impair the operation of or affect those portions of this Agreement which are
valid, enforceable and legal.

     23. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original of this Agreement.

     24. Entire Agreement. This Agreement constitutes the entire agreement of the Member
with respect to the subject matter hereof.

     25. Governing Law. This Agreement shall be governed by, and construed under, the laws
of the State of Delaware (without regard to conflict of laws principles), all rights and remedies
being governed by said laws.

     26. Amendments. This Agreement may not be modified, altered, supplemented or amended
except pursuant to a written agreement executed and delivered by the Member.

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     IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed
this Agreement as of the 8th day of June, 2007. Pursuant to Section 18-201(d) of the Act, this
Agreement shall be effective as of June 8, 2007.

	 	 	 	 	 
	 	DEUTSCHE BANK AKTIENGESELLSCHAFT

 	 
	 	By:  	/s/ Jonathan Blake	 
	 	 	Name:  	Jonathan Blake	 
	 	 	Title:  	Director	 
	 
	 	 	 
	 	By:  	/s/ Joachim Bartsch	 
	 	 	Name:  	Joachim Bartsch	 
	 	 	Title:  	Director	 
	 

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