Document:

Exhibit 4.28

 Exhibit 4.28 

Execution Copy 
 Second
Supplemental Subordinated Indenture 
 DEUTSCHE BANK AKTIENGESELLSCHAFT, 

Issuer 
 AND 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

Trustee 
 AND 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

Paying Agent, Transfer Agent and Registrar and Authenticating Agent 

Second Supplemental Subordinated Indenture 

Dated as of April 1, 2015 

to the Subordinated Indenture 

Dated as of May 21, 2013 

4.50% Fixed Rate 

Subordinated Tier 2 Notes due 2025 

 TABLE OF CONTENTS 

 

							
			
	 ARTICLE 1
		DEFINITIONS AND INCORPORATION BY REFERENCE		 	1	 
			
	 Section 1.01
		Definitions		 	1	 
	 Section 1.02
		Incorporation by Reference of Trust Indenture Act		 	4	 
	 Section 1.03
		Rules of Construction		 	5	 
			
	 ARTICLE 2
		THE NOTES		 	6	 
			
	 Section 2.01
		Title and Terms		 	6	 
	 Section 2.02
		Form of Notes		 	7	 
	 Section 2.03
		Legends		 	8	 
	 Section 2.04
		Book-Entry Provisions for the Global Notes		 	10	 
	 Section 2.05
		Default		 	11	 
	 Section 2.06
		Status		 	12	 
	 Section 2.07
		Notes Subject to Resolution Measures		 	14	 
			
	 ARTICLE 3
		ADDITIONAL COVENANTS		 	18	 
			
	 Section 3.01
		Payment of Additional Amounts		 	18	 
	 Section 3.02
		Written Statement to Trustee		 	19	 
			
	 ARTICLE 4
		REDEMPTION OR REPURCHASE OF NOTES		 	20	 
			
	 Section 4.01
		Deposit of Redemption Price		 	20	 
	 Section 4.02
		Cessation of Interest Accrual		 	20	 
	 Section 4.03
		Tax Redemption		 	20	 
	 Section 4.04
		Redemption for Regulatory Reasons		 	21	 
	 Section 4.05
		Payment on the Maturity Date		 	21	 
	 Section 4.06
		Amounts to be Returned to the Issuer		 	21	 
	 Section 4.07
		Repurchase		 	21	 
			
	 ARTICLE 5
		SATISFACTION AND DISCHARGE OF SUPPLEMENTAL SUBORDINATED INDENTURE		 	22	 
			
	 Section 5.01
		Satisfaction and Discharge of Supplemental Subordinated Indenture		 	22	 
			
	 ARTICLE 6
		MISCELLANEOUS PROVISIONS		 	22	 
			
	 Section 6.01
		Scope of Supplemental Subordinated Indenture		 	22	 
	 Section 6.02
		Provisions of Supplemental Subordinated Indenture for the Sole Benefit of Parties and Holders of Notes		 	22	 
	 Section 6.03
		Successors and Assigns of Issuer Bound by Supplemental Subordinated Indenture		 	23	 
	 Section 6.04
		Notices and Demands on Issuer, Trustee, Agents and Holders of Notes		 	23	 
	 Section 6.05
		Mutilated and Lost Notes		 	24	 
	 Section 6.06
		Unclaimed Moneys		 	25	 
	 Section 6.07
		Payments Due on Saturdays, Sundays and Holidays		 	25	 
	 Section 6.08
		Conflict of any Provisions of Supplemental Subordinated Indenture with Trust Indenture Act		 	25	 
	 Section 6.09
		Governing Law as in Base Subordinated Indenture		 	25	 

  
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	 Section 6.10
		Counterparts		 	26	 
	 Section 6.11
		Effect of Headings		 	26	 
	 Section 6.12
		Submission to Jurisdiction		 	26	 
	 Section 6.13
		Not Responsible for Recitals or Issuance of Securities		 	26	 
	 Section 6.14
		Further Issues		 	26	 
	 Section 6.15
		Waiver of Right to Set-Off		 	27	 
			
	 ARTICLE 7
		SUPPLEMENTS TO SUPPLEMENTAL SUBORDINATED INDENTURE		 	27	 
			
	 Section 7.01
		Supplements without Consent of Holders		 	27	 
			
	 EXHIBIT
						
			
	 EXHIBIT A:
		Form of Global Note				

  
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 THIS SECOND SUPPLEMENTAL SUBORDINATED INDENTURE, dated as of April 1, 2015 among DEUTSCHE
BANK AKTIENGESELLSCHAFT (the “Issuer”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (the “Trustee”), and DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as Paying Agent, Transfer Agent and
Registrar and Authenticating Agent. 
 W I T N E S S E T H : 

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee a subordinated indenture, dated as of May 21, 2013 (the
“Base Subordinated Indenture”), providing for the issuance from time to time of one or more series of its subordinated unsecured debentures, notes or other evidences of indebtedness (the “Subordinated Debt
Securities”); 
 WHEREAS, Section 8.01(d) of the Base Subordinated Indenture provides that the Issuer and the Trustee may from
time to time enter into one or more indentures supplemental thereto to establish the form or terms of Subordinated Debt Securities; 

WHEREAS, the Issuer, pursuant to the foregoing authority, proposes in and by this second supplemental subordinated indenture (the
“Supplemental Subordinated Indenture” and, together with the Base Subordinated Indenture, the “Subordinated Indenture”) to supplement the Base Subordinated Indenture insofar as it will apply only to the 4.50% Fixed
Rate Subordinated Tier 2 Notes due 2025 (the “Notes”) issued hereunder (and not to any other series of Subordinated Debt Securities); and 

WHEREAS, all things necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered hereunder and duly
issued by the Issuer, the valid obligations of the Issuer, and to make this Supplemental Subordinated Indenture a valid agreement of the Issuer, in accordance with their and its terms; 

NOW, THEREFORE: 
 In
consideration of the premises and the purchases of the Notes by the holders thereof, the Issuer, DBTCA and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Notes as
follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions. Capitalized terms used herein but not defined shall have the meanings assigned to
them in the Base Subordinated Indenture 

  
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unless otherwise indicated. For all purposes of this Supplemental Subordinated Indenture and the Notes, the following terms are defined as follows: 

“Additional Amounts” has the meaning specified in Section 3.01. 

“Agent Member” has the meaning specified in Section 2.04. 

“Agents” means the Paying Agent, the Transfer Agent, the Registrar and the Authenticating Agent. 

“Authenticating Agent” means DBTCA. 

“Authorized Agent” has the meaning specified in Section 6.12. 

“Authorized Signatories” means any two persons acting together authorized by the Issuer, its articles of association or
otherwise under German law to act on behalf of the Issuer. 
 “Beneficial Owner” shall mean (i) if any Notes are in
global form, the beneficial owners of such Notes (and any interest therein) and (ii) if any Notes are in definitive form, the Holders in whose name such Notes are registered in the security register maintained by the Registrar on behalf of the
Issuer and any beneficial owners holding an interest in such Notes in definitive form. 
 “Business Day” means a day on
which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in New York City and London. 

“Code” has the meaning specified in Section 3.01 

“competent resolution authority” means any authority with the ability to exercise a Resolution Measure. 

“competent supervisory authority” means any authority primarily responsible for the prudential supervision of the Issuer.

 “corporation” means any corporation, association, limited liability company, company or business trust. 

“CRR” means Regulation (EU) No 575/2013 of the European Parliament and the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (including any provisions of regulatory law supplementing this Regulation); to the extent that any provisions of the CRR are amended or replaced, the
term CRR as used in the this Supplemental Subordinated Indenture and the terms of the Notes shall refer to such amended provisions or successor provisions. 

  
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 “Defaulted Interest” has the meaning specified in Section 2.05(a). 

“Depositary” means The Depository Trust Company, its nominees and their respective successors. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Fixed Interest Rate” means 4.50% per annum. 

“Global Notes” has the meaning specified in Section 2.02(a). 

“Holder,” “Holder of Notes” or other similar terms means the registered holder of any Note. 

“incorporated provision” has the meaning specified in Section 6.08. 

“Interest Payment Date” means each of April 1 and October 1, beginning October 1, 2015; provided,
however, in each case, that if any such date is not a Business Day, the Interest Payment Date shall be the next succeeding Business Day. 

“Issue Date” means April 1, 2015. 

“Issuer” means the company named as the “Issuer” in the first paragraph of this instrument until a successor Person
shall have become such pursuant to the applicable provisions of the Subordinated Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Order” means a written statement, request or order of the Issuer signed in its name by any two Authorized Signatories
of the Issuer. 
 “Maturity Date” means April 1, 2025. 

“Note” or “Notes” has the meaning specified to it in the third recital paragraph of this Supplemental
Subordinated Indenture. 
 “Paying Agent” means DBTCA, with respect to payments to be made in U.S. Dollars (or such other
currency as to which DBTCA or its agent has agreed to make payments hereunder), or any person authorized by the Issuer in accordance with Section 3.04 of the Base Subordinated Indenture. 

“Payment Claims” has the meaning specified in Section 2.06. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 

  
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 “Physical Notes” means Notes issued in definitive, fully registered form without
interest coupons. 
 “Record Date” means either a Regular Record Date or a Special Record Date, as the case may be. 

“Redemption Date,” when used with respect to any Note to be redeemed, means the date set for such redemption by or pursuant
to this Supplemental Subordinated Indenture. 
 “Redemption Price,” when used with respect to any Note to be redeemed
pursuant to Article 4 of this Supplemental Subordinated Indenture, means the amount equal to 100% of the principal amount of the Notes to be redeemed. 

“Registrar” means DBTCA. 

“Regular Record Date” in respect of interest on the Notes payable means the Business Day immediately preceding an Interest
Payment Date. 
 “Relevant Date” means the date on which the payment first becomes due but, if the full amount payable has
not been received by the Paying Agent on or before the due date, it means the date on which, the full amount having been so received. 

“Resolution Measure” has the meaning specified in Section 2.07(b). 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed pursuant to Section 2.05(a). 

“Transfer Agent” means DBTCA. 

“Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have become such pursuant to the applicable provisions of this Supplemental Subordinated Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“U.S. Dollar” means the coin or currency of the United States of America as at the time of payment is legal tender for the
payment of public and private debts. 
 “Withholding Taxes” has the meaning specified in Section 3.01. 

Section 1.02    Incorporation by Reference of Trust Indenture Act. Whenever this Supplemental Subordinated
Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Supplemental Subordinated Indenture. 

  
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 The following Trust Indenture Act terms used in this Supplemental Subordinated Indenture have the
following meanings: 
 “indenture securities” means the Notes; 

“indenture security holder” means a Holder; 

“indenture to be qualified” means the Subordinated Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes means the Issuer and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this Supplemental Subordinated Indenture that are defined by the Trust Indenture Act, defined by
Trust Indenture Act reference to another statute or defined by U.S. Securities Exchange Commission rule have the meanings assigned to them by such definitions. 

Section 1.03     Rules of Construction.  

(a)         For all purposes of this Supplemental Subordinated Indenture, except as otherwise
expressly provided or unless the context otherwise requires: 
 (1)         the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; and 

(2)         the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Supplemental Subordinated Indenture as a whole and not to any particular Article, Section or other subdivision. 

(b)         Capitalized terms used herein but not otherwise defined shall have the meanings assigned
to them in the Base Subordinated Indenture. 
 (c)         To the extent the terms of the Base
Subordinated Indenture are inconsistent with provisions of this Supplemental Subordinated Indenture, the terms of this Supplemental Subordinated Indenture shall govern, but only with respect to the Notes. 

  
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 ARTICLE 2 

THE NOTES 

Section 2.01    Title and Terms. 

(a)        The Notes shall be known and designated as the “4.50% Fixed Rate Subordinated Tier 2
Notes due 2025” of the Issuer. The aggregate principal amount of the Notes that may be authenticated and delivered under this Supplemental Subordinated Indenture shall not initially exceed $1,500,000,000 (except as otherwise provided in the
Subordinated Indenture). The Notes shall be issuable in minimum denominations of $200,000 principal amount and integral multiples of $1,000 in excess thereof. 

(b)        The Notes are intended to qualify as Tier 2 capital (Ergänzungskapital) of the
Issuer under the CRR. 
 (c)        The Notes shall be due and payable on the Maturity Date unless
previously redeemed or repurchased and cancelled. 
 (d)        Subject to the imposition of any
Resolution Measure or a redemption pursuant to Article 4, the Notes shall bear interest from (and including) the Issue Date to (but excluding) the Maturity Date at the Fixed Interest Rate. Interest shall be payable semi-annually in arrears on each
Interest Payment Date. 
 (e)        Interest on the Notes shall be computed on the basis of a
360-day year of twelve 30-day months. 
 (f)        A Holder of any Note at the close of business on
a Regular Record Date shall be entitled to receive interest on such Note on the corresponding Interest Payment Date. 

(g)        Principal of and interest on Global Notes shall be payable to the Depositary by wire in
immediately available funds by the Paying Agent (subject to the Paying Agent’s receipt of such funds as provided under Section 3.04(c) of the Base Subordinated Indenture). 

(h)        Principal on Physical Notes shall be payable at the office or agency of the Issuer
maintained for such purpose, initially the office of the Paying Agent. U.S. dollar payments of interest, other than interest due at maturity or any date of redemption or repayment, will be made by U.S. dollar check mailed to the address of the
person entitled thereto as such address shall appear in the register of the Notes. A Holder of U.S. $10,000,000 or more in aggregate principal amount of Notes having the same Interest Payment Date, the interest on which is payable in U.S. dollars,
will be entitled to receive payments of interest, other than interest due at maturity or on any date of redemption or repayment, by wire transfer of immediately available 

  
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funds if appropriate wire transfer instructions have been received by the Paying Agent in writing not less than 15 calendar days prior to the applicable Interest Payment Date. 

Section 2.02    Form of Notes.  

(a)        Except as otherwise provided pursuant to this Section 2.02, the Notes are issuable in fully
registered, global form without coupons in substantially the form of Exhibit A hereto (the “Global Notes”), each of which representing a maximum of U.S. $500,000,000 principal amount of all such Notes that have the same original
issue date, Maturity Date and other terms, with such applicable legends as are provided for in Section 2.03. The Notes are not issuable in bearer form or with detachable coupons. The terms and provisions contained in the form of Notes shall
constitute, and are hereby expressly made, a part of this Supplemental Subordinated Indenture and to the extent applicable, the Issuer and the Trustee, by their execution and delivery of this Supplemental Subordinated Indenture, expressly agree to
such terms and provisions and to be bound thereby. Any of the Notes may have such letters, numbers or other markings of identification and such notations, legends and endorsements as the officers executing the same may approve (execution thereof to
be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental Subordinated Indenture and the Base Subordinated Indenture, or as may be required to comply with any law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage. 

(b)        Each Global Note shall be duly executed by the Issuer and authenticated and delivered by
the Trustee (or the Authenticating Agent on behalf of the Trustee) and shall be registered in the name of the Depositary or its nominee and retained by the Registrar, as custodian, at its corporate trust office. The aggregate principal amount of
each Global Note may from time to time be increased or decreased by adjustments made on the records of the Registrar, as custodian, and of the Depositary or its nominee, as hereinafter provided. 

(c)        DBTCA has been appointed Registrar and Transfer Agent for the Notes, and DBTCA will
maintain at its office in The City of New York a register for the registration and transfer of Notes. The Notes may be transferred at either the aforesaid New York office of DBTCA by surrendering the Notes for cancellation, accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Registrar and duly executed by the registered Holder thereof in person or by the Holder’s attorney duly authorized in writing, and thereupon the Registrar shall issue in the name
of the transferee or transferees, in exchange therefor, a new Note or 

  
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Notes having identical terms and provisions and having a like aggregate principal amount in authorized denominations, subject to the terms and conditions set forth therein; provided, however,
that the Registrar will not be required (i) to register the transfer of or exchange any Note that has been called for redemption in whole or in part, except the unredeemed portion of Notes being redeemed in part, (ii) to register the
transfer of or exchange any Note if the Holder thereof has exercised its right, if any, to require the Issuer to repurchase such Note in whole or in part, except the portion of such Note not required to be repurchased, or (iii) to register the
transfer of or exchange Notes to the extent and during the period so provided in the Subordinated Indenture with respect to the redemption of Notes. Notes are exchangeable at said offices for other Notes of other authorized denominations of equal
aggregate principal amount having identical terms and provisions. All such registrations, exchanges and transfers of Notes will be free of service charge, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental
charge in connection therewith. All Notes surrendered for exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar and executed by the registered Holder in person or by the Holder’s
attorney duly authorized in writing. The date of registration of any Note delivered upon any exchange or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer. 

Section 2.03    Legends. Each Global Note shall also bear the following legends on the face thereof: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN (OR AN INTEREST IN THE NOTES REPRESENTED HEREBY). 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN DEFINITIVE REGISTERED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
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 EACH ACQUIRER AND EACH TRANSFEREE OF BENEFICIAL INTERESTS IN THIS NOTE IS DEEMED TO REPRESENT, WARRANT AND AGREE
THAT AT THE TIME OF ITS ACQUISITION AND THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE OR ANY INTEREST HEREIN (1) EITHER (A) IT IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTES OR ANY INTEREST THERE IN IT
WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), SUBJECT TO THE PROVISIONS OF PART 4 OF
SUBTITLE B OF TITLE I OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, (“CODE”), APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH AN
EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS
THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR THE PROHIBITED TRANSACTION PROVISIONS OF ERISA AND/OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”), AND NO PART OF THE ASSETS USED BY IT TO ACQUIRE OR HOLD THIS NOTE OR ANY
INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY BENEFIT PLAN INVESTOR OR SUCH A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, OR (B) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR AN INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE OR
OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH OR NON U.S. PLAN, A NON-EXEMPT VIOLATION OF ANY SIMILAR LAWS); (2) NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR, WITH RESPECT TO A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, ANY DEFINITION OF “FIDUCIARY” UNDER SIMILAR LAWS) WITH RESPECT TO THE PURCHASER
OR HOLDER IN CONNECTION WITH ANY PURCHASE OR HOLDING OF THE NOTES, OR AS A RESULT OF ANY EXERCISE BY THE ISSUER OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND NO ADVICE PROVIDED BY THE ISSUER OR ANY OF ITS AFFILIATES HAS
FORMED A PRIMARY BASIS FOR ANY INVESTMENT DECISION BY OR ON BEHALF OF THE PURCHASER AND HOLDER IN CONNECTION WITH THE NOTES AND THE TRANSACTIONS CONTEMPLATED WITH 

  
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RESPECT TO THE NOTES; AND (3) IT WILL NOT SELL OR OTHERWISE TRANSFER THIS NOTE OR ANY INTEREST HEREIN OTHERWISE THAN TO A PURCHASER OR TRANSFEREE THAT IS DEEMED TO MAKE THESE SAME
REPRESENTATIONS, WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE. 

Section 2.04    Book-Entry Provisions for the Global Notes. 

(a)      The Global Notes initially shall: 

(1)        be registered in the name of the Depositary (or a nominee thereof); and

 (2)        be delivered to the Registrar as custodian for such Depositary. 

Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Supplemental Subordinated
Indenture with respect to any Global Note held on their behalf by the Depositary, or the Registrar as its custodian, or under such Global Note, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee
as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing contained herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

(b)        The Holder of a Global Note may grant proxies and otherwise authorize any Person, including
Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Supplemental Subordinated Indenture, the Base Subordinated Indenture or the Notes. 

(c)        A Global Note may not be transferred, in whole or in part, to any Person other than the
Depositary (or a nominee thereof), and no such transfer to any such other Person may be registered. Beneficial interests in a Global Note may be transferred in accordance with the rules and procedures of the Depositary. 

(d)        If at any time, the Depositary notifies the Issuer in writing that it is no longer willing
or able to continue to act as Depositary for the Global Notes, or the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary for the Global Notes is not appointed by the Issuer within 90
days of such notice or cessation, the Depositary shall surrender such Global Note or Global Notes to the Registrar 

  
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for cancellation and the Issuer shall execute, and the Trustee, upon receipt of an Officers’ Certificate and Issuer Order for the authentication and delivery of Notes, shall authenticate and
deliver, in exchange for such Global Note or Global Notes, Physical Notes in an aggregate principal amount equal to the aggregate principal amount of such Global Note or Global Notes. Such Physical Notes shall be registered in such names as the
Depositary shall identify in writing as the beneficial owners of the Notes represented by such Global Note or Global Notes (or any nominee thereof). 

(e)        Notwithstanding the foregoing, in connection with any transfer of beneficial interests in a
Global Note to the beneficial owners thereof pursuant to Section 2.04(d), the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the
beneficial interests in such Global Note to be transferred. 
 Section 2.05     Default. 

(a) Subject to the imposition of any Resolution Measure, if the Issuer fails to make a payment of interest on any Note when due and payable
for reasons other than pursuant to the subordination provisions of the Notes (“Defaulted Interest”), it shall pay such Defaulted Interest plus (to the extent lawful) any interest payable on the Defaulted Interest, in any lawful
manner. The Issuer may elect to pay any Defaulted Interest, plus any such interest payable on it, to the Persons who are Holders of such Notes on which the interest is due on a subsequent Special Record Date. The Issuer shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each such Note. The Issuer shall fix any such Special Record Date and payment date for such payment. At least 15 days before any such Special Record Date, the Issuer shall mail to
Holders affected thereby a notice that states the Special Record Date, the Interest Payment Date and amount of such interest to be paid. 

(b)        If the Issuer does not make payments of principal of, interest on, or other amounts owing
under the Notes when due for reasons other than (i) pursuant to the subordination provisions of the Notes or (ii) due to a Resolution Measure, the Issuer will be in default on its obligations under the Subordinated Indenture. In such case,
the Trustee and the Holders of the Notes may take action against the Issuer, but they may not accelerate the maturity of the Notes. If the Issuer fails to make any payments of principal of, interest on or other amounts owing under the Notes when due
(i) pursuant to the subordination provisions of the Notes or (ii) due to a Resolution Measure, the Trustee and the Holders will not be permitted to take such action. Moreover, the parties hereto acknowledge that in the event of a
Resolution Measure, the Holders may permanently lose the right to the affected amounts and each Holder (including each Beneficial Holder) shall, 

  
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by acquiring any Notes, be bound, and will be deemed to have consented, as provided in Section 2.07. Furthermore, if the Issuer becomes subject to German insolvency proceedings, the Trustee and
Holders of the Notes will have no right to file a claim against the Issuer unless the competent insolvency court allows the filing of subordinated claims. 

(c)        Upon the occurrence of any Event of Default or any default in the payment of principal of,
interest on, or other amounts owing under the Notes, the Issuer shall give prompt written notice to the Trustee. In accordance with the Subordinated Indenture, the Trustee may proceed to protect and enforce its rights and the rights of the Holders
of the Notes whether in connection with any breach by the Issuer of its obligations under the Notes, the Subordinated Indenture or otherwise, by such judicial proceedings as the Trustee shall deem most effective, provided that the Issuer
shall not, as a result of the bringing of such judicial proceedings, be required to pay any amount representing or measured by reference to principal or interest on the Notes prior to any date on which the principal of, or any interest on, the Notes
would have otherwise been payable. 
 (d)        Other than the limited remedies specified above, no
remedy against the Issuer shall be available to the Trustee or the Holders of the Notes whether for the recovery of amounts owing in respect of the Notes or under the Subordinated Indenture or in respect of any breach by the Issuer of its
obligations under the Subordinated Indenture or in respect of the Notes, except that the Trustee and the Holders shall have such rights and powers as they are required to have under the Trust Indenture Act, and provided that any payments are
subject to the subordination provisions of the Notes and the Subordinated Indenture, and any Resolution Measure. 

Section 2.06    Status.  

(a)        The obligations under the Notes constitute unsecured and subordinated obligations of the
Issuer ranking pari passu among themselves and pari passu with all other subordinated obligations of the Issuer (except as otherwise provided by applicable law or the terms of any other indebtedness, and in particular, if such
obligations are expressed to rank junior to the Notes, then the Notes shall rank senior to such junior obligations, but junior to unsubordinated debt). Any right to set off any claims for interest, repayment and any other claims under the Notes
(“Payment Claims”) against claims of the Issuer will be excluded. No collateral or guarantee shall be given to secure Payment Claims. The Payment Claims shall be subordinated in the event of insolvency or liquidation of the Issuer
to the claims of all other creditors which are not also subordinated and shall, in any such event, only be satisfied after all claims against the Issuer which are not subordinated have been satisfied in full. No subsequent agreement may limit the
subordination pursuant to the provisions set out in this section or shorten the term of the 

  
 12 

 
Notes or any applicable notice period. No security or guarantee of whatever kind is, or will at any time be, provided by the Issuer or any other person securing rights of Holders under the Notes.

 (b)    The second paragraph of Section 2.03 of the Base Subordinated Indenture, which reads as
follows, shall, as applicable to the Notes, be deleted in its entirety: 
 “The Securities may be issued in one or more series and each such series
shall rank equally and pari passu with all other unsecured and subordinated debt of the Issuer (unless such debt is expressed to rank junior to the Securities, in which case the Securities shall rank senior to such junior debt, but junior to the
Senior Indebtedness), save for any debt preferred by mandatory provisions of law. There shall be established in one or more Board Resolutions, in one or more Officers’ Certificates detailing such establishment or in one or more indentures
supplemental hereto, prior to the initial issuance of Securities of any series:” 
 and shall be replaced with the following: 

“The Securities may be issued in one or more series and each such series shall rank equally and pari passu with all other unsecured and
subordinated debt of the Issuer (except as otherwise provided by applicable law or the terms of any other indebtedness, and in particular, if such debt is expressed to rank junior to the Securities, then the Securities shall rank senior to such
junior debt, but junior to the Senior Indebtedness), save for any debt preferred by mandatory provisions of law. There shall be established in one or more Board Resolutions, in one or more Officers’ Certificates detailing such establishment or
in one or more indentures supplemental hereto, prior to the initial issuance of Securities of any series:”. 
 (c)
    Section 13.01 of the Base Subordinated Indenture, which reads as follows, shall, as applicable to the Notes, be deleted in its entirety: 

“The Securities (including any Coupons relating thereto) constitute the direct, unconditional and unsecured obligations of the Issuer ranking without
preference or priority among themselves. The obligations of the Issuer under the terms of the Securities, whether on account of principal, interest or otherwise, are subordinated to the Senior Indebtedness of the Issuer and will rank junior to the
claims of the holders of all Senior Indebtedness of the Issuer in the event of bankruptcy or insolvency (Insolvenzverfahren), suspension of payments, dissolution, liquidation (Liquidation) or winding up of the Issuer, but will rank at
least pari passu with the claims of the holders of all other subordinated indebtedness of the Issuer, except that it shall rank in priority to the claims of the holders of any subordinated indebtedness of the Issuer that by its express terms
is stated to rank junior to the Securities. In the event of bankruptcy or insolvency, suspension of payments, dissolution, liquidation or winding up of the Issuer, no amounts will be payable under the Securities until the claims of all creditors of
Senior Indebtedness have been satisfied in full.” 

  
 13 

 and shall be replaced with the following: 

“The Securities (including any Coupons relating thereto) constitute the direct, unconditional and unsecured obligations of the Issuer
ranking without preference or priority among themselves. The obligations of the Issuer under the terms of the Securities, whether on account of principal, interest or otherwise, are subordinated to the Senior Indebtedness of the Issuer and will rank
junior to the claims of the holders of all Senior Indebtedness of the Issuer in the event of bankruptcy or insolvency (Insolvenzverfahren), suspension of payments, dissolution, liquidation (Liquidation) or winding up of the Issuer, but
will rank at least pari passu with the claims of the holders of all other subordinated indebtedness of the Issuer, except as otherwise provided by applicable law or the terms of any such other indebtedness, and in particular, they shall rank
in priority to the claims of the holders of any subordinated indebtedness of the Issuer that by its express terms is stated to rank junior to the Securities. In the event of bankruptcy or insolvency, suspension of payments, dissolution, liquidation
or winding up of the Issuer, no amounts will be payable under the Securities until the claims of all creditors of Senior Indebtedness have been satisfied in full.” 

Section 2.07    Notes Subject to Resolution Measures. 

(a)    By acquiring any Notes, each Holder (including Beneficial Holders) shall be bound by and will be
deemed to consent to the imposition of any Resolution Measure by the competent resolution authority. 

(b)    Under the relevant resolution laws and regulations as applicable to the Issuer from time to time,
the Notes may be subject to the powers exercised by the competent resolution authority to: 
  

	 	(i)	write down, including write down to zero, the claims for payment of the principal amount, the interest amount or any other amount in respect of the Notes; 

 

	 	(ii)	convert the Notes into ordinary shares or other instruments qualifying as core equity tier 1 capital; and/or 

  

	 	(iii)	apply any other resolution measure, including, but not limited to, (A) any transfer of the Notes to another entity, (B) the amendment of the terms and conditions of the Notes or (C) the cancellation of
the Notes. 

 each, a “Resolution Measure” 

  
 14 

 For the avoidance of doubt, any non-payment by the Issuer arising out of any such
Resolution Measure will not constitute a failure by the Issuer under the terms of the Notes or the Subordinated Indenture to make a payment of principal of, interest on, or other amounts owing under the Notes. 

(c)    By its acquisition of the Notes, each Holder (including each Beneficial Owner) shall be deemed
irrevocably to have agreed: 
  

	 	(i)	to be bound by any Resolution Measure; 

  

	 	(ii)	that it will have no claim or other right against the Issuer arising out of any Resolution Measure; and 

  

	 	(iii)	that the imposition of any Resolution Measure will not constitute a default or an Event of Default under the Subordinated Indenture or for the purpose of the Trust Indenture Act (including, without limitation,
Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act). 

(d)    The terms and conditions of the Notes shall continue to apply in relation to the residual
principal amount of, or outstanding amount payable in respect of, the Notes, subject to any modification of the amount of interest payable, if any, to reflect the reduction of the principal amount, and any further modification of the terms that the
competent resolution authority may decide in accordance with applicable laws and regulations relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated in the Federal Republic of Germany.

 (e)    No repayment of any then-current principal amount of the Notes or payment of interest or any
other amount thereon (to the extent of the portion thereof affected by the imposition of a Resolution Measure) shall become due and payable after the imposition of any Resolution Measure by the competent resolution authority, unless such repayment
or payment would be permitted to be made by the Issuer under the laws and regulations of the Federal Republic of Germany then applicable to the Issuer. 

(f)    By its acquisition of the Notes, each Holder (including each Beneficial Owner) waives, to the
fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against the Trustee and the Agents for, agrees not to initiate a suit against the Trustee or the Agents in respect of, and agrees that the Trustee and the
Agents shall not be liable for, any action that the Trustee or any of the Agents takes, or abstains from taking, in either case in accordance with the imposition of a Resolution Measure by the competent resolution authority with respect to the
Notes. 

  
 15 

 (g)    Upon the imposition of a Resolution Measure by the
competent resolution authority with respect to the Notes, the Issuer shall provide a written notice directly to the Holders in accordance with Section 11.04 of the Base Subordinated Indenture as soon as practicable regarding such imposition of
a Resolution Measure by a competent resolution authority for purposes of notifying Holders of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee and the Agents for information purposes, and the Trustee and the Agents
shall be entitled to rely, and will not be liable for relying, on the competent resolution authority and the Resolution Measure identified in such notice. Any delay or failure by the Issuer to give notice shall not affect the validity or
enforceability of any Resolution Measure nor the effects thereof on the Notes. 
 (h)    If the Issuer
has elected to redeem any Notes but the competent resolution authority has imposed a Resolution Measure with respect to the Notes prior to the payment of the redemption amount for the Notes, the relevant redemption notice, if any, shall be
automatically rescinded and shall be of no force and effect, and no payment of the redemption amount will be due and payable. 

(i)    Upon the imposition of any Resolution Measure by the competent resolution authority, the Trustee
shall not be required to take any further directions from Holders of the Notes under Section 5.09 of the Base Subordinated Indenture, which section authorizes Holders of a majority in aggregate principal amount of the Notes at the time
Outstanding to direct certain actions relating to the Notes, and if any such direction was previously given under Section 5.09 of the Base Subordinated Indenture to the Trustee by the Holders, it shall automatically cease to be effective, be
null and void and have no further effect. The Indenture shall impose no duties, obligations or liabilities upon the Trustee or the Agents whatsoever with respect to the imposition of any Resolution Measure by the competent resolution authority, and
the Trustee and the Agents shall be fully protected in acting or refraining from acting in accordance with a Resolution Measure. Notwithstanding the foregoing, if, following completion of the imposition of a Resolution Measure by the competent
resolution authority, the Notes remain outstanding (for example, if the imposition of a Resolution Measure results in only a partial write-down of the principal of the Notes), then the Trustee’s and the Agents’ duties under the
Subordinated Indenture shall remain applicable with respect to the Notes following such completion to the extent that the Issuer, the Trustee and the Agents agree pursuant to a supplemental indenture, unless the Issuer, the Trustee and the Agents
agree that a supplemental indenture is not necessary. 
 (j)    By the acquisition of the Notes, each
Holder (including each Beneficial Owner) shall be deemed irrevocably to have (i) consented to the imposition of any Resolution Measure as it may be imposed without any 

  
 16 

 
prior notice by the competent resolution authority of its decision to exercise such power with respect to the Notes and (ii) authorized, directed and requested the Depositary and any direct
participant in the Depositary or other intermediary through which it holds such Notes to take any and all necessary action, if required, to implement the imposition of any Resolution Measure with respect to the Notes as it may be imposed, without
any further action or direction on the part of such Holders of the Notes, the Trustee or the Agents. 

(k)    If the competent resolution authority imposes a Resolution Measure with respect to less than the
total outstanding principal amount of the Notes, unless the Trustee or the Agents are otherwise instructed by the Issuer or the competent resolution authority, any cancellation, write-off or conversion into equity made in respect of the Notes
pursuant to the Resolution Measure will be made on a substantially pro rata basis among the Notes of any series. 

(l)    The Issuer’s obligations to indemnify the Trustee and the Agents in accordance with Sections
6.02 and 6.06 of the Base Subordinated Indenture shall survive the imposition of a Resolution Measure by the competent resolution authority with respect to the Notes. 

(m)    The following sentence in Section 5.01(a) of the Base Subordinated Indenture, which reads as
follows, shall, as applicable to the Notes, be deleted in its entirety: 
 “In particular, neither non-viability (as defined under the laws governing
the supervision of financial institutions, as applicable in the Federal Republic of Germany) nor a Regulatory Bail-in in connection therewith will constitute an Event of Default with respect to the Securities.” 

and shall be replaced with the following: 
 “In particular,
neither non-viability (as defined under the laws governing the supervision of financial institutions, as applicable in the Federal Republic of Germany) nor the imposition of a Resolution Measure will constitute an Event of Default with respect to
this Indenture or the Securities. As used in this Section 5.01, Resolution Measure shall have the meaning set forth in the Second Supplemental Subordinated Indenture dated April 1, 2015.” 

(n)    The following sentence in Section 5.07 of the Base Subordinated Indenture, which reads as
follows, shall, as applicable to the Notes, be deleted in its entirety: 
 “Notwithstanding any other provision in this Indenture and any provision of
any Security, the right of any Holder of any Security or Coupon to receive payment of the principal of and interest on such Security or Coupon on or after the respective due dates expressed in such Security or Coupon, or to institute suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.” 

  
 17 

 and shall be replaced with the following: 

“To the extent required by the Trust Indenture Act, and subject to the subordination and the other provisions in the Securities but otherwise
notwithstanding any other provision in this Indenture, the right of any Holder of any Security or Coupon to receive payment of the principal of and interest on such Security or Coupon, if any, on or after the respective due dates expressly provided
for pursuant to the terms of the Securities or Coupon, or to institute suit for the enforcement of any such payment, if any, on or after such respective dates, shall not be impaired or affected without the consent of such Holder.” 

ARTICLE 3 

ADDITIONAL COVENANTS 

In addition to the covenants set forth in Article 3 of the Base Subordinated Indenture, the Notes shall be subject to the additional covenants
set forth in this Article 3 of this Supplemental Subordinated Indenture. 
 Section 3.01     Payment of
Additional Amounts. All amounts payable in respect of the Notes shall be made without deduction or withholding for or on account of any present or future taxes, duties or governmental charges of any nature whatsoever imposed or levied by way of
deduction or withholding by or on behalf of the Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to tax (“Withholding Taxes”), unless such deduction or withholding is required
by law. 
 In such event, the Issuer shall, to the fullest extent permitted by law, pay such additional amounts of principal and interest
(“Additional Amounts”) as will be necessary in order that the net amounts received by the Holders, after such withholding or deduction, will equal the respective amounts which would otherwise have been receivable in the absence of
such withholding or deduction; except that no such Additional Amounts shall be payable on account of any taxes, duties or governmental charges which: 

(a)        are payable by any person acting as custodian bank or collecting agent on
the Holder’s behalf, or otherwise in any manner which does not constitute a deduction or withholding by the Issuer from payments of principal or interest made by the Issuer; or 

(b)        are payable by reason of the Holder’s having, or having had, some
personal or business connection with the Federal Republic of Germany and not merely by reason of the fact that payments in respect of the Notes are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in, the
Federal Republic of Germany; or 

  
 18 

 (c)        are deducted or withheld
pursuant to (i) any European Union Directive or Regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Federal Republic of Germany or the European
Union is a party; or 
 (d)        any provision of law implementing, or complying
with, or introduced to conform with, such Directive, Regulation, treaty or understanding; or 

(e)        are presented for payment more than 30 days after the Relevant Date except
to the extent that the Holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period of 30 days assuming that day to have been a Business Day; or 

(f)        are withheld or deducted in relation to a Note that is presented for
payment by or on the Holder’s behalf if it would have been able to avoid such withholding or deduction by presenting the relevant Note to another paying agent in a member state of the European Union; or 

(g)        are deducted or withheld by the Paying Agent from a payment if the payment
could have been made by another paying agent without such deduction or withholding; or 

(h)        would not be payable if the Notes had been kept in safe custody with, and
the payments had been collected by, a banking institution; or 
 (i)        are
payable by reason of a change in law or practice that becomes effective more than 30 days after the relevant payment of principal or interest becomes due, or is duly provided for and notice thereof is given in accordance with Section 11.04 of
the Base Subordinated Indenture, whichever occurs later. 
 Moreover, all amounts payable in respect of the Notes shall be made subject to compliance with
Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (the “Code”, commonly referred to as the “Foreign Account Tax Compliance Act” or “FATCA”) and any applicable agreement described in
Section 1471(b) of the Code. The Issuer shall have no obligation to pay additional amounts or otherwise indemnify a Holder in connection with any such compliance with the Code. 

Section 3.02    Written Statement to Trustee. The Issuer will furnish to the Trustee on or before
March 31 in each year (beginning with March 31, 2016) a brief certificate that complies with the requirements of the Trust Indenture Act (but which need not comply with Section 11.05 of the Base Subordinated Indenture) from the
principal executive, financial or accounting officer of the Issuer stating that in the course of the performance by the signer of his duties as 

  
 19 

 
an officer of the Issuer he would normally have knowledge of any default or non-compliance by the Issuer in the performance of any covenants or conditions contained in this Supplemental
Subordinated Indenture, stating whether or not he has knowledge of any such default or non-compliance and, if so, specifying each such default or non-compliance of which the signer has knowledge and the nature thereof. 

ARTICLE 4 

REDEMPTION OR REPURCHASE OF NOTES 

Section 4.01    Deposit of Redemption Price. Prior to 10:00 a.m., New York City time, on any Redemption Date,
the Issuer shall deposit with the Paying Agent an amount of money sufficient to pay the Redemption Price in respect of all the Notes to be redeemed on that Redemption Date and accrued and unpaid interest, if any, on such Notes. 

Section 4.02    Cessation of Interest Accrual. If the Issuer elects to redeem the Notes, they shall cease to
accrue interest from the relevant Redemption Date, unless the Issuer fails to pay the Redemption Price on the Redemption Date. 

Section 4.03    Tax Redemption. 

(a)        Subject to the prior consent of the competent supervisory authority, the
Issuer may redeem all of the Notes in whole but not in part, at any time at the option of the Issuer, at 100% of their principal amount together with any accrued and unpaid interest to (but excluding) the Redemption Date if, as a result of any
change in, or amendment to, the laws or regulations prevailing in the Federal Republic of Germany or the United States, which becomes effective on or after the Issue Date, or as a result of any application or official interpretation of such laws or
regulations not generally known before that date, Withholding Taxes are or there is a substantial probability that they will be leviable on payments of principal or interest in respect of the Notes, and such Withholding Taxes would be payable by the
Issuer as a result of its obligation to pay Additional Amounts, as described in Section 3.01. The Issuer may exercise such redemption right on giving not less than 30 days’ notice to the Holders. No such notice of redemption will be given
earlier than 90 days prior to the earliest date on which the Issuer would be obligated to withhold or pay Withholding Taxes, were a payment in respect of the Notes then made. Notice to Holders will be given in accordance with Section 12.02 of
the Base Subordinated Indenture. 
 (b)        Before any notice of tax redemption
pursuant to Section 4.03(a) is given to the Trustee or the Holders of the Notes, the Issuer (or its successor), shall deliver to the Trustee (i) an Officers’ Certificate stating that the Issuer (or its successor), is entitled to effect
such redemption and setting forth a statement of facts showing that the condition or conditions precedent 

  
 20 

 
to the right of the Issuer (or its successor) so to redeem have occurred or been satisfied and (ii) an opinion of independent legal counsel satisfactory to the Trustee to the effect that the
Issuer is entitled to effect the redemption based on the statement of facts set forth in the certificate. Such notice, once given to the Trustee, shall be irrevocable. 

Section 4.04    Redemption for Regulatory Reasons. Subject to the prior consent of the competent supervisory
authority, the Issuer may redeem all of the Notes in whole but not in part, at any time at the option of the Issuer, at 100% of their principal amount together with any accrued and unpaid interest to (but excluding) the Redemption Date if the Issuer
determines, in its own discretion, that (i) it may not treat the Notes in their full aggregate principal amount as Tier 2 capital for the purposes of its own funds in accordance with applicable law, other than for reasons of an amortization in
accordance with Article 64 of the Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (CRR),
or (ii) the Issuer is subject to any other form of a less advantageous regulatory own funds treatment with respect to the Notes than was the case as of the Issue Date. Notice of such redemption will be given to the Holders upon not less than 30
and not more than 60 days prior to the date of redemption. Any such notice will be given in accordance with Section 12.02 of the Base Subordinated Indenture only after having received the consent of the competent supervisory authority. Subject
to the Section 2.07(h), such notice will be irrevocable and shall state the date set for redemption and the reason for redemption. 

Section 4.05    Payment on the Maturity Date. Unless previously redeemed or repurchased and cancelled, the
Notes will be due and payable on the Maturity Date in the full principal amount together with any accrued and unpaid interest to (but excluding) the Maturity Date. 

Section 4.06    Amounts to be Returned to the Issuer. Any redemption or repurchase of the Notes prior to their
scheduled maturity shall require the prior consent of the competent supervisory authority. If the Notes are redeemed or repurchased by the Issuer otherwise than in the circumstances described in Article 4, then the amounts redeemed or paid must be
returned to the Issuer irrespective of any agreement to the contrary unless the competent supervisory authority has given its consent to such early redemption or repurchase. 

Section 4.07    Repurchase. Subject to Section 4.06 and only if, when and to the extent that any such purchase
is not prohibited by applicable capital regulations, the Issuer may at any time purchase Notes in the open market or otherwise and at any price. Notes purchased by the Issuer may, at its option, be held, resold or surrendered to the Agents for
cancellation. 

  
 21 

 ARTICLE 5 

SATISFACTION AND DISCHARGE OF SUPPLEMENTAL
SUBORDINATED INDENTURE 
 Section 5.01    Satisfaction and Discharge of
Supplemental Subordinated Indenture. If at any time (i) the Issuer shall have paid or caused to be paid the principal of and interest on all the Notes (other than Notes which have been destroyed, lost or stolen and which have been replaced
or paid as provided in Section 2.09 of the Base Subordinated Indenture) as and when the same shall have become due and payable, or (ii) the Issuer shall have delivered to the Trustee for cancellation all Notes theretofore authenticated
(other than any Notes which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09 of the Base Subordinated Indenture), then this Supplemental Subordinated Indenture shall cease to be of
further effect (except as to (i) rights of registration of transfer and exchange of Notes and the Issuer’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes,
(iii) rights of Holders of Notes to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor, (iv) the rights, obligations, duties and immunities of the Trustee hereunder and the Issuer’s
obligations related thereto, and (v) the obligations of the Issuer under Section 3.02 of the Base Subordinated Indenture) and the Trustee, on demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and
at the cost and expense of the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Supplemental Subordinated Indenture; provided, that the rights of Holders of the notes to receive amounts in
respect of principal of and interest on the Notes held by them shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Notes are listed. The Issuer agrees to reimburse the
Trustee for any costs or expenses thereafter reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Supplemental Subordinated Indenture or
the Notes. 
 ARTICLE 6 

MISCELLANEOUS PROVISIONS 

Section 6.01    Scope of Supplemental Subordinated Indenture. The changes, modifications and supplements to
the Base Subordinated Indenture effected by this Supplemental Subordinated Indenture shall only be applicable with respect to, and govern the terms of, the Notes and shall not apply to any other Subordinated Debt Securities that may be issued by the
Issuer under the Base Subordinated Indenture. 
 Section 6.02    Provisions of Supplemental Subordinated
Indenture for the Sole Benefit of Parties and Holders of Notes. Nothing in this Supplemental Subordinated Indenture, the Base Subordinated Indenture or in the Notes, expressed or implied, shall give or be construed to give to any person, firm or

  
 22 

 
corporation, other than the parties hereto and their successors and the Holders of the Notes, any legal or equitable right, remedy or claim under this Supplemental Subordinated Indenture or under
any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Notes. 

Section 6.03     Successors and Assigns of Issuer Bound by Supplemental Subordinated Indenture. All the
covenants, stipulations, promises and agreements in this Supplemental Subordinated Indenture contained by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 6.04     Notices and Demands on Issuer, Trustee, Agents and Holders of Notes. Any notice or demand
which by any provision of this Supplemental Subordinated Indenture is required or permitted to be given or served by the Trustee, by the Agents or by the Holders of Notes to or on the Issuer may be given or served by being deposited postage prepaid,
first-class mail (except as otherwise specifically provided herein) addressed (until another address is filed with the Trustee) as follows: 

If to the Issuer, to: 
 Deutsche
Bank AG 
 Attn: Group Treasury, Capital Markets Issuance 

Große Gallusstrasse 10-14 

60311 Frankfurt am Main 
 Germany

 Any notice, direction, request or demand by the Issuer, by the Agents or by any Holder of Notes to or upon the Trustee shall be deemed to
have been sufficiently given or made, for all purposes, if delivered in person or mailed by first-class mail to the Trustee at Wilmington Trust, National Association, 166 Mercer Street, Suite 2 R, New York, New York 10012, Attn: Global Capital
Markets. 
 Any notice, direction, request or demand by the Issuer, by the Trustee or by any Holder of Notes to or upon the Agents may be
given or made if mailed by first-class mail or sent by facsimile to: 
 If to the Agents, to: 

Deutsche Bank Trust Company Americas 

Trust and Agency Services 
 60
Wall Street, 27th Floor 
 Mail Stop: NYC60-2710 

New York, New York 10005 

  
 23 

 
Fax: 732-578-4635 
 Attn: Corporates Team – Deutsche Bank AG 

with a copy to: 
 Deutsche Bank
Trust Company Americas 
 c/o Deutsche Bank National Trust Company 

Trust and Agency Services 
 100
Plaza One, Mailstop JCY03-0699 
 Jersey City, New Jersey 07311 

Fax: 732-578-4635 
 Attn:
Corporates Team – Deutsche Bank AG 
 Notices to be given to Holders of Notes represented by a Global Note will be given only to the
Depositary, as the registered holder, in accordance with its applicable policies as in effect from time to time. Notices to be given in respect of Notes held in street name will be given only to the bank, broker or other financial institution in
whose name the Notes are registered, and not the owner of any beneficial interests. Notices to be given to Holders of Physical Notes will be sent by mail to the respective addresses of the Holders as they appear in the security register maintained
by the Registrar on behalf of the Issuer, and will be deemed given when mailed. 
 Where this Supplemental Subordinated Indenture provides
for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the register of
the Notes. In any case where notice to Holders is given by mail, 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 Supplemental Subordinated Indenture 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. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer or
Holders of Notes when such notice is required to be given pursuant to any provision of this Supplemental Subordinated Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving
of such notice. 
 Section 6.05     Mutilated and Lost Notes. In case the Notes shall at any time become
mutilated, defaced or be destroyed, lost or stolen and the Note or evidence of the loss, theft or destruction thereof (together with the indemnity 

  
 24 

 
hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered to the Trustee, the Issuer in its discretion may execute a new Note of like tenor
in exchange for the Notes, but, in the case of any destroyed or lost or stolen Note, only upon receipt of evidence satisfactory to the Trustee and the Issuer that the Note was destroyed or lost or stolen and, if required, upon receipt also of
indemnity satisfactory to each of them. All expenses and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new Note shall be borne by the owner of the Note mutilated, defaced,
destroyed, lost or stolen. 
 Section 6.06     Unclaimed Moneys. With respect to moneys paid by the Issuer
and held by the Trustee or any Paying Agent for payment of the principal of or interest or premium, if any, on any Notes that remain unclaimed at the end of two years after such principal, interest or premium shall have become due and payable
(whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the Holder that such moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the
Issuer for payment hereof and (ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease, without, however, limiting in any way any
obligation that the Issuer may have to pay the principal of or interest or premium, if any, on the Notes as the same shall become due. 

Section 6.07     Payments Due on Saturdays, Sundays and Holidays. If the date of maturity of interest on or
principal of the Notes or the date set for redemption or repayment of any such Note shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the date of maturity or the date set for redemption, or repayment, as the case may be, and no interest shall accrue for the period after such date. 

Section 6.08     Conflict of any Provisions of Supplemental Subordinated Indenture with Trust Indenture Act.
If and to the extent that any provision of this Supplemental Subordinated Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Supplemental
Subordinated Indenture by operation of, Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. 

Section 6.09     Governing Law as in Base Subordinated Indenture. This Supplemental Subordinated Indenture and
the Base Subordinated Indenture shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except with respect to the provisions relating to the
subordination hereof and thereof, which shall be governed by and construed in accordance with the laws of the Federal Republic of Germany. 

  
 25 

 Section 6.10     Counterparts. This Supplemental Subordinated
Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 6.11     Effect of Headings. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 6.12       Submission to
Jurisdiction. The Issuer agrees that any legal suit, action or proceeding arising out of or based upon this Supplemental Subordinated Indenture may be instituted in any federal or state court sitting in the Borough of Manhattan, City and State
of New York, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any suit,
action or proceeding. The Issuer, as long as any of the Notes remain Outstanding or the parties hereto have any obligation under this Supplemental Subordinated Indenture, shall have an authorized agent (the “Authorized Agent”) in
the United States upon whom process may be served in any such suit, action or proceeding. Service of process upon the Authorized Agent and written notice of such service to the Issuer shall be deemed, in every respect, effective service of process
upon the Issuer. The Issuer hereby appoints Deutsche Bank Americas Holding Corp., c/o office of the Secretary, 60 Wall Street, Mail Stop NYC60-4006, New York 10005, Attention: Peter Sturzinger as its Authorized Agent, and represents and warrants
that the Authorized Agent has agreed to act as said agent for service of process. 
 Section 6.13     Not
Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Subordinated Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Issuer
of Notes or the proceeds thereof. 
 Section 6.14     Further Issues. The Issuer may, from time to time,
without the consent of the Holders of the Notes, issue additional notes under the Subordinated Indenture having the same ranking and same interest rate, maturity date, redemption terms and other terms as the Notes described in this Subordinated
Indenture except for the price to the public and issue date. Any such additional notes, together with the Notes, may constitute a single series of securities under the Subordinated Indenture, provided that if such additional notes have the
same CUSIP, ISIN or other identifying number as the outstanding Notes, such additional notes must either (i) be issued with no more than a de minimis amount of original issue discount for U.S. federal income tax purposes or (ii) be
otherwise issued in a qualified reopening for U.S. federal income tax purposes. There is no limitation on the amount of notes or other debt securities that the Issuer may issue under this Supplemental Subordinated Indenture or the Base Subordinated
Indenture. 

  
 26 

 Section 6.15     Waiver of Right to Set-Off. By accepting a Note,
each Holder will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to such Note or the Subordinated Indenture (or between obligations of the Issuer under or in respect of any Note and any liability
owed by a Holder) that they might otherwise have against the Issuer, whether before or during the Issuer’s winding up or administration, and no Holder may set off its claims arising under the Notes against any of claims of the Issuer. 

ARTICLE 7 

SUPPLEMENTS TO SUPPLEMENTAL SUBORDINATED INDENTURE 

Section 7.01     Supplements without Consent of Holders. The Issuer and the Trustee may amend, modify or
supplement this Supplemental Subordinated Indenture or the Notes without the consent of any Holder to cure any ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provision
contained herein, or to make such other provisions as the Issuer may deem necessary or desirable, provided that no such action shall adversely affect the interests of the Holders of the Notes. Notwithstanding the foregoing, any amendment made
solely to conform the provisions of this Supplemental Subordinated Indenture to the description of the Notes contained in the Issuer’s prospectus supplement dated March 27, 2015 will not be deemed to adversely affect the interests of the
Holders of the Notes. 

  
 27 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Subordinated Indenture to be
duly executed all as of April 1, 2015. 
  

			
	Very truly yours,
	
	DEUTSCHE BANK AKTIENGESELLSCHAFT
		
	By:		 /s/ Marco Zimmermannn

		
			Name: Marco Zimmermannn
		
			Title: Director
		
	By:		 /s/ Jonathan Blake

		
			Name: Jonathan Blake
		
			 Title: Managing Director

          Global Head of Debt Issuance

	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:		 /s/ Boris Treyger

		
			Name: Boris Treyger
		
			Title: Vice President
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Paying Agent, Transfer Agent and Registrar and Authenticating Agent
	
	By: Deutsche Bank National Trust Company
		
	By:		 /s/ Chris Niesz

		
			Name: Chris Niesz
		
			Title: Assistant Vice President
		
	By:		 /s/ Kathryn Fischer

		
			Name: Kathryn Fischer
		
			Title: Associate

  

					
	Second Supplemental Subordinated Indenture		28    		

 EXHIBIT A 

FORM OF GLOBAL NOTE 

DEUTSCHE BANK AG 
 [FORM
OF FACE OF DEBT SECURITY] 
 4.50% FIXED RATE SUBORDINATED TIER 2 NOTE DUE 2025 

 

			
	REGISTERED		CUSIP: 251525AP6
	No.		ISIN: US251525AP63

 $[insert face amount] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN (OR AN INTEREST IN THE NOTES REPRESENTED HEREBY). 
 UNLESS AND UNTIL
IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

EACH ACQUIRER AND EACH TRANSFEREE OF BENEFICIAL INTERESTS IN THIS NOTE IS DEEMED TO REPRESENT, WARRANT AND AGREE THAT AT THE TIME OF ITS
ACQUISITION AND THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE OR ANY INTEREST HEREIN (1) EITHER (A) IT IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTES OR ANY INTEREST THERE IN IT WILL NOT BE, AND WILL NOT
BE ACTING ON BEHALF 

  
 A-1 

 
OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), SUBJECT TO THE PROVISIONS OF PART
4 OF SUBTITLE B OF TITLE I OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, (“CODE”), APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH AN
EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS
THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR THE PROHIBITED TRANSACTION PROVISIONS OF ERISA AND/OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”), AND NO PART OF THE ASSETS USED BY IT TO ACQUIRE OR HOLD THIS NOTE OR ANY
INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY BENEFIT PLAN INVESTOR OR SUCH A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, OR (B) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR AN INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE OR
OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH OR NON U.S. PLAN, A NON-EXEMPT VIOLATION OF ANY SIMILAR LAWS); (2) NEITHER THE ISSUER
NOR ANY OF ITS AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR, WITH RESPECT TO A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, ANY DEFINITION OF “FIDUCIARY” UNDER SIMILAR LAWS) WITH RESPECT TO THE PURCHASER
OR HOLDER IN CONNECTION WITH ANY PURCHASE OR HOLDING OF THE NOTES, OR AS A RESULT OF ANY EXERCISE BY THE ISSUER OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND NO ADVICE PROVIDED BY THE ISSUER OR ANY OF ITS AFFILIATES HAS
FORMED A PRIMARY BASIS FOR ANY INVESTMENT DECISION BY OR ON BEHALF OF THE PURCHASER AND HOLDER IN CONNECTION WITH THE NOTES AND THE TRANSACTIONS CONTEMPLATED WITH RESPECT TO THE NOTES; AND (3) IT WILL NOT SELL OR OTHERWISE TRANSFER THIS NOTE OR
ANY INTEREST HEREIN OTHERWISE THAN TO A PURCHASER OR TRANSFEREE THAT IS DEEMED TO MAKE THESE SAME REPRESENTATIONS, WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE. 

  
 A-2 

 GLOBAL NOTES 

4.50% Fixed Rate Subordinated Tier 2 Note due 2025 
  

			
	Issue Date		April 1, 2015.
		
	Maturity Date		April 1, 2025.
		
	Face Amount		$[insert face amount].
		
	Aggregate Face Amount		$1,500,000,000.
		
	Denominations		$200,000 and integral multiples of $1,000 in excess thereof.
		
	Fixed Interest Rate		From (and including) the Issue Date to (but excluding) the Maturity date, 4.50% per annum.
		
	Interest Payment Date(s)		April 1 and October 1 in each year, commencing on October 1, 2015.
		
	Optional Redemption		No.
		
	Tax Redemption		Yes.
		
	Redemption for Regulatory Reasons		Yes.
		
	Payment of Additional Tax Amounts		Yes.

  
 A-3 

 Deutsche Bank Aktiengesellschaft, a stock corporation (Aktiengesellschaft) organized under
the laws of the Federal Republic of Germany (together with its successors and assigns, the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assignees, the amount of cash due with respect to
the principal sum specified above on the Maturity Date specified above (except to the extent previously redeemed or repaid) and to pay interest thereon at the applicable interest rate per annum specified above from and including the Issue Date
specified above until but excluding the date the principal amount is paid or duly made available for payment (except as provided below) semi-annually in arrears on the Interest Payment Dates specified above in each year on each Interest Payment
Date, and at maturity (or on any redemption or repayment date). 
 Subject to the imposition of a Resolution Measure (as defined on the
reverse hereof) or any redemption prior to the Maturity Date in accordance with the terms of this Note, interest on this Note will accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for,
until but excluding the date the principal hereof has been paid or duly made available for payment (except as provided below). The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain
exceptions described herein, be paid to the person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Business Day (as defined on the reverse of this Note) immediately preceding the relevant date
of payment with respect of such Interest Payment Date; provided, however, that interest payable at maturity (or on any redemption or repayment date) will be payable to the person to whom the principal hereof shall be payable. 

Payment of the principal of this Note and premium, if any and the interest due at maturity (or on any redemption or repayment date) will be
made in immediately available funds upon surrender of this Note at the office or agency of the Paying Agent, as defined on the reverse hereof, maintained for that purpose in the Borough of Manhattan, The City of New York, or at such other paying
agency as the Issuer may determine (each, a “Paying Agent,” which term shall include the Paying Agent), in U.S. dollars. U.S. dollar payments of interest, other than interest due at maturity or any date of redemption or repayment,
will be made by U.S. dollar check mailed to the address of the person entitled thereto as such address shall appear in the register of this Note. A holder of U.S. $10,000,000 or more in aggregate principal amount of Notes having the same Interest
Payment Date, the interest on which is payable in U.S. dollars, will be entitled to receive payments of interest, other than interest due at maturity or on any date of redemption or repayment, by wire transfer of immediately available funds if
appropriate wire transfer instructions have been received by the Paying Agent in writing not less than 15 calendar days prior to the applicable Interest Payment Date. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Subordinated Indenture, as defined on the reverse hereof, or be valid or obligatory for any purpose. 

  
 A-4 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

 

											
			DATED: April 1, 2015				DEUTSCHE BANK AG
						
									By:		                                     
                                       
											Name:
											Title:
						
									By:		                                     
                                       
											Name:
											Title:
			
			TRUSTEE’S CERTIFICATE OF AUTHENTICATION		
			
			 This is one of the Notes referred

to in the within-mentioned
 Subordinated Indenture.
		
			
			DEUTSCHE BANK TRUST COMPANY AMERICAS, as Authenticating Agent		
						
			By:		DEUTSCHE BANK NATIONAL TRUST COMPANY						
						
			By:		                                     
                                       						
					Authorized Officer:						

  
 A-5 

 [FORM OF REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of Global Notes of the Issuer. The Notes are issuable under a Subordinated Indenture, consisting
of the base subordinated indenture, dated as of May 21, 2013, among the Issuer, Wilmington Trust, National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Subordinated Indenture), and
Deutsche Bank Trust Company Americas (“DBTCA”), as transfer agent (the “Transfer Agent”), paying agent (the “Paying Agent”), registrar (the “Registrar”) and authenticating agent
(the “Authenticating Agent”, and together with the Transfer Agent, the Paying Agent and Registrar, the “Agents”) (the “Base Subordinated Indenture,” as may be amended from time to time), and a
second supplemental subordinated indenture, dated as of April 1, 2015 among the Issuer, the Trustee and DBTCA (the “Supplemental Subordinated Indenture” and, together with the Base Subordinated Indenture, the
“Subordinated Indenture”). Reference is hereby made to the Subordinated Indenture for a statement of the respective rights, limitations of rights, duties and immunities of the Issuer, the Trustee and the registered holders of any
Note (the “Holders”) and the terms upon which the Notes are, and are to be, authenticated and delivered. The Issuer has appointed DBTCA acting through its principal corporate trust office in the Borough of Manhattan, The City of New
York, as its Paying Agent, Transfer Agent and Registrar and Authenticating Agent. The term “Paying Agent” includes any additional or successor Paying Agent appointed by the Issuer with respect to the Notes. To the extent not
inconsistent herewith, the terms of the Subordinated Indenture are hereby incorporated by reference herein. 
 This Note will not be subject
to any sinking fund and will not be redeemable or subject to payment at the option of the Holder prior to maturity. 
 Interest payments on
this Note will include interest accrued to but excluding the Interest Payment Dates or the Maturity Date (or any earlier redemption or repayment date), as the case may be. Interest payments for this Note will be computed and paid on the basis of a
360-day year of twelve 30-day months. 
 In the case where the calendar date indicated on the face hereof as the Interest Payment Date or
the Maturity Date (or any redemption or repayment date) does not fall on a Business Day, payment of interest, premium, if any, or principal otherwise payable on such calendar date need not be made on such date, but may be made on the immediately
following Business Day with the same force and effect as if made on the indicated calendar date, and no interest on such payment shall accrue for the period from and after the indicated calendar date to such Business Day. 

This Note is intended to qualify as Tier 2 capital (Ergänzungskapital) of the Issuer under the CRR. 

“CRR” means Regulation (EU) No 575/2013 of the European Parliament and the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (including any provisions of regulatory law supplementing this Regulation); to the extent that any provisions of the CRR are amended or replaced, the
term CRR as used in the this Note shall refer to such amended provisions or successor provisions. 

  
 A-6 

 This Note constitutes the direct, unconditional and unsecured obligations of the Issuer ranking
without preference or priority among themselves. The obligations of the Issuer under the terms of this Note, whether on account of principal, interest or otherwise, are subordinated to the Senior Indebtedness (as defined below) of the Issuer and
will rank junior to the claims of the holders of all Senior Indebtedness of the Issuer in the event of bankruptcy or insolvency (Insolvenzverfahren), suspension of payments, dissolution, liquidation (Liquidation) or winding up of the
Issuer, but will rank at least pari passu with the claims of the holders of all other subordinated indebtedness of the Issuer, except as otherwise provided by applicable law or the terms of any such other indebtedness, and in particular, they
shall rank in priority to the claims of the holders of any subordinated indebtedness of the Issuer that by its express terms is stated to rank junior to this Note. In the event of bankruptcy or insolvency, suspension of payments, dissolution,
liquidation or winding up of the Issuer, no amounts will be payable under this Note until the claims of all creditors of Senior Indebtedness have been satisfied in full. 

“Senior Indebtedness” means any indebtedness or other payment obligation of the Issuer that is not expressed to be
subordinated, including, but not limited to: (a) the principal of and premium, if any, and interest, on, whether outstanding now or incurred later, (1) all indebtedness for money borrowed by the Issuer, including indebtedness of others
guaranteed by the Issuer, other than any subordinated debt securities, indebtedness that is expressed to rank junior to subordinated debt securities and other indebtedness that is expressly stated as not senior, and (2) any amendments,
renewals, extensions, modifications and refundings of any indebtedness, unless in any such case the instrument evidencing the indebtedness provides that it is not senior in right of payment to this Note; (b) all of the Issuer’s capital
lease obligations and any synthetic leases or tax retention operating leases; (c) all of the Issuer’s obligations issued or assumed as the deferred purchase price of property, and all conditional sale or title retention agreements;
(d) all of the Issuer’s obligations, contingent or otherwise, in respect of any letters of credit, bankers acceptances, security purchase facilities and similar credit transactions; (e) all of the Issuer’s obligations in respect
of interest rate swap, cap or similar agreements, interest rate future or options contracts, currency swap agreements, currency future or option contracts, commodity contracts and other similar agreements; (f) all obligations of the type
referred to in clauses (a) through (e) of other persons for the payment of which the Issuer is responsible or liable as obligor, guarantor or otherwise; and (g) all obligations of the type referred to in clauses (a) through
(f) of other persons secured by any lien on any of the Issuer’s property or assets whether or not such obligation is assumed by the Issuer. 

The obligations under this Note constitute unsecured and subordinated obligations of the Issuer ranking pari passu among themselves and
pari passu with all other subordinated obligations of the Issuer (except as otherwise provided by applicable law or the terms of any other indebtedness, and in particular, if such obligations are expressed to rank junior to this Note, then
this Note shall rank senior to such junior obligations, but junior to unsubordinated debt). Any right to set off any claims for interest, repayment and any other claims under this Note (“Payment Claims”) against claims of the Issuer
will be excluded. No collateral or guarantee shall be given to secure Payment Claims. The Payment Claims shall be subordinated in the event of insolvency or liquidation of the Issuer to the claims of all other creditors which are not also
subordinated and shall, in any such event, only be satisfied after all claims against the Issuer which are not subordinated have been satisfied in full. No subsequent agreement may limit the subordination pursuant to the subordination provisions set
out above or shorten the term of this Note or any applicable notice period. No security or guarantee of whatever kind is, or will at any time be, provided by the Issuer or any other person securing rights of Holders under this Note. 

  
 A-7 

 This Note, and any Note or Notes issued upon transfer or exchange hereof, is issuable only in
fully registered form, without coupons, and is issuable only in the minimum denominations set forth on the face hereof or any amount in excess thereof which is an integral multiple of $1,000. 

DBTCA has been appointed Registrar and Transfer Agent for this Note, and DBTCA will maintain at its office in The City of New York a register
for the registration and transfer of Notes. This Note may be transferred at either the aforesaid New York office of DBTCA by surrendering this Note for cancellation, accompanied by a written instrument of transfer in form satisfactory to the Issuer
and the Registrar and duly executed by the registered Holder hereof in person or by the Holder’s attorney duly authorized in writing, and thereupon the Registrar shall issue in the name of the transferee or transferees, in exchange herefor, a
new Note or Notes having identical terms and provisions and having a like aggregate principal amount in authorized denominations, subject to the terms and conditions set forth herein; provided, however, that the Registrar will not be
required (i) to register the transfer of or exchange any Note that has been called for redemption in whole or in part, except the unredeemed portion of Notes being redeemed in part, (ii) to register the transfer of or exchange any Note if
the Holder thereof has exercised its right, if any, to require the Issuer to repurchase such Note in whole or in part, except the portion of such Note not required to be repurchased, or (iii) to register the transfer of or exchange Notes to the
extent and during the period so provided in the Subordinated Indenture with respect to the redemption of Notes. Notes are exchangeable at said offices for other Notes of other authorized denominations of equal aggregate principal amount having
identical terms and provisions. All such registrations, exchanges and transfers of Notes will be free of service charge, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge in connection therewith.
All Notes surrendered for exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar and executed by the registered Holder in person or by the Holder’s attorney duly authorized in
writing. The date of registration of any Note delivered upon any exchange or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer. 

In case this Note shall at any time become mutilated, defaced or be destroyed, lost or stolen and this Note or evidence of the loss, theft or
destruction thereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered to the Trustee, the Issuer in its discretion may execute a new Note of like tenor in
exchange for this Note, but, in the case of any destroyed or lost or stolen Note, only upon receipt of evidence satisfactory to the Trustee and the Issuer that this Note was destroyed or lost or stolen and, if required, upon receipt also of
indemnity satisfactory to each of them. All expenses and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new Note shall be borne by the owner of this Note mutilated, defaced,
destroyed, lost or stolen. 

  
 A-8 

 By acquiring this Note, each Holder (including Beneficial Holders) shall be bound by and will be
deemed to consent to the imposition of any Resolution Measure (as defined below) by the competent resolution authority. 

“Beneficial Owner” shall mean (i) if this Note is in global form, the beneficial owners of this Note (and any interest
therein) and (ii) if this Note is in definitive form, the Holders in whose name such Notes are registered in the security register maintained by the Registrar on behalf of the Issuer and any beneficial owners holding an interest in such Notes
in definitive form. 
 Under the relevant resolution laws and regulations as applicable to the Issuer from time to time, this Note may be
subject to the powers exercised by the competent resolution authority to: 
  

	 	(i)	write down, including write down to zero, the claims for payment of the principal amount, the interest amount or any other amount in respect of this Note; 

 

	 	(ii)	convert this Note into ordinary shares or other instruments qualifying as core equity tier 1 capital; and/or 

  

	 	(iii)	apply any other resolution measure, including, but not limited to, (A) any transfer of this Note to another entity, (B) the amendment of the terms and conditions of this Note or (C) the cancellation of
this Note. 

 each, a “Resolution Measure.” 

For the avoidance of doubt, any non-payment by the Issuer arising out of any such Resolution Measure will not constitute a failure by the
Issuer under the terms of this Note or the Subordinated Indenture to make a payment of principal of, interest on, or other amounts owing under this Note. 

By its acquisition of this Note, each Holder (including each Beneficial Owner) shall be deemed irrevocably to have agreed: 

 

	 	(i)	to be bound by any Resolution Measure; 

  

	 	(ii)	that it will have no claim or other right against the Issuer arising out of any Resolution Measure; and 

  

	 	(iii)	that the imposition of any Resolution Measure will not constitute a default or an Event of Default under the Subordinated Indenture or for the purpose of the Trust Indenture Act of 1939, as amended (the “Trust
Indenture Act”) (including, without limitation, Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act). 

The terms and conditions of this Note shall continue to apply in relation to the residual principal amount of, or outstanding amount payable
in respect of, this Note, subject to any modification of the amount of interest payable, if any, to reflect the reduction of the principal 

  
 A-9 

 
amount, and any further modification of the terms that the competent resolution authority may decide in accordance with applicable laws and regulations relating to the resolution of banks,
banking group companies, credit institutions and/or investment firms incorporated in the Federal Republic of Germany. 
 No repayment of any
then-current principal amount of this Note or payment of interest or any other amount thereon (to the extent of the portion thereof affected by the imposition of a Resolution Measure) shall become due and payable after the imposition of any
Resolution Measure by the competent resolution authority, unless such repayment or payment would be permitted to be made by the Issuer under the laws and regulations of the Federal Republic of Germany then applicable to the Issuer. 

By its acquisition of this Note, each Holder (including each Beneficial Owner) waives, to the fullest extent permitted by the Trust Indenture
Act and applicable law, any and all claims against the Trustee and the Agents for, agrees not to initiate a suit against the Trustee or the Agents in respect of, and agrees that the Trustee and the Agents shall not be liable for, any action that the
Trustee or any of the Agents takes, or abstains from taking, in either case in accordance with the imposition of a Resolution Measure by the competent resolution authority with respect to this Note. 

Upon the imposition of a Resolution Measure by the competent resolution authority with respect to this Note, the Issuer shall provide a
written notice directly to the Holders in accordance with Section 11.04 of the Base Subordinated Indenture as soon as practicable regarding such imposition of a Resolution Measure by a competent resolution authority for purposes of notifying
Holders of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee and the Agents for information purposes, and the Trustee and the Agents shall be entitled to rely, and will not be liable for relying, on the competent
resolution authority and the Resolution Measure identified in such notice. Any delay or failure by the Issuer to give notice shall not affect the validity or enforceability of any Resolution Measure nor the effects thereof on this Note. 

If the Issuer has elected to redeem any Notes but the competent resolution authority has imposed a Resolution Measure with respect to this
Note prior to the payment of the redemption amount for this Note, the relevant redemption notice, if any, shall be automatically rescinded and shall be of no force and effect, and no payment of the redemption amount will be due and payable. 

Upon the imposition of any Resolution Measure by the competent resolution authority, the Trustee shall not be required to take any further
directions from Holders of this Note under Section 5.09 of the Base Subordinated Indenture, which section authorizes Holders of a majority in aggregate principal amount of this Note at the time Outstanding to direct certain actions relating to
this Note, and if any such direction was previously given under Section 5.09 of the Base Subordinated Indenture to the Trustee by the Holders, it shall automatically cease to be effective, be null and void and have no further effect. The
Indenture shall impose no duties, obligations or liabilities upon the Trustee or the Agents whatsoever with respect to the imposition of any Resolution Measure by the competent resolution authority, and the Trustee and the Agents shall be fully
protected in acting or refraining from acting in accordance with a 

  
 A-10 

 
Resolution Measure. Notwithstanding the foregoing, if, following completion of the imposition of a Resolution Measure by the competent resolution authority, this Note remains outstanding (for
example, if the imposition of a Resolution Measure results in only a partial write-down of the principal of this Note), then the Trustee’s and the Agents’ duties under the Subordinated Indenture shall remain applicable with respect to this
Note following such completion to the extent that the Issuer, the Trustee and the Agents agree pursuant to a supplemental indenture, unless the Issuer, the Trustee and the Agents agree that a supplemental indenture is not necessary. 

By the acquisition of this Note, each Holder (including each Beneficial Owner) shall be deemed irrevocably to have (i) consented to the
imposition of any Resolution Measure as it may be imposed without any prior notice by the competent resolution authority of its decision to exercise such power with respect to this Note and (ii) authorized, directed and requested the Depositary
and any direct participant in the Depositary or other intermediary through which it holds such Notes to take any and all necessary action, if required, to implement the imposition of any Resolution Measure with respect to this Note as it may be
imposed, without any further action or direction on the part of such Holder of this Note, the Trustee or the Agents. 
 If the competent
resolution authority imposes a Resolution Measure with respect to less than the total outstanding principal amount of this Note, unless the Trustee or the Agents are otherwise instructed by the Issuer or the competent resolution authority, any
cancellation, write-off or conversion into equity made in respect of this Note pursuant to the Resolution Measure will be made on a substantially pro rata basis among this Note of any series. 

The Issuer’s obligations to indemnify the Trustee and the Agents in accordance with Sections 6.02 and 6.06 of the Base Subordinated
Indenture shall survive the imposition of a Resolution Measure by the competent resolution authority with respect to this Note. 
 All
amounts payable in respect of this Note shall be made without deduction or withholding for or on account of any present or future taxes, duties or governmental charges of any nature whatsoever imposed or levied by way of deduction or withholding by
or on behalf of the Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to tax (“Withholding Taxes”) unless such deduction or withholding is required by law. 

In such event, the Issuer shall, to the fullest extent permitted by law, pay such additional amounts of principal and interest
(“Additional Amounts”) as will be necessary in order that the net amounts received by the Holders, after such withholding or deduction, will equal the respective amounts which would otherwise have been receivable in the absence of
such withholding or deduction; except that no such Additional Amounts shall be payable on account of any taxes, duties or governmental charges which: 
  

	 	(i)	are payable by any person acting as custodian bank or collecting agent on Holder’s behalf, or otherwise in any manner which does not constitute a deduction or withholding by the Issuer from payments of principal or
interest made by the Issuer; or 

  
 A-11 

	 	(ii)	are payable by reason of the Holder’s having, or having had, some personal or business connection with the Federal Republic of Germany and not merely by reason of the fact that payments in respect of this Note are,
or for purposes of taxation are deemed to be, derived from sources in, or are secured in, the Federal Republic of Germany; or 

  

	 	(iii)	are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and
to which the Federal Republic of Germany or the European Union is a party; or 

  

	 	(iv)	any provision of law implementing, or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding; or 

 

	 	(v)	are presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that the Holder would have been entitled to additional amounts on presenting the same for payment on the last
day of the period of 30 days assuming that day to have been a Business Day; or 

  

	 	(vi)	are withheld or deducted in relation to this Note that is presented for payment by or on the Holder’s behalf if it would have been able to avoid such withholding or deduction by presenting the relevant this Note to
another paying agent in a member state of the European Union; or 

  

	 	(vii)	are deducted or withheld by the Paying Agent from a payment if the payment could have been made by another paying agent without such deduction or withholding; or 

 

	 	(viii)	would not be payable if this Note had been kept in safe custody with, and the payments had been collected by, a banking institution; or 

 

	 	(ix)	are payable by reason of a change in law or practice that becomes effective more than 30 days after the relevant payment of principal or interest becomes due, or is duly provided for and notice thereof is given in
accordance with Section 11.04 of the Base Subordinated Indenture, whichever occurs later. 

 “Relevant
Date” means the date on which the payment first becomes due but, if the full amount payable has not been received by the Paying Agent on or before the due date, it means the date on which, the full amount having been so received. 

Moreover, all amounts payable in respect of this Note shall be made subject to compliance with Sections 1471 through 1474 of the U.S. Internal
Revenue Code of 1986 (the “Code”, commonly referred to as the “Foreign Account Tax Compliance Act” or “FATCA”) and any applicable agreement described in Section 1471(b) of the Code. The Issuer shall have no
obligation to pay additional amounts or otherwise indemnify a Holder in connection with any such compliance with the Code. 

  
 A-12 

 An “Event of Default” with respect to this Note means the opening of insolvency
proceedings against the Issuer by a German court having jurisdiction over the Issuer. 
 There are no other events of default under this
Note. In particular, neither non-viability (as defined under the laws governing the supervision of financial institutions, as applicable in the Federal Republic of Germany) nor the imposition of a Resolution Measure in connection therewith will
constitute an Event of Default with respect to this Note. If an Event of Default with respect to this Note occurs or is continuing, the Trustee or the Holder or Holders of not less than 33 1⁄3% in aggregate principal amount of all outstanding subordinated debt securities issued under the Base Subordinated Indenture, voting as one class, by notice in writing to the Issuer, may declare the principal
amount of this Note and interest accrued thereon to be due and payable immediately in accordance with the terms of the Base Subordinated Indenture. 

Subject to the imposition of any Resolution Measure, if the Issuer fails to make a payment of interest on any Note when due and payable for
reasons other than pursuant to the subordination provisions of this Note (“Defaulted Interest”), it shall pay such Defaulted Interest plus (to the extent lawful) any interest payable on the Defaulted Interest, in any lawful manner.
The Issuer may elect to pay any Defaulted Interest, plus any such interest payable on it, to the Persons who are Holders of such Notes on which the interest is due on a subsequent special record date set by the Issuer (the “Special Record
Date”). The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Note. The Issuer shall fix any such Special Record Date and payment date for such payment. At least 15 days before
any such Special Record Date, the Issuer shall mail to Holders affected thereby a notice that states the Special Record Date, the Interest Payment Date and amount of such interest to be paid. 

If the Issuer does not make payments of principal of, interest on, or other amounts owing under this Note when due for reasons other than
(i) pursuant to the subordination provisions of this Note or (ii) due to a Resolution Measure, the Issuer will be in default on its obligations under the Subordinated Indenture. In such case, the Trustee and the Holder of this Note may
take action against the Issuer, but they may not accelerate the maturity of this Note. If the Issuer fails to make any payments of principal of, interest on or other amounts owing under this Note when due (i) pursuant to the subordination
provisions of this Note or (ii) due to a Resolution Measure, the Trustee and the Holders will not be permitted to take such action. Moreover, the parties hereto acknowledge that in the event of a Resolution Measure, the Holders may permanently
lose the right to the affected amounts and each Holder (including each Beneficial Holder) shall, by acquiring this Note, be bound, and will be deemed to have consented, as provided in Section 2.07 of the Supplemental Subordinated Indenture.
Furthermore, if the Issuer becomes subject to German insolvency proceedings, the Trustee and the Holder of this Note will have no right to file a claim against the Issuer unless the competent insolvency court allows the filing of subordinated
claims. 
 Upon the occurrence of any Event of Default or any default in the payment of principal of, interest on, or other amounts owing
under this Note, the Issuer shall give prompt written notice to the Trustee. In accordance with the Subordinated Indenture, the Trustee may proceed to protect and enforce its rights and the rights of the Holders of this Note whether in connection
with any breach by the Issuer of its obligations under this Note, the Subordinated Indenture or otherwise, by such judicial proceedings as the Trustee shall deem most effective, provided that 

  
 A-13 

 
the Issuer shall not, as a result of the bringing of such judicial proceedings, be required to pay any amount representing or measured by reference to principal or interest on this Note prior to
any date on which the principal of, or any interest on, this Note would have otherwise been payable. 
 Other than the limited remedies
specified above, no remedy against the Issuer shall be available to the Trustee or the Holders of this Note whether for the recovery of amounts owing in respect of this Note or under the Subordinated Indenture or in respect of any breach by the
Issuer of its obligations under the Subordinated Indenture or in respect of this Note, except that the Trustee and the Holders shall have such rights and powers as they are required to have under the Trust Indenture Act, and provided that any
payments are subject to the subordination provisions of this Note and the Subordinated Indenture, and any Resolution Measure. 
 Subject to
the prior consent of the competent supervisory authority, the Issuer may redeem this Note in whole but not in part, at any time at the option of the Issuer, at 100% of their principal amount together with any accrued and unpaid interest to (but
excluding) the date set for redemption if, as a result of any change in, or amendment to, the laws or regulations prevailing in the Federal Republic of Germany or the United States, which becomes effective on or after the Issue Date, or as a result
of any application or official interpretation of such laws or regulations not generally known before that date, Withholding Taxes are or there is a substantial probability that they will be leviable on payments of principal or interest in respect of
this Note, and such Withholding Taxes would be payable by the Issuer as a result of its obligation to pay Additional Amounts, as described in Section 3.01 of the Supplemental Subordinated Indenture. The Issuer may exercise such redemption right on
giving not less than 30 days’ notice to the Holder of this Note. No such notice of redemption will be given earlier than 90 days prior to the earliest date on which the Issuer would be obligated to withhold or pay Withholding Taxes, were a
payment in respect of this Note then made. Notice to Holders will be given in accordance with Section 12.02 of the Base Subordinated Indenture. 

Before any notice of tax redemption pursuant to Section 4.03(a) of the Supplemental Subordinated Indenture is given to the Trustee or the
Holder of this Note, the Issuer (or its successor), shall deliver to the Trustee (i) an Officers’ Certificate stating that the Issuer (or its successor), is entitled to effect such redemption and setting forth a statement of facts showing
that the condition or conditions precedent to the right of the Issuer (or its successor) so to redeem have occurred or been satisfied and (ii) an opinion of independent legal counsel satisfactory to the Trustee to the effect that the Issuer is
entitled to effect the redemption based on the statement of facts set forth in the certificate. Such notice, once given to the Trustee, shall be irrevocable. 

Subject to the prior consent of the competent supervisory authority, the Issuer may redeem this Note in whole but not in part, at any time at
the option of the Issuer, at 100% of their principal amount together with any accrued and unpaid interest to (but excluding) the date set for redemption if the Issuer determines, in its own discretion, that (i) it may not treat this Note in its
full aggregate principal amount as Tier 2 capital for the purposes of its own funds in accordance with applicable law, other than for reasons of an amortization in accordance with Article 64 of the Regulation (EU) No 575/2013 of the European
Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (CRR), or (ii) the Issuer is subject to any other form of a less

  
 A-14 

 
advantageous regulatory own funds treatment with respect to this Note than was the case as of the Issue Date. Notice of such redemption will be given to the Holder of this Note upon not less than
30 and not more than 60 days prior to the date of redemption. Any such notice will be given in accordance with Section 12.02 of the Base Subordinated Indenture only after having received the consent of the competent supervisory authority.
Subject to the Section 2.07(h) of the Supplemental Subordinated Indenture, such notice will be irrevocable and shall state the date set for redemption and the reason for redemption. 

If the Issuer elects to redeem this Note, it shall cease to accrue interest from the date set for such redemption by or pursuant to this
Supplemental Subordinated Indenture, unless the Issuer fails to pay the applicable redemption price of this Note on the date set for redemption. 

Any redemption or repurchase of this Note prior to its scheduled maturity shall require the prior consent of the competent supervisory
authority. If this Note redeemed or repurchased by the Issuer otherwise than in the circumstances described in Article 4 of the Supplemental Subordinated Indenture, then the amounts redeemed or paid must be returned to the Issuer irrespective of any
agreement to the contrary unless the competent supervisory authority has given its consent to such early redemption or repurchase. 

Subject to Section 4.06 of the Supplemental Subordinated Indenture and only if, when and to the extent that any such purchase is not
prohibited by applicable capital regulations, the Issuer may at any time purchase Notes in the open market or otherwise and at any price. Notes purchased by the Issuer may, at its option, be held, resold or surrendered to the Agents for
cancellation. 
 By accepting this Note, each Holder will be deemed to have waived any right of set-off, counterclaim or combination of
accounts with respect to such Note or the Subordinated Indenture (or between obligations of the Issuer under or in respect of this Note and any liability owed by a Holder) that they might otherwise have against the Issuer, whether before or during
the Issuer’s winding up or administration, and no Holder may set off its claims arising under this Note against any of claims of the Issuer. 

The Issuer and the Trustee may amend, modify or supplement the Supplemental Subordinated Indenture or this Note without the consent of any
Holder to cure any ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provision contained herein, or to make such other provisions as the Issuer may deem necessary or desirable,
provided that no such action shall adversely affect the interests of the Holder of this Note. Notwithstanding the foregoing, any amendment made solely to conform the provisions of the Supplemental Subordinated Indenture to the description of
this Note contained in the Issuer’s prospectus supplement dated March 27, 2015 will not be deemed to adversely affect the interests of the Holders of this Note. 

The Base Subordinated Indenture permits the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate
principal amount of the subordinated debt securities of all series issued under the Base Subordinated Indenture then outstanding and affected (voting as one class), to execute supplemental indentures adding any provisions to or changing in any
manner the rights of the holders of each series so affected; provided that the 

  
 A-15 

 
Issuer and the Trustee may not, without the consent of the Holder of each outstanding debt security affected hereby, (a) (i) change the final maturity of this Note, (ii) reduce the
principal amount hereof, (iii) reduce the rate or change the time of payment of interest hereon, (iv) reduce any amount payable on redemption hereof, (v) make the principal hereof (including any amount in respect of original issue
discount), or interest hereon payable in any coin or currency other than that provided in this Note or in accordance with the terms hereof, (vi) modify or amend any provisions for converting any currency into any other currency as provided in
this Note or in accordance with the terms hereof, (vii) impair or affect the right of any Note Holder to institute suit for the payment hereof, (viii) modify the provisions of the Subordinated Indenture with respect to the subordination of
this Note in a manner adverse to the holders, in each case without the consent of the holder of each subordinated debt security so affected; or (b) reduce the aforesaid percentage of subordinated debt securities of all series issued under the
Base Subordinated Indenture, the consent of the holders of which is required for any such supplemental indenture, without the consent of the holders of each subordinated debt security so affected. 

So long as this Note shall be outstanding, the Issuer will cause to be maintained an office or agency for the payment of the principal of and
premium, if any, and interest on this Note as herein provided in the Borough of Manhattan, The City of New York, and an office or agency in said Borough of Manhattan for the registration, transfer and exchange as aforesaid of this Note. The Issuer
may designate other agencies for the payment of said principal, premium and interest at such place or places outside the United States (subject to applicable laws and regulations) as the Issuer may decide. So long as there shall be such an agency,
the Issuer shall keep the Trustee advised of the names and locations of such agencies, if any are so designated. 
 With respect to moneys
paid by the Issuer and held by the Trustee or any Paying Agent for payment of the principal of or interest or premium, if any, on any Notes that remain unclaimed at the end of two years after such principal, interest or premium shall have become due
and payable (whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the Holder of this Note that such moneys shall be repaid to the Issuer and any person claiming such moneys shall
thereafter look only to the Issuer for payment hereof and (ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease, without,
however, limiting in any way any obligation that the Issuer may have to pay the principal of or interest or premium, if any, on this Note as the same shall become due. 

Subject to the imposition of a Resolution Measure, no provision of this Note or of the Subordinated Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the amount of cash, or other property, as determined in accordance with the provisions set forth in this Note due with respect to the principal of, premium, if any, and interest
on this Note at the time, place, and rate, and in the coin or currency, herein prescribed unless otherwise agreed between the Issuer and the registered Holder of this Note. 

Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Holder in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Trustee or any such agent shall be affected by notice to the contrary. 

  
 A-16 

 No recourse shall be had for the payment of the principal of, premium, if any, or the interest on
this Note, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Subordinated Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present
or future, of the Issuer or of any successor corporation, either directly or through the Issuer or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

This Note and the Subordinated Indenture shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall
be construed in accordance with the laws of such State, except with respect to the subordinated provisions hereof and thereof, which shall be governed by and construed in accordance with the laws of the Federal Republic of Germany. As used herein:

 (a) the term “Business Day” means, a day on which commercial banks and foreign exchange markets settle
payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in New York City and London. 

(b) the term “Notices” refers to notices to the Holders of this Note at each Holder’s address as that
address appears in the register for this Note by first class mail, postage prepaid, and to be given by publication in an authorized newspaper in the English language and of general circulation in the Borough of Manhattan, The City of New York;
provided that notice may be made, at the option of the Issuer, through the customary notice provisions of the clearing system or systems through which beneficial interests in this Note are owned. Such Notices will be deemed to have been given
on the date of such publication (or other transmission, as applicable), or if published in such newspapers on different dates, on the date of the first such publication; 

(c) the term “United States” means the United States of America (including the States and the District of
Columbia), its territories, its possessions and other areas subject to its jurisdiction. 
 All other terms used in this Note which are
defined in the Subordinated Indenture and not otherwise defined herein shall have the meanings assigned to them in the Subordinated Indenture. 

  
 A-17 

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 
  

                       
                                         
             
 [PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE] 
  

			
	  
		
		
	 –
  
		
		
	 –
  
		
	  
 –

 
 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE]

 the within Note and all rights thereunder, hereby irrevocably constituting and appointing such person attorney to transfer
such Note on the books of the Issuer, with full power of substitution in the premises. 

Dated:                         
                
  

			
	NOTICE:		The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

  
 A-18EX-10.1

 Exhibit 10.1 
  

			
			Your Name: «First» «Last»
			Total No. of Performance-Based Restricted Stock
			Units: «PBUs»

 PRGX PERFORMANCE-BASED RESTRICTED STOCK 

UNIT AGREEMENT FOR EMPLOYEES 

PRGX GLOBAL, INC. (“PRGX”) is pleased to grant to the person signing below (“you” or “Participant”) the Performance-Based
Restricted Stock Units described below under the PRGX Amended and Restated 2008 Equity Incentive Plan (the “Plan”). 
  

			
	Stock Subject to Grant:		Common Stock, no par value per share
	Grant Date:		March 30, 2015

 Vesting: Subject to the Plan and this Agreement, the Performance-Based Restricted Stock Units will become vested and
payable in accordance with the terms set forth on Exhibit A attached hereto, provided you remain continuously employed with PRGX from the Grant Date until the time set forth therein. 

Dividend and Voting Rights: Before the Performance-Based Restricted Stock Units become vested and payable and Common Stock or cash is paid, you will
not have any voting rights with respect to the Common Stock to which the Restricted Stock Units relate. However, you will have the right to receive dividends and distributions on the shares of Common Stock subject to the number of Performance-Based
Restricted Stock Units set forth above, as if you owned the shares of Common Stock to which such Performance-Based Restricted Stock Units relate, until the Performance-Based Restricted Stock Units are paid or forfeited, provided you have remained in
continuous employment with PRGX from the Grant Date until the payment of the respective dividends and distributions. 
 The Additional Terms and
Conditions and the Plan are incorporated in this Agreement by reference and contain important information about your Performance-Based Restricted Stock Units. Copies of these documents are being provided to you in connection with this Agreement.
Please review them carefully and contact PRGX Human Resources if you have any questions. 
 Additional Terms and Conditions attached to this
Agreement describe the terms of your Performance-Based Restricted Stock Units, what happens if you cease to remain employed with PRGX before your Performance-Based Restricted Stock Units become vested and payable and where to send notices; and 

The Plan contains the detailed terms that govern your Performance-Based Restricted Stock Units. If anything in this Agreement or the other referenced
documents is inconsistent with the Plan, the terms of the Plan, as amended from time to time, will control. All terms used herein that are not defined herein but that are defined in the Plan have the same meaning given them in the Plan. 

Please sign in the space provided below, keep a copy of this Agreement for your records, and return both originals to PRGX Human Resources. 

 

							
	Participant:		 		PRGX GLOBAL, INC.
				
	  
				By:		  

	«First» «Last»				Name:		
	Your Residence Address:				Its:		
	«Address_1» «Address_2»						
	«Address_3»						
	«City», «State» «Zip_Code»						

 ADDITIONAL TERMS AND CONDITIONS OF YOUR PERFORMANCE-BASED 

RESTRICTED STOCK UNITS 
 PLAN
ADMINISTRATION. 
  

	 	•	 	The Plan is administered on behalf of the Committee by the Plan administrator. The Plan administrator is responsible for assisting you with respect to your Performance-Based Restricted Stock Units and maintaining the
records of the Plan. If you have questions about your Performance-Based Restricted Stock Units or how the Plan works, please contact the Plan administrator at Plan.Administrator@prgx.com or (770) 779-3309. 

 

	 	•	 	Except as provided herein and in the Plan, the Performance-Based Restricted Stock Units are non-transferable. The Performance-Based Restricted Stock Units may be transferred by will or the laws of descent and
distribution and, notwithstanding the foregoing, during the Participant’s lifetime may be transferred by the Participant to any of the Participant’s “family members” (as such term is defined in the general instruction to the Form
S-8 Registration Statement under the Securities Act of 1933). Any such transfer will be permitted only if (i) the Participant does not receive any consideration for the transfer and (ii) the Plan administrator expressly approves the
transfer. Any transferee to whom the Performance-Based Restricted Stock Units are transferred shall be bound by the same terms and conditions, including with respect to vesting, that govern the Performance-Based Restricted Stock Units in the hands
of the Participant; provided, however, that the transferee may not transfer the Performance-Based Restricted Stock Units except by will or the laws of descent and distribution. No right or interest of the Participant or any transferee in the
Performance-Based Restricted Stock Units shall be subject to any lien, obligation or liability of the Participant or any transferee. 

  

	 	•	 	No later than fifteen (15) days after the Committee determines the Performance-Based Restricted Stock Units that have become vested (which cannot, in any event, be earlier than January 2017 or after April 2017),
the Company will (i) deliver to the Participant or make available to the Participant’s broker shares of Common Stock with respect to fifty percent (50%) of the Performance-Based Restricted Stock Units that have become vested and
payable (rounded down to the nearest whole share) and (ii) pay to the Participant in a single lump sum cash in the amount which equals the Fair Market Value, at the time of payment, of the shares of Common Stock with respect to the remaining
Performance-Based Restricted Stock Units that have become vested and payable. 

  

	 	•	 	You may pay any applicable tax withholding (i) in cash, (ii) by certified or bank cashier’s check, or (iii) by such other medium of payment as the Plan administrator in his sole discretion may
permit. The Plan administrator will determine the amount of any required tax withholding. 

 EFFECT OF TERMINATION OF
EMPLOYMENT. If your employment with PRGX is terminated by PRGX without Cause (and other than on your death or Incapacity) or you terminate your employment for Good Reason, prior to the end of the Cumulative Performance Period, a Pro Rata
Portion of the Performance-Based Restricted Stock Units shall vest in accordance with the terms set forth on Exhibit A attached hereto, notwithstanding the termination of your employment with PRGX (except as otherwise provided in this
Agreement on a Change of Control prior to the end of the Cumulative Performance Period). Any Performance-Based Restricted Stock Units that can no longer vest under any circumstances will be forfeited at that time. 

If your employment with PRGX is terminated prior to the end of the Cumulative Performance Period and prior to a Change of Control, other than by PRGX without
Cause or by you for Good Reason, or your employment terminates on your death or Incapacity prior to the end of the Cumulative Performance Period and prior to a Change of Control, the Performance-Based Restricted Stock Units will be forfeited
immediately upon the termination of your employment for any such reason. 
 For purposes of this Agreement, (i) “Cause” shall have the same
definition as under the Plan; (ii) “Good Reason” shall have the same definition as under any employment or service agreement between PRGX and you or, if no such employment or service agreement exists or if such employment or service
agreement does not contain any such definition, Good Reason means, without your consent, the following: (A) any action taken by PRGX which results in a material reduction in your authority, duties or responsibilities (except that any change in
the foregoing that results solely from (1) PRGX ceasing to be a publicly traded entity or from PRGX becoming a wholly-owned subsidiary of another publicly traded entity or (2) any change in the geographic scope of your authority, duties or
responsibilities will not, in any event and standing alone, 

  
 -2- 

 
constitute a substantial reduction in your authority, duties or responsibilities), including any requirement that you report directly to anyone other than the Chief Executive Officer of PRGX;
(B) the assignment to you of duties that are materially inconsistent with your authority, duties or responsibilities; (C) any material decrease in your base salary or annual bonus opportunity or the benefits generally available to the
class of employees that includes you, except to the extent PRGX has instituted a salary, bonus or benefits reduction generally applicable to all executives of PRGX other than in contemplation of or after a Change in Control; (D) your relocation
to any principal place of employment other than Atlanta, Georgia, or any requirement that you relocate your residence other than to the Atlanta, Georgia metropolitan area, without your express written consent to either such relocation; provided,
however, this subsection (D) shall not apply in the case of business travel which requires you to relocate temporarily for periods of 90 days or less; or (E) the failure by PRGX to pay to you any portion of your base salary, annual bonus
or other benefits within 10 days after the date the same is due. Notwithstanding the above, and without limitation, “Good Reason” shall not include any resignation by you where Cause for your termination by PRGX exists and PRGX then
follows the procedures, if any, required for a termination of your employment for Cause. You must give PRGX notice of any event or condition that would constitute “Good Reason” within 30 days of the event or condition which would
constitute “Good Reason,” and upon the receipt of such notice PRGX shall have 30 days to remedy such event or condition. If such event or condition is not remedied within such 30-day period, any termination of employment by you for
“Good Reason” must occur within 30 days after the period for remedying such condition or event has expired; (iii) “Incapacity” shall have the same definition as under any employment or service agreement between PRGX and you
or, if no such employment or service agreement exists or if such employment or service agreement does not contain any such definition, Incapacity means your inability to perform the essential functions of your job, with or without reasonable
accommodation, for a period of 90 days in the aggregate in any rolling 180-day period; and (iv) “Pro Rata Portion” means a fraction, the numerator of which is the number of days in the Cumulative Performance Period with respect to
which you were employed continuously with PRGX until your employment with PRGX is terminated by PRGX without Cause (and other than on your death or Incapacity) or by you for Good Reason, and the denominator of which is (A) the number of days in
the Cumulative Performance Period if no Change of Control occurs prior to the end of the Cumulative Performance Period or (B) the number of days in the Cumulative Performance Period until the Change of Control occurs if the Change of Control
occurs prior to the end of the Cumulative Performance Period. 
 CHANGE OF CONTROL. Upon the occurrence of a Change of Control, prior to the
end of the Cumulative Performance Period, the Performance-Based Restricted Stock Units shall become vested and payable on (and be paid no later than thirty (30) days after) the Change of Control, at the Target Level set forth on Exhibit
A, provided you have remained in continuous employment with PRGX from the Grant Date until the time of the Change in Control. Accordingly, termination of your employment after the Change in Control for any reason other than by PRGX for Cause
will not result in forfeiture of your Performance-Based Restricted Stock Units. However, if your employment was terminated, prior to the Change in Control and prior to the end of the Cumulative Performance Period, by PRGX without Cause (and other
than on your death or Incapacity) or by you for Good Reason, then a Pro Rata Portion of your Performance-Based Restricted Stock Units shall become vested and payable on (and be paid no later than thirty (30) days after) the Change in Control,
at the Target Level set forth on Exhibit A. For purposes of this Agreement, “Change of Control” shall have the same definition as under the Plan except that there will be a Change in Control for purposes of this Agreement only if
the Change in Control also constitutes a change in the ownership or effective control of PRGX, or in the ownership of a substantial portion of the assets of PRGX, within the meaning of Section 409A of the Code. 

NOTICES. All notices pursuant to this Agreement will be in writing and either (i) delivered by hand, (ii) mailed by United States
certified mail, return receipt requested, postage prepaid, or (iii) sent by an internationally recognized courier which maintains evidence of delivery and receipt. All notices or other communications will be directed to the following addresses
(or to such other addresses as either of us may designate by notice to the other): 
  

			
	To the Company:		PRGX Global, Inc.
			600 Galleria Parkway, Suite 100
			Atlanta, GA 30339
			Attention: Senior Vice President, General Counsel & Secretary
		
	To you:		The address set forth on page 1

  
 -3- 

 MISCELLANEOUS. 
  

	 	•	 	The Participant has received a copy of the Plan, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions. Failure by you or PRGX at any time or times to
require performance by the other of any provisions in this Agreement will not affect the right to enforce those provisions. Any waiver by you or PRGX of any condition or the breach of any term or provision in this Agreement, whether by conduct or
otherwise, in any one or more instances, shall apply only to that instance and will not be deemed to waive conditions or breaches in the future. If any court of competent jurisdiction holds that any term or provision of this Agreement is invalid or
unenforceable, the remaining terms and provisions will continue in full force and effect, and this Agreement shall be deemed to be amended automatically to exclude the offending provision. This Agreement may be executed in multiple copies and each
executed copy shall be an original of this Agreement. This Agreement shall be subject to and governed by the laws of the State of Georgia. No change or modification of this Agreement shall be valid unless it is in writing and signed by the party
against which enforcement is sought. This Agreement shall be binding upon, and inure to the benefit of, the permitted successors, assigns, heirs, executors and legal representatives of the parties hereto. The headings of each Section of this
Agreement are for convenience only. This Agreement and the Plan contain the entire agreement of the parties hereto and no representation, inducement, promise, or agreement or otherwise between the parties not embodied herein shall be of any force or
effect, and no party will be liable or bound in any manner for any warranty, representation, or covenant except as specifically set forth herein. 

  

	 	•	 	This Agreement is intended to comply with Section 409A of the Code and shall be construed accordingly. 

  
 -4- 

 EXHIBIT A 

VESTING OF YOUR PERFORMANCE-BASED 

RESTRICTED STOCK UNITS 
 Subject to
the Plan and the PRGX Performance-Based Restricted Stock Unit Agreement for Employees to which this Exhibit A is attached (the “Agreement”), the Performance-Based Restricted Stock Units shall become vested and payable with respect
to that percentage of the Performance-Based Restricted Stock Units that correlates to the Cumulative Adjusted EBITDA achieved by PRGX for the Cumulative Performance Period as set forth in the chart below, provided the Participant remains employed
continuously with PRGX from the Grant Date through the last day of the Cumulative Performance Period (except as otherwise provided in the Agreement). Notwithstanding the foregoing, however, (i) none of the Performance-Based Restricted Stock
Units shall become vested and payable if the Cumulative Adjusted EBITDA achieved by PRGX for the Cumulative Performance Period does not equal or exceed the Threshold Cumulative Adjusted EBITDA set forth in the chart below, (ii) the percentage
of the Performance-Based Restricted Stock Units that may become vested and payable may not in any event exceed two hundred percent (200%) of the Performance-Based Restricted Stock Units, so if the Cumulative Adjusted EBITDA achieved by PRGX for
the Cumulative Performance Period exceeds the Maximum Cumulative Adjusted EBITDA set forth in the chart below, the percentage of the Performance-Based Restricted Stock Units that shall become vested and payable shall be limited to two hundred
percent (200%) of the Performance-Based Restricted Stock Units, and (iii) to the extent the Cumulative Adjusted EBITDA achieved by PRGX for the Cumulative Performance Period falls between the Threshold Cumulative Adjusted EBITDA and the
Target Cumulative Adjusted EBITDA or between the Target Cumulative Adjusted EBITDA and the Maximum Cumulative Adjusted EBITDA, the percentage of the Performance-Based Restricted Stock Units that shall become vested and payable for the Cumulative
Performance Period shall be determined by straight-line interpolation between the applicable percentages set forth in the chart below. 
  

			
	 Vesting Percentage Chart

	 Cumulative Adjusted EBITDA Achieved for the

Cumulative Performance Period
	 	 Percentage of Performance-Based Restricted Stock

Units to Become Vested and Payable

	Threshold	 	35%
	Target	 	100%
	Maximum	 	200%

 For purposes of this Exhibit A, the following terms shall have the meanings set forth below: 

 

	 	•	 	“Adjusted EBITDA” means the Adjusted EBITDA (as defined in the Plan) achieved by PRGX for the respective fiscal year as reflected in PRGX’s annual financial statements, excluding the impact of PRGX’s
healthcare claims recovery audit business. 

  

	 	•	 	“Cumulative Adjusted EBITDA” means the sum of the Adjusted EBITDA achieved by PRGX for the 2015 Fiscal Year and the 2016 Fiscal Year. 

 

	 	•	 	“Cumulative Performance Period” means the two-year period beginning with the 2015 Fiscal Year and ending with the 2016 Fiscal Year. 

 

	 	•	 	“2015 Fiscal Year” means PRGX’s fiscal year ending December 31, 2015. 

  

	 	•	 	“2016 Fiscal Year” means PRGX’s fiscal year ending December 31, 2016. 

  
 -5-

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