Document:

Warrant
      Number 2006-______ 

    

    

    NEITHER
      THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
      WARRANT HAVE BEEN REGISTERED UNDER EITHER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR UNDER ANY STATE SECURITIES LAWS, AND THIS WARRANT CANNOT BE
      EXERCISED, SOLD OR TRANSFERRED, AND THE SHARES OF COMMON STOCK ISSUABLE UPON
      EXERCISE OF THIS WARRANT CANNOT BE SOLD OR TRANSFERRED, UNLESS AND UNTIL THEY
      ARE SO REGISTERED OR UNLESS AN EXEMPTION IS THEN
      AVAILABLE.

    

    

    Warrant
      to Subscribe for __________ Shares of Common Stock

    

    

    THE
      TUBE MEDIA CORP.

    

    Warrant

    

    To
      Subscribe for and Purchase

    Common
      Stock of

    THE
      TUBE
      MEDIA CORP.

    

    

    

    THIS
      CERTIFIES that, for value received, DR ROBERT KAST, or
      his
      registered assigns ("Holder"), is entitled to subscribe for and purchase from
      THE TUBE MEDIA CORP., a Delaware corporation ("Company"), at an exercise price
      per share of $___ (initially and as adjusted, if at all, pursuant to the terms
      and conditions of this Warrant, the "Exercise
      Price"),
      ______________ fully paid and nonassessable shares of Company's common stock,
      $.0001 par value per share (the "Common
      Stock").
      This
      Warrant may be exercised, in whole or in part, by Holder at any time commencing
      immediately after delivery of this Warrant to Holder and prior to and including
      5:00 p.m. Eastern time on October __, 2010.

    

    This
      Warrant is subject to the following provisions, terms and
      conditions:

    

    1.
      Exercise;
      Payment.
      The
      rights represented by this Warrant may be exercised by Holder, in whole or
      in
      part, by the surrender of this Warrant at the principal office of Company
      properly endorsed and accompanied by payment to Company of the Exercise Price
      for that number of shares of Common Stock sought to be purchased (the
      "Exercised
      Shares"),
      in
      the manner provided below. Company agrees that (a) shares purchased upon
      exercise of this Warrant shall be and are deemed to be issued to Holder as
      the
      record owner of such shares as of the close of business on the date on which
      this Warrant shall have been surrendered and payment made for such shares as
      provided herein, and (b) certificates for the shares of stock so purchased
      shall
      be delivered to Holder as promptly as reasonably practicable following any
      exercise of this Warrant, and unless this Warrant shall have been exercised
      in
      full, or shall have expired, a new Warrant representing the number of shares
      with respect to which this Warrant shall not yet have been exercised, shall
      also
      be delivered to Holder.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Holder
      may pay the Exercise Price for any Exercised shares in one or a combination
      by
      delivering cash, check, money order or wire transfer of funds to the Company
      in
      the amount of the Exercise Price of the Exercised Shares. In the event there
      is
      a trading market for the Company’s common shares, Holder may, at its option, pay
      the Exercise Price with registered or unregistered shares of the Company’s
      common stock, which shall be valued in each instance at the average of the
      closing price for said shares as traded on a recognized public trading market
      or
      quoted on a recognized quotation system for the last 20 days immediately
      preceding the date of exercise.

    

    2.
      Shares
      to be Fully Paid; Reservation.
      Company
      covenants and agrees that all shares which may be issued upon the exercise
      of
      the rights represented by this Warrant will, upon issuance and payment therefore
      in accordance with Section 1 above, be fully paid and nonassessable and free
      from all taxes, liens and charges with respect to the issue thereof; and without
      limiting the generality of the foregoing, Company covenants and agrees that
      it
      will from time to time take all such action as may be required to assure that
      the par value per share of the Common Stock is at all times equal to or less
      than the then effective Exercise Price per share of Common Stock issuable
      pursuant to this Warrant. Company further covenants and agrees that when the
      rights represented by this Warrant may be exercised, Company will at all times
      thereafter have authorized, and reserved for the purpose of issue or transfer
      upon exercise of the subscription rights evidenced by this Warrant, a sufficient
      number of shares of its Common Stock to provide for the exercise of the rights
      represented by this Warrant.

    

    3.
      Protection
      Against Dilution.

    

    (a)
      In
      the event at any time or from time to time, all holders of Common Stock (or
      any
      other shares of stock or other securities at that time receivable upon exercise
      of this Warrant) shall have received, other or additional or less Common Stock
      without payment therefore (whether through a dividend in stock or any class
      of
      stock of Company or any other corporation, or through stock split, spin-off,
      split-off, reclassification, combination of shares or otherwise) (a
      "Distribution"), then, and in each such case, Holder upon the exercise of this
      Warrant and payment of the Exercise Price provided above, shall be entitled
      to
      receive, in addition to the shares called for under this Warrant, the shares
      or
      other securities to which Holder would have been entitled in the Distribution
      if
      Holder had exercised this Warrant immediately prior thereto. In case of the
      partial exercise of this Warrant under such circumstances, the number of shares
      of stock or other securities which would have been receivable upon the full
      exercise of this Warrant, and the Exercise Price payable therefore computed
      as
      provided above, shall be proportionately reduced.

    

    (b)
      In
      case of any reorganization of Company, or any other corporation the stock or
      securities of which are at the time deliverable on the exercise of this Warrant,
      or in case Company or such other corporation shall consolidate with or merge
      into another corporation, or convey all or substantially all of its assets
      to
      another corporation, or liquidate, Holder, upon the exercise hereof and upon
      the
      payment of the Exercise Price provided above, shall be entitled to receive,
      in
      lieu of the shares called for under this Warrant, the stock or other securities
      to which Holder would have been entitled upon the consummation of such
      reorganization, consolidation, merger, conveyance, or liquidation if Holder
      had
      purchased the shares called for hereby immediately prior thereto; and in such
      case, the provisions of this Warrant shall be applicable to the shares of stock
      or other securities thereafter deliverable upon the exercise of this Warrant.
      In
      the case of the partial exercise of this Warrant under such circumstances,
      the
      number of shares of stock or other securities which would have been receivable
      upon the full exercise of this Warrant, and the Exercise Price payable
      therefore, shall be proportionately reduced.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    4.
      No
      Rights as Shareholder.
      Until
      the valid exercise of this Warrant, the holder hereof shall not be entitled
      to
      any voting right or other rights as a shareholder of Company with respect to
      this Warrant.

    

    5.
      Transfer
      of Warrants.
      Subject
      to Section 7 hereof, this Warrant and all rights hereunder are transferable,
      in
      whole or in part, without charge to the Holder, at the office or agency of
      Company referred to in Section 1 by the Holder in person or by duly authorized
      attorney, upon surrender of this Warrant properly endorsed. Each taker and
      holder of this Warrant, by taking or holding the same, consents and agrees
      that
      this Warrant, when endorsed in blank, shall be deemed negotiable, and that
      the
      holder hereof, when this Warrant shall have been so endorsed, may be treated
      by
      Company and all other persons dealing with this Warrant as the absolute owner
      hereof for any purpose and as the person entitled to exercise the rights
      represented by this Warrant, or to the transfer hereof on the books of Company,
      any notice to the contrary notwithstanding; but until such transfer on such
      books, Company may treat the registered holder hereof as the owner for all
      purposes.

    

    6.
      Fractional
      Interests.
      Company
      shall not be required to issue fractional shares of Common Stock upon the
      exercise of this Warrant. If any fraction of a share of Common Stock would,
      except for the provisions of this Section 6, be issuable upon the exercise
      of
      this Warrant (or specified portion thereof), Company shall pay an amount in
      cash
      equal to the Fair Market Value (as defined below) of such fraction of a Common
      Share on the business day prior to the date of such exercise. As used in this
      Agreement, the "Fair
      Market Value"
      of the
      Common Stock shall be the closing price of the Common Stock on the date of
      determination on the principal stock market or quotation system on which the
      Common Stock is then traded; provided,
      however,
      if the
      Common Stock is not, as of the date of determination of the Fair Market Value,
      traded on a recognized public trading market or quoted on a recognized quotation
      system, then the Fair Market Value shall be determined by Company on the basis
      of such valuation as it considers appropriate.

    

    7.
      Compliance
      With Securities Laws.
      By
      acquiring this Warrant from Company on the date hereof, the Holder hereby
      agrees, acknowledges, covenants, represents and warrants as
      follows:

    

    (a)
      This
      Warrant and the shares of Common Stock issuable upon exercise hereof have not
      been registered under the Securities Act of 1933, as amended (the "Securities
      Act"), or qualified or registered under any state securities laws which may
      be
      applicable. Holder understands that this Warrant and such shares of Common
      Stock
      have been and will be issued and sold hereunder in transactions exempt from
      the
      registration or qualification requirements of the Securities Act and applicable
      state securities laws and Holder acknowledges that reliance on and the
      availability of said exemptions is predicated in part on the accuracy of
      Holder's representations and warranties herein.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b)
      Holder represents and warrants that it is acquiring this Warrant for its own
      account, for purposes of investment, and not with a view to, or for sale in
      connection with, any distribution thereof within the meaning of the Securities
      Act and the rules and regulations promulgated thereunder. Holder represents,
      warrants and agrees that it will not sell, exercise, transfer or otherwise
      dispose of this Warrant (or any interest therein) or any of the Common Stock
      purchasable upon exercise hereof, except pursuant to (i) an effective
      registration statement under the Securities Act and applicable state securities
      laws or (ii) an opinion of counsel, satisfactory to Company, that an exemption
      from registration under the Securities Act and such laws is available. Holder
      further acknowledges and agrees that Company is not required, legally or
      contractually, so to register or qualify the Warrant or such Common Stock or
      to
      take any action to make such an exemption available. Holder understands that
      Company will be relying upon the truth and accuracy of the representations
      and
      warranties contained in this Section 7 in issuing this Warrant and such Common
      Stock without first registering the issuance thereof under the Securities Act
      or
      qualifying or registering the issuance thereof under any state securities laws
      that may be applicable.

    

    (c)
      Holder acknowledges that (i) there is not now, and there will not be in the
      future, any public market for the Warrant, (ii) although there currently is
      a
      public trading market for the Common Stock, there can be no assurance that
      any
      such market will be sustained, and (iii) there can be no assurance that Holder
      will be able to liquidate its investment in Company. Holder represents and
      warrants that it is familiar with and understands the terms and conditions
      of
      Rule 144 promulgated under the Securities Act.

    

    (d)
      Holder represents and warrants to Company that (i) it has such knowledge and
      experience in financial and business matters as is necessary to enable it to
      evaluate the merits and risks of any investments in Company and is not utilizing
      any other person to be a purchaser representative in connection with evaluation
      of such merits and risks; and (ii) it has no need for liquidity in an investment
      in Company and is able to bear the risk of that investment for an indefinite
      period and to afford a complete loss thereof.

    

    (e)
      Holder represents and warrants that it has had access to, and has been furnished
      with, all of the information it has requested from Company and has had an
      opportunity to review the books and records of Company and to discuss with
      management and members of the board of directors of Company the business and
      financial affairs of Company.

    

    (f)
      Holder agrees that at the time of each exercise of this Warrant, unless the
      issuance of shares of Common Stock issuable thereupon is pursuant to an
      effective registration statement under the Securities Act, Holder will provide
      Company with a letter embodying the representations and warranties set forth
      in
      subsections (b) through (e), in form and substance satisfactory to Company,
      and
      agrees that the certificate(s) representing any shares issued to it upon any
      exercise of this Warrant may bear such restrictive legend as Company may deem
      necessary to reflect the restricted status of such shares under the Securities
      Act unless Company shall have received from Holder an opinion of counsel to
      Holder, reasonably satisfactory in form and substance to Company, that such
      restrictive legend is not required. If such legend is placed on such
      certificate(s), before consenting to the removal of such legend and the transfer
      of such shares, unless the request to remove such legend is made in connection
      with a sale or transfer of the shares represented by such certificate in a
      transaction registered under Section 5 of the Securities Act, Company may insist
      upon the delivery to it of an opinion from counsel to Holder, reasonably
      satisfactory in form and substance to Company, that the contemplated transfer
      does not constitute a violation of the Securities Act.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    8.
      Notice.
      Company
      covenants and agrees to give notice in writing to Holder at least 10 days prior
      to (or, if later, then as soon as reasonably practicable prior to) any action
      contemplated which would affect the per share Exercise Price, or number of
      shares purchasable upon exercise of this Warrant; provided,
      however,
      any
      failure of Company to provide such notice shall not affect the validity of
      any
      action by Company. Any notice, request or other communication provided for
      under
      this Warrant shall be given in writing, delivered by hand, by overnight United
      States Mail, return receipt requested, postage prepaid, or through a reputable
      courier service (such as Federal Express) and shall be addressed to Company
      or
      to the Holder at the address shown below, unless notice of a change in address
      is furnished in accordance with this paragraph:

    

    If
      to Company:

    

    THE
      TUBE MEDIA CORP.

    1451
      West Cypress Creek Rd.

    Suite
      300

    Ft.
      Lauderdale, Florida 33309

     

    

    If
      to Holder:

    

    Dr.
      Robert Alan Kast

    21875
      Cartagena Drive

    Boca
      Raton, FL 33428

    

    9. Descriptive
      Headings and Governing Law.
      The
      descriptive headings of the several paragraphs of this Warrant are inserted
      for
      convenience only and do not constitute a part of this Warrant. This Warrant
      is
      being delivered and is intended to be performed in the State of Florida and
      shall be construed and enforced in accordance with, and the rights of the
      parties shall be governed by, the law of such state. In the event of controversy
      arising out of the interpretation construction, performance or breach of this
      Agreement, the parties hereby agree and consent to the jurisdiction and venue
      of
      the District or County Court of Broward County, Florida; or the United States
      District Court for the Southern District of Florida, and further agree and
      consent that personal service or process in any such action or proceeding
      outside of the State of Florida and Broward County shall be tantamount to
      service in person within Broward County, Florida and shall confer personal
      jurisdiction and venue upon either of said Courts.

    

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, THE TUBE MEDIA CORP. has caused this Warrant to be signed
      by
      its duly authorized officer under its corporate seal, this 10th day of October,
      2006. 

     

    
 

    
      	 	 	
              THE
                TUBE MEDIA CORP.

              

              By:
                /s/ PATRICK LAPLATNEY

              Print
                Name: PATRICK LAPLATNEY

              Title:
                CHIEF EXECUTIVE OFFICER

            

    

     

    

    

    

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    ELECTION
      TO PURCHASE

    

    The
      undersigned Holder hereby irrevocably elects to exercise the within Warrant
      to
      purchase (___________)* Shares of Common Stock issuable upon exercise thereof
      to
      and requests that certificates for such Shares be issued in his/her/its name
      and
      delivered to him/her/it at the following address:________________

    ___________________________________________________________

    ___________________________________________________________.

    

    

    Date:_________________

    

    ____________________________________________________________

    Signature(s)**

    

    

    

    

    ____________________________

    

    *
      If the
      Warrant is to be exercised or transferred in its entirety, insert the word
      "All"
      before "Shares"; otherwise insert the number of shares then purchasable on
      the
      exercise thereof as to which transferred or exercised. If such Warrants shall
      not be transferred or exercised to purchase all shares purchasable upon exercise
      thereof, that a new Warrant to purchase the balance of such shares be issued
      in
      the name of, and delivered to, the Holder at the address stated
      below.

    

    **
      Signature(s) must conform exactly to the name(s) of the Holder as set forth
      on
      the first page of this Warrant.

     

    
 

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    

    ASSIGNMENT

    

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers the within Warrant
      to the extent of (________)* Shares purchasable upon exercise thereof to
      ____________________________, whose address is__________________________________
      ______________ and hereby irrevocably constitute and appoint
      _________________________ his/her/its Attorney to transfer said Warrant on
      the
      book of the Company, with full power of substitution.

    

    

    Date:_______________________

    

    

    __________________________________________________________

    Signature(s)**

    

    

    

    

    __________________________

    

    *
      If the
      Warrant is to be exercised or transferred in its entirety, insert the word
      "All"
      before "Shares"; otherwise insert the number of shares then purchasable on
      the
      exercise thereof as to which transferred or exercised. If such Warrants shall
      not be transferred or exercised to purchase all shares purchasable upon exercise
      thereof, that a new Warrant to purchase the balance of such shares be issued
      in
      the name of, and delivered to, the Holder at the address stated
      below.

    

    **
      Signature(s) must conform exactly to the name(s) of the Holder as set forth
      on
      the first page of this Warrant.

    

    

    

    
      
        
        

      

      
        8exv4w11

 

Exhibit 4.11

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

No. R-

Deutsche Bank Aktiengesellschaft

U.S. $—

—% PERPETUAL SUBORDINATED NOTE

          Deutsche Bank Aktiengesellschaft (the “Bank”), for value received, hereby promises to pay to
Deutsche Bank Capital Funding LLC VIII, or registered assigns, the aggregate principal sum of —
U.S. DOLLARS (U.S. $ —) (the “Principal Amount”) upon presentation and
surrender hereof upon the redemption hereof, and to pay interest on the Principal Amount from and
including the date of issue, at a rate and at such times as determined in accordance with the
provisions herein until the principal hereof is paid or duly made available for payment. This
Security is one of the —% Perpetual Subordinated Notes in the aggregate principal amount of $—
(such Notes, as outstanding from time to time, the “Outstanding Securities”).

          1. Payments; Interest

          (a) Interest will be payable on the Principal Amount quarterly in arrears on —, —, — and —
of each year, commencing on —, 20—. Each such date is referred to herein as an “Interest Payment
Date.” Interest payments payable on each Interest Payment Date will be calculated as provided
below and will accrue from and including the immediately preceding Interest Payment Date (or from
and including —, 20—, with respect to the first Interest Payment Date) to but excluding the
relevant Interest Payment Date or date fixed for redemption (each such period, an “Interest
Period”).

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

          Each calculation of the amount of interest due hereunder shall be made as if this Security
represented — individual subordinated notes, each with a principal amount of U.S. $—.

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

 

 

of such Unpaid Interest Amounts. Unpaid Interest Amounts may be paid at any time in any
lawful manner. “Regular Record Date” and “Special Record Date” are each referred to herein as the
“Record Date”. As used herein, “Business Day” shall mean any day other than Saturday, Sunday or a
day on which banks in New York City are required or authorized by law to close.

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

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

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

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

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

          2. Currency

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

          3. Status

          This Security is a general unsecured debt obligation of the Bank.

2

 

          The obligations of the Bank under this Security upon the bankruptcy, insolvency or liquidation
of the Bank will be (x) subordinated in right of payment to the prior payment in full of all
indebtedness and other liabilities of the Bank to its creditors (including subordinated
liabilities), except those which by their terms rank pari passu with or are subordinated to this
Security and (y) senior to (A) the preference shares of the Bank, if any, and any obligations or
instruments of the Bank which by their terms rank pari passu with such preference shares and (B)
the common shares of the Bank.

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

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

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

          4. Redemption

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

          (b) This Security may be redeemed by the Bank in whole but not in part, upon at least 30 days’
prior notice, at any time if both (i) a Special Redemption Event has occurred and (ii) Deutsche
Bank Capital Funding LLC VIII (the “Company”) has decided to redeem its Class B Preferred
Securities (the “Class B Preferred Securities”) in whole; provided the Bank has either (x) replaced
the Principal Amount by paying in other, at least equivalent, own funds (haftendes Eigenkapital)
within the meaning of the German Banking Act, or (y) obtained prior approval of the BaFin or any
successor authority for such early redemption.

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

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

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

3

 

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

          “Tax Event” means (A) the receipt by the Bank of an opinion of a nationally recognized law
firm or other tax adviser in the United States or Germany or, during any period in which any
Substitute Obligations are outstanding, in the jurisdiction of residence of any obligor on such
Substitute Obligations (or any jurisdiction from which payments are made) (each, a “Relevant
Jurisdiction”) experienced in such matters, to the effect that, as a result of (i) any amendment
to, or clarification of, or change (including any announced prospective change) in, the laws (or
any regulations promulgated thereunder) of a Relevant Jurisdiction or any political subdivision or
taxing authority thereof or therein affecting taxation, (ii) any judicial decision, official
administrative pronouncement, published or private ruling, regulatory procedure, notice or
announcement (including any notice or announcement of intent to adopt such procedures or
regulations) by any legislative body, court, governmental authority or regulatory body (an
“Administrative Action”), or (iii) any amendment to, clarification of, or change in the official
position or the interpretation of such Administrative Action or any interpretation or pronouncement
that provides for a position with respect to such Administrative Action that differs from the
theretofore generally accepted position, in each case, by any legislative body, court, governmental
authority or regulatory body, irrespective of the manner in which such amendment, clarification or
change is made known, which amendment, clarification or change is effective, or which
Administrative Action, pronouncement or decision is announced, after the date of issuance of the
Class B Preferred Securities, there is more than an insubstantial risk that (a) the Trust or the
Company is or will be subject to more than a de minimis amount of taxes, duties or other
governmental charges, or (b) the Trust or the Company would be obligated to pay additional amounts
in respect of the Trust Preferred Securities or the Class B Preferred Securities, as applicable,
the Guarantor would be obligated to pay additional amounts under the Trust Preferred Guarantee or
the Class B Preferred Guarantee, as applicable, or an obligor on the Obligations would be obligated
to pay Additional Interest Amounts, or (B) a final determination has been made by the German tax
authorities to the effect that the Bank, as obligor on the Obligations, may not, in the
determination of its taxable income for the purposes of determining German corporate income tax in
any year, deduct in full interest payments on the Obligations (except to the extent such interest
payments are determined to be connected with income of a branch that is not subject to taxation in
Germany). However, none of the foregoing will constitute a Tax Event if it may be avoided by the
Bank, the Trust or the Company taking reasonable measures under the circumstances.

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

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court, governmental agency, or regulatory authority, in each case after the date of issuance
of the Class B Preferred Securities.

          5. Substitution

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

          “Substitute Obligations” means (i) prior to —, 20—, a subordinated obligation issued in
substitution for this Security by the Bank or a Subsidiary with the same aggregate principal amount
and interest rate and payment dates as those of this Security and a maturity that is perpetual or
is not earlier than —, 20— and terms otherwise substantially identical to those of this Security,
provided, that unless the Bank itself is the issuer of the Substitute Obligations, the Bank (which
may act through a branch) guarantees on a subordinated basis, at least equal to the ranking of this
Security, the obligations of the new substitute obligor and (ii) after —, 20—, if Substitute
Obligations pursuant to clause (i) are not available, United States Treasury securities; provided,
in each case, that (a) the Bank has received the written opinion of a nationally recognized law
firm in the United States that reinvestment in such Substitute Obligation will not adversely affect
the “qualified dividend income” eligibility for purposes of Section 1(h)(11) of the Internal
Revenue Code of 1986, as amended (or any successor legislation), of Capital Payments on the Trust
Preferred Securities issued by Deutsche Bank Capital Funding Trust VIII (the “Trust Preferred
Securities”), or cause the holders thereof to recognize gain or loss for U.S. federal income tax
purposes and (b) such substitution or replacement does not result in a Special Redemption Event,
and provided, further in each case that the Bank has obtained any required regulatory approvals.

          “Obligations” means this Security and/or the Substitute Obligations.

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

          6. Taxation

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

5

 

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

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

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

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

          (v) to the extent such deduction or withholding can be avoided or reduced if the holder or
beneficial owner of the Trust Preferred Securities makes a declaration of non-residence or other
similar claim for exemption to the relevant tax authority or complies with any reasonable
certification, documentation, information or other reporting requirement imposed by the relevant
tax authority; provided, however, that the exclusion set forth in this clause shall not apply if
the certification, documentation, information or other reporting requirement would be materially
more onerous (in form, procedure or the substance of information required to be disclosed) to the
holder or the beneficial owner of Trust Preferred Securities than comparable information or other
reporting requirements imposed under U.S. tax law, regulation and administrative practice (such as
IRS Forms W-8 and W-9).

          7. Assignment

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

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

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

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          8. Jurisdiction

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

          9. Notices

          (a) All notices to the Bank under this Security shall be in writing and addressed to the Bank
at [Taunusanlage 12, D-60325 Frankfurt am Main, telecopier no. (+49) 69 910-35092; Attention: Group
Treasury, and with a copy to Group Legal Services of the Bank, Taunusanlage 12, D-60325 Frankfurt
am Main]; or to such other address as the Bank may notify the registered Holder of this Security.

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

          (c) In case, by reason of the suspension of or irregularities in regular mail service, it
shall be impractical to mail notice of any event to Holders of this Security when such notice is
required to be given pursuant to any provision of this Security, then any manner of giving such
notice as shall be reasonably satisfactory to the Bank shall be deemed to be sufficient giving of
such notice.

          10. Enforcement

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

          11. Amendments and Modifications

          (a) This Security, the rights and obligations of the Bank hereunder and the rights of the
Holder of this Security hereunder may be modified and amended, and any failure by the Bank to make
any payment of interest and Additional Interest Amounts hereunder may be waived, in each case with
the consent of the Holders of not less than a majority in aggregate Principal Amount of the
Outstanding Securities, provided that no such

7

 

modification, amendment or waiver may, without the consent of Holders of 100% in aggregate
Principal Amount of the Outstanding Securities (i) waive a failure to make any payment of interest
or Additional Interest Amounts on, or change the stated maturity of the interest or Additional
Interest Amount on, any Outstanding Security, or reduce the principal amount thereof or the rate of
interest thereon, or change the obligation of the Bank to pay Additional Interest Amounts, or
change any place where, or the coin or currency in which, any Outstanding Security or any interest
or Additional Interest Amount thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or with respect to any Outstanding Security; (ii) reduce the
percentage of Outstanding Securities the consent of whose Holders is required to modify or amend
this Security or for the waiver of any past failure to make payments of interest or Additional
Interest Amounts; (iii) modify the obligations of the Bank hereunder to maintain offices or
agencies in Frankfurt am Main; (iv) modify the obligation of the Bank to pay amounts under this
Security; or (v) modify the above provisions, except to provide that modification, amendment or
waiver of other provisions of this Security shall not be effective as to any Outstanding Security
without the consent of the Holder of such Outstanding Security.

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

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

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

          12. Conditions Precedent

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

          13. Governing Law

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

8

 

          14. Headings

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

9

 

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

	 	 	 	 	 
	 	DEUTSCHE BANK AKTIENGESELLSCHAFT

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

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