Document:

EX-10.9

 Exhibit 10.9 

SHAREHOLDERS AGREEMENT 
 dated
                             2021 

between 
 Carsten Koerl, Steinweg 3c, 9052
Niederteufen, Switzerland 
 (hereinafter referred to as “Founder”) 

and 
 CPP Investment Board Europe S.à r.l., 10-12, Boulevard Roosevelt, L-2450 Luxembourg, 
 Grand Duchy of Luxembourg 

(hereinafter referred to as “CPPIB”) 
 and 

TCV Luxco Sports S.à r.l., 287-289, route d’Arlon, L-1150
Luxembourg, Grand Duchy of Luxembourg 
 (hereinafter referred to as “TCV”) 

(Founder, CPPIB and TCV each a “Major Shareholder” and together the “Major Shareholders”) 

regarding 
 Sportradar Group AG (the “Company”)

 Contents 
  

									
	Clause	 	 	  	 	  	Page	 
	1.	 	DEFINITIONS	  	 	3	 
	2.	 	PURPOSE AND SCOPE	  	 	6	 
	3.	 	CORPORATE GOVERNANCE; MANAGEMENT STRUCTURE	  	 	6	 
		 	3.1.	  	Composition of the Board	  	 	6	 
		 	3.2.	  	Board Committees	  	 	8	 
		 	3.3.	  	Right of Instruction	  	 	9	 
		 	3.4.	  	Terms of Nomination and Successor Classified Directors	  	 	9	 
		 	3.5.	  	Duties and Resolutions of the Board	  	 	10	 
		 	3.6.	  	Management of the Company	  	 	10	 
		 	3.7.	  	Articles and Organizational Regulations	  	 	11	 
	4.	 	HIGH VOTES OF THE FOUNDER AND CONVERSION	  	 	11	 
	5.	 	REGISTRATION RIGHTS AGREEMENT	  	 	12	 
	6.	 	INFORMATION SHARING	  	 	12	 
	7.	 	BLACKBIRD REORGANISATION	  	 	12	 
	8.	 	TERM AND TERMINATION	  	 	12	 
	9.	 	FURTHER PROVISIONS	  	 	13	 
		 	9.1.	  	Obligations of Parties	  	 	13	 
		 	9.2.	  	Costs and expenses	  	 	13	 
		 	9.3.	  	Entire Agreement	  	 	13	 
		 	9.4.	  	Notices	  	 	13	 
		 	9.5.	  	Assignment	  	 	14	 
		 	9.6.	  	Amendments	  	 	15	 
		 	9.7.	  	Waiver	  	 	15	 
		 	9.8.	  	Severability	  	 	15	 
		 	9.9.	  	Confidentiality	  	 	15	 
		 	9.10.	  	Counterparts	  	 	16	 
	10.	 	GOVERNING LAW AND JURISDICTION	  	 	17	 
	SIGNATURES	  	 	18	 
	EXHIBIT A: CATEGORY 2 MATTERS RESERVED SOLELY FOR THE BOARD	  	 	23	 
	EXHIBIT B: CATEGORY 1 MATTERS FOUNDER ENTITLED TO INSTRUCT THE BOARD	  	 	25	 
	EXHIBIT C: NON-DELEGABLE ITEMS OF THE BOARD UNDER SWISS LAW	  	 	26	 
	EXHIBIT D: DELEGATION TO CEO	  	 	27	 
	ANNEX 3.6(A): MANAGEMENT OF THE COMPANY	  	 	28	 
	ANNEX 3.7(A): ARTICLES	  	 	29	 
	ANNEX 3.7(D): ORGANIZATIONAL REGULATIONS	  	 	30	 
	ANNEX 4(B): CONVERSION AGREEMENT	  	 	31	 
	ANNEX 5: REGISTRATION RIGHTS AGREEMENT	  	 	32	 

  
 2 

 Recitals 
  

	(A)	 The Company is a Swiss stock corporation (Aktiengesellschaft) registered with the commercial register of
the Canton St. Gallen under CHE-164.043.805 with registered office at Feldlistrasse 2, 9000 St. Gallen, Switzerland. The Parties are direct or indirect shareholders of the Company. 

 

	(B)	 As per the Effective Date, the share capital of the Company shall consist of registered class A common shares
with a nominal value of CHF 0.10 each (“Class A Ordinary Shares”) and registered class B convertible voting common shares with a nominal value of CHF 0.01 each (“Convertible Class B
Voting Shares”; together with the Class A Ordinary Shares the “Shares”). 

  

	(C)	 As per the Effective Date, the Company shall become a public company through an initial public offering of its
Class A Ordinary Shares at The Nasdaq Global Select Market (“Nasdaq”). 

  

	(D)	 Save as explicitly agreed herein, this Agreement shall in no way restrict each Party’s ability to act
fully independent vis-à-vis governance of the Company, including in terms of voting of its Shares in any shareholders’ meeting. 

NOW, THEREFORE, the Parties agree as follows: 
  

	1.	 DEFINITIONS 

Capitalized terms shall have the meaning as defined in this Clause 1 or elsewhere in this Agreement. 

“Agreement” means this shareholders’ agreement, including any of its Exhibits and Annexes; 

“Affiliate” means with respect to a person (the “First Person”): 

 

	 	(a)	 another person that, directly or indirectly through one or more intermediaries, Controls, or is Controlled by,
or is under common Control with, the First Person; 

  

	 	(b)	 a pooled investment vehicle organized by the First Person (or an Affiliate thereof) the investments of which
are directed by the First Person (or an Affiliate thereof); 

  

	 	(c)	 a fund organized by the First Person for the benefit of the First Person’s (or any of its
Affiliates’) partners, officers or employees or their dependents; 

  

	 	(d)	 a successor trustee or nominee for, or a successor by reorganization of, a qualified trust (being a tax
advantaged fiduciary relationship between an employer and an employee in which the employee beneficiary may use his life expectancy to determine required minimum distribution amounts); or 

 

	 	(e)	 in the case of a First Person who is an individual, any spouse,
co-habitee and/or lineal descendant by blood or adoption or any person or persons acting in its or their capacity as trustee or trustees of a trust of which such individual is the settlor;

  
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 “Articles” means the articles of association of the Company in effect on
the Effective Date substantially as set out in Annex 3.7(a); 
 “Board” means the board of
directors (Verwaltungsrat) of the Company as composed from time to time; 
 “Board Member” means a member of the
Board; 
 “Business Day” means the days on which commercial banks are generally open for business in both St. Gallen
and in New York; 
 “Category 1 Matter(s)” has the meaning set forth in Exhibit B; 

“Category 2 Matter(s)” has the meaning set forth in Exhibit A; 

“Chairman/Chairwoman” means the chairman or chairwoman of the Board from time to time; 

“Classified Director” has the meaning set forth in Clause 3.1(h); 

“Code of Best Practice” means the Swiss Code of Best Practice for Corporate Governance; 

“Company” has the meaning set forth on the cover page of this Agreement ; 

“Confidential Information” means, with respect to the Company, all information concerning the Company, including, but not
limited to, ideas, business strategies, innovations and materials, all aspects of the business plan of the Company, proposed operation and products, corporate structure, financial and organizational information, analyses, proposed partners, software
code and system and product designs, employees and their identities, equity ownership, the methods and means by which the Company plans to conduct its businesses, all trade secrets, trademarks, tradenames and all intellectual property associated
with the business of the Company; provided that, the term “Confidential Information” does not include information or material that: 
  

	 	(a)	 is in the possession of a Party at the time of disclosure by the Company so long as, to the knowledge of such
Party, such information or material is not subject to any prior obligation of confidentiality owed to the Company with respect to such information; 

  

	 	(b)	 before or after it has been disclosed to a Party by the Company, becomes publicly available, not as a result of
any action or inaction of such Party or any of its representatives in violation of this Agreement; 

  

	 	(c)	 is disclosed to a Party or its representatives by a third party not, to the knowledge of such Party, in
violation of any obligation of confidentiality owed to the Company with respect to such information; or 

  

	 	(d)	 is independently developed (without the use of any Confidential Information) by a Party or any of its
representatives without violating any confidentiality agreement with, or other obligation of secrecy to, the Company. 

  
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 “Control” means, with respect to a Person (other than an
individual) (a) direct or indirect ownership of more than 50% of the voting securities of such Person, (b) the right to appoint, or cause the appointment of, more than 50% of the members of the board of directors (or similar governing
body) of such Person or (c) the right to manage, or direct the management of, on a discretionary basis, the assets of such Person, and, for the avoidance of doubt, a general partner is deemed to Control a limited partnership and, solely for the
purposes of this Agreement, a fund advised or managed directly or indirectly by a Person shall also be deemed to be Controlled by such Person (and the terms “Controlling” and “Controlled” shall have meanings
correlative to the foregoing); 
 “Conversion Agreement” means the agreement regarding the conversion of Convertible
Class B Voting Shares to Class A Ordinary Shares entered into by the Founder and the Company simultaneously with this Agreement and attached hereto as Annex 4(b); 

“Effective Date” means the date on which the Class A Ordinary Shares shall be admitted for trading on the Nasdaq; 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and
Exchange Commission promulgated thereunder; 
 “Good Cause” means any dismissal and/or replacement of the CEO for good cause
pursuant to article 340c para. 2 of the Swiss Code of Obligations; 
 “Group” means the Company together with its
current and its future Subsidiaries; 
 “Independent Board Member” means a Board Member as set forth in Clause 3.1(h)
who fulfils the independency requirements from time to time pursuant to the Code of Best Practice and Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended, subject to any applicable exemptions
and any other independency requirements applicable to Board Members pursuant to applicable law; 
 “Information” has the
meaning set forth in Clause 6; 
 “Major Shareholder(s)” has the meaning set forth on the cover page of this Agreement;

 “Nasdaq” has the meaning set forth in Recital (C); 

“Nominating and Corporate Governance Committee” means the nominating and corporate governance committee of the Board; 

“Nominee Director” has the meaning set forth in Clause 3.1(b); 

“Organizational Regulations” means the organizational regulations of the Company in effect as from Effective Date and
substantially as set out in Annex 3.7(d); 
 “Party” means each party to this Agreement; 

“Share Capital” means the aggregate nominal value of the total issued and outstanding share capital of the Company, from time
to time; 

  
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 “Shareholder” means a holder of Shares; 

“Shares” has the meaning set forth in Recital (B); 

“Subsidiary” shall mean any entity in which the Company, directly or indirectly, holds more than fifty (50) per cent of
the share capital or more than fifty (50) per cent of the voting rights, or the accounts of which are or must be fully consolidated with those of the Company in accordance with the applicable accounting principles. 

 

	2.	 PURPOSE AND SCOPE 

 

	 	(a)	 The Parties wish to enter into this Agreement in order to govern the rights and obligations of and among them
as Shareholders of the Company. 

  

	 	(b)	 The Parties agree that the terms and conditions of this Agreement shall also be valid for and attach to all
Shares acquired by the Parties after the Effective Date, be it through the purchase of Shares in the open market, the exercise of options, pre-emptive rights or otherwise. 

 

	 	(c)	 Each Party undertakes with the other Party for the entire term of this Agreement to comply with this Agreement.
In particular, each Party undertakes to vote its Shares in the shareholders’ meetings of the Company and, within the limitations set forth by applicable law, to instruct its representatives (including the Nominee Directors) on the Board
(subject to the Board Members’ fiduciary duties under Swiss law) to vote in such a manner as to give effect to the provisions and principles laid down in this Agreement. 

 

	 	(d)	 Wherever this Agreement reserves the consent or approval of a Party such consent or approval is deemed to be
subject to the qualification that it is not be unreasonably withheld or delayed, in circumstances in which such consent or approval concerns a matter to comply with applicable law or the requirements of any governmental authority.

  

	3.	 CORPORATE GOVERNANCE; MANAGEMENT STRUCTURE 

 

	3.1.	 Composition of the Board 

 

	 	(a)	 The Parties intend to establish a highly qualified, first class, independent and diverse Board to lead the
Company. The Board shall consist of up to eleven Board Members including the Chairman/Chairwoman. In accordance with Swiss law, each Board Member must be elected annually and individually by the shareholders’ meeting. 

 

	 	(b)	 Subject to Clauses 3.1(e) and 3.3(b): 

 

	 	(i)	 the Founder shall have the right to designate one person for nomination by the Board for election by the
shareholders’ meeting as Board Member and to designate replacements for such Board Member; 

  
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	 	(ii)	 CPPIB shall have the right to designate one person for nomination by the Board for election by the
shareholders’ meeting as Board Member and to designate replacements for such Board Member; 

  

	 	(iii)	 TCV shall have the right to designate one person for nomination by the Board for election by the
shareholders’ meeting as Board Member and to designate replacements for such Board Member; 

 who, in each case,
satisfy any applicable requirements imposed by applicable law and this Agreement (each such Board Member being a “Nominee Director”). It is understood and agreed that in no event shall such persons’ affiliation with the
Founder, CPPIB, or TCV (as applicable) make such persons ineligible to be members of the Board. The persons designated by the Founder, CPPIB and TCV will not need to be ‘independent’ for purposes of the Code of Best Practice, pursuant to
Rule 10A-3 under the Exchange Act or pursuant to the rules and regulations of the Nasdaq. 
  

	 	(c)	 If, and at any time, any Major Shareholder has the right to designate a representative for nomination by the
Board as a Board Member pursuant to, and in accordance with, Clause 3.1(b) the Company (and each Major Shareholder to the extent of its powers to do so) shall procure that the Board nominates the person designated by such Major Shareholder for
election as a Board Member and to use reasonable efforts to procure the election of the person designated by such Major Shareholder to the Board at each relevant shareholders meeting, including by soliciting the vote of the shareholders to vote in
favor of Board nominees and providing any other support that the Company or the Board provides to any other nominees to the Board. 

  

	 	(d)	 If, and at any time, any Major Shareholder has the right to designate a representative for nomination by the
Board as a Board Member pursuant to Clause 3.1(b): 

  

	 	(i)	 in the case of (i) the removal, resignation, retirement, death or disability of its relevant Board Member
or (ii) the failure of the person designated by such Major Shareholder to be nominated for election to the Board at any shareholders’ meeting, the relevant Major Shareholder shall have the right, but not the obligation, to submit in
writing to the Company a nomination for a replacement representative to the Board; and 

  

	 	(ii)	 the Company agrees to nominate the person designated by such Major Shareholder as a new Board Member and
undertakes to promptly call and hold an extraordinary shareholders’ meeting to elect the proposed person as a new Board Member. 

Until the new Board Member is elected, the Major Shareholder who designated such Board Member will have the right, but not the obligation, to
designate a representative to attend, as an observer, the meetings of the Board. 
  

	 	(e)	 The relevant Major Shareholder’s right to designate for nomination by the Board persons as the Board
Members, and to propose replacements for Board Members, shall lapse if (i) the Founder directly or indirectly holds Shares with an 

  
 7 

	 	
aggregate nominal value representing less than 7.5% of the Share Capital or (ii) CPPIB directly or indirectly holds Shares with an aggregate nominal value representing less than 7.5% of the
Share Capital or (iii) TCV directly or indirectly holds Shares with an aggregate nominal value representing less than 7.5% of the Share Capital. 

  

	 	(f)	 The following persons shall serve as initial Nominee Directors: 

 

	 	(i)	 Founder nominee: Carsten Koerl, CEO; 

 

	 	(ii)	 CPPIB nominee: Hafiz Lalani; and 

 

	 	(iii)	 TCV nominee: John Doran. 

 

	 	(g)	 The remaining Board Members shall be Independent Board Members with target diversity levels elected by the
Shareholders and reasonably acceptable to the Nominating and Corporate Governance Committee. 

  

	 	(h)	 The Parties agree to designate, nominate and elect the following Independent Board Members in an extraordinary
shareholders’ meeting to be held prior to the Effective Date: 

  

	 	(i)	 Jeffery Yabuki (Chairman); 

 

	 	(ii)	 George Fleet; 

  

	 	(iii)	 Marc Walder; 

  

	 	(iv)	 Charles John Robel; 

(Jeffery Yabuki, George Fleet, Marc Walder and Charles John Robel or any successor of the Board Members listed in 3.1(h)(i) - 3.1(h)(iv)
appointed in accordance with Clause 3.4(b) shall herein also be referred to as “Classified Director(s)”); 
  

	 	(v)	 Deirdre Bigley. 

  

	 	(i)	 Subject to Clauses 3.3 and 3.4, each Major Shareholder agrees to vote its Shares in favor of the Nominee
Directors of the other Major Shareholders and the Independent Board Members listed in Clause 3.1(h). 

  

	3.2.	 Board Committees 

 

	 	(a)	 The Board shall establish the following committees: audit committee, compensation committee (members will be
mandatorily elected by the shareholders’ meeting) and Nominating and Corporate Governance Committee. 

  

	 	(b)	 Subject to Clause 3.3(b), the committees shall consist of Independent Board Members only.

  
 8 

	 	(c)	 The rules on the functions and competences of the board committees are stipulated in the Organizational
Regulations. The Parties agree that the board committees shall not be authorized to resolve Category 1 Matters as listed in Exhibit B but only the full Board. 

 

	3.3.	 Right of Instruction 

 

	 	(a)	 Each Major Shareholder agrees, to the extent permitted by applicable law and subject to the Board Members’
fiduciary duties under Swiss law, to instruct its respective Nominee Director to vote in Board meetings in relation to all Category 1 Matters (see Exhibit B), in each case in accordance with the proposals made by the Founder provided always
that no Board Member shall be required to act in breach of its fiduciary duties under Swiss law. 

  

	 	(b)	 In case (i) a Board Member (other than a Nominee Director) is not following the Founder’s proposal or
(ii) a Nominee Director votes against the Founder’s proposal to the Board regarding Category 1 Matters as set out in Exhibit B (a “Defaulting Board Member”), the Founder shall be entiteld to (A), at any time,
convene an extraordinary shareholders’ meeting to recall or, in the Founder’s discretion, replace the Defaulting Board Member or (B) at the annual shareholders’ meeting, recall or, in the Founder’s discretion, replace the
Defaulting Board Member provided that: 

  

	 	(i)	 if the Defaulting Board Member is a Nominee Director, the right of the Major Shareholder having appointed the
Defaulting Board Member to designate one Board Member and to designate replacements for such Board Member pursuant to Clauses 3.1(b) and 3.1(d) shall immediately terminate; and 

 

	 	(ii)	 if the Defaulting Board Member is a Classified Director, the Parties shall no longer be obliged to re-elect such Classified Director in accordance with Clause 3.4(a). 

Clauses 3.1(g), 3.2 and 3.4(b) shall no longer apply in case a valid resolution is passed by the Board against the Founder’s
proposal to the Board regarding Category 1 Matters as set out in Exhibit B. For the avoidance of doubt, this Clause 3.3(b) shall not apply in case a Board Member would be in breach of his fiduciary duties by following the
Founder’s proposal to the Board regarding Category 1 Matters as set out in Exhibit B. 
  

	3.4.	 Terms of Nomination and Successor Classified Directors 

 

	 	(a)	 Subject to Clause 3.3(b), the Parties agree to elect/ re-elect the
Classified Directors for 4 consecutive one-year terms and shall not recall anyone of them, unless such Classified Director: 

 

	 	(i)	 votes against a proposal made by the Founder in relation to a Category 1 Matter as set out in Exhibit B
(other than where to do so would result in a breach of that Classified Director’s fiduciary duties under Swiss law); or 

  

	 	(ii)	 breaches his or her fiduciary duties. 

  
 9 

	 	(b)	 Subject to Clause 3.3(b), in the event that one or more of the Classified Directors do not wish to continue to
serve as Board member, his or her replacement nominee must be (i) an Independent Board Member, (ii) mutually agreed by each Major Shareholder provided that (x) at least two Major Shareholders meet the minimum shareholding threshold
set out in Clause 3.1(e) and (y) the respective Major Shareholder is entitled to designate a Nominee Director pursuant to Clause 3.1(b) and (iii) reasonably acceptable to the Nominating and Corporate Governance Committee.

  

	3.5.	 Duties and Resolutions of the Board 

 

	 	(a)	 The resolutions of the Board are passed in accordance with the Organizational Regulations.

  

	 	(b)	 The Board has the non-delegable duties as set out in Exhibit C.
Furthermore, the Board resolves on the matters as set out in Exhibit A and Exhibit B. All other matters relating to the management of the business not reserved for the Board by (i) the Organizational Regulations, (ii) the
Articles or (iii) mandatory Swiss law, shall be delegated to the CEO as set out in Exhibit D. The CEO shall be free to act in accordance with the budget approved by the Board in accordance with this Agreement. 

 

	 	(c)	 Subject to applicable law and regulation, in the event that any Major Shareholder (other than a Major
Shareholder who is also the CEO), any of its Affiliates or any of its representatives on the Board (or the board of any Subsidiary) has knowledge of a potential transaction or matter that may be a corporate opportunity for the Group (or any member
of the Group), each other Major Shareholder and the Company acknowledges and agrees that no Major Shareholder (other than a Major Shareholder who is also the CEO) nor its Affiliate, nor its representatives on the Board (or the board of any
Subsidiary) shall have any duty (contractual or otherwise) to communicate or present such corporate opportunity to the Board, the Company or any member of the Group, notwithstanding any provision of this Agreement to the contrary, no Major
Shareholder (other than a Major Shareholder who is also the CEO), nor any of its Affiliates or any of their respective connected persons (including its representatives on the Board or any board of any Subsidiary) shall be liable to any member of the
Group or any other Party, and the Parties hereto hereby waive any claim for breach of any duty (contractual, fiduciary or otherwise) by reason of the fact that any Major Shareholder (other than a Major Shareholder who is also the CEO), any of its
Affiliates or any of its representatives on the Board (or the board of any Subsidiary) directly or indirectly pursues or acquires such opportunity for itself, directs such opportunity to another person, or does not present such opportunity to the
Board, the Company or any member of the Group. The Parties acknowledge and waive any claim for breach of fiduciary duty of any such Nominee Director (other than a Nominee Director who is also the CEO) who does not present any such opportunity to the
Board. 

  

	3.6.	 Management of the Company 

 

	 	(a)	 On the Effective Date the management structure of the Company and the Group shall be as set out in Annex
3.6(a). 

  
 10 

	 	(b)	 The CEO shall be free to appoint the managers directly reporting to the CEO. 

 

	3.7.	 Articles and Organizational Regulations 

 

	 	(a)	 The Articles will not be amended in a manner that would conflict with the rights of the Major Shareholders
pursuant to this Agreement. 

  

	 	(b)	 The Articles stipulate that there are Shares with two different nominal values as outlined in Recital (B).

  

	 	(c)	 The Articles stipulate that each Share carries one vote, subject to the following matters according to article
693 para. 3 of the Swiss Code of Obligations, according to which the nominal value of shares is relevant to determine the voting rights for resolutions on the following matters: 

 

	 	(i)	 election of external auditors; 

 

	 	(ii)	 appointment of experts to audit the company’s business management or parts thereof; 

 

	 	(iii)	 any resolution concerning the instigation of a special audit; and 

 

	 	(iv)	 any resolution concerning the initiation of a liability action (e.g., against Board Members).

  

	 	(d)	 The Organizational Regulations in effect on the Effective Date are substantially as set out in Annex
3.7(d). The Major Shareholders shall vote, and shall instruct their Nominee Directors to vote, in such a manner as not to amend the Organizational Regulations in a manner that would conflict with the terms of this Agreement.

  

	4.	 HIGH VOTES OF THE FOUNDER AND CONVERSION 

 

	 	(a)	 Convertible Class B Voting Shares held by the Founder will not be listed or otherwise publicly traded on a
stock exchange. 

  

	 	(b)	 As set out in the Conversion Agreement (attached hereto as Annex 4(b)), the Convertible Class B
Voting Shares held by the Founder sunset and shall be converted into Class A Ordinary Shares under certain circumstances. 

  

	 	(c)	 The Founder shall in return be entitled to at any time request from the Company the conversion of Convertible
Class B Voting Shares into Class A Ordinary Shares, subject to the terms and conditions of the Conversion Agreement. 

  

	 	(d)	 The Parties undertake to (i) assist and support, as well as to do everything necessary to facilitate, any
conversion of Convertible Class B Voting Shares held by the Founder in accordance with the Conversion Agreement and (ii) to vote in favor of any motion at any shareholders meeting to subsequently cancel such converted Convertible
Class B Voting Shares in accordance with Swiss law. The Company shall undertake or be caused to undertake everything necessary to request the admission of newly issued Class A Ordinary Shares for trading. 

  
 11 

	5.	 REGISTRATION RIGHTS AGREEMENT 

At the latest on the Effective Date, the Parties shall enter into a separate registration rights agreement substantially in form and substance
as set forth in Annex 5. 
  

	6.	 INFORMATION SHARING 

The Company shall provide or procure that each Major Shareholder is promptly provided, to the extent permitted by applicable laws and
regulations, with all such information (the “Information”) in respect of the Company necessary in order for such Major Shareholder to: 
  

	 	(a)	 complete any tax return, compilation or filing as required by applicable law or deal with any enquiry from a
tax authority; 

  

	 	(b)	 comply with any financial, regulatory or other reporting obligations which apply to such Major Shareholder as
required by applicable law; or 

  

	 	(c)	 comply with any other laws, rules or regulations which apply such Major Shareholder. 

 

	7.	 BLACKBIRD REORGANISATION 

As of the date of this Agreement, CPPIB and TCV are holding their equity interests in the Company indirectly through Blackbird Holdco Limited
as common aggregation vehicle, a private limited liability company duly incorporated, organized and existing under the laws of Jersey with its registered office at Aztec Group House, 11-15 Seaton Place, St
Helier, Jersey JE4 0QH and with registration number 130011 (“Blackbird”). CPPIB and TCV undertake to (i) as soon as reasonable practicable, but in any case within 9 months, following the date of this Agreement, (provided
that such period may be extended by any reasonable additional period required to obtain any governmental or regulatory approvals (including with respect to any licensing arrangements)) dissolve (or otherwise restructure) Blackbird with the effect
that each of CPPIB and TCV are subsequently holding their respective equity interest in the Company individually and (ii) procure that, as long as CPPIB and TCV are holding their equity interests in the Company indirectly through Blackbird,
Blackbird, in its capacity as direct shareholder of the Company, complies with and gives full effect to the rights and obligations of the Parties hereunder and exercises its rights, power and authority as a shareholder of the Company in a manner
consistent with this Agreement. 
  

	8.	 TERM AND TERMINATION 

 

	 	(a)	 This Agreement shall enter into force as of the Effective Date. 

 

	 	(b)	 Notwithstanding Clause 8(a) above, save for the provisions on confidentiality, this Agreement is terminated vis-à-vis (i) the Founder if it directly or indirectly holds Shares with a nominal value representing less than 7.5% of the Share Capital, (ii) CPPIB if it
directly or indirectly holds Shares with a nominal value representing less than 7.5% of the Share Capital and (iii) TCV if it directly or indirectly holds Shares with a nominal value representing less than 7.5% of the Share Capital.

  
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	9.	 FURTHER PROVISIONS 

 

	9.1.	 Obligations of Parties 

The obligations of the Parties under this Agreement are several and not joint. The Parties agree that they do not form a simple partnership in
the sense of articles 530 et seq. of the Swiss Code of Obligations and waive the application of such provisions to the extent possible. In particular, no Party shall have the right to act on behalf or in the name of the other Party, unless
explicitly set forth otherwise herein. Additionally, the Parties under this Agreement do not constitute a “group” within the meaning of Rule 13d-5 under the Exchange Act. Nothing contained in this
Agreement, any of the other organizational documents and no action taken by any Party pursuant to this Agreement shall be deemed to constitute or to create a presumption by any parties that the Parties to this Agreement are in any way acting in
concert or as a “group” (or a joint venture, partnership or association), and each of the Company and the Parties agree to not assert any such claim with respect to such obligations or the transactions contemplated by this Agreement or the
other organizational documents. 
  

	9.2.	 Costs and expenses 

Each Party shall pay its own costs and expenses (including, but not limited to, all legal, accounting and advisory fees), as well as any taxes
or other charges which might become due in connection with, this Agreement, any agreements provided for the performance of this Agreement or any agreements provided for herein and the transactions contemplated hereby and thereby. 

 

	9.3.	 Entire Agreement 

This Agreement constitutes the entire Agreement between the Parties with respect to the subject matter of this Agreement and supersedes all
former agreements between the Parties, if any. 
  

	9.4.	 Notices 

All notices required under this Agreement shall be given in the English language and in writing (by registered mail, courier or e-mail (to be confirmed in writing by registered mail in matters other than routine administrative matters) to the following addresses until any changes are notified accordingly: 

 

	 	—	 Carsten Koerl: 

  

															
	                    	 	E-Mail:	  	c.koerl@sportradar.com	  		  		  		  		  	
		 	Address:	  	 Steinweg 3c
 9052 Niederteufen

Switzerland
	  		  		  		  	

  

	 	    	 with copy to: Dr Thomas Talos 

 

															
	                    	 	E-Mail:	  	talos@brandltalos.com	  		  		  		  		  	
		 	Address:	  	 c/o BRANDL TALOS Rechtsanwälte GmbH

Mariahilfer Straße 116
 1070 Vienna, Austria
	  		  	

  
 13 

							
		 	 —     CPPIB:

				
		 		 	E-Mail:	    	hlalani@cppib.com and legalnotice@cppib.com
		 		 	Address:	    	 Canada Pension Plan Investment Board, 40 Portman

Square, 2nd Floor, London
 W1H 6LT, United Kingdom

Attention: Hafiz Lalani

		
		 	          with copy to: David
Higgins

				
		 		 	E-Mail:	    	david.higgins@kirkland.com
		 		 	Address:	    	Kirkland & Ellis International LLP, 30 St Mary Axe, EC3A 8AF, London, United Kingdom
		
		 	 —     TCV:

				
		 		 	E-Mail:	    	legal@tcv.com
		 		 	Address:	    	 250 Middlefield Road
 Menlo Park, CA 94025
US
 Attention : General Counsel

		
		 	          with copy to: Mark
Brod

				
		 		 	E-Mail:	    	mbrod@stblaw.com
		 		 	Address:	    	 c/o Simpson Thacher & Bartlett LLP
 425
Lexington Avenue
 New York, NY 10017

		
		 	          with copy to: Naveed
Anwar

				
	 	 	            	 	E-Mail:	    	naveed.anwar@stblaw.com
		 		 	Address:	    	 c/o Simpson Thacher & Bartlett LLP

2475 Hanover Street
 Palo Alto, CA 94304

  

	9.5.	 Assignment 

  

	 	(a)	 Subject to the terms set forth in this Agreement, no Party shall assign its rights or obligations hereunder
without a prior written approval of the other Parties. 

  

	 	(b)	 Notwithstanding the previous paragraph, each Party shall have the right to transfer its Shares (in whole or in
part) to an Affiliate; provided that such Affiliate declares unconditional accession to this Agreement and further provided that the transferring Party continuous to be a Party and co-obligor (on a joint and
several basis together with the acceding Affiliate) under this Agreement. 

  
 14 

	9.6.	 Amendments 

No provision of this Agreement (including this provision) may be changed, waived, discharged or discontinued, except by an instrument in
writing signed by the Parties hereto. 
  

	9.7.	 Waiver 

  

	 	(a)	 Performance of any obligation required of a Party may be waived only by a written waiver signed by the other
Parties, and such waiver shall be effective only with respect to the specific obligation described. The waiver by the other Parties of a breach of any provision of this Agreement by the violating Party shall not operate or be construed as a waiver
of any subsequent breach of the same provision or another provision of this Agreement. 

  

	 	(b)	 The failure by a Party to insist on any occasion upon the performance of the terms, conditions and provisions
of this Agreement, shall not thereby act as a waiver of such breach or acceptance of any variation. 

  

	9.8.	 Severability 

If any of the provisions this Agreement shall be or become void or be held invalid, all other provisions shall remain in full force and effect
and the void and invalid provisions shall be forthwith replaced by other provisions to be agreed upon by the Parties valid in form and substance and which shall accomplish as nearly as possible the purpose and intent of the void or invalid
provisions in due course. 
  

	9.9.	 Confidentiality 

Each Party to this Agreement agrees that Confidential Information furnished and to be furnished to it has been and may in the future be made
available in connection with such Party’s investment and ownership of Shares in the Company. Each Party agrees that it shall use, and that it shall direct any person to whom Confidential Information is disclosed pursuant to the below to use,
the Confidential Information only in connection with its investment in the Company and in connection with its ownership of Shares of the Company and not for any other purpose (including to disadvantage competitively the Company). Each Party further
acknowledges and agrees that it shall not disclose any Confidential Information to any person, except that Confidential Information may be disclosed: 
  

	 	(a)	 to such Party’s Affiliates and its and their representatives or professional advisers in the normal course
of the performance of their duties or, in connection with such credit arrangement, to any financial institution or financing party providing, or potentially providing, credit to such Party (or its Affiliates); 

 

	 	(b)	 for purposes of reporting to its, or its Affiliates, stockholders and direct and indirect (current or
prospective) equity holders and limited partners, the performance of the Company (or otherwise in connection with customary fundraising, marketing, information or reporting activities of such persons) and for purposes of including applicable
information in financial statements to the extent required by applicable law or applicable accounting standards; 

  
 15 

 provided that, with respect to the immediately preceding clauses (a)
and (b), any such persons receiving Confidential Information shall be informed by the Party of the Confidential Information, such person shall agree and be obligated to keep such information confidential in accordance with the provisions of
this Agreement and any Party disclosing such Confidential Information shall be liable for any unauthorized disclosures of such Confidential Information in violation of this Clause 9.9 by any such persons; 

 

	 	(c)	 to any person to whom such Party is contemplating a bona fide transfer of its Shares; provided that,
such Transfer would not be in violation of the provisions of this Agreement, the Company’s organizational documents and such potential transferee is advised of the confidential nature of such information and agrees to be bound by a
confidentiality agreement consistent with this Clause 9.9 and any Party disclosing such Confidential Information will be liable for any breaches of this Agreement by any such persons; 

 

	 	(d)	 to any regulatory authority, recognized stock exchange or rating agency to which the Party or any of its
Affiliates is subject or with which it has regular dealings (including in connection with its holding of the Shares); provided that, such authority, stock exchange or agency is advised of the confidential nature of such information;

  

	 	(e)	 to the extent related to the tax treatment and tax structure of the transactions contemplated by this Agreement
(including all materials of any kind, such as opinions or other tax analyses that the Company, its Affiliates or its representatives have provided to such Party relating to such tax treatment and tax structure); provided that the foregoing
does not constitute an authorization to disclose the identity of any existing or future party to the transactions contemplated by this Agreement or their Affiliates or Representatives, or, except to the extent relating to such tax structure or tax
treatment, any specific pricing terms or commercial or financial information; 

  

	 	(f)	 if the prior written consent of the other Parties to this Agreement and the Board shall have been obtained;

  

	 	(g)	 to the extent required by applicable law or any governmental body (including complying with any oral or written
questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which a Party is subject) provided that such Party agrees to give the Company prompt notice of such request(s), to
the extent practicable and permitted by law, so that the Company may seek an appropriate protective order or similar relief (and the Party shall cooperate with such reasonable efforts by the Company (at the expense of the Company), and shall in any
event make only the minimum disclosure required by such law); or 

  

	 	(h)	 if and to the extent the information is or becomes publicly available (other than by breach of this Agreement).

  

	9.10.	 Counterparts 

This Agreement may be executed in counterparts (including by fax or scanned PDF copy), each of which shall be deemed an original but all of
which together shall constitute one single agreement. 

  
 16 

	10.	 GOVERNING LAW AND JURISDICTION 

 

	 	(a)	 This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or
the transactions contemplated hereby, shall be governed by, and construed in accordance with, the laws of Switzerland, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit
the application of laws of another jurisdiction. 

  

	 	(b)	 Any dispute, controversy or claim arising out of or relating to this Agreement, including any question
regarding its conclusion, existence, validity, invalidity, breach, amendment or termination (each, a “Dispute”), shall be finally resolved by arbitration under Rules of Arbitration of the International Chamber of Commerce (the
“ICC”) in force at the time of such submission (the “Rules”). The Rules are deemed to be incorporated by reference into this Agreement except: (i) that any provision of such Rules relating to the appointment of
an emergency arbitrator shall be excluded in its entirety; and (ii) as may be agreed by the Parties. 

  

	 	(c)	 The number of arbitrators shall be three. The Claimant(s) shall nominate one arbitrator in the Request for
Arbitration. The Respondent(s) shall nominate one arbitrator in the Answer to the Request. The two party-nominated arbitrators will then attempt to agree for a period of 30 days, in consultation with the parties to the arbitration, upon the
nomination of a third arbitrator to act as president of the tribunal, barring which the International Court of Arbitration of the ICC shall select the third arbitrator (or any arbitrator that Claimant(s) or Respondent(s) shall fail to nominate in
accordance with the foregoing). 

  

	 	(d)	 The seat of arbitration shall be Zurich, Switzerland. The language of the arbitration shall be English.

  

	 	(e)	 The arbitral proceedings shall be subject to the provisions of Chapter 12 of the Swiss Private International
Act, to the exclusion of the Third Part of the Swiss Code of Civil Procedure. 

  

	 	(f)	 The Parties shall maintain strict confidentiality with respect to all aspects of the arbitration and shall not
disclose the existence of the arbitration, the arbitral proceedings, the submissions or the decisions made by the arbitral tribunal, including its awards to any non-parties or
non-participants without the prior written consent of all parties to the arbitration, except to the extent: (i) required by law and applicable internal reporting requirements; or (ii) necessary to
recognize, confirm or enforce the final award in the arbitration. 

  

	 	(g)	 The Parties hereby agree that, in the event of a dispute relating to any matter contained both in this
Agreement and in the Articles, the provisions of this Agreement will prevail and, in particular, the provisions of this Clause 10 shall take precedence over the dispute resolution provisions in the Articles. 

[Signature on the next pages] 

  
 17 

 Signatures 
  

							
	Place, Date:
                                         
               	 		 		 	
				
		 		 	  
	 	
		 		 	Carsten Koerl	 	

  
 18 

					
	Place, Date:
                                         
               	  	CPP Investment Board Europe S.à r.l.	  	
			
		  	  
	  	
		  	Name:	  	

  
 19 

					
	Place, Date:
                                         
               	  	TCV Luxco Sports S.à r.l.	  	
			
		  	  
	  	
		  	Name:	  	

  
 20 

 Solely with respect to (i) rights allocated to it and (ii) obligations (a) expressly undertaken by
it and (b) which it can fulfil pursuant to applicable laws: 
  

					
	Place, Date:
                                         
               	  	Sportradar Group AG	  	
			
		  	  
	  	
		  	Carsten Koerl	  	

  
 21 

 Solely with respect to (i) rights allocated to it and (ii) obligations (a) expressly undertaken by
it and (b) which it can fulfil pursuant to applicable laws: 
  

					
	Place, Date:
                                         
               	  	Blackbird Holdco Ltd.	  	
			
		  	  
	  	
		  	Name:	  	

  
 22 

 EXHIBIT A: CATEGORY 2 MATTERS RESERVED SOLELY FOR THE BOARD 

The following matters are duties that remain with the Board. Pursuant to the terms of this Agreement, the Founder shall not convene an extraordinary
shareholders’ meeting to remove Board Members that have voted against the proposal of the Founder with respect to the following matters: 
  

	1.	 (A) acquisition of any company, business or assets (including real estate) (the “M&A
Activity”) in a financial year with a value of (i) above USD 150’000’000 or (ii), if lower, more than 3% of the Company’s total market capitalization as of the date of the signing of the acquisition and (B) any
M&A Activity resulting in the Group spending more than USD 250’000’000 for M&A Activities not previously approved by the Board in any consecutive period of 24 months; 

 

	2.	 disposal or divestiture of Company’s assets outside the ordinary course of business;

  

	3.	 incurrence of individual credit lines or indebtedness (subject to board-approved delegation of authority);

  

	4.	 the issuance of public bonds, debentures and similar public instruments; 

 

	5.	 the issuance of shares or other securities of the Company or any instruments convertible or exchangeable into
shares or other securities of the Company (but excluding issuances related to share option schemes); 

  

	6.	 proposing dividends for approval at the shareholders’ meetings; 

 

	7.	 dismiss and/or replace the CEO for Good Cause; 

 

	8.	 executive compensation matters involving executive officers named in the registration statement as filed with
the SEC; 

  

	9.	 (A) renewal and amendment of sport rights contracts existing as of the date of this Agreement if (i) the
sport rights contract shall be renewed at conditions that are substantially less favorable to the Group than those of the existing contract (provided that an increase in expenses shall not be relevant if lit (ii) does not apply) or
(ii) the aggregate expenses in relation to the renewed contract are increased by either (x) 12% or more of the aggregated expenses under the existing contract or (y) USD 300,000,000.00 or more and (B) conclusion and material
amendments of new sports rights contracts with rightholders which, including their affiliates, are not suppliers of the Group as of the date of this Agreement (the “New Partners”) with aggregate expenses of
USD 100’000’000 or more; 

  

	10.	 Company share repurchases; 

 

	11.	 annual and long-term shareholder guidance; 

 

	12.	 the initiation and settlement of judicial and administrative proceedings and disputes exceeding USD
50’000’000 in dispute value; 

  

	13.	 secondary listing or delisting from a national securities exchange; 

 

	14.	 related party transactions between any member of the Group (on one hand) and any Shareholder (or any of its
Affiliates (other than Group members)); 

  

	15.	 material change in accounting policies or principles; 

  
 23 

	16.	 implementing, amending or terminating employee participation schemes (including determining the total amount
(or total number of securities) available for allocation thereunder) provided that the allocation of any rewards thereunder shall not constitute a Category 2 Matter; 

 

	17.	 any amendment to or termination of, or the exercise of the call option or exercise of any other discretion of
the Company under, the Conversion Agreement; and 

  

	18.	 any amendment to the Organizational Regulations. 

  
 24 

 EXHIBIT B: CATEGORY 1 MATTERS FOUNDER ENTITLED TO INSTRUCT THE BOARD 

The following matters are duties that remain with the Board. However, pursuant to the terms of this Agreement, the Founder shall be allowed to convene an
extraordinary shareholders’ meeting to remove Board Members that have voted against the proposal of the Founder in relation to the following matters: 
  

	1.	 matters which are reserved to the Board under Swiss Law or the Articles (including topics covered under
Exhibit C) other than the matters listed in Exhibit A; 

  

	2.	 approval of the annual group operating budget and the annual capital budget; 

 

	3.	 the appointment and dismissal of the CEO of the Company, except for the dismissal and/or replacement of the CEO
for Good Cause which constitutes a Category 2 Matter; 

  

	4.	 renewal of existing sports rights contracts and conclusion of sport rights contracts with New Partners, in each
case with aggregate expenses between USD 25’000’000 and USD 100’000’000; and 

  

	5.	 annual capital commitments over USD 25’000’000 (not included in the annual group operating budget or
the annual capital budget). 

  
 25 

 EXHIBIT C: NON-DELEGABLE ITEMS OF THE BOARD UNDER SWISS LAW

 The following items are, according to Swiss law non-delegable duties of the Board of the Company: 

 

	1.	 the overall management of the Company and the issuing of all necessary directives; 

 

	2.	 determination of the Company’s organization; 

 

	3.	 the organization of the accounting, financial control and financial planning systems as required for management
of the Company; 

  

	4.	 the appointment and dismissal of persons entrusted with managing and representing the Company;

  

	5.	 overall supervision of the persons entrusted with managing the Company, in particular with regard to compliance
with the law, the Articles, Organizational Regulations and directives; 

  

	6.	 compilation of the annual report, preparation for the general meeting of the shareholders, the compensation
report and implementation of its resolutions; and 

  

	7.	 notification of the court in the event that the Company is over-indebted. 

  
 26 

 EXHIBIT D: DELEGATION TO CEO 

All other matters relating to the management of the business not reserved for the Board by (i) the Organizational Regulations, (ii) the Articles or
(iii) Swiss law (i.e., Exhibit C), shall be delegated to the CEO. 
 The CEO shall be free to act in accordance with the budget approved by the
Board. 

  
 27 

 ANNEX 3.6(A): MANAGEMENT OF THE COMPANY 

  
 28 

 ANNEX 3.7(A): ARTICLES 

  
 29 

 ANNEX 3.7(D): ORGANIZATIONAL REGULATIONS 

  
 30 

 ANNEX 4(B): CONVERSION AGREEMENT 

  
 31 

 ANNEX 5: REGISTRATION RIGHTS AGREEMENT 

  
 32Exhibit
10.1

 

FORM
OF

NOTE
PURCHASE AGREEMENT

 

This
Note Purchase Agreement is dated as of _________, 20__ (the “Agreement”) by and among Taronis Fuels, Inc., a Delaware
corporation (ticker: TRNF) (the “Company”), and the individual(s) and/or entity(ies) who become parties to this Agreement
by executing and delivering a Note Purchase Agreement Signature Page in the form of Exhibit A hereto in accordance with Section
2 hereof (each a “Purchaser” and, collectively, the “Purchasers”).

 

In
consideration of the mutual promises and covenants contained in this Agreement, the parties hereto agree as follows:

 

1.
Authorization; Sale of Notes.

 

1.1
Authorization. The Company has duly authorized the sale and issuance, pursuant to the terms of this Agreement of Convertible Promissory
Notes in the form attached hereto as Exhibit B in the aggregate principal amount of up to $________ (each a “Note”
and, collectively, the “Notes”).

 

1.2
Use of Proceeds. The Company will use the proceeds from the sale of the Notes for working capital and other operational expenses,
as well as potentially pay down higher cost debt or make acquisitions.

 

2.
Closing. Subject to the terms and conditions of this Agreement, the closing (the “Closing”) of the sale and
purchase of Notes under this Agreement shall take place remotely via the exchange of documents and signatures on the date hereof (the
date of such Closing, the “Closing Date”). At the Closing, the Company shall deliver a Note to each Purchaser participating
in the Closing in the original principal amount set forth next to such Purchaser’s name on its signature page hereto, and each
Purchaser shall pay to the Company the purchase price therefor, which shall be equal to such original principal amount.

 

3.
Certain Terms of the Notes.

 

3.1
Maturity. Each Note shall be due and payable on the earlier of (i) on or after ____________, 20__ (the “Maturity Date”)
or (ii) the occurrence of an Event of Default (as defined below).

 

3.2
Interest. The principal balance of the Notes will bear simple interest at a rate of One Percent (1%) per annum payable in cash.

 

3.3
Payments. Any payments on the Notes will be made in proportion to the outstanding principal amount each such Note represents relative
to the aggregate outstanding principal amount of all Notes. The Company shall not prepay any portion of the Notes without the prior written
consent of each Purchaser.

 

    	- 1 -

    	 

    

 

3.4
Conversion; Sale of Company.

 

(a)
Conversion Price. The conversion price shall be the lower of (i) Seven Dollars ($7.00) per share of the Company’s common
stock, $0.000001 par value per share (“Common Stock”), or (ii) 85% of the price to the public in an underwritten offering
of Common Stock that occurs substantially concurrently with an initial listing of the Common Stock on any of the NYSE American, the Nasdaq
Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (such underwritten offering,
the “Uplisting Offering”), in each case subject to the anti-dilution adjustments set forth in Section 4 (the
“Conversion Price”).

 

(b)
Upon a Sale of the Company. The Company shall notify the holders of then outstanding Notes of the closing of a Company Sale (as
defined below) at least fifteen (15) days prior to the expected closing of such Company Sale. Upon the closing of such Company Sale,
each Purchaser shall have the right, but not obligation, to convert in whole or in part of the Note plus all accrued and unpaid interest
thereon to the date of such conversion. A “Company Sale” shall occur upon the sale, conveyance, or other disposition
of majority of the Company’s assets or the Company’s merger with or into, or consolidation with, any other entity (other
than a wholly-owned subsidiary of the Company) or any other transaction or series of related transactions as a result of which less than
fifty percent (50%) of the voting power of the surviving entity (or, if the surviving entity is a wholly-owned subsidiary of another
entity, the ultimate parent of the surviving entity) is held by persons that are stockholders of the Company as of immediately prior
to such event; provided, however, that a merger effected exclusively for the purpose of changing the domicile of the Company shall not
be deemed to be a Company Sale; and provided, further, that the term “Company Sale” shall not apply to equity financings
primarily for capital-raising purposes.

 

3.5
Effect of Conversion, Etc. Upon conversion of any Note pursuant to this Section 3, provided that the securities issued
upon such conversion are duly and validly issued and are nonassessable, the Company will be forever released and discharged from all
of its obligations and liabilities under such Note, including without limitation the obligation to pay the principal amount and accrued
interest. No fractional shares shall be issuable by the Company upon conversion of any Note. In lieu of any fractional share which would
otherwise be issuable upon conversion of any Note, the Company shall pay to the holder of such Note an amount in cash equal to the product
of such fraction multiplied by the applicable conversion price. Upon conversion of each Note, the holder thereof shall surrender such
Note, duly endorsed, at the principal offices of the Company. Following such surrender, the Company will, at its expense, issue and deliver
to such holder a certificate or certificates for the securities to which such holder is entitled as a result of such conversion and pay,
or cause to be paid, to such holder for any cash amounts payable in lieu of any fractional share in accordance with this Section 3.5.

 

3.6
Events of Default. Each of the following shall constitute an “Event of Default,” unless waived in writing by
the Purchasers:

 

(a)
the failure by the Company to pay any amount due hereunder within 21 days of the due date thereof;

 

    	- 2 -

    	 

    

 

(b)
a material breach of any covenant contained in the Notes or other debt obligations of the Company; or

 

(c)
the appointment of a receiver of any property, the assignment or trust mortgage for the benefit of creditors, the commencement of any
kind of insolvency proceedings under any bankruptcy or other law relating to the relief of debtors, or the entry of an order for relief
with respect to the Company in any proceeding pursuant to the United States Bankruptcy Code, as amended.

 

4.
Anti-dilution Adjustments. The Conversion Price, and the number and type of securities to be received upon conversion of this
Note, shall be subject to adjustment as follows:

 

4.1
Common Stock Dividend, Subdivision, Combination, Share Split, Recapitalization or Reclassification of Common Stock. In the event
that the Company shall at any time or from time to time prior to the conversion or payment of this Note, effect a subdivision or combination
of its outstanding Common Stock or in the event of a reclassification, recapitalization, share split, share combination, bonus issue
or other distribution payable in securities of the Company or any other Person, then, and in each such case, the Conversion Price in
effect immediately prior to such event shall be proportionally adjusted (and any other appropriate actions shall be taken by the Company)
so that the Purchasers shall be entitled to receive the number of shares of Common Stock or other securities of the Company that the
Purchasers would have owned or would have been entitled to receive upon or by reason of any of the events described above, had this Note
been converted immediately prior to the occurrence of such event. An adjustment made pursuant to this Section 4.1 shall become
effective retroactively (x) in the case of any such dividend or distribution, to a date immediately following the close of business on
the record date for the determination of holders of Common Stock entitled to receive such dividend or distribution or (y) in the case
of any such subdivision, combination, reclassification, recapitalization or share split, to the close of business on the day upon which
such corporate action becomes effective.

 

4.2
Other Changes. If the Company at any time or from time to time, prior to the conversion of this Note, shall take any action affecting
its Common Stock or share capital similar to or having an effect similar to any of the actions described in Section 4.1, then,
and in each such case, the Conversion Price shall be adjusted in such manner as would be equitable in the circumstances.

 

4.3
Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 4, the Company
at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Purchaser
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based.

 

4.4
No Impairment. The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the
provisions of this Section 4 and in the taking of all such action as may be necessary or appropriate in order to protect the rights
of Purchasers against impairment.

 

    	- 3 -

    	 

    

 

4.5
Cash Distributions. In the event that the Company shall at any time or from time to time prior to the conversion or payment of
the Note declare or make any distribution of its assets (or rights to acquire its assets) to holders of Common Stock as a dividend, by
way of return of capital or otherwise (including any dividend or distribution to the Company’s stockholders in cash or shares (or
rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the holder
of the Note shall be entitled, concurrently with the payment of such Distribution to the Company’s stockholders, to receive the
amount of such assets which would have been payable to the holder of the Note with respect to the shares of Common Stock issuable upon
conversion of the Note had the holder of the Note been the holder of such shares of Common Stock on the record date for the determination
of stockholders entitled to such Distribution.

 

5.
Representations and Warranties of the Company. The Company represents and warrants to each Purchaser as of the date of this Agreement
that:

 

5.1
Corporate Organization and Authority. The Company:

 

(a)
is a corporation duly organized, validly existing, and in good standing in the State of Delaware; and

 

(b)
has the corporate power and authority to own and operate its properties and to carry on its business as now conducted and as proposed
to be conducted.

 

5.2
Corporate Power. The Company has all requisite legal and corporate power and authority to execute and deliver this Agreement,
to sell and issue the Notes hereunder, and to carry out and perform its obligations under the terms of the Agreement.

 

5.3
Due Execution. The execution and delivery of this Agreement and the Notes by the Company and the consummation of the transactions
contemplated hereby have been duly authorized by all requisite corporate action on the part of the Company. This Agreement and the Notes
to be issued hereunder have been duly executed and delivered by the Company and constitute the valid and binding obligation of the Company,
enforceable against the Company in accordance with their terms, except to the extent that such enforcement may be subject to applicable
bankruptcy, insolvency, reorganization, moratorium, or other laws of general application relating to or affecting enforcement of creditors’
rights and laws concerning equitable remedies.

 

5.4
Compliance with Laws. To its knowledge, the Company is not in violation of any applicable statute, rule, regulation, order or
restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business
or the ownership of its properties, the violation of which would have a material adverse effect on the Company or its business.

 

6.
Representations, Warranties, and Covenants of each Purchaser. Each Purchaser represents and warrants to and covenants with the
Company as follows as of the Closing Date:

 

6.1
Authorization. When executed and delivered by the Purchaser, and assuming execution and delivery by the Company, this Agreement
will constitute a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, except to the extent that
such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other laws of general application
relating to or affecting enforcement of creditors’ rights and laws concerning equitable remedies.

 

    	- 4 -

    	 

    

 

6.2
Brokers and Finders. The Purchaser has not retained any investment banker, broker, or finder in connection with the transactions
contemplated by this Agreement.

 

6.3
Investment. The Purchaser is acquiring the Note for investment for the Purchaser’s own account, not as a nominee or agent,
and not with a view to the sale or distribution of any part thereof. The Purchaser has no present intention of selling, granting any
participation in, or otherwise distributing the Note. By executing this Agreement, the Purchaser further represents that it has no contract,
undertaking, agreement, or arrangement with any person to sell, transfer, or grant participation to such person or to any third person,
with respect to the Note.

 

6.4
Experience; Etc. The Purchaser represents that he, she or it: (a) has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of a prospective investment in the Note being purchased by the Purchaser;
(b) has received all the information requested from the Company that might be necessary or appropriate for deciding whether to obtain
the Note; (c) has had the opportunity to discuss the Company’s business, management, and financial affairs with the Company’s
management; (d) has the ability to bear the economic risks of this investment; and (e) is able, without materially impairing its financial
condition, to hold the Note and shares of Common Stock issuable upon conversion of the Note (collectively, the “Securities”)
for an indefinite period of time and to suffer a complete loss on this investment.

 

6.5
No Reliance. The Purchaser has not relied upon any representation or warranty by the Company or its representatives in connection
with the transactions contemplated hereby other than those set forth in this Agreement.

 

6.6
Accredited Investor. The Purchaser hereby represents that he, she or it qualifies as an Accredited Investor, as such term is defined
in Rule 501(a) of Regulation D (or any successor provision or amendment thereto) promulgated under the Securities Act (an “Accredited
Investor”).

 

6.7
“Bad Actor” Disqualification. The Purchaser hereby represents that neither it nor any of its affiliates or other related
parties is a “bad actor,” as defined in Rule 506(d) promulgated under the Securities Act.

 

    	- 5 -

    	 

    

 

7.
Legends and Restrictions on Transfer.

 

7.1
Securities Act. The Securities shall bear such restrictive legends as the Company and the Company’s counsel deem necessary
or advisable under applicable law or pursuant to this Agreement, including, without limitation, a legend substantially in the following
form:

 

“THE
SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR REGISTERED OR QUALIFIED UNDER THE SECURITIES OR “BLUE SKY” LAWS OF ANY JURISDICTION.
SUCH SECURITIES AND ANY SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE REGISTRATION
PROVISIONS OF SAID ACT AND THE REGISTRATION, QUALIFICATION AND FILING REQUIREMENTS OF ALL APPLICABLE JURISDICTIONS HAVE BEEN COMPLIED
WITH OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF LEGAL COUNSEL SATISFACTORY TO THE COMPANY, IN FORM AND SUBSTANCE SATISFACTORY TO
THE COMPANY, THAT THE PROPOSED TRANSACTION WILL BE EXEMPT FROM REGISTRATION, QUALIFICATION AND FILING IN ALL SUCH JURISDICTIONS.”

 

7.2
No Transfer. No Purchaser may sell or transfer any Note other than to an affiliate of such Purchaser without the prior written
consent of the Company.

 

8.
Miscellaneous.

 

8.1
Successors and Assigns. This Agreement shall not be assignable by any party without the written consent of the others; provided,
that a merger or consolidation to which the Company is a party shall be deemed not be an assignment requiring consent; and provided,
further, that the Company may assign this Agreement without the consent of the other parties hereto to any individual or entity that
acquires control of the stock or all or substantially all of the assets or business of the Company. This Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

8.2
Survival of Representations and Warranties. All representations and warranties contained herein shall survive the execution and
delivery of this Agreement and the Closing.

 

8.3
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement.

 

8.4
Governing Law; Jurisdiction; Venue. This Agreement, and all matters arising directly and indirectly herefrom (“Covered
Matters”), shall be governed in all respects by the laws of the state of Delaware. Each of the parties hereto irrevocably submits
to the personal jurisdiction of the courts of the state of Delaware and the United States District Court for the District of Delaware
for the purpose of any suit, action, proceeding or judgment relating to or arising out of the Covered Matters. Service of process in
connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are
specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any
such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any
objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that
any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

    	- 6 -

    	 

    

 

8.5
Notices. All notices, requests, consents, and other communications under this Agreement shall be in writing and shall be delivered
by hand, sent by overnight courier, e-mail, or mailed by first class certified or registered mail, return receipt requested, postage
prepaid:

 

(a)
If to the Company:

 

Taronis
Fuels, Inc.

24980
N. 83rd Avenue, Suite 100

Peoria,
AZ 85383

Attn:

E-mail:

 

(b)
If to a Purchaser, at the address set forth next to the Purchaser’s name on the signature page hereto, or, in either case, at such
other address for a party as such party may have furnished in writing in accordance with this Section 8.5.

 

Notices
provided in accordance with this Section 8.5 shall be deemed delivered (i) upon personal delivery with signature required, (ii)
one Business Day after they have been sent to the recipient by reputable overnight courier service (charges prepaid and signature required),
(iii) upon confirmation of successful transmission of a facsimile message containing such notice if sent before 5 p.m., local time of
the recipient, on any Business Day, and as of 9 a.m. local time of the recipient on the next Business Day if sent thereafter or on a
day that is not a Business Day, (iv) if sent via e-mail, upon receipt if sent before 5 p.m., local time of the recipient, on any Business
Day, and as of 9 a.m. local time of the recipient on the next Business Day if sent thereafter or on a day that is not a Business Day,
or (v) three Business Days after deposit in the United States mail. The term “Business Day” as used in this Section 8.5
shall mean any day other than Saturday, Sunday or a day on which banking institutions are not required to be open in the State of
Delaware.

 

8.6
Complete Agreement. This Agreement (including its Exhibits) constitutes the entire agreement and understanding of the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, written and oral, relating to
such subject matter.

 

8.7
Withholdings. The Company shall be entitled to deduct and withhold from any payments on the Notes such amount, if any, as Company
determines in good faith is required to be deducted and withheld with respect to the making of such payment under applicable tax law.
To the extent that amounts are so withheld, such withheld amounts shall be treated for all purposes as having been paid to the holder
of the Note in respect of which such deduction and withholding was made. The Company shall provide the holder of the Note with any information
or documentation relating to any such withholdings requested by such holder.

 

    	- 7 -

    	 

    

 

8.8
Amendments and Waivers. This Agreement and the corresponding terms of each Note may be amended, modified, or terminated, and the
observance of any term of this Agreement may be waived, with respect to all parties to this Agreement (either generally or in a particular
instance and either retroactively or prospectively), with the written consent of the Company and the Purchasers; provided, that no such
amendment, modification or waiver shall be effective to the extent such amendment, modification or waiver adversely affects the rights
of any holder of a Note in a manner different from those of such consenting holders (other than differences related to the different
principal amounts or issue dates of the Notes) without the consent of each such differently affected holder; and provided, further, that
consent by the Purchasers shall not be required for the addition of additional Purchasers as parties to this Agreement. No waivers of
or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed
as, a further or continuing waiver of any such term, condition or provision.

 

8.9
Further Assurances. The parties agree to execute such further instruments and to take such further actions as may reasonably be
necessary to carry out the intent of this Agreement.

 

8.10
Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be deemed
to be an original instrument, and all of which together shall for all purposes constitute one and the same Agreement. A signature of
any party to this Agreement transmitted by facsimile, electronic mail (including pdf) or other electronic means shall be deemed to have
been duly and validly delivered and be valid and effective for all purposes.

 

8.11
Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa.

 

8.12
Section Headings and References. The section headings are for the convenience of the parties and in no way alter, modify, amend,
limit, or restrict the contractual obligations of the parties. Any reference in this agreement to a particular section or subsection
shall refer to a section or subsection of this Agreement, unless specified otherwise.

 

[Remainder
of page intentionally left blank.]

 

    	- 8 -

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Note Purchase Agreement as of the date set forth above.

 

	 	TARONIS
    FUELS, INC.
	 	 	 
	 	By:	        
	 	Name:
    	 
	 	Title:	 

 

Signature
Page to Note Purchase Agreement

 

    	 

     

    

 

Exhibit
A

 

Note
Purchase Agreement Signature Page

 

By
execution and delivery of this signature page, the undersigned hereby agrees that he, she, or it is a Purchaser, as defined in that certain
Note Purchase Agreement (the “Purchase Agreement”) by and among Taronis Fuels, Inc., a Delaware corporation (the “Company”),
and the Purchasers (as defined in the Purchase Agreement), dated as of ____________, acknowledges having read the representations in
the Purchase Agreement contained in the section entitled “Representations, Warranties, and Covenants of each Purchaser,”
and hereby represents that the statements contained therein are complete and accurate with respect to the undersigned as a Purchaser.

 

Executed,
in counterpart, as of the date set forth below.

 

	 	 
	 	 
	 	Print
    Name of Purchaser (Individual or Entity)
	 	 
	 	 
	 	Signature
    of Purchaser or Authorized Agent
	 	 
	 	 
	 	Print
    Name of Authorized Agent (If Entity)
	 	 
	 	 
	 	Title
    of Authorized Agent (If Entity)
	 	 	          
	 	Date:	 

 

		Amount
    Invested: $	 

 

	 	Address:	 
	 	 	 

 

	 	Email
    Address:	 

 

Signature
Page to Note Purchase Agreement

 

    	 

     

    

 

Exhibit
B

 

Form
of Convertible Note

 

See
attached.

 

    	 

     

    

 

THE
SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR REGISTERED OR QUALIFIED UNDER THE SECURITIES OR “BLUE SKY” LAWS OF ANY JURISDICTION.
SUCH SECURITIES AND ANY SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE REGISTRATION
PROVISIONS OF SAID ACT AND THE REGISTRATION, QUALIFICATION AND FILING REQUIREMENTS OF ALL APPLICABLE JURISDICTIONS HAVE BEEN COMPLIED
WITH OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF LEGAL COUNSEL SATISFACTORY TO THE COMPANY, IN FORM AND SUBSTANCE SATISFACTORY TO
THE COMPANY, THAT THE PROPOSED TRANSACTION WILL BE EXEMPT FROM REGISTRATION, QUALIFICATION AND FILING IN ALL SUCH JURISDICTIONS.

 

CONVERTIBLE
PROMISSORY NOTE

 

	$______________	 	______________,
    20__

 

FOR
VALUE RECEIVED, Taronis Fuels, Inc., a Delaware corporation (the “Company”) hereby promises to pay to the order of
______________________ (the “Holder”), the principal amount of _______________________ Dollars ($________) on the
Maturity Date.

 

This
Note is one of a series of Notes that are being issued pursuant to a Note Purchase Agreement dated as of _________, 20__, by and among
the Company and the investors named therein, including the Holder (as it may be amended from time to time, the “Purchase Agreement”).
Capitalized terms used herein but not otherwise defined shall have the meaning given to such terms in the Purchase Agreement. Each Note
ranks equally and ratably with the other Notes without priority over one another. No payment shall be made hereunder unless payment is
made with respect to the other Notes in an amount which bears the same ratio to the then unpaid principal and accrued but unpaid interest
on such other Notes as the payment made hereon bears to the then unpaid principal and accrued but unpaid interest under this Note.

 

1.
Interest. The principal balance of this Note outstanding from time to time shall bear simple interest at the applicable interest
rate specified in the Purchase Agreement. Such interest shall accrue and shall be due and payable annually, at the anniversary date of
the date of issuance of this Note each year.

 

2.
Payments. Payment of principal and interest shall be made in lawful money of the United States of America at the address of the
Holder set forth below, or at such other place as the holder hereof shall have designated to the Company in writing.

 

3.
Events of Default. Upon the occurrence of any Event of Default, the entire unpaid principal balance of this Note and all unpaid
accrued interest hereunder shall become immediately due and payable without notice or demand.

 

    	- 1 -

    	 

    

 

4.
Conversion.

 

4.1
Voluntary Conversion. At any time prior to the Maturity Date (or any time after the Maturity Date if this Note remains outstanding),
the Holder shall be entitled, by written notice to the Company, to convert the outstanding principal balance and unpaid accrued interest
on this Note, in whole or in part, into shares of the Company’s Common Stock, at the Conversion Price.

 

4.2
Mandatory Conversion. Upon the closing of an Uplisting Offering, the entire outstanding principal balance and all unpaid accrued
interest on this Note shall automatically convert into shares of the Company’s Common Stock at the Conversion Price. The Company
shall notify in writing the Holder of this Note of such mandatory conversion and the number of shares of the Company’s Common Stock
into which the outstanding principal balance and unpaid accrued interest on this Note is then convertible.

 

4.3.
Conversion Price. The outstanding principal balance and unpaid accrued interest on this Note shall be convertible into shares
of the Company’s Common Stock at the Conversion Price specified in the Purchase Agreement, subject to the anti-dilution adjustments
specified in the Purchase Agreement.

 

4.4.
Company Sale. Upon the closing of a Company Sale, the Holder shall be entitled to convert the outstanding principal balance and
unpaid accrued interest on this Note as more fully described in the Purchase Agreement.

 

5.
New Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Note, the Company will issue a new promissory note, of like tenor and amount and dated the original date of this Note, in lieu of such
lost, stolen, destroyed or mutilated Note, and in such event the holder thereof shall indemnify and hold harmless the Company in respect
of any such lost, stolen, destroyed or mutilated Note.

 

6.
Miscellaneous.

 

6.1.
The undersigned and every endorser or guarantor of this Note, regardless of the time, order or place of signing, waives presentment,
demand, protest and notice of every kind and assents to any one or more extensions or postponements of the time of payment or any other
indulgences, to any substitutions, exchanges or releases of collateral available to the Holder, if any, and to the additions or releases
of any other parties or persons primarily or secondarily liable.

 

6.2.
The provisions of this Note shall be governed by, and construed and enforced in accordance with, the substantive laws of the State of
Delaware, without regard to its principles of conflicts of laws.

 

6.3.
Notwithstanding anything herein to the contrary, payment of any interest, expense or other amount shall not be required if such payment
would be unlawful. In any such event, this Note shall automatically be deemed amended so that interest charges and all other payments
required hereunder, individually and in the aggregate, shall be equal to but not greater than the maximum permitted by law.

 

    	- 2 -

    	 

    

 

6.4.
This Note may be amended or modified, and any provision of this Note may be waived, only with the written consent of the Company and
(a) the holder hereof, or (b) the Purchasers; provided, that in the case of clause (b), no such amendment, modification or waiver shall
be effective without the written consent of the holder hereof to the extent such amendment, modification or waiver adversely affects
the rights of the holder of this Note in a manner different from those of the holders of the other Notes (other than differences related
to the different principal amounts or issue dates of the Notes). Any amendment effected in accordance with the immediately preceding
sentence shall be binding upon the Company, the Holder and each transferee of this Note.

 

6.5.
In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, in
whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively
operate to invalidate this Note, then and in any such event, such provision(s) only shall be deemed null and void and shall not affect
any other provision of this Note and the remaining provisions of this Note shall remain operative and in full force and effect and in
no way shall be affected, prejudiced, or disturbed thereby.

 

[Remainder
of page intentionally left blank.]

 

    	- 3 -

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Convertible Promissory Note as an instrument under seal as of the date first above
written.

 

	 	TARONIS
    FUELS, INC.
	 	 	 
	 	By:	   
          
	 	Name:
    	 
	 	Title:	 

 

Signature
Page to Convertible Promissory Note

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