Term Sheet for the Creation of a Joint Venture

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1. 

Purpose:

目的：

The Purpose of the Transaction is to create a 51/49 joint venture through VRB China for the manufacture and sale of vanadium redox flow battery systems (the "Joint Venture"), of which 51% shall be owned by CES (and other CES group entities as reasonably approved by VRB Cayman (the "Approved Entity")) and 49% shall be retained by VRB Cayman.

交易目的在于通过VRB中国设立一家生产和销售钒氧化还原液流电池系统的51/49的合资企业（"合资企业"），其中51%由中能储（以及其他经VRB开曼合理批准的中能储集团实体（"被批准主体"））持有，49%由VRB开曼持有。

2. 

Joint Venture Vehicle and Name:

合资企业载体及名称：

VRB Energy System (Beijing) Co., Ltd. and VRB China Group shall continue to operate under the "VRB Energy" name and branding.

普能（北京）能源科技有限公司和VRB中国集团应继续以"VRB Energy"的名称和品牌开展经营活动。

3. 

Pre-Money Valuation of VRB China:

VRB中国的交易前估值：

RMB 520 million (¥520,000,000)

人民币520,000,000元（¥520,000,000）

4. 

Share Transfer and Capital Increase:

股份转让和增资：

The principal feature of the Transaction is the purchase by CES of shares of VRB China from VRB Cayman and the capital increase of VRB China through a new share subscription by CES in VRB China, all as set out in the Share Transaction Table appended to this Term Sheet as Appendix 1. The shares being transferred to CES shall have no encumbrance and are fully paid.

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如本清单条款附件1约定，中能储应向VRB开曼提供VRB中国股权质押，作为对所有未付款项的担保。未支付的转让款项不计利息，并应于2025年6月30日前以美元全额通过电汇方式将可立即动用的资金汇入VRB开曼指定的银行账户。未支付的增资款项亦不计利息。

The release of the share pledge is also set forth in the Appendix 1.

解除股权质押安排亦详见本清单条款附件1。

7. 

Taxes

税务

Parties will mutually review tax considerations in order to minimize the tax payable as a result of the Transaction.

各方将共同审查税务相关的考虑因素，以将本交易导致的应纳税额降至最低。

VRB Cayman will be responsible for its tax payment (if any), and CES will be entitled to withhold and make payment as required by the tax authority.

VRB开曼将自行承担其税费（如有），中能储将有权按税务机关的要求代扣代缴税款。

8. 

Board of Directors of VRB China:

VRB中国董事会：

From the Completion, the Board of Directors of VRB China (the "Board") will be set at 6 directors, with 2 nominees from VRB Cayman (who shall initially be Quentin Markin and Peter Zhou).

自交割起，VRB中国董事会（"董事会"）将由6名董事组成，其中VRB开曼提名2名董事（最初提名的董事应为Quentin Markin和Peter Zhou（周超））。

So long as VRB Cayman owns 20% of the share capital of VRB China, it shall be entitled to designate 2 of 6 directors on the Board. From the date that VRB Cayman has less than 20% of the share capital of VRB China but more than 10%, it shall be entitled to designate only 1 of 6 directors on the Board. Should VRB Cayman come to own less than 10% of the share capital of VRB China, it shall not be entitled to designate any directors on the Board.

只要VRB开曼持有VRB中国20%的股权，VRB开曼即有权提名董事会6名董事成员中的2名。自VRB开曼拥有VRB中国的股权少于20%但多于10%之日起，VRB开曼即有权提名董事会6名董事成员中的1名。如果VRB开曼持有VRB中国少于10%的股权，VRB开曼无权提名董事会任何董事。

The Board shall operate by majority vote unless otherwise required by law.

董事会应以多数票表决通过，法律另有规定的除外。

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Management of VRB China:

VRB中国的管理：

From the Completion, the day-to-day management and operational functions of VRB China will be managed as directed by the Board, with CES determining:

自交割起，VRB中国的日常管理和经营职能将按照董事会的指示管理，并由中能储决定：

1. Necessary or advisable changes to the VRB China management team for operational requirements of the business.

为业务运营要求对VRB中国管理团队作出必要或合理的变动。

2. The Chief Executive Officer of VRB China.

VRB中国的首席执行官。

3. The creation of any other necessary or advisable senior management positions within the VRB China Group.

在VRB中国集团范围内，设立任何其他必要或合理的高级管理职位。

Unless changed in the Transition Plan, VRB China will continue to honor all existing employment agreements or consulting agreements (as applicable) in effect at the date of this Term Sheet with the current management and employees of VRB China. These agreements shall remain in effect notwithstanding the occurrence of the Completion.

除非过渡计划另有约定，VRB中国将继续遵守于本条款清单签署日有效的与VRB中国的现任管理层和雇员签订的所有现有雇佣协议或咨询协议（如适用）。即使出现交割，该等协议应持续有效。

The current Chief Executive Officer and senior management of VRB China will work with CES to develop a reasonable transition plan (the "Transition Plan") for all matters, including operational, financial, employment and other matters. The Transition Plan will cover the time period from the execution of Definitive Agreements until a mutual agreed date by CES and VRB Cayman and shall become a part of the Definitive Agreements.

VRB中国的现任首席执行官和高级管理人员将与中能储合作，就包括运营、财务、雇佣及其他事项在内的所有事宜制定一个合理的过渡计划（"过渡计划"）。该过渡计划将涵盖自签署最终协议之日起至中能储与VRB开曼双方共同商定日的期间，并成为最终协议的一部分。

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10. 

IP Arrangement:

知识产权安排：

CES acknowledges that VRB Cayman is in the process of establishing vanadium redox flow battery manufacturing in the United States of America through VRB Energy USA Inc. (the "VRB USA"), a wholly owned subsidiary of VRB Cayman, and/or through any entities under the common control of Ivanhoe Electric Inc. (the "IE") and/or VRB Cayman.

中能储确认，VRB开曼正在通过VRB开曼的全资子公司VRB Energy USA Inc.（"VRB美国"）和/或由Ivanhoe Electric Inc.（"IE"）和/或VRB开曼共同控制的任何实体，在美国建立钒氧化还原液流电池制造工厂。

CES also acknowledges that prior to the execution of Definitive Agreements, VRB Cayman will undertake a restructuring of existing intellectual property related to vanadium redox flow batteries (including but not limited to patents, trademarks, copyrights, trade names, know-how, engineering and manufacturing database, and software to design an operate the VRB-ESS (the "VRB IP")) as follows (the "Intellectual Property Reorganization"):

中能储还确认，在最终协议签署前，VRB开曼将对与钒氧化还原液流电池相关的现有知识产权（包括但不限于专利、商标、版权、商号、专有技术、工程和制造数据库，以及设计和运营VRB-ESS的软件（"VRB IP"））进行如下重组（"知识产权重组"）：

• The VRB IP currently registered (any reference to registered IPs in this Term Sheet includes registered intellectual property and pending applications for intellectual property) in the jurisdictions assigned to VRB China as identified on Appendix A attached hereto (collectively, the "VRB China Areas"), and currently owned by VRB China as identified on Appendix B-1 attached hereto, will be owned by VRB China, and the VRB IP currently registered in the VRB China Areas that is not currently owned by VRB China, as identified on Appendix B-2 attached hereto, whether currently owned by VRB Cayman or by any other entities, will be assigned by the applicable VRB entities to VRB China; any aforementioned VRB IP shall be a "VRB China IP";

对于目前在本条款清单附件A所列明的分配给VRB中国的管辖区域（统称"VRB中国区域"）注册（凡本条款清单中提及的注册知识产权，均包括已注册的知识产权及进行中的知识产权申请）的VRB IP，以及如本条款清单附件B-1所列明的目前属于VRB中国所有的VRB IP，将属于VRB中国所有；对于本条款清单附件B-2所列明的目前在VRB中国区域注册但目前不属于VRB中国所有的VRB IP，无论其目前属于VRB开曼或其他任何实体所有，均将由相关的VRB实体转让给VRB中国；按照该等方式处理的VRB IP，以下简称"VRB中国IP"； 

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• The VRB IP currently registered in the jurisdictions assigned to VRB Cayman or VRB USA as identified on Appendix A attached hereto (collectively, the "VRB Cayman/USA Areas"), and currently owned by VRB Cayman or VRB USA, as identified on Appendix C-1 attached hereto, will be owned by either VRB Cayman or VRB USA, and the VRB IP currently registered in the VRB Cayman/USA Areas that is not currently owned by VRB Cayman or VRB USA, as identified on Appendix C-2 attached hereto, will be assigned by the applicable VRB entities to VRB Cayman or VRB USA; any aforementioned VRB IP shall be a "VRB Cayman/USA IP";

对于目前在本条款清单附件A所列明的分配给VRB开曼或VRB美国的管辖区域（统称"VRB开曼/美国区域"）注册的VRB IP，以及如本条款清单附件C-1所列明的目前属于VRB开曼或VRB美国所有的VRB IP，将属于VRB开曼或VRB美国所有；对于本条款清单附件C-2所列明的目前在VRB开曼/美国区域注册但目前不属于VRB开曼或VRB美国所有的VRB IP，将由相关的VRB实体转让给VRB开曼或VRB美国；按照该等方式处理的VRB IP，以下简称"VRB开曼/美国IP"；

• With respect to the VRB IP consisting of patent applications that are currently filed under the Patent Cooperation Treaty ("PCT") but that have not yet been nationalized in any countries, the right to nationalize such patent applications in the VRB China Areas will be retained by VRB China and the right to nationalize such patent applications in the VRB Cayman/USA Areas will be assigned by VRB China to VRB Cayman or VRB USA; and

对于目前根据《专利合作条约》（"PCT"）提交但尚未在任何国家进行国家阶段专利申请的VRB IP，在VRB中国区域申请国内专利的权利将由VRB中国保有，在VRB开曼/美国区域申请国内专利的权利将由VRB中国转让给VRB开曼或VRB美国；以及

• Any other VRB IP not described in the foregoing paragraphs, including, without limitation, common law trademarks, copyrights, works of authorship, software, know-how, trade secrets, and all tangible embodiments of the foregoing (collectively, "VRB Non-Registered IP"), will be owned in the VRB Cayman/USA Areas by either VRB Cayman or VRB USA (and to the extent not currently owned in the VRB Cayman/USA Areas by VRB Cayman or VRB USA, will be assigned by the applicable VRB entities to VRB Cayman or VRB USA, including duplication and transfer of the tangible embodiments thereof), and the VRB Non-Registered IP will be owned in the VRB China Areas by VRB China (and to the extent not currently owned by VRB China, will be transferred by the applicable VRB entities to VRB China).

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对于任何前述条款中未提及的其他VRB IP，包括但不限于普通法商标、版权、著作权、软件、专有技术、商业秘密以及所有前述内容的有形载体（统称为"VRB非注册IP"），在VRB开曼/美国区域的权利将属于VRB开曼或VRB美国所有（且在VRB开曼/美国区域中未由VRB开曼或VRB美国目前持有的部分，将由相关的VRB实体转让给VRB开曼或VRB美国，包括其有形载体的复制和转让）；而VRB非注册IP在VRB中国区域的权利将属于VRB中国所有（且未由VRB中国目前持有的部分，将由相关的VRB实体转让给VRB中国）。

The purpose of the Intellectual Property Reorganization is to ensure that:

知识产权重组的目的是确保：

(1) both parties have necessary VRB IP to operate in the respective jurisdictions shown on Appendix A attached hereto; and

（1）双方均拥有在本条款清单附件A所列明的各自管辖区内运营所需的必要VRB IP；以及

(2) Any VRB IP held by VRB Cayman/VRB USA is limited to VRB Cayman/USA Areas; subject to applicable laws, regulations, and competent authority's examinations and approvals, VRB Cayman/VRB USA should ensure that (x) all rights equivalent to, identical to, or equal to the VRB Cayman/USA patent rights have been obtained by VRB China within the VRB China Areas through the filing of corresponding patent applications, duplication, or other means (such procedures, the "IP Mirroring"), and (y) in the event VRB Cayman/VRB USA have not completed the IP Mirroring for certain VRB Cayman/USA patents, VRB China shall have the right to conduct IP Mirroring for such VRB Cayman/USA patent rights and VRB Cayman/VRB USA shall provide any necessary assistance to facilitate this process.

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（2）对于VRB开曼/VRB美国持有的任何VRB IP，仅限于VRB开曼/美国区域内持有；受限于适用的法律法规及主管机关的审查，VRB开曼/VRB美国应当确保：（x）VRB中国已在VRB中国区域内通过申请同族专利、复制或其他合适的方式享有与VRB开曼/美国专利同族、相同或相等的全部权益（该等程序，下称"IP镜像"），和（y）在VRB开曼/VRB美国尚未就某些VRB开曼/美国专利进行IP镜像的情况下，VRB中国应有权就相关VRB开曼/美国专利实施IP镜像，并且VRB开曼/VRB美国应提供任何必要的协助以促成该过程。

Unless waived by the parties as a Condition Precedent to Execution, the Intellectual Property Reorganization shall be completed prior to the Completion, and VRB Cayman shall bear all relevant fees and expenses (including but not limited to all expenses to be paid to the IP related governmental authorities and/or the relevant service agencies in each areas). Certain carve-outs to patent protection and cross-licensing of newly developed IP inventions will be set out in the Cooperation Agreement.

除非各方放弃相关签署前提条件，否则知识产权重组应在交割之前完成且一切相关费用和成本（包括但不限于需要向各区域的知识产权相关政府部门和/或相关服务机构所支付的全部成本等）应当由VRB开曼承担。各方将在合作协议中约定专利保护的某些例外情形以及新开发知识产权发明的交叉许可条款。

11. 

Cooperation Agreement:

合作协议

CES, VRB Cayman and VRB USA shall also negotiate a cooperation agreement on an arm's length basis (the "Cooperation Agreement") as part of the Definitive Agreements, which shall cover at least:

中能储、VRB开曼和VRB美国还应基于公平合理的原则谈判合作协议（"合作协议"），作为最终协议的一部分，该合作协议应至少包括：

1. Co-operation in identification of business opportunities outside of the United States and China, and a fair allocation of potential orders having regard to patent protection, cost, customer demands and capacity.

在寻找美国和中国以外的商业机会方面进行合作，并在考虑专利保护、成本、客户需求和产能的情况下公平分配潜在订单。

2. The potential sale of electrolyte, equipment, spare parts and other components for VRB batteries from VRB China to VRB USA, including certain preferred supplier arrangements between VRB USA and VRB China.

VRB中国向VRB美国潜在销售VRB电池的电解液、设备、备件和其他部件，包括VRB美国与VRB中国之间的某些优先供应商安排。

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3. The provision of technical assistance from VRB China to VRB USA for establishing vanadium redox flow battery manufacturing in the United States of America for no consideration (with reimbursement by VRB USA of reasonable expenses incurred by VRB China in relation to such technical assistance to VRB USA). Following the commencement of such manufacturing in the United States, then the provision of technical assistance from VRB China to VRB USA will be provided on an at-cost basis with reimbursement by VRB USA of reasonable expenses incurred by VRB China in relation to such technical assistance to VRB USA (and vice-versa).

VRB中国将无偿向VRB美国提供技术支持（但VRB美国应报销VRB中国因向VRB美国提供技术支持产生的合理花费），以在美国建立钒氧化还原液流电池制造工厂。VRB美国工厂启动生产后，VRB中国将以成本价（但VRB美国应报销VRB中国因向VRB美国提供技术支持产生的合理花费）向VRB美国提供技术支持（反之亦然）。

4. The mutually agreed use of VRB related trademarks and marketing materials.

双方同意使用VRB相关商标和营销材料。

5. Support for the Intellectual Property Reorganization to the extent not completed by the time of the execution of the Definitive Agreements.

对直到最终协议签署时尚未完成的知识产权重组部分提供支持。

6. Cross-licensing of IP inventions between VRB China and VRB USA for new inventions/improvements to existing IP that is developed after Completion, and such arrangements shall be stated in the Definitive Agreements.

VRB中国和VRB美国应对交割后研发的新发明/现有知识产权的改进进行交叉许可。关于该等交叉许可的具体事宜应当在最终协议中列明。 

7. Provisions stating that VRB China may fulfill orders in VRB Cayman/USA Areas under the following conditions:

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有关VRB中国可以在以下情况下履行VRB开曼/美国区域内的订单的约定：

1) When VRB USA lacks sufficient overall manufacturing capacity to meet the customer's order,

当VRB美国总体上没有足够的生产能力满足客户订单时，

2) During the period before VRB USA establishes adequate manufacturing capacity in VRB Cayman/USA Areas,

 在VRB美国尚未在VRB开曼/美国区域内建立足够生产能力的期间，

3) When the end-use customer or ultimate beneficial owner is a PRC enterprise that requires the energy storage system for direct use in a VRB Cayman/USA Areas, provided this is not a structure designed to circumvent VRB USA's rights, or

当终端用户或最终受益所有人为中国企业，且该企业直接在VRB开曼/美国区域内使用储能系统时，前提是此架构设计并非为了规避VRB美国的权利，或

4) When the end-use customer or ultimate beneficial owner specifically requests and/or agrees that the orders be fulfilled by VRB China, provided this arrangement is not made to avoid fulfilling the orders through VRB USA.

当终端用户或最终受益所有人明确要求及/或同意由VRB中国履行订单时，前提是此安排并非为了规避通过VRB美国履行订单。

Although these orders fall within VRB Cayman/USA Areas, VRB USA shall take reasonable measures, such as licensing and sub-licensing, to ensure VRB China can use relevant intellectual properties for these purposes.

尽管这些订单涉及VRB开曼/美国区域，VRB美国应采取如许可和分许可等合理方式，确保VRB中国为了这些目的能够使用相关知识产权。

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8. VRB Cayman and VRB USA shall agree not to sell or license their intellectual property (1) for an agreed period, or (2) to "Competitors" (to be defined), subject to applicable U.S. antitrust laws in both cases. This restriction shall not apply to, among other scenarios to be further agreed by all parties: a public change of control involving IE new financial investments into VRB USA from non-competitors; or an initial public offering (IPO) of VRB USA; provided that after such excepted transactions, investments or IPO, the VRB USA shall take reasonable steps to require the surviving entity to still comply with the same restrictions of sale or licensing to the extent applicable at that time. Outside of these exceptions, VRB China shall have a right of first refusal (ROFR) on any sale of intellectual property by VRB USA.

在遵守适用的美国反垄断法的前提下，VRB开曼和VRB美国将同意：（1）在约定的期限内不得出售或许可其知识产权，或（2）不得向"竞争对手"（待定义）出售或许可其知识产权。该等限制不适用于以下例外情况（以及其他后续各方一致同意的情形）：涉及IE的公开控制权变更交易；非竞争对手对VRB美国的新财务投资；或VRB美国的首次公开募股（IPO）；前提是该等交易、投资或IPO完成后， VRB美国应采取合理措施，确保存续的运营主体依然遵循届时适用的、前述关于知识产权出售或许可的限制。除上述例外情况外，VRB中国应对VRB美国出售的任何知识产权享有优先购买权（ROFR）。

9. VRB China shall agree not to register any current or future VRB IP, including the nationalization of any future PCT patent applications, in the VRB Cayman/USA Areas, and VRB Cayman and VRB USA shall agree not to register any current or future VRB IP, including the nationalization of any future PCT patent applications, in the VRB China Areas, provided that both VRB China and VRB USA may register in the VRB Cayman/USA Areas or the VRB China Areas (as applicable) any trademarks it adopts after the effective date of the Cooperation Agreement for the purpose of protecting against counterfeits.

VRB中国应同意不在VRB开曼/美国区域注册任何当前或未来的VRB IP，包括不在VRB开曼/美国区域基于任何未来的PCT专利申请进行相应的国内专利申请；VRB开曼和VRB美国应同意不在VRB中国区域注册任何当前或未来的VRB IP，包括不在VRB中国区域基于任何未来的PCT专利申请进行相应的专利申请，但为保护商标免受侵权之目的，VRB中国和VRB美国均可以在VRB开曼/美国区域或VRB中国区域（按适用情形）注册任何其在合作协议生效日之后采用的商标。

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12. 

Conditions Precedent to Execution and Completion:

签署和交割前提条件：

Parties agree that prior to execution of the Definitive Agreements and Completion of the Transaction, the following conditions must be satisfied:

各方同意在签署交易最终协议和完成交割前，以下条件必须得到满足：

Before execution：

签署前：

1. The Transition Plan shall have been developed and agreed to the satisfaction of each party.

过渡计划应已制定并达成，并令每一方满意。

2. The Intellectual Property Reorganization shall have been completed in a manner to the satisfaction of CES, VRB Cayman and VRB USA.

知识产权重组应已经以令中能储、VRB开曼和VRB美国满意的方式完成。

3. The Board of Directors (and, if applicable, the shareholders) of each party shall have approved the Definitive Agreements and the Transaction.

每一方的董事会（如适用，及其股东）应已批准最终协议和交易。

4. Agreements shall have been entered into with BCPG Public Company Limited (the "BCPG") or other similar means have been obtained such that no default or event of default shall occur under its July 2021 Convertible Bond Subscription Agreement or Convertible Bond as a result of the Transactions.

已与BCPG Public Company Limited（"BCPG"）签订协议或者以其他类似方式取得同意，以确保交易不会导致其2021年7月可转换债券认购协议或可转换债券项下发生任何违约或违约事件。

5. BCPG shall provide a signed conversion notice, having agreed to convert its Convertible Bond to equity (ordinary shares) in VRB Cayman at a valuation not less than RMB520 million, as well as a signed application for shares of VRB Cayman, subject to Completion.

BCPG应提供一份签署的转换通知，以同意在交割的前提下，以不低于人民币5.2亿元的估值将其可转换债券转换为VRB开曼的股权（普通股），并提供一份VRB开曼股票的签署申请。

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6. Immediately after the execution of this Term Sheet, VRB Cayman shall provide all necessary technical and operational support to CES for constructions of electrolyte factory and production line in Changzhi or any other cities designated by CES (the "CES Construction"), and approve the budget for CES Construction.

签署本条款清单之后，VRB开曼应立即向中能储提供在长治或其他中能储指定城市建设电解液厂和产线（"中能储建厂"）的所有必要技术和运营支持，并且批准中能储建厂的预算。

7. Immediately after the execution of this Term Sheet, VRB China shall provide all necessary assistance to support the implementation of the matters contemplated by this Term Sheet, including transition planning, accounting and tax analysis and preparation, government filings and approvals, applications for government funding, and other operational matters.

签署本条款清单之后，VRB中国应立即提供一切必要的协助，以支持本条款清单所约定事项的实施，包括过渡规划、会计和税务分析及准备、政府备案和审批、政府资金申请以及其他运营事项。

8. CES has completed its due diligence investigations of VRB China to its satisfaction.

中能储已对VRB中国完成其尽职调查，并对此感到满意。

Before Completion:

在交割前：

9. Equitization of all shareholder loans as of Completion between VRB Cayman and VRB China.

VRB开曼和VRB中国之间截至交割时的所有股东贷款实现资本化。

10. The obtaining of all necessary regulatory approvals or documents from or filings with the competent local authorities in China for the Completion, such as the Foreign Exchange Administration, and Tax Administration.

在相关当地政府部门获得交割所必要的交易监管批准、文件或备案，例如外汇管理局和税务管理局。

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11. Other customary conditions to Completion (which do not include a due diligence condition, and the Completion shall occur on the assumption of debt-free basis).

其他惯常的交割前提条件（不包括尽职调查条件，交割应当在无债务假设基础上进行）。

13. 

VRB China and VRB Cayman Obligations prior to Execution and Completion:

VRB中国和VRB开曼的签署和交割前义务：

From the execution of this Term Sheet until the Completion of the Transaction, VRB China and VRB Cayman shall have the following obligations:

自本条款清单签署至交易交割完成，VRB中国和VRB开曼应承担以下义务：

1. Not to incur new financial indebtedness other than from VRB Cayman, subject to agreed exceptions.

除约定的例外情况外，不产生从VRB开曼以外获得的新的财务负债。

2. Not to pay any dividend or make any distribution to the shareholders of VRB China.

不向VRB中国的股东支付任何红利或进行任何分配。

3. To keep CES informed of all litigation regarding VRB China and not to commence any new litigation without the approval of CES.

使中能储知悉关于VRB中国的所有诉讼，且未经中能储批准不得提起任何新的诉讼。

4. To continue to run the business of VRB China in the ordinary course, subject to agreed exceptions.

除约定的例外情况外，在正常业务过程中继续经营VRB中国的业务。

14. 

Interim VRB China Funding:

VRB中国临时资金：

VRB Cayman will be responsible for funding between the date of this Term Sheet and the Definitive Agreement execution date, which will be equitized before the Completion.

VRB开曼在本条款清单签署日至最终协议签署日期间提供资金支持，该资金支持将在交割前一并资本化。

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If requested by VRB China, CES will provide funding for VRB China prior to the Completion for working capital (estimated RMB 2,000,000) and which is not expected to be later than 30 days after the date of this Term Sheet. If additional costs are required for project expense (the "Project Expense"), CES will discuss with VRB Cayman and jointly approve such expenses. CES will have priority to provide funding for Project Expense.  All funding provided by CES will be interest free and deductible at Completion to offset capital increase amount set out in Appendix 1.

如VRB中国提出要求，中能储将在交割前为VRB中国提供流动资金支持（预估200万元人民币），该时间预计不超过本条款清单日期后的30天。如果项目支出（"项目费用"）需要额外费用，中能储将与VRB开曼讨论并共同批准这些费用。中能储将优先提供项目费用的资金支持。所有中能储提供的资金将不计利息，并在交割时用以抵扣附件1中列示的增资款项。

15. 

Joint Venture Shareholder Approvals:

合资公司股东批准：

From the Completion, the following matters to be undertaken by VRB China shall require the approval of shareholders of VRB China holding at least 2/3 of the share capital of VRB China (and which shall be set out in the Joint Venture Agreement):

自交割起，VRB中国的下述事项应获得至少持有VRB中国2/3股本的股东的批准（应在合资协议中规定）：

1. Approval of the annual budget for VRB China and annual accounts (CES Construction pre-approved).

批准VRB中国的年度预算和年度账目（中能储建厂预算提前审批完成）。

2. VRB China's profit distribution and loss recovery plan.

VRB中国的利润分配和亏损弥补计划。

3. Any increase or decrease in VRB China's registered capital.

VRB中国注册资本的任何增加或减少。

4. The incurrence of any substantial financial indebtedness by VRB China (such amounts to be agreed in Definitive Agreements) including any shareholder loans, other than shareholder loans to support VRB China's liquidity requirements.

VRB中国发生任何重大财务负债（该等金额将在最终协议中约定），包括任何股东贷款（支持VRB中国流动性金额需求的股东贷款除外）。

5. The issuing of any equity or new shares of any nature to any person other than CES, VRB Cayman and/or their affiliates.

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向除中能储、VRB开曼和/或其关联方以外的任何人发行任何性质的任何股权或新股。

6. The granting of security over any intellectual property or other assets of VRB China or the shares of any of its affiliates.

在 VRB中国的任何知识产权或其他资产或其任何关联方的股份上设置担保。

7. The licensing of any intellectual property to any person other than CES, VRB Cayman and/or their affiliates.

向除中能储、VRB开曼和/或其关联方以外的任何人许可任何知识产权。

8. Any merger, division, dissolution, liquidation, or change in the company form of VRB China.

VRB中国的任何合并、分立、解散、清算或公司形式变更。

9. Any transfer of any existing shares of VRB China to any person other CES, VRB Cayman and/or their affiliates, except in compliance with Tag-Along Rights or in connection with a public exchange listing of VRB China.

向除中能储、VRB开曼和/或其关联方以外的任何人转让 VRB中国的任何现有股份，但根据随售权或与 VRB中国的公开交易所上市相关的转让除外。

10. Any acquisition of assets by VRB China where equity in VRB China is to be issued as consideration.

VRB中国的任何资产收购且VRB中国的股权将被发行作为对价。

11. Any material disposition of assets by VRB China, other than ordinary course transactions.

VRB中国的任何重大资产处置，但日常交易除外。

12. Material related party transactions, other than transactions with CES or its affiliates contemplated by an approved annual budget.

重大关联方交易，但与中能储或其关联方根据批准的年度预算所涉及的交易除外。

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13. Any amendment to or restatement of VRB China's Articles of Association.

VRB中国的章程的任何修订或重述。

16. 

Restriction on Transfer of Shares before Completion:

交割前股权转让限制：

Neither VRB China nor VRB Cayman shall, while this Term Sheet is in effect, sell, transfer, or otherwise dispose of the shares of VRB China.

VRB中国及VRB开曼均不得在本条款清单有效期内出售、转让或以任何方式处置VRB中国股权。

17. 

Tag-Along Rights:

随售权：

VRB Cayman shall be provided customary tag-along rights in the Definitive Agreements ("Tag-Along Rights") such that VRB Cayman shall be entitled to tag-along on any sale transaction proposed to be made by CES to any third party. The Tag-Along Rights shall be in proportion to the number of shares of VRB China to be sold by CES, and on the same terms and conditions. Transfer to affiliates and a public exchange listing of VRB China shall be excluded and shall not trigger Tag-Along Rights.

VRB开曼应在最终协议中被赋予惯常的随售权（"随售权"），VRB开曼有权在中能储拟与任何第三方进行的任何出售交易中随售。随售权应与中能储拟出售的VRB中国的股份数量成比例，并且根据相同的条款和条件出售。向关联方的转让和 VRB中国的公开交易所上市应被排除在外，且不应触发随售权。

18. 

Definitive Agreements:

最终协议：

The Definitive Agreements shall constitute:

最终协议应包含：

1. Purchase, Sale, and Investment Agreement between VRB China, VRB Cayman and CES providing for the share transfers and capital increases.

VRB中国、VRB开曼和中能储就股份转让和增资签订的购买、出售和投资协议。

2. Joint Venture Agreement between VRB China, VRB Cayman and CES governing their ongoing relationship in VRB China, which shall include customary shareholders rights and restrictions (including but not limited to restrictions on transfer of shares to the competitors and right of first refusal).

VRB中国、VRB开曼和中能储就其在VRB中国的持续关系签订的合资协议，其应当包括惯常股东权利和限制（包括但不限于禁止向竞争对手转让股权的限制和优先购买权）。

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3. Security Agreement between VRB Cayman and CES.

VRB开曼和中能储签订的担保协议。

4. Cooperation Agreement between VRB China, VRB USA, and CES.

VRB中国、VRB美国和中能储签订的合作协议。

5. Transition Plan mutually agreed by VRB Cayman and CES.

中能储和VRB开曼同意的过渡计划。

19. 

Confidentiality:

保密：

The Definitive Agreements shall contain customary confidentiality provisions protecting the confidentiality of all proprietary and confidential information disclosed or exchanged during the course of the Transaction, and provide that such confidential information shall be used solely for the purposes of agreement and shall not be disclosed to third parties without the express written consent of the disclosing party but with customary carve-outs for disclosure required by law, stock exchange rules and legal process.

最终协议应包含惯常的保密条款，保护在交易过程中披露或交换的所有专有和保密信息的机密性，该等保密信息应仅用于协议目的，且未经信息披露方明确书面同意，不得向第三方披露，但应包含法律、证券交易规则和法律程序所要求的惯常披露除外。

The terms and content of this Term Sheet, including its existence, shall be treated as confidential information and each party shall not disclose such confidential information to any person without other parties' consent except if required by law.

本清单条款的条款及内容（包括其存在）应被视为保密信息，未经其他方同意，各方不得向任何主体披露该等保密信息，法律要求的情况除外。

IE shall be permitted to publicly file this Term Sheet and any of the Definitive Agreements if required by US securities laws.

如美国证券法要求，IE应被允许公开提交本条款清单和任何最终协议。

Additionally, the parties shall work together to prepare press releases announcing the execution of this Term Sheet.

此外，各方应共同准备新闻稿，公告本条款清单的签署。

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20. 

Exclusivity

排他：

Each party hereto agrees to negotiate in good faith and on an exclusive basis during the period beginning on the date of this Term Sheet and ending at 11:59 p.m. (Beijing time) on 30 November 2024 (the "Exclusivity Period").

各方同意在自本条款清单协议签署之日起至2024年11月30日晚11:59（北京时间）（"排他性期限"）的期间内进行善意且排他性的协商。

21. 

Governing Law:

适用法律：

Laws of the People's Republic of China.

中华人民共和国法律

22. 

Language:

语言：

This Term Sheet (and the Definitive Agreements) shall be prepared in both the English language and in the Chinese language, with the Chinese language prevailing in the case of inconsistency.

本条款清单（和最终协议）应以中文和英文编制，在出现不一致时，应以中文为准。

23. 

Dispute Resolution:

争议解决：

Any disputes arising from or related to this Term Sheet shall be resolved through friendly negotiations between the parties. If an agreement cannot be reached, either party shall submit to Beijing Arbitration Commission for arbitration in accordance with its rules of arbitration in effect at the time of applying for arbitration. The seat of arbitration shall be Beijing. The arbitral award is final and binding upon all parties.

因本条款清单产生的或与本条款清单有关的任何争议应由各方通过友好协商解决。如无法达成一致，任何一方可提请北京仲裁委员会按照该会现行仲裁规则进行仲裁。仲裁地在北京，仲裁裁决是终局的，对各方均有约束力。

24. 

Termination:

终止：

This Term Sheet shall automatically terminate in all respects if the Definitive Agreements are not executed by 30 November 2024, provided that the Confidentiality, Governing Law and Dispute Resolution terms shall remain in effect. In the event this Term Sheet is terminated, the parties shall have no further obligations with respect to the matters contemplated herein, provided, that (i) VRB China shall return to CES any interim funding provided by CES to VRB China, without interest or penalty; (ii) CES will reimburse VRB China for reasonable expenses incurred by VRB China after the signing of this Term Sheet and prior to its termination for expenses or costs incurred in giving effect to these transactions that would not have otherwise been incurred only if the termination of this Term Sheet is due to reasons solely attributed by CES; and (iii) CES' failure to complete payment in accordance with Appendix 1 shall not be deemed a breach of this Term Sheet (except following the execution of Definitive Agreements where the failure to make payment in accordance with the Definitive Agreements will be a breach of the Definitive Agreements).