Binding Term Sheet, dated November 12, 2023, by and between Electriq Power Holdings, Inc., Meteora Special Opportunity Fund I, LP, Meteora Capital Partners, LP, and Meteora Select Trading Opportunities Master, LP

This binding term sheet (the “Term Sheet”) dated as of November 14, 2023 summarizes the principal terms of a $500,000 lead investor PIPE commitment (“PIPE”) in equity securities of Electriq Power Holdings, Inc. (the “Company”) or any of its affiliates or any other person by Meteora Capital LLC or any of its affiliates (“Meteora”, “Seller” or “Sellers”) and an amendment (“FPA Equitization Amendment”) to the July 23, 2023 agreement (a “Forward Purchase Agreement”) with (i) Meteora Special Opportunity Fund I, LP (“MSOF”), Meteora Capital Partners, LP (“MCP”) and Meteora Select Trading Opportunities Master, LP (“MSTO”) (with MSOF, MCP, and MSTO collectively referred to as “Seller”) for an OTC Equity Prepaid Forward Transaction entered into with TLG Acquisition One Corp., a Delaware corporation (“TLG”), and Electriq Power, Inc., a Delaware corporation (“Electriq”). It is anticipated that the parties will enter into definitive agreements containing the terms and conditions set forth herein and such other terms and conditions as are mutually agreed by the parties (the “Definitive Documentation”) but unless and until such Definitive Documentation is fully executed, upon the full execution of this binding Term Sheet, this Term Sheet shall constitute a valid and binding agreement between the Company and Seller provided that if the Definitive Documentation is not executed on or before November 30, 2023 (the “Termination Date”),which may be extended at the election of Meteora by written notice to Electriq, this Term Sheet shall terminate as of the Termination Date and be of no further force or effect. This Term Sheet does not constitute an offer by any person to sell or the solicitation by any person of an offer to buy any securities in the United States, Australia, Canada, New Zealand, the United Kingdom or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Forward Purchase Agreement.