Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 647

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 2
Chunk 647
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 consummation of the initial
Business Combination, XPDB agreed to pay affiliates of the sponsor a total of $20,000 per month for office space, administrative and support
services. Upon the close of the Business combination, the Company assumed $540,000 related to this agreement. The balance was repaid in
May 2024.

In 2023, the sponsor contributed $900,000 to the XPDB trust account
in connection with extending the XPDB’s termination date pursuant to the approval of the extension amendment proposal. Upon the
closing of the Business Combination, the Company assumed this balance and it was subsequently repaid in May 2024.

Due from Related Party

In November 2024, Legacy Montana executed a statement of work with
AirJoule, LLC. Reimbursement of costs incurred as of December 31, 2024 was $2.0 million and $0.8 million of research and development and
general administrative expenses, respectively, and is recorded as a due from related party receivable on the consolidated balance sheets
and within contra-expense accounts on the consolidated statements of operations.

Related Party Equity Transactions

As described in Note 10 – Stockholders’ Equity (Deficit),
Legacy Montana sold equity interests that subsequently converted into shares of Class A common stock, to TEP Montana, LLC (“TEP
Montana”). The Executive Chairman of the Company is the managing partner of the managing member of TEP Montana.

The Company granted options and awards to the employees of AirJoule,
LLC on June 6, 2024. Additionally, as described above, Legacy Montana executed a statement of work with AirJoule, LLC. Per the statement
of work, the Company granted equity awards to AirJoule, LLC employees on September 9, 2024. The number of options and awards granted to
the employees of AirJoule, LLC are found in the ‘Non-employee Equity Method Investees’ tables within Note 11 – Share-Based
Compensation.

F-21

Note 10 — STOCKHOLDERS’ EQUITY
(DEFICIT)

Preferred Stock — The Company is authorized
to issue 25,000,000 shares of preferred stock with a par value of $0.0001 per share. At December 31, 2024 and December
31, 2023, there were no shares of preferred stock issued and outstanding.

Class A common stock — The Company