Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 202

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 202
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 of operational
viability (including all permitting, regulatory approvals and necessary or useful inspections) of new production capacity of Legacy Montana’s
key components or See Note 12 - Fair Value Measurementsfor additional information on the Earnout Shares.

Upon the Closing of the Business Combination,
and following the conversion of the XPDB Class B common stock to Class A common stock, the sponsor of XPDB beneficially owned
6,827,969 shares of Class A common stock, of which (i) 5,447,233 shares automatically vested (and shall not be subject to forfeiture)
at the Closing and (ii) 1,380,736 shares (the “Subject Vesting Shares”) shall be vested and no longer be subject to forfeiture
as follows:

| ● | During the vesting period, a portion of the Subject Vesting                                                                           
 Shares shall vest, from time to time, simultaneously with any Earnout Shares, with the number of vesting shares calculated as (A) the 
 aggregate number of Subject Vesting Shares outstanding immediately after the Closing multiplied by (B) the fraction of (x) the        
 applicable Earnout Milestone Amount divided by (y) the Maximum Earnout Milestone Amount (as defined below); and                       |

<div align='center'>F-17

AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 4 — RECAPITALIZATION
(cont.)

| ● | 690,368 shall vest at such time that the volume weighted average                                                                              
 price of Class A common stock on the Nasdaq Capital Market (“Nasdaq”) as reported by Bloomberg L.P. equals or exceeds                         
 $12.00 per share (as adjusted for extraordinary transactions, stock splits, extraordinary stock dividends, reorganizations, recapitalizations 
 and the like) for 20 trading days within any 30 consecutive trading day period during the vesting period; or (B) if,                          
 prior to the $12.00 vesting time, any Subject Vesting Shares have vested simultaneously with the Earnout Stock Payment, then (x) if           
 the number of Subject Vesting Shares that have vested exceeds 690,368, then no additional Subject Vesting Shares shall vest and (y) if        
 the number of Subject Vesting Shares that have vested is less than 690,368 (the “Deficit Amount”), then a number of Subject                   
 Vesting Shares equal to 690,368 less the Deficit Amount shall vest; and                                                                       |