Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1737

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 11
Chunk 1737
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 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 is authorized
to issue 600,000,000 shares of Class A common stock with a par value of $0.0001 per share. At December 31, 2024 and December
31, 2023, there were 55,928,661 shares and 32,731,583 shares of Class A common stock issued and outstanding, respectively. Each share
of Class A Common Stock has one vote and has similar rights and obligations.

Class B common stock — At December 31, 2024
and December 31, 2023, there were zero and 4,759,642 shares of Class B common stock issued and outstanding, respectively. Each share entitles
the holder thereof to a number of votes per share such that the Legacy Montana Equity holders as of immediately prior to the Closing,
immediately following the Closing, collectively owned shares representing at least 80% of the voting power of all classes of capital stock
of the Post-Combination