Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 434

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 434
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 intellectual property to the AirJoule JV.

F-17

Pursuant to the A&R Joint Venture Agreement, the Company contributed
$10.0 million in cash to the AirJoule JV at the JV Closing and in June 2024, GE Vernova contributed $100 to the AirJoule JV. The Company
has also agreed to contribute up to an additional $90.0 million in capital contributions to the AirJoule JV following the JV Closing based
on a business plan and annual operating budgets to be agreed between the Company and GE Vernova. In general, for the first six years,
GE Vernova has the right, but not the obligation, to make capital contributions to the AirJoule JV. Until GE Vernova elects to participate
and contributes its pro-rata share of all past capital contributions and commits to contribute its pro-rata share for all future capital
contributions, the Company shall be solely responsible for funding the AirJoule JV, and the Company shall have a distribution preference
under the A&R Joint Venture Agreement for the amount of its post-closing capital contributions plus a 9.50% preferred return on such
amounts. 

The business and affairs of the A&R Joint Venture Agreement
shall be managed by a Board of Managers, consisting of two managers (including the chairman) appointed by the Company and two
managers appointed by GE Vernova. Following the second anniversary of the JV Closing, if the Board of Managers reach an impasse that
cannot be resolved through the process set forth in the A&R Joint Venture Agreement, the A&R Joint Venture Agreement
generally provides that the Company may require GE Vernova to sell GE Vernova’s 50% interest to the Company or GE Vernova may
require the Company to purchase GE Vernova’s 50% interest, but only, in each case, if the GE Match Date has not yet occurred.
The price for GE Vernova’s interest will depend on the fair market value of the interest, as set forth in the A&R Joint
Venture Agreement, with a minimum value of approximately $5 million. The A&R Joint Venture Agreement also provides similar call
and put rights with respect to GE Vernova’s interest if the GE Match Date does not occur by the sixth anniversary of the JV
Closing or if the Company is acquired by a competitor of GE Vernova.

In the event that a change in applicable laws or regulations has a
material adverse effect on GE