Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 201

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 201
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 Legacy Montana option, whether vested or unvested, were converted into an option to
purchase, upon the same terms and conditions as are in effect with respect to the corresponding Legacy Montana option immediately
prior to the Closing, including with respect to vesting and termination-related provisions, a number of shares of Class A
common stock (rounded down to the nearest whole share) equal to the product of (x) the number of Legacy Montana common
units underlying such option immediately prior to the Closing and (y) the number of shares of Class A common stock
issued in respect of each Legacy Montana common unit in the Business Combination pursuant to the Merger Agreement, at an exercise
price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per Legacy Montana common unit
underlying such option immediately prior to the Closing divided by (B) the number of shares of Class A common stock issued
in respect of each Legacy Montana common unit in the Business Combination pursuant to the Merger Agreement.

Immediately prior to the Closing, 100% of the
total outstanding Legacy Montana Class A common units and 7% of the total outstanding Legacy Montana Class B common units (or
an aggregate of approximately 18% of the total outstanding Legacy Montana Class A units and Legacy Montana Class B units) were
held by unitholders that continue as directors, officers, employees or contractors of the Post-Combination Company. The retention of certain
employees who continues as directors, officers or employees of the Post-Combination Company (whose responsibilities include continued
technology development and commercial execution) is integral to the achievement of the milestones that will determine whether Earnout
Shares are payable. Legacy Montana does not believe that such targets are achievable absent the continued involvement of such persons.
In June and September 2024, the Company granted equity awards (pursuant to the terms of the Incentive Plan (as defined below)) to
its directors, officers and certain employees of the Company and the AirJoule JV, and the Company expects to continue to provide competitive
compensation, benefits and equity awards to key directors, officers and employees going forward in order to incentivize these individuals
to continue to provide services to the Company.

The Legacy Montana Equity holders have the opportunity
to receive additional equity consideration (in each case, in accordance with their respective pro rata share), and the Company has reserved
shares of Class A common Stock that may be issuable in the future upon full completion of construction and achievement