Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 64

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 64
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 any transaction between CAMT and CATL US or Legacy Montana in an amount exceeding $10.0
million in a single transaction or in aggregate within a fiscal year, require the unanimous vote of both CATL US and Legacy Montana or
all directors. As of December 31, 2024, no amount was funded to CAMT.

The
purpose of Legacy Montana’s joint venture with CATL US is to commercialize our AirJoule technology in Asia and Europe and, pursuant
to the Amended and Restated Joint Venture Agreement for CAMT, CAMT has the exclusive right to commercialize our AirJoule technology in
those territories. Subject to the oversight of CAMT’s board, CATL US is responsible for managing the day-to-day operations of CAMT
(including the nomination and replacement of the Chief Executive Officer of CAMT) and is responsible for providing CAMT and any subsidiaries
formed by CAMT with, among other things, administrative services, supply chain support, assistance in obtaining required permits and
approvals, and assistance in purchasing or leasing land and equipment. The Company’s financial statements do not reflect any accounting
for CAMT as no assets (including IP) or cash have been contributed to CAMT and there has been no activity as of December 31, 2024.

Letter
Agreement

On January 7, 2024, Legacy Montana entered into a letter agreement
(the “Letter Agreement”) with XPDB and Carrier Corporation, an affiliate of Carrier Global Corporation (NYSE: CARR),
a global leader in intelligent climate and energy solutions (collectively with its affiliates, “Carrier”), pursuant to
which Carrier, XPDB and the Company agreed, among other things, to provide Carrier the right to nominate one (1) designee, subject to
the approval of the Company, for election to the board of directors for so long as Carrier satisfies certain investment conditions, following
the Business Combination. Pursuant to the terms of the agreement, Carrier has nominated its director.

F-30

Note
14 — INCOME TAX

The
Company recorded an income tax expense in the year ended December 31, 2024. In the year ended December 31, 2024, the difference between
the statutory tax rate and the Company’s effective tax rate was due primarily to the change in tax status of the entity.

The reconciliation of the statutory federal income tax rate to
the Company’s effective tax rate for the year ended December