Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 2239

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 9A
Chunk 2239
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 million was accrued
by the Company in the accompanying consolidated balance sheets as of December 31, 2024 and December 31, 2023, respectively.

Future
minimum royalties are as follows as of December 31, 2024:

    2025 and each year through the date
    the patents expire

    300,000

Joint
Venture Agreement

On October 27, 2021, Legacy Montana entered into a joint venture with
CATL US Inc. (“CATL US”), an affiliate of CATL, pursuant to which we and CATL US formed CAMT Climate Solutions Ltd., a limited
liability company organized under the laws of Hong Kong (“CAMT”). Legacy Montana and CATL US both own 50% of CAMT’s
issued and outstanding shares. CAMT is managed by a four-member board of directors, with two directors designated by CATL and two directors
designated by us. Under the joint venture agreement, as revised, CAMT has the exclusive right to commercialize our AirJoule technology
in Europe and Asia.

Pursuant to the Amended and Restated Joint Venture Agreement for CAMT,
entered into on September 29, 2023, Legacy Montana and CATL US have each agreed to contribute $6.0 million to CAMT. Contributions will
be requested by CAMT once a business plan and operating budget is set by CAMT’s board of directors. No action to establish a business
plan or operating budget has occurred to date. Any additional financing beyond the initial $12.0 million (i.e., $6.0 million from each
of Legacy Montana and CATL US) will be subject to the prior mutual agreement of Legacy Montana and CATL US. CAMT is managed by a four-member
board of directors, with two directors (including the chairman) designated by CATL US and two directors (including the vice chairman)
designated by Legacy Montana. In the event of an equal vote, the chairman may cast the deciding vote. Certain reserved matters, including
debt issuances exceeding $5.0 million in a single transaction or in aggregate within a fiscal year, amendments to CAMT’s constitutional
documents the annual financial budget of CAMT, and 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.