Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1901

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 13
Chunk 1901
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, 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 Company entitled to vote on matters submitted to a vote of the stockholders of the Post-Combination Company.

Shares of Class B common stock shall be convertible into shares of
Class A common stock on a one-for-one basis (i) at any time and from time to time at the option of the holder thereof or (ii) automatically
upon on the earliest to occur of (a) the date that is seven (7) years from the date of the Second Amended and Restated Certificate of
Incorporation and (b) the first date on which the permitted Class B owners cease to own