Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 325

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1A
Chunk 325
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 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 of operational viability (including
all permitting, regulatory approvals and necessary or useful inspections) of new production capacity of Legacy Montana’s key components
or See Note 12 - Fair Value Measurements for additional information on the Earnout Shares.

Upon the Closing of the Business Combination, and following the conversion
of the XPDB Class B common stock to Class A common stock, the sponsor of XPDB beneficially owned 6,827,969 shares of Class A
common stock, of which (i) 5,447,233 shares automatically vested (and shall not be subject to forfeiture) at the Closing and (ii) 1,380,736
shares (the “Subject Vesting Shares”) shall be vested and no longer be subject to forfeiture as follows:

    ●
    During the vesting period, a portion of the Subject Vesting Shares shall vest, from time to time, simultaneously with any Earnout Shares, with the number of vesting shares calculated as (A) the aggregate number of Subject Vesting Shares outstanding immediately after the Closing multiplied by (B) the fraction of (x) the applicable Earnout Milestone Amount divided by (y) the Maximum Earnout Milestone Amount (as defined below); and

F-15

●690,368 shall vest at such time that the volume weighted average
price of Class A common stock on the Nasdaq Capital Market (“Nasdaq”) as reported by Bloomberg L.P. equals or exceeds
$12.00 per share (as adjusted for extraordinary transactions, stock splits, extraordinary stock dividends, reorganizations, recapitalizations
and the like) for 20 trading days within any 30 consecutive trading day period during the vesting period; or (B) if, prior
to the $12.00 vesting time, any Subject Vesting Shares have vested simultaneously with the Earnout Stock Payment, then (x) if the
number of Subject Vesting Shares that have vested exceeds 690,368, then no additional Subject Vesting Shares shall vest and (y)