Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 92

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 92
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, but no action to establish a business plan or operating budget has
occurred to date. Therefore, through December 31, 2024, neither we nor CATL have funded CAMT. Accordingly, our 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.

CATL Investment Agreement. Prior to the Business Combination,
an affiliate of CATL purchased equity interest in our Predecessor. In connection therewith, we entered into an Investment Agreement (the
“Investment Agreement”) with CATL and the affiliated entity (together, the “CATL Parties”), pursuant to which
the CATL Parties agreed, among other things, that they would not, following the Business Combination, directly or indirectly, (i) seek
election to, or to place a representative on, our board of directors, or (ii) acquire equity interest in the Company if, following such
acquisition, the CATL Parties and their affiliates would hold, in the aggregate, an interest in the Company of greater than 9.8% on either
an economic or voting basis. Pursuant to the Investment Agreement, the CATL Parties also agreed that they would not, and would cause their
affiliates not to, access, obtain, or seek to access or obtain our trade secrets, know-how, or other confidential, proprietary, or competitively
sensitive information (excluding any such information that we are obligated to provide to CAMT or the CATL Parties pursuant to the CAMT
joint venture agreement described above), including by reverse engineering, or seeking to reverse engineer, any of our products.

Carrier. On January 7, 2024, we and CAMT entered into binding
term sheets for a commercialization and collaboration agreement (together, the “Binding Term Sheets”) with Carrier, pursuant
to which, among other things, the parties agreed to negotiate in good faith to finalize and enter into, as promptly as reasonably practicable,
definitive agreements relating to the development of a system that incorporates AirJoule technology into HVAC equipment (the “Applicable
Products”) and the viability of the commercialization of the Applicable Products. Subject to certain milestones to be set forth
in the definitive agreements relating to the proposed collaboration, the Binding Term Sheets provide that Carrier will have (i) the
exclusive right to commercialize the Applicable Products in