Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 324

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1A
Chunk 324
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 collectively owned shares representing at least 80% of the
voting power of all classes of capital stock of the recapitalized company (the “Post-Combination Company”) entitled to vote
on matters submitted to a vote of the stockholders of the Post-Combination Company, and (iii) in the case of holders of Legacy Montana
options, each outstanding Legacy Montana option, whether vested or unvested, were converted into an option to purchase, upon the same
terms and conditions as are in effect with respect to the corresponding Legacy Montana option immediately prior to the Closing, including
with respect to vesting and termination-related provisions, a number of shares of Class A common stock (rounded down to the nearest
whole share) equal to the product of (x) the number of Legacy Montana common units underlying such option immediately prior
to the Closing and (y) the number of shares of Class A common stock issued in respect of each Legacy Montana common unit in
the Business Combination pursuant to the Merger Agreement, at an exercise price per share (rounded up to the nearest whole cent) equal
to (A) the exercise price per Legacy Montana common unit underlying such option immediately prior to the Closing divided by (B) the
number of shares of Class A common stock issued in respect of each Legacy Montana common unit in the Business Combination pursuant
to the Merger Agreement.

Immediately prior to the Closing, 100% of the total outstanding Legacy
Montana Class A common units and 7% of the total outstanding Legacy Montana Class B common units (or an aggregate of approximately 18%
of the total outstanding Legacy Montana Class A units and Legacy Montana Class B units) were held by unitholders that continue as directors,
officers, employees or contractors of the Post-Combination Company. The retention of certain employees who continues as directors, officers
or employees of the Post-Combination Company (whose responsibilities include continued technology development and commercial execution)
is integral to the achievement of the milestones that will determine whether Earnout Shares are payable. Legacy Montana does not believe
that such targets are achievable absent the continued involvement of such persons. In June and September 2024, the Company granted equity
awards (pursuant to the terms of the Incentive Plan (as defined below)) to its directors, officers and certain employees of the Company
and the AirJoule JV, and the Company expects to continue to provide competitive compensation, benefits and equity