Company: AIRJW
Filing Date: 2025-03-27
Form Type: S-1
Source: 0001013762-25-002897
Chunk: 204

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-27
Form: S-1
Chunk 204
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 Earnout Shares liability         |     | $                       | — |     | $       | — |     | $       | 24,524,000 |     | $     | 24,524,000 |
| True Up Shares liability         |     |                         | — |     |         | — |     |         |  2,189,000 |     |       |  2,189,000 |
| Subject Vesting Shares liability |     |                         | — |     |         | — |     |         |  7,819,000 |     |       |  7,819,000 |
| Total liabilities                |     | $                       | — |     | $       | — |     | $       | 34,532,000 |     | $     | 34,532,000 |

Earnout Shares

The Legacy Montana Equityholders have the opportunity to receive additional equity consideration (in each case, in accordance with their respective pro rata share) through the Earnout Shares. The maximum value of the Earnout Shares is capped at $ million (“Maximum Earnout Milestone Amount”) and the ability to receive Earnout Shares expires on the fifth anniversary of the Closing. A majority of the independent members of the Post-Combination Company Board then serving has sole discretion in determining, among other things, the achievement of the applicable milestones, the calculations of payments of Earnout Shares to the applicable Legacy Montana Equityholders, the dates on which construction and operational viability of new production capacity is deemed completed and whether to consent to a transfer of the applicable Legacy Montana Equityholder’s right to receive Earnout Shares. Earnout Shares issuable in respect of Legacy Montana options outstanding as of immediately prior to the effective time of the Merger may be issued to the holder of such Legacy Montana option only if such holder continues to provide services (whether as an employee, director or individual independent contractor) to the Post-Combination Company or one of its subsidiaries through the date on which such Earnout Shares are issued, as determined by a majority of the independent members of the Post-Combination Company Board.

If the conditions for payment of the Earnout Shares are satisfied and assuming all originally designated employees are then still providing services to the Post-Combination Company on the date such condition is met, approximately % of the aggregate Earnout Shares will be payable to the employees and % of the aggregate Earnout Shares will be payable to the holders of Legacy Montana common units, in accordance with their respective pro rata