Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1244

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7A
Chunk 1244
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2024. As of December 31, 2024 and December 31, 2023, $0 and $2,000 were owing under this agreement and included in accounts
payable on the consolidated balance sheets.

Consultancy Agreement

On January 1, 2019, the Company entered into a consultancy agreement
with a company affiliated with the Chief Executive Officer for a monthly payment of $20,000 in exchange for the Chief Executive Officer
providing services in connection with the development and sales of Company technologies and products. $80,000 and $240,000 was included
in general and administrative expenses on the consolidated statements of operations for the years ended December 31, 2024 and 2023, respectively.
On May 1, 2024, this consultancy agreement was terminated. As of December 31, 2024, $0 was owed under this agreement.

Office Services Agreement

On October 31, 2020, the Company entered into a consultancy agreement
with an affiliate for a monthly payment of $5,000 to provide office services. $20,000 and $60,000 was included in research and development
expenses on the consolidated statements of operations for the years ended December 31, 2024 and 2023, respectively. On May 1, 2024, this
office services agreement was terminated. As of December 31, 2024, $0 was owed under this agreement.

Due to Related Party

Commencing on December 9, 2021, through the consummation of the initial
Business Combination, XPDB agreed to pay affiliates of the sponsor a total of $20,000 per month for office space, administrative and support
services. Upon the close of the Business combination, the Company assumed $540,000 related to this agreement. The balance was repaid in
May 2024.

In 2023, the sponsor contributed $900,000 to the XPDB trust account
in connection with extending the XPDB’s termination date pursuant to the approval of the extension amendment proposal. Upon the
closing of the Business Combination, the Company assumed this balance and it was subsequently repaid in May 2024.

Due from Related Party

In November 2024, Legacy Montana executed a statement of work with
AirJoule, LLC. Reimbursement of costs incurred as of December 31, 2024 was $2.0 million and $0.8 million of research and development and
general