Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 949

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 5
Chunk 949
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AirJoule, LLC

On January 25, 2024, Legacy Montana entered into a Framework Agreement
with GE Vernova, a Delaware limited liability company, and, solely for the purposes specified therein, GE Vernova LLC, a Delaware limited
liability company (“GE Vernova Parent”), pursuant to which Legacy Montana and GE Vernova agreed, subject to the terms and
conditions of the Framework Agreement, including certain closing conditions specified therein, to form a joint venture in which each of
Legacy Montana and GE Vernova will hold a 50% interest. The purpose of the AirJoule JV is to incorporate GE Vernova’s proprietary
sorbent materials into systems that utilize the Company’s AirJoule water capture technology and to manufacture and bring products
incorporating the combined technologies to market in the Americas, Africa and Australia.

Upon the closing of the transaction on March 4, 2024, (the “JV
Closing”), each party to the agreement entered into (i) an amended and restated limited liability company agreement of the AirJoule
JV (the “A&R Joint Venture Agreement”), pursuant to which, among other things, the AirJoule JV has the exclusive right
to manufacture and supply products incorporating the combined technologies to leading original equipment manufacturers and customers in
the Americas, Africa and Australia, (ii) master services agreements, pursuant to which, among other things, each party to the agreement
agree to provide certain agreed services to the AirJoule JV for a period of at least two years following the JV Closing (unless earlier
terminated by the parties thereto) and (iii) an intellectual property agreement, pursuant to which, among other things, each of the Company
and GE Vernova Parent license certain intellectual property to the AirJoule JV.

F-17

Pursuant to the A&R Joint Venture Agreement, the Company contributed
$10.0 million in cash to the AirJoule JV at the JV Closing and in June 2024, GE Vernova contributed $100 to the AirJoule JV. The Company
has also agreed to contribute up to an additional $90.0 million in capital contributions to the AirJoule JV following the JV Closing based
on a business plan and annual operating budgets to be agreed between the Company and GE Vernova. In general, for the first six years,
GE Vernova has the right, but not the obligation, to make capital contributions to the Air