Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 329

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1A
Chunk 329
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 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 AirJoule JV. Until GE Vernova elects to participate
and contributes its pro-rata share of all past capital contributions and commits to contribute its pro-rata share for all future capital
contributions, the Company shall be solely responsible for funding the AirJoule JV, and the Company shall have a distribution preference
under the A&R Joint Venture Agreement for the amount of its post-closing capital contributions plus a 9.50% preferred return on such
amounts. 

The business and affairs of the A&R Joint Venture Agreement
shall be managed by a Board of Managers, consisting of two managers (including the chairman) appointed by the Company and two
managers appointed by GE Vernova. Following the second anniversary of the JV Closing, if the Board of Managers reach an impasse that
cannot be resolved through the process set forth