Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 445

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 445
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,250. In June 2024, one Legacy Montana option holder exercised its
options to purchase a total of 8,000 shares of Class A common stock, as converted, for a total purchase price of $3,920.

In
September 2024, three Legacy Montana option holders exercised their options to purchase a total of 67,495 shares of Class A common stock,
as converted, for a total purchase price of $33,073.

In
the three months ended December 31, 2024, three Legacy Montana option holders exercised their options to purchase a total of 85,496 shares
of Class A common stock, as converted, for a total purchase price of $37,453.

As of December 31, 2024, of the 1,174,089 Legacy Montana options that
are outstanding, 594,955 options expire on December 7, 2030, 71,395 options expire on March 15, 2031, 234,160 options expire
on April 4, 2030, and 273,579 options expire on April 8, 2031.

F-23

2024
Incentive Award Plan

On March 8, 2024, the holders of XPDB common stock considered and approved
the Montana Technologies Corporation’s 2024 Incentive Award Plan (the “Incentive Plan”) and Montana Technologies Corporation’s
2024 Employee Stock Purchase Plan (the “ESPP” and together with the Incentive Plan, the “Incentive Plans”), which
became effective immediately upon the Closing on March 14, 2024. Under the Incentive Plans, the Company may grant equity and equity-based
awards to certain employees, consultants and non-employee directors award, such as, (a) Incentive Stock Options (granted to employees
only), (b) Non-Qualified Stock Options (“NSOs”), (c) Stock Appreciation Right, (d) Restricted Stock Units (e) Restricted Stock
(“RSUs”), (f) dividend equivalents and (g) other stock and cash-based awards of the Company (“Incentive Award”).
The sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with ASC 718, or
any successor thereto) of awards granted to a non-employee director as compensation for services as a non-employee director during any
fiscal