Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 340

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1A
Chunk 340
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105,331 Class A common stock of the Company.

Note
11 — SHARE-BASED COMPENSATION

Legacy
Montana Options

On April 5, 2023, Legacy Montana granted 383,151 options, as converted,
exercisable for Class A common stock to key team members of Legacy Montana. The options immediately vested, had an exercise
price of $0.49, as converted, a term of seven years, and a grant date fair value of $0.14, as converted. The Company used the Black-Scholes
option pricing model to estimate the fair value of stock options. Fair value was estimated at the date of grant.

In
January, February and March 2024, 13 Legacy Montana option holders exercised their options to purchase a total of 2,141,839 shares of
Class A common stock, as converted, for a total purchase price of $56,250. 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”),