Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 230

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 230
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 Subject Vesting Shares will be
subject to an earnout, with the Subject Vesting Shares vesting during the period beginning on the date of Closing and ending five (5) years
following the date of Closing (i) simultaneously with the issuance of the Earnout Shares made to the Legacy Montana Equityholders
in a proportionate amount to the payment achieved in relation to the maximum issuance of Earnout Shares of equity interests of $200.0 million
(the “Performance Vesting Trigger”) and (ii) up to 50% of the Subject Vesting Shares (including any vested Subject Vesting
Shares from the Performance Vesting Trigger) vesting on any day following the Closing when the closing price of a share of Combined
Company Class A common stock on the Nasdaq (the “Closing Share Price”) equals or exceeds $12.00 (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) and all remaining Subject Vesting Shares vesting when the Closing
Share Price equals or exceeds $14.00 (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like).

<div align='center'>F-33

AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 12 — FAIR VALUE MEASUREMENTS(cont.)

The following table presents the changes in the
fair value of the Subject Vesting Shares liability:

| Subject Vesting Shares liability as of December 31, 2023 |     | Year Ended   
 December 31, 
 2024         |          — |   |
|:---------------------------------------------------------|:----|:-------------|-----------:|:--|
| Assumed in the Business Combination                      |     |              | 11,792,000 |   |
| Change in fair value                                     |     |              | (3,973,000 | ) |
| Balance as of December 31, 2024                          |     | $            |  7,819,000 |   |

The estimated fair value of the Subject Vesting
Share liability was determined utilizing a Monte Carlo simulation, with underlying forecast mathematics based on geometric Brownian motion
in a risk-neutral framework. The calculation of the value of the Subject Vesting Shares considered the $12.00 and $14.00 vesting conditions
in addition to the vesting related to the Earnout Milestone Amount.

Items Measured at Fair Value on a Nonrecurring Basis