Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 280

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1A
Chunk 280
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 Joint Venture Agreement for CAMT,
entered into on September 29, 2023, our Predecessor and CATL US have each agreed to contribute $6.0 million to CAMT. Contributions will
be requested by CAMT once a business plan and operating budget is set by CAMT’s board of directors. No action to establish a business
plan or operating budget has occurred to date. Any additional financing beyond the initial $12.0 million (i.e., $6.0 million from each
of the Predecessor and CATL US) will be subject to the prior mutual agreement of the Predecessor and CATL US. CAMT is managed by a four-member
board of directors, with two directors (including the chairman) designated by CATL US and two directors (including the vice chairman)
designated by the Predecessor. In the event of an equal vote, the chairman may cast the deciding vote. Certain reserved matters, including
debt issuances exceeding $5.0 million in a single transaction or in aggregate within a fiscal year, amendments to CAMT’s constitutional
documents the annual financial budget of CAMT, and any transaction between CAMT and CATL US or the Predecessor in an amount exceeding
$10.0 million in a single transaction or in aggregate within a fiscal year, require the unanimous vote of both CATL US and the Predecessor
or all directors. As of December 31, 2024, we have not funded this joint venture or contributed any assets to the joint venture.

The purpose of our Predecessor’s joint venture with CATL US is
to commercialize our AirJoule technology in Asia and Europe and, pursuant to the Amended and Restated Joint Venture Agreement for CAMT,
CAMT has the exclusive right to commercialize AirJoule technology in those territories. Subject to the oversight of CAMT’s board,
CATL US is responsible for managing the day-to-day operations of CAMT (including the nomination and replacement of the Chief Executive
Officer of CAMT), and is responsible for providing CAMT and any subsidiaries formed by CAMT with, among other things, administrative services,
supply chain support, assistance in obtaining required permits and approvals and assistance in purchasing or leasing land and equipment.

Critical Accounting Estimates

Management’s discussion and analysis of our financial condition
and results of operations is based on our consolidated financial statements, which are prepared in conformity with accounting principles
generally accepted in the United States of America