Company: TBMC
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002139
Chunk: 1459

Company: Trailblazer Merger Corp I
Filing Date: 2025-03-25
Form: 10-K
Item: Item 11
Chunk 1459
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 into interests of the Class A common stock founder shares to the Company’s management
and directors is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC
718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The 47,500 Class A
common stock which support the subscription interests of management and the directors has a fair value of $207,087 or $4.36 per share,
which has been recorded as stock-based compensation. The fair value was determined using a Monte Carlo Model with a volatility of 7.2%,
risk-free rate of 3.97% and a stock price of $9.89 as of the valuation date of March 28, 2023. These interests are not subject to
performance conditions and as such stock-based compensation of $207,087 was recorded on the statement of operations in March 2023.

The Sponsor has agreed, subject to certain limited
exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (1) one year after the
completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last reported sale price of the
Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 180 days after a Business Combination,
or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results
in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.

F-16

Promissory Note — Related Party

On May 17, 2022, the Company issued a
non-interest bearing unsecured promissory note to the Sponsor (the “Promissory Note”) as amended on January 20,
2023 and as further amended as of March 31, 2023, pursuant to which the Company may borrow up to an aggregate principal amount
of $400,000 (as amended). On November 21, 2023, the Promissory Note was further amended to permit the Company to pay certain
expenses of the