Company: TBMC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075720
Chunk: 91

Company: Trailblazer Merger Corp I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 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.

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 Sponsor which would
reduce the principal balance of the Promissory Note by the same amount. On March 27, 2024, the maximum amount available under the Note
was further amended and increased to $1,090,000. On June 25, 2024, the maximum amount available under the Note was further amended and
increased to $1,780,000. On September 16, 2024, the maximum amount available under the Note was further amended and increased to $1,980,000.
On September 30, 2024, the maximum amount available under the Note was further amended and increased to $2,280,000. On November 29, 2024,
the maximum amount available under the Note was further amended and increased to $2,780,000. On February 21, 2025, the maximum amount
available under the Note was further amended and increased to $3,530,000.

On March 24, 2025, the Promissory Note was further
amended and restated in its entirety, in order to provide, among other things, (1) that the maturity date of the Promissory Note is May
31, 2025; provided, however, that if Trailblazer completes an initial business combination, the Promissory Note shall be extended for
an additional eighteen (18) months from the closing of the initial business combination, (2) for certain post-business combination transaction
participation rights for the Sponsor as well as most favored nation rights for the Sponsor with respect to certain post business combination
transactions and (3) for equal monthly payments of $125,000 due