[424B3] Blaize Holdings, Inc. Prospectus Filed Pursuant to Rule 424(b)(3)

Rhea-AI Filing Summary

Blaize Holdings, Inc. (Nasdaq: BZAI) filed Prospectus Supplement No. 4 and an accompanying Current Report that together disclose a three-year, non-exclusive Sales Partner Referral Agreement executed on 30 June 2025 between wholly-owned subsidiary Blaize, Inc. and Burkhan LLC, an affiliate of Burkhan Capital.

Key commercial terms:

• Initial approved customer: BurTech Systems Tech LLC (BST), also affiliated with Burkhan.
• Potential purchase volume: BST will buy up to $56.5 million of Blaize products & services (GSP hardware, SDK, AI Studio, professional services) for resale to an unaffiliated end-user during Q2 2025-2026.
• Financing structure: BST fronts the purchase price; the end-user reimburses BST plus a 2.5 % financing fee.
• Commissions: Burkhan LLC earns up to 10 % of gross revenue on each qualifying purchase, paid 50 % cash / 50 % cash or Blaize common stock (VWAP-based), contingent on Blaize achieving a specified gross-margin threshold. Payments occur as Blaize receives cash.
• Termination: Either party may terminate for convenience with 30 days’ notice or for breach with 5 days’ notice.
• Governance: The Audit Committee approved the related-party transaction; confidentiality, non-circumvention and FCPA compliance clauses included.

Capital markets details:

• Up to 29.7 million new shares may become issuable upon warrant exercise under the underlying S-1.
• The referral agreement permits unregistered issuance of common stock to Burkhan LLC, relying on Section 4(a)(2) exemption, potentially dilutive but capped by Nasdaq Rule 5635(d).
• Closing prices on 7 July 2025: $2.83 per common share and $0.3534 per warrant.

Investment takeaways: If fully executed, the BST order would be material relative to Blaize’s historical scale, providing multi-year revenue visibility. However, purchase volumes remain up to $56.5 million and are subject to customer acceptance, contract margins, and early termination rights. Additionally, commissions (cash plus potential equity) reduce net profitability and may create dilution. The related-party nature warrants ongoing governance scrutiny.

Positive

• Potential $56.5 million sales pipeline to BST could materially boost Blaize’s top-line through 2026.
• Cash-advance model shifts working-capital burden to BST, improving Blaize’s liquidity profile.
• Audit Committee approval adds governance legitimacy to a related-party transaction.

Negative

• Revenue not guaranteed; purchase amount is ‘up to’ and contract is terminable on 30 days’ notice.
• Up to 10 % commission plus possible stock issuance dilutes margins and shareholder value.
• Related-party nature (Burkhan affiliations) increases conflict-of-interest risk.
• Equity issuance exemption (Section 4(a)(2)) provides limited investor safeguards and may increase float.

Insights

Equity Research Analyst

TL;DR: Up to $56.5 m order could be transformative for BZAI, but execution, margin and dilution risks remain.

The referral agreement introduces a large, defined sales pipeline that, if realized, could surpass Blaize’s recent annual revenues (not disclosed here, but historically sub-$50 m). Cash advances from BST mitigate working-capital strain, while commission payouts align partner incentives. Nonetheless, revenue recognition hinges on end-user acceptance and shipment schedules; the agreement is terminable on 30 days’ notice, and only cash actually received triggers commissions.
Dilutive impact depends on share price and Nasdaq issuance cap; at $2.83, issuing 50 % of a 10 % commission equates to roughly 1 m shares per $10 m revenue, modest but notable for a micro-cap. Overall impact: positive but contingent.

Corporate Governance & Risk Specialist

TL;DR: Related-party deal approved by Audit Committee; termination flexibility and dilution warrant monitoring.

The counter-parties (Burkhan LLC and BST) are affiliated, raising inherent conflict-of-interest considerations. Management mitigated this via Audit Committee review, confidentiality, non-circumvention, and explicit FCPA language. However, the variable commission structure (cash/stock) could incentivize aggressive margin targets and share issuance. The agreement’s 30-day termination clause leaves revenue visibility uncertain, and equity issuance under Section 4(a)(2) offers limited investor protections. From a governance lens, the disclosure is adequate but oversight should persist as sales progress.

Filed pursuant to Rule 424(b)(3)

SEC File No. 333-284365

PROSPECTUS SUPPLEMENT NO. 4

(to Prospectus dated February 13, 2025)

Blaize Holdings, Inc.

89,550,141 Shares of Common Stock

898,250 Warrants to Purchase Shares of Common Stock

29,698,250 Shares of Common Stock Issuable Upon Exercise of Warrants

This prospectus supplement updates, amends and supplements the prospectus dated February 13, 2025 (as supplemented or amended from time to time, the “Prospectus”), which forms a part of our Registration Statement on Form S-1 (Registration No. 333-284365). Capitalized terms used in this prospectus supplement and not otherwise defined herein have the meanings specified in the Prospectus.

This prospectus supplement is being filed to update, amend and supplement the information included in the Prospectus with information contained in our Current Report on Form 8-K filed with the SEC on June 30, 2025, which is set forth below.

This prospectus supplement is not complete without the Prospectus. This prospectus supplement should be read in conjunction with the Prospectus, which is to be delivered with this prospectus supplement, and is qualified by reference thereto, except to the extent that the information in this prospectus supplement updates or supersedes the information contained in the Prospectus. Please keep this prospectus supplement with your Prospectus for future reference.

Our Common Stock and Warrants are listed on the Nasdaq Stock Market LLC under the trading symbols “BZAI” and “BZAIW,” respectively. On July 7, 2025, the closing prices for our Common Stock and Warrants on the Nasdaq Stock Market LLC were $2.83 per share of Common Stock and $.3534 per Warrant.

Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page 6 of the Prospectus and other risk factors contained in the documents incorporated by reference therein for a discussion of information that should be considered in connection with an investment in our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus supplement is July 8, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

June 30, 2025

Blaize Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-41139		86-2708752
(State or other jurisdiction of incorporation or organization)		(Commission file number)		(I.R.S. Employer Identification No.)

4659 Golden Foothill Parkway, Suite 206 El Dorado Hills, California		95762
(Address of principal executive officers)		(Zip Code)

(916) 347-0050

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.0001 per share		BZAI		The Nasdaq Stock Market
Warrants, each whole warrant exercisable for one share of Common stock at an exercise price of $11.50 per share		BZAIW		The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On June 30, 2025, Blaize, Inc., a wholly owned subsidiary of Blaize Holdings, Inc. (“Blaize” or the “Company”), entered into a Sales Partner Referral Agreement (the “Referral Agreement”) with Burkhan LLC (the “Sales Partner”), an affiliate of Burkhan Capital LLC (“Burkhan”).

Pursuant to the Referral Agreement, the Sales Partner will, on a non-exclusive basis, promote certain Company products and refer potential customers to the Company. The Company may approve or reject any customer opportunity presented by the Sales Partner in its sole discretion. For any approved customer opportunity, the Company and Sales Partner will negotiate in good faith on commissions payable to the Sales Partner.

The Referral Agreement has a term of three years and is terminable by either party for convenience on 30 days’ written notice or on five day’s written notice in the event of a material breach by the other party. The Referral Agreement also contains certain confidentiality and indemnification provisions.

The Referral Agreement has an initial approved customer of BurTech Systems Tech LLC (“BST”), an affiliate of Burkan, as described in the referral exhibit thereto (the “Referral Exhibit”). Under the Referral Exhibit, BST will purchase up to approximately $56.5 million of products from the Company on behalf of an unaffiliated end user, beginning in the second quarter of 2025 through 2026. BST will receive a financing fee of 2.5% of the total purchase price from the end user and Sales Partner will receive a commission payable by the Company of up to 10%, depending on Company gross margins under the purchase order, payable in cash and, in the Company’s discretion, partially in Company common stock, as described in the Referral Exhibit.

The terms of the Referral Agreement were reviewed and approved by the Audit Committee of the Board of Directors in accordance with the Company’s related-party transaction policy.

The foregoing summary of the Referral Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Referral Agreement, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.

Item 3.02 Unregistered Sales of Equity

The information in Item 1.01, to the extent applicable, is incorporated herein by reference. The issuance of shares of Company common stock, if any, is exempt from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

No.		Description
10.1*		Sales Partner Referral Agreement, dated as of June 30, 2025, by and between the Company and Burkhan LLC
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Portions of this exhibit have been omitted because they contain information that is both not material and is the type that the registrant treats as private or confidential.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Blaize Holdings, Inc.
				By:		/s/ Dinakar Munagala
Dated:  June 30, 2025						Dinakar Munagala
						Chief Executive Officer

Exhibit 10.1

CERTAIN INFORMATION IDENTIFIED BY [***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

SALES PARTNER REFERRAL AGREEMENT

This Sales Partner Referral Agreement (this “Agreement”) is entered into by and between Blaize Inc., a Delaware corporation having its place of business at 4659, Golden Foothill Parkway, Suite 206, El Dorado Hills, CA 95762 (the “Company”) and Burkhan LLC, a company registered in [***] having its place of business at [***] (“Sales Partner”). Each of Company and Sales Partner are referred to individually as a “Party” and collectively as the “Parties.”

For the purposes of this Agreement, the term “Affiliate” shall mean any entity controlling, controlled by or under common control of the Company or Sales Partner, as the case may be. For the purposes of this Agreement, ‘control’ means having, directly or indirectly, the power to direct or cause the direction of management and policies of an entity, whether through ownership of voting security, by contract or otherwise

1.  The Referral Program

1.1. Scope. The purpose of this Agreement is to set forth the terms and conditions of a commissioned referral program whereby Sales Partner will, on a non-exclusive basis, promote Eligible Products and Services and may refer potential customers to the Company. Products and services of the Company that are eligible for the referral program are listed in Exhibit A (“Eligible Products and Services”). The Company and Sales Partner acknowledge and agree that the relationship arising from this Agreement does not constitute or create an agency, joint venture, partnership, employee relationship or franchise between them, and Sales Partner is an independent partner with respect to the services provided by it under the Agreement.

1.2.  Sales Collateral. The Company will provide relevant sales material, as appropriate and necessary, to Sales Partner to be utilized in connection with Sales Partner’s preparation of potential referrals. If any such sales materials is deemed to constitute the Company’s Confidential Information (as defined below), the Company shall expressly label such materials as confidential. The Sales Partner shall destroy or return the Confidential Information to the Company immediately following the expiration or termination of this Agreement or upon the Company’s request.

1.3.  Initial Referral Process. To submit a referral, Sales Partner will deliver to the Company an overview of the opportunity that will include the scope of the opportunity, the account name and location, the proposed Eligible Products and Services to be included, the executives and decision makers who may sponsor or influence a sale and any other information reasonably requested by the Company. Sales Partner will have no authority to make any representation, warranty or commitment, or to create any obligation, express or implied, on behalf of the Company.

1.4.  Approved Prospects. The Company will review each referral and either accept or reject the referred potential customer in its sole discretion. If the Company decides to accept a potential referral, the Company and Sales Agent will negotiate in good faith the potential Commission (defined below) and Sales Agent’s obligations with respect to such referral, and any such agreed terms will be set forth in a mutually executed referral exhibit (each, a “Referral Exhibit”), with the first such Referral Agreement attached hereto. Each Referral Agreement shall be governed by and subject to the terms and conditions of this Agreement, and any customer which is the subject of Referral Exhibit shall be referred to as an “Approved Prospect.” The Company is responsible for the sales process related to the Company’s services and products, and negotiation and implementation of a Qualifying Purchase Agreement (as defined below) and any associated agreements.

1.5.  Progress Meetings. The Parties will meet at least once month to discuss such intelligence and feedback and other matters relevant to the referral partner program and the progress with any Approved Prospect.

1.6.  No Competing Products or Services: During the Term, Sales Partner shall not, anywhere in the world, directly or indirectly: (a) promote, market, solicit customers for, sell, resell, products or services

in competition to the Eligible Products and Services, (b) solicit business from any of the Company or its affiliates’ customers nor shall solicit any of the Company or its affiliates’ employees or other sales representatives for the purposes of being engaged by Sales Partner or any party in which Sales Partner is a shareholder, employee or a consultant.

1.7.  Non-circumvention. The Company shall not itself and shall not cause other parties to circumvent the Sales Partner by dealing directly with the Approved Prospect in a manner designed to preclude the Sales Partner from receiving the full amount of referral payments or commissions contemplated hereunder. For clarity, Company may deal directly with any Approved Prospect that refuses, with no involvement or encouragement from Company, to work with Sales Partner. This non-circumvention provision shall survive the termination or the expiration hereof for a period of twelve (12) months.

2.  Payment Terms

2.1.  Commissions. If an Approved Referral executes a Qualifying Purchase Agreement within one (1) years of the date the applicable Referral Exhibit, the Company will pay Sales Partner a referral fee in the form of cash or Commission Shares (defined in Exhibit B) (a “Commission”) calculated in accordance with the applicable Referral Exhibit. Unless otherwise defined in the applicable Referral Exhibit, the term “Qualifying Purchase Agreement” means a written agreement approved by the Company between an Approved Prospect referred by Sales Partner and the Company.

2.2.  Reporting and Payment. Unless otherwise provided in the Referral Exhibit, the Company will provide a quarterly report to Sales Partner (a “Revenue Report”) within forty-five (45) days following the end of such quarter setting forth the Commission earned by Sales Partner during such quarter, and the Company will pay the amounts owed to Sales Partner under such Revenue Report within thirty (30) days of the date of such Revenue Report.

2.3.  Taxes. The Company will, prior to the payment of the Commission to Sales Partner, deduct any withholding taxes required under applicable laws, and Sales Partner will be responsible for payment of all indirect taxes arising from the payment of the Commission, including but not limited to, any service tax.

3.  Representations and Warranties

3.1  Mutual. Each Party represents and warrants to the other Party that (a) it has the necessary power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and it has taken all necessary action to authorize such execution, delivery and performance; and (b) the execution and delivery of the Agreement and the performance of its obligations hereunder do not violate or conflict with any applicable laws or regulations, any provision of its constitutional documents, or any material contract, commitment, or other obligation to which it is a party.

3.2  Sales Partner. Sales Partner acknowledges that U.S. federal and state securities laws prohibit any person with material, non-public information about a company from purchasing or selling securities of that company or communicating such information to others. Sales Partner agrees not to use or share, nor permit any third party or its representatives to use or share, any Confidential Information or material, non-public information related to the Company in violation of U.S. securities laws.

3.3  Compliance with Law. Sales Partner shall comply with all applicable federal, state, county, and municipal statutes, laws, regulations, codes, ordinances and orders including, without limitation, the U.S. Foreign Corrupt Practices Act (FCPA). Sales Partner shall not, directly or indirectly, offer, pay, promise to pay, or authorize the payment of any money or anything of value to any government official or any other person to improperly influence any act or decision for the purpose of obtaining or retaining business or securing any improper advantage. Sales Partner shall obtain and maintain in good standing throughout the Term (as defined below) all applicable permits and licenses required in connection with its obligations under this Agreement.

4.  Term and Termination

4.1.  Term. Unless earlier terminated as provided herein, this Agreement will begin on the Effective

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Date and remain in full force and effect for three (3) years (the “Term”).

4.2.  Termination. Either Party may, at its option, terminate this Agreement upon thirty (30) days’ written notice to the other Party for any reason or for no reason whatsoever. In addition, either Party may terminate this Agreement if the other Party has breached a material term of this Agreement and fails to cure such breach within five (5) days of receipt of written notice of such breach.

4.3.  Effect of Termination. Upon termination or expiration of this Agreement, all rights and licenses granted to either Party will end, and each Party will immediately return or destroy all Confidential Information (as defined below) of the other Party then in its possession or control. In the event of a breach and termination for cause of this Agreement, no Commission will be due to Sales Partner. It is hereby clarified that, in the event that the Agreement is terminated without cause, Commission shall be paid as per each applicable Referral Exhibit for all Approved Prospects that convert to a Qualifying Purchase Agreement within twelve (12) months after the termination date of the Agreement, and all Qualifying Purchase Agreements existing on the date of the termination.

4.4.  Survival. Notwithstanding anything herein to the contrary, any provisions that by their nature should apply beyond the Term or that are necessary to the interpretation or enforcement of this Agreement will survive the termination of this Agreement for any reason and remain in full force and effect. The obligation to pay Sales Partner any Commission pursuant to Section 2.1 above will survive termination of this Agreement. The provisions of Section 6 (Confidentiality) will survive termination or expiration of this Agreement for a period of three (3) years.

5.  Indemnification and Limitation of Liability

5.1.  Indemnification. Each of the Parties will defend, indemnify and hold harmless the other Party, its affiliates and their respective officers, directors, agents and employees from and against and from any and all third-party claims, lawsuits, costs, liabilities, judgements, damages, and expenses (including, without limitation, reasonable attorneys’ fees) arising out of or relating to such Party’s (a) breach of this Agreement or (b) fraud, gross negligence or willful misconduct.

5.2.  LIMITATION OF LIABILITY. IN NO EVENT WILL EITHER PARTY BE LIABLE FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES ARISING UNDER THIS AGREEMENT. EACH PARTY’S LIABILITY FOR DIRECT DAMAGES UNDER THIS AGREEMENT WILL BE LIMITED TO THE COMMISSION THAT IS PAID TO SALES PARTNER IN THE IMMEDIATELY PRECEDING TWELVE (12) MONTH PERIOD (OR SHORTER PERIOD IF THE TERM OF THE AGREEMENT HAS BEEN IN EXISTENCE FOR A PERIOD LESS THAN TWELVE (12) MONTHS ON THE DATE OF THE CLAIM). THE LIMITATIONS SET FORTH IN THIS SECTION WILL NOT APPLY FOR ANY BREACH OF CONFIDENTIALITY OBLIGATION OF THE PARTIES, AND CLAIMS ARISING FROM ANY PARTY’S FRAUD, WILLFUL MISCONDUCT OR GROSS NEGLIGENCE.

6.  Confidentiality

6.1.  Confidential Information. “Confidential Information” means non-public, proprietary, business, technical, security, legal, or financial information that is either marked or identified as Confidential Information or would reasonably be understood to be confidential, including but not limited to: (a) Trade Secrets: Any formula, pattern, compilation, program, device, method, technique, process, algorithm, or procedure that: (i) derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy; (b) Intellectual Property: All patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, trade secrets, licenses, inventions, software, developments, formulas, technology, designs, drawings, engineering, hardware configuration information, know-how, show-how, ideas, concepts, techniques, discoveries, improvements, works of authorship, and any other intellectual property rights, whether registered or unregistered; (c) Technical Information: Product specifications, designs, architectures, prototypes, models, samples, flowcharts, schematics, designs, drawings, algorithms, formulas, mechanical configurations, circuit layouts, software code, documentation, and technical data; (d) Business

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Information: Information about products, processes, services, marketing and business plans, client lists, financial information, system architecture, security programs, pricing, costs, business operations, business policies or practices, and information received from others that the Company is obligated to treat as confidential; and (e) Customer Information: Information about the Company’s customers, including customer lists, customer data, customer preferences, and customer purchasing history.

6.2.  Use and Disclosure of Confidential Information. Sales Partner may be given access to Confidential Information of the Company in connection with this Agreement. Sales Partner may only use this Confidential Information as provided for in this Agreement or to exercise its rights hereunder and may only share this Confidential Information with its employees, agents, advisors and service providers who need to know it, provided they are subject to similar confidentiality obligations. Sales Partner will use the same degree of care, but no less than a reasonable degree of care, that Sales Partner uses with respect to its own Confidential Information to protect the disclosing the Company’s Confidential Information and to prevent any unauthorized use or disclosure thereof.

6.3.  Remedies. Unauthorized use or disclosure of Confidential Information may cause substantial harm for which damages alone are an insufficient remedy. The Parties acknowledge and agree that: (a) any breach of this Section 6 may result in immediate and irreparable harm to the disclosing Party; (b) money damages may not be a sufficient remedy for any breach of this Section 6; (c) the disclosing Party shall be entitled to seek specific performance and injunctive or other equitable relief as a remedy for any breach or threatened breach of this Section 6; (d) such remedies shall not be deemed to be the exclusive remedies for a breach of this Section 6 but shall be in addition to all other remedies available at law or in equity; and (e) in the event of litigation relating to this Section 6, if a court of competent jurisdiction determines that the receiving Party has breached this Section 6, the receiving Party shall be liable for the disclosing Party’s reasonable attorneys’ fees and costs.

7.   Notices.

Any notices provided under this Agreement shall be given to the appropriate party at the address set forth below. Such notice shall be deemed given upon receipt when sent through courier, personal delivery or registered or certified mail, or on the day the email is sent if the notice is sent via the email address below. Either Party may change its notices information at any time by providing written notice (including through email) to the other Party.

8.   Miscellaneous

The terms and conditions of this Agreement shall be governed by and interpreted in accordance with the laws of the State of California without reference to any conflict of laws rule and any disputes under the Agreement shall be subject to the exclusive jurisdiction of the courts situated in California. Neither Party may assign this Agreement or any right or obligation hereunder without the prior written consent of the other Party, which consent shall not be unreasonably withheld; provided, however, that either Party may assign this Agreement to any entity that such Party controls, is controlled by or is under common control without seeking the other Party’s consent. Waiver by one Party hereto of breach of any provision of this Agreement by the other shall not operate or be construed as a continuing waiver. This Agreement represents the entire understanding between the Parties as to its subject matter, supersedes any prior writing, written or oral agreements, and merges herein all discussions, proposals, understandings and negotiation between the parties prior to, or contemporaneous with, their signature.

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IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the Effective Date.

BLAIZE, INC.   By: /s/ Dinakar Munagala         Name: Dinakar Munagala Title: Chief Executive Officer Date: 6/30/2024 BURKHAN LLC   By: /s/ Shahal Khan           Name: Shahal Khan Title: CEO Date: 6/24/25

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EXHIBIT A – ELIGIBLE PRODUCTS AND SERVICES

● All existing Blaize GSP related hardware

● Blaize SDK

● Blaize AI Studio

● Blaize professional services

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REFERRAL EXHIBIT

[***]

This Referral Exhibit is made effective as of the Effective Date of the Sales Partner Referral Agreement between the Company and Sales Partner (the “Agreement”) and is incorporated therein by reference. Capitalized terms not defined herein shall have the meaning given such terms in the Agreement. This Referral Exhibit relates to [***] (the “Approved Prospect”) and is entered into by Blaize, Inc., BurTech Systems Tech LLC (“BST”), and Burkhan LLC (“Burkhan”).

For purposes of the engagement with the Approved Prospect, and as further described herein:

(1) Burkhan is the company that made the referral and will receive the Commission Amount; and

(2) BST will purchase the Products from Blaize and finance the purchase on behalf of the Approved Prospect.

BST’s Role

Blaize requires the Approved Prospect to pay for the Products prior to shipment, but the Approved Prospect requires third-party financing to fund the purchase price. BST is willing to finance the purchase by buying the Products directly from Blaize and reselling them to Approved Prospect at a later date in exchange for Approved Prospect paying BST a financing fee of two and a half percent (2.5%) of the total purchase price. Neither Burkhan nor BST will mark up the cost of the Products when they are sold to the Approved Prospect without written approval from Blaize.

Upon receipt of the advance payment from BST, Blaize shall issue an invoice to BST for the Products and BST will make appropriate arrangements for Product to be collected from Blaize for shipment to Approved Prospect. For the avoidance of doubt, title for the Products shall pass immediately upon collection by the shipping agent. BST shall also manage any warranty returns, however, Blaize will provide ongoing technical support to the Approved Prospect.

Qualifying Purchase Agreement

For purposes of this Referral Exhibit only, the Qualifying Purchase Agreement is the Sales Order that Blaize will issue to BurTech Systems Tech LLC (“BST”) in the amount of $56,478,808 for the sale of Blaize Products to BST and subsequent sale by BST to the Approved Prospect. The Sales Order will contain the terms and conditions of sale applicable to BST’s purchase of Blaize Products (“Terms and Conditions”), which are hereby deemed accepted by BST. BST acknowledges and agrees that the Terms and Conditions will not be altered by BST’s purchase order terms. For clarity, the Qualifying Purchase Agreement for this Referral Exhibit will be between the Approved Prospect and BST, in BST’s capacity as the reseller of Blaize Products to the Approved Prospect.

Variable Commission

In the event the Company earns at least [***] gross margin under a Qualifying Purchase Agreement with the Approved Prospect, and subject to valuation by an independent consultant to confirm it satisfies the arms-length standard, Sales Partner will be eligible for a commission equal to 10% (“the Commission Rate”) of the gross revenue actually received by the Company under the applicable Qualifying Purchase Agreement for the entire duration of each Qualifying Purchase Agreement (the “Commission Amount”). As of June 20, 2025, the pricing for the applicable Qualifying Purchase Agreement meets the [***] margin threshold to earn a 10% commission.

This Commission Amount will only be recognized and payable once the Company actually receives the corresponding cash. The Commission Amount will be paid fifty percent (50%) in cash and, at Company’s sole discretion, the remaining fifty percent (50%) will be paid in either cash or the Company’s common stock (“Variable Commission Shares”) as further described below.

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Payment of the Commission Amount will be made within 5 business days after the end of the month in which the Company receives the associated cash. In the event of any disputes regarding cash receipt (e.g., product return requests), the Company’s determination will be final and binding. However, the Company agrees to act in good faith and provide Sales Partner with reasonable documentation supporting its decision (e.g., documenting non-receipt of cash).

Variable Commission Shares:

If the Company opts to pay the Commission Amount in Variable Commission Shares, the common stock value for determining the amount of any Variable Commission Shares will be calculated using the VWAP for the Company’s common stock for the five (5) business days preceding the date of execution of the applicable Qualifying Purchase Agreement (the “Per Share Amount”). The amount of each distribution of Variable Commission Shares will be calculated as follows: (Cash Received by Blaize * Commission Rate) / Per Share Amount, subject to the cap for issuance of securities without shareholder approval specified under NASDAQ Rule 5635(d). For example, if the Per Share Amount is US $4.00 and the Company receives a payment of $10,000,000.00, Sales Partner will receive $500,000 in cash and 125,000 shares. If and when the cap is reached, the difference will be paid in cash.

Sales Partner will deliver to the Company representations and warranties customary for a private placement of securities under the Securities Act. Sales Partner will only be eligible for distribution of Variable Commission Shares in proportion to payments received by the Company; if the Company does not receive the full payment, Sales Partner will only receive the amount of Variable Commission Shares as calculated above.

Commission rate assuming PO is unconditional		10%
Illustrative Share price as of 06/17/2025		$2.46

Proposed Timing

Invoice Quarter

Payment Terms

Gross Sales

Net Cash  collected by Blaize

Cash  Commission  (5%)

Stock based  commissions  (5%)

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Total

$56,478.808

$56,478.808

$2,823,940

1,147,941

Note:

Burtech maximum commission shares calculated on date when PO is unconditionally committed

Burtech commission shares to be released as cash is received by Blaize

8

IN WITNESS WHEREOF, the Parties have executed and delivered this Referral Exhibit as of the Effective Date.

BLAIZE, INC.   By:                Name: Dinakar Munagala Title: Chief Executive Officer Date: June 30, 2025 BURKHAN LLC   By: /s/ Shahal Khan          Name: Shahal Khan Title: CEO Date: 6/24/25

BURTECH SYSTEMS TECH LLC

By: /s/ Shahal Khan         

Name: Shahal Khan

Title: CEO

Date: 6/24/2025

9

FAQ

How large is the potential order referenced in Blaize’s July 2025 filing (BZAI)?

The referral exhibit states BurTech Systems Tech LLC may purchase up to $56.5 million of Blaize products through 2026.

What commission will Burkhan LLC earn under the referral agreement with Blaize (BZAI)?

Burkhan LLC is eligible for up to a 10 % commission on gross revenue, paid 50 % cash and 50 % cash or Blaize common stock at Blaize’s discretion.

Can the Blaize–Burkhan referral agreement be terminated early?

Yes. Either party may terminate for convenience with 30 days’ notice, or for material breach with 5 days’ notice.

Will the commission payments create share dilution for Blaize investors?

Potentially. Blaize may satisfy up to half of the commission in unregistered common stock, subject to Nasdaq Rule 5635(d) issuance limits.

Which products are included in the Blaize referral program?

Eligible offerings include Blaize GSP hardware, SDK, AI Studio, and professional services.

When will Blaize recognize commission expenses?

Commissions become payable only after Blaize actually receives cash from the Approved Prospect via BST.