Barak Avitbul
About Barak Avitbul
Barak Avitbul (age 51) is an independent director of Trailblazer Merger Corporation I (TBMC) and Chair of the Compensation Committee. He is CEO of NetNut Ltd. and senior management at Safe‑T Group Ltd. following Safe‑T’s acquisition of NetNut in June 2019; prior roles include founding DiviNetworks, leadership at Key2Peer, Rosetta Genomics (Head of Algorithm Research), and iMDsoft (Director of R&D). He holds an LL.B in Law and a BS in Computer Science from Tel Aviv University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NetNut Ltd. | Chief Executive Officer | Since Safe‑T Group acquisition closed (June 2019) | Leads business proxy network solutions across verification, scraping, and security use cases |
| Safe‑T Group Ltd. (Nasdaq/TASE: SFET) | Senior management (post-acquisition) | Since June 2019 | Cybersecurity and privacy solutions; integration of NetNut operations |
| ORB Spring Ltd. | Chief Executive Officer | Not disclosed | Executive leadership (details not disclosed) |
| DiviNetworks Ltd. | Founder; built global network optimization service in 50+ countries | Not disclosed | First Israeli company funded by World Bank; scaled network optimization as a service |
| Key2Peer | Founder; led anti‑piracy/promotional services for P2P market | Not disclosed | Achieved net profit in <12 months |
| Rosetta Genomics (NASDAQ: ROSG) | Head of Algorithm Research (consultant) | Not disclosed | Led algorithm research in genomics applications |
| iMDsoft | Director of R&D | Not disclosed | Led development of clinical information management products |
External Roles
| Organization | Role | Public Company Directorship? | Notes |
|---|---|---|---|
| Safe‑T Group Ltd. | Senior management (post‑NetNut acquisition) | Not disclosed as director | Cybersecurity/privacy company; Avitbul in senior management, not disclosed as board member |
No other public company directorships for Avitbul are disclosed in TBMC filings .
Board Governance
- Independence: TBMC’s board has three independent directors—Avitbul, Castells, Donovan; independent director sessions are scheduled .
- Audit Committee: Members—Avitbul, Castells, Donovan; Chair—Patrick Donovan; all independent; Donovan is the audit committee financial expert .
- Compensation Committee: Members—Avitbul (Chair), Castells, Donovan; all independent; charter covers executive/director pay oversight, incentive plan administration, disclosure .
- Nominating/Governance: No standing nominating committee; independent directors—including Avitbul—participate in recommending nominees per Nasdaq Rule 5605(e) .
Fixed Compensation
| Component | Policy/Amount | Timing |
|---|---|---|
| Annual retainer (cash) | None paid prior to business combination | Pre‑business combination |
| Committee membership fees | None paid prior to business combination | Pre‑business combination |
| Committee chair fees | None paid prior to business combination | Pre‑business combination |
| Meeting fees | None paid prior to business combination | Pre‑business combination |
| Reimbursement of expenses | Out‑of‑pocket expenses reimbursable; reviewed quarterly by Audit Committee | Ongoing |
Performance Compensation
| Item | Status | Notes |
|---|---|---|
| Equity awards (RSUs/PSUs) | None disclosed for directors prior to business combination | SPAC policy prohibits compensation prior to deal; post‑deal compensation may be determined by new board |
| Options | None disclosed for directors prior to business combination | Same as above |
| Performance metrics (TSR, EBITDA, etc.) | Not applicable pre‑business combination | SPAC has no operating compensation programs for directors pre‑deal |
Other Directorships & Interlocks
| Entity | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| Safe‑T Group Ltd. | Senior management role | No disclosed transactional ties between TBMC and Safe‑T; awareness of external affiliations important for conflict screening |
| NetNut Ltd. | CEO | External operating role; no disclosed transactions with TBMC |
Expertise & Qualifications
- Technical leadership across network optimization, cybersecurity privacy services, and clinical information systems; founder/operator experience in multiple tech companies .
- Legal and computer science training (LL.B, BS), suitable for governance and technology risk oversight .
- Qualified to chair Compensation Committee and serve on Audit Committee; Audit Committee financial expert is Donovan, not Avitbul .
Equity Ownership
| Metric | Value |
|---|---|
| Shares outstanding (record date reference) | 4,499,116 (Class A+Class B) |
| Beneficial ownership (Avitbul) | Less than 1% (exact number not disclosed) |
| Sponsor ownership | 2,119,500 shares; 47.11% of voting power at 2025 record date |
TBMC filings list each director’s ownership; Avitbul’s specific share count is not disclosed, indicated as “less than one percent” .
Governance Assessment
- Strengths: Independent status; dual-committee participation with chair role in Compensation; Audit Committee fully independent and chaired by a designated financial expert; quarterly oversight of reimbursements; related‑party policy with Audit Committee approval and majority disinterested director requirement .
- Alignment/Pay: No director cash or equity compensation pre‑business combination—limits pay‑related conflicts; expense reimbursements monitored by Audit Committee .
- Conflicts/Red Flags:
- Sponsor control and financing influence: Sponsor owns ~47% voting power; extensive extension financing via unsecured note, amendments, and trust deposits could create alignment pressures at the board level (general SPAC risk) .
- No standing nominating committee; independent directors (including Avitbul) handle nominations—acceptable under Nasdaq, but formal committee could strengthen process .
- General SPAC conflicts disclosed: officers/directors may allocate time to other businesses; potential incentives post‑combination; related‑party transactions require Audit Committee approval .
- Shareholder engagement: 2025 Annual Meeting achieved 72.75% representation; extension and trust amendments passed with >99% of votes cast, suggesting effective proxy process but also reflecting sponsor voting block .
Overall, Avitbul’s committee roles and independence support board effectiveness; sponsor concentration and reliance on sponsor financing are structural SPAC risks warranting ongoing scrutiny of related‑party approvals and post‑deal compensation design .