Board Thread:BlazBlue: Chronophantasma/@comment-206.176.81.242-20131203180605/@comment-24480380-20140426160605

Hazama isn't Terumi, never was. They shared Hazama's body and had nearly identical personalities, but they retained themselves as separate beings due to the after effects of Nine's Mind Eater on Terumi.

I'm inclined to believe that Hazama is still alive. Logically, he should have died at the exact moment that Terumi did if he was hit by Time Killer's effects as well. He's also still got the Life-Link with Noel, which should bring him back to life, if he did indeed die, as long as she continues to live. But again, we won't know anything until the next game comes out.