Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 8

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 8
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Ethena
Representative”) and one independent representative to be mutually agreed upon by the parties to the Collaboration Agreement. The
Investment Committee will have authority over capital allocation decisions of Pubco, including the timing, size, price and frequency of
purchases of ENA Token, material borrowings and any other transaction outside the normal course of Pubco’s business.

In addition, the parties
to the Collaboration Agreement agreed to take various actions in connection with and in furtherance of the transactions contemplated by
the PIPE Subscription Agreements, including, but not limited to (i) using the Net Cash PIPE Proceeds (as defined below) to purchase locked
ENA Tokens (the “Locked ENA Tokens”) from Ethena OpCo in accordance with the terms of the Token Purchase Agreement, and Ethena
OpCo agreed to deposit such Locked ENA Token into the Custodial Account (as defined below), (ii) Ethena agreed, in the event that the
consummation of the Transactions does not occur, to unlock a portion of the Locked ENA Token held in the Custodial Account in an amount
equal to (x) the Net Cash PIPE Proceeds divided by (y) the seven day time weighted average price of ENA Token on Binance and Bybit
on the date of the PIPE Subscription Agreements (the “ENA Return Amount”), (iii) the parties agreed to release the Locked
ENA Token to Pubco in the event that the Closing occurs and (iv) the parties agreed to provide joint instructions to the Custodian (as
defined below) to effectuate each of the foregoing transactions. The initial term of the Contribution Agreement is five years and will
automatically renew for successive one-year periods unless Ethena delivers written notice of non-renewal within 90 days of the end of
the term. If the Contribution Agreement is terminated, the Ethena Representative will resign from the Investment Committee and the board
of directors of Pubco and Ethena will forfeit any shares of Pubco Class B Common Stock then held by it for no consideration.

The Collaboration Agreement
and certain of its provisions will terminate and be of no further force or effect upon the earlier to occur of (i) the termination of
the Business Combination Agreement pursuant to its terms or (ii) Ethena delivering written notice of non-renewal within 90 days of the
end of the term.

The Collaboration Agreement is filed as Exhibit 10.1 to this Form 8