Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 451

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 451
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 the power to elect a majority of the StablecoinX Board. Pursuant to Nasdaq’s listing standards, a company of which more than 50% of the voting power for the election of directors is held by an individual, a group or another company qualifies as a “controlled company.” As a result, StablecoinX will be a “controlled company” within the meaning of the Nasdaq listing rules and may qualify for and rely on exemptions from certain corporate governance requirements that would otherwise require companies to have: (i) a board of directors comprised of a majority of independent directors; (ii) compensation of our executive officers determined by a majority of the independent directors or a compensation committee comprised solely of independent directors; (iii) a compensation committee charter which, among other things, provides the compensation committee with the authority and funding to retain compensation consultants and other advisors; and (iv) director nominees selected, or recommended for the board’s selection, either by a majority of the independent directors or a nominating committee comprised solely of independent directors. 223 Director Independence Under StablecoinX’s Corporate Governance Guidelines and the Nasdaq rules, a director will not be independent unless the StablecoinX Board affirmatively determines that the director does not have a direct or indirect material relationship with StablecoinX or any of its subsidiaries. In addition, the director must not be precluded from qualifying as independent under the per se bars set forth by the Nasdaq rules. The StablecoinX Board will undertake a review of its composition, the composition of its committees and the independence of directors and consider whether any director has a material relationship with StablecoinX that could compromise his or her ability to exercise independent judgment in carrying out his or her responsibilities. Based upon information requested from and provided by each director concerning his or her background, employment and affiliations, including family relationships, the StablecoinX Board is expected to determine that [•], [•], [•], and [•] of StablecoinX’s directors do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors qualifies as “independent” as that term is defined under the Nasdaq rules. In making these determinations, the StablecoinX Board will consider the relationships that each non -employeedirector has with StablecoinX, the transactions otherwise set forth in this proxy statement/prospectus, and all other facts and circumstances the StablecoinX Board deemed relevant in determining their independence, including the director’s beneficial ownership of Stablecoin