Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 90

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 90
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 in accordance with their terms, unless otherwise agreed to by the parties, Ethena will promptly (but in no event later than two business days thereafter) unlock a portion of the Locked ENA Token held in the applicable Custodial Account in an amount equal to the ENA Return Amount, and SC Assets and Ethena OpCo will jointly instruct the Custodian to release, in no event later than four business days after such termination date, the ENA Return Amount together with the Permitted Expense Amount (net of any fees and expenses related to the applicable Custodial Account), on a pro rata basis, to the applicable Cash PIPE Investors. To the extent any PIPE Investors who paid for their PIPE Shares with ENA Token had already delivered their ENA Token in accordance with the terms of the PIPE Subscription Agreement, such ENA Token would be promptly (but in no event later than four business days after such termination date) returned to such PIPE Investor. Token Purchase Agreements Concurrently with the execution and delivery of the applicable PIPE Subscription Agreements and to facilitate the transactions contemplated thereby, SC Assets, solely in its capacity as Administrative Agent for the Initial Cash PIPE Investors and the Additional Cash PIPE Investors, as applicable, and Ethena OpCo entered into the Token Purchase Agreements, pursuant to which, among other things, Ethena OpCo agreed to sell to SC Assets, solely in its capacity as Administrative Agent, (i) with respect to the Initial Token Purchase Agreement, the Locked ENA Token valued at $0.21056 per token, which represents a 30% discount to the fair market value of $0.3008 per token at the signing of the Initial Token Purchase Agreement, in an aggregate amount equal to the Initial Net Cash PIPE Proceeds, and (ii) with respect to the Additional Token Purchase Agreement, the Locked ENA Token valued at $0.29 per token, in an aggregate amount equal to the Additional Net Cash PIPE Proceeds, in each case, which Locked ENA Token was deposited by Ethena OpCo into the applicable Custodial Account shortly after the applicable Token Purchase Date. The Locked ENA Token may not be transferred for a period of 48 months after the applicable Token Purchase Date, subject to earlier unlock and release from such transfer restrictions as follows: (i) 25% of the Locked ENA Token will be unlocked on the 12month anniversary of the applicable Token Purchase Date and (ii) the remaining 75% of the Locked ENA Token will be unlocked in