Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 889

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 889
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 page hereto (the “ Purchase Price ”), and the Company desires to issue to Subscriber the Subscribed Shares, immediately prior to the consummation of the Company Merger, in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Company; WHEREAS, on or about the date of this Subscription Agreement, SPAC, the Company and Pubco are entering into subscription agreements (the “ Other Subscription Agreements ” and, together with this Subscription Agreement, the “ Subscription Agreements ”) with certain other investors (the “ Other Subscribers ” and, together with Subscriber and the Signing Subscribers, the “ Subscribers ”), pursuant to which the Other Subscribers have agreed to purchase shares of Company Class A Common Stock (the “ Shares ”) at the Per Share Price and on the same terms as are available to the Subscriber hereunder (the Shares of the Other Subscribers, the “ Other Subscribed Shares ”, and such other subscriptions and issuances thereunder, the “ Other Subscriptions ”); WHEREAS, in connection with the Transactions and to facilitate the transactions contemplated by the Subscription Agreements, Ethena OpCo and the Company have entered into a token purchase agreement, dated as of the date hereof (the “ Token Purchase Agreement ”), pursuant to which Ethena OpCo has agreed to sell to the Company (solely in its capacity as administrative agent effectuating the purchase solely for the benefit of the Subscribers making the Cash PIPE Deposit (as defined below) until the Closing, such capacity, the “ Administrative Agent ”), a number of Locked ENA Tokens equal to the (i) Locked ENA Purchase Amount (as defined herein), divided by (ii) (x) the ENA Fair Market Value at Signing (as defined in Schedule A hereto) multiplied by (y) 1 minus thirty percent (30%) (the price paid for such Locked ENA Tokens set forth in this clause (ii), the “ Locked ENA Token Purchase Price ”), and deposit such Locked ENA Tokens in the Custodial Account; WHEREAS, the Parties hereto intend that for U.S. federal income tax purposes, (1) the Subscription, together with the Other Subscriptions and the other transactions contemplated by the BCA, including the Signing Subscriptions, qualify as a transaction governed by Section 351(a) of the Code (as defined herein) (the “ Section 351 Intended Tax Treatment ”); (2) until the Closing or the termination of this Subscription Agreement, as