Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 175

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 175
---
. All such ENA Tokens will be unlocked and feely transferable as of March5, 2028. In accordance with the terms of the Token Purchase Agreements, the Locked ENA Tokens held by us will be subject to transfer restrictions and a vesting (unlock) schedule for a period of 48months after the applicable Token Purchase Date. Subject to certain conditions, such Locked ENA Tokens will be unlocked as follows: (i) 25% of the Locked ENA Tokens will be unlocked on the 12month anniversary of the applicable Token Purchase Date and (ii) the remaining 75% will be unlocked in 36 equal monthly installments thereafter. Upon unlocking, such ENA Tokens may become eligible for transfer, which could increase the circulating supply of ENA Tokens. While Ethena does not currently have plans to issue additional ENA Tokens beyond the 15billion currently in existence, if it were to decide to mint additional ENA Tokens it would do so through a controlled inflationary minting mechanism built into the underlying ENA Token contract, which is the blockchain -basedsmart contract that defines the creation, ownership, transferability and other operational features of ENA Tokens (the “ ENA Token Contract”). The ENA Token Contract provides that additional ENA Tokens may be minted only under the following conditions: (i) the aggregate number of ENA Tokens minted in any minting event may not exceed 10% of the then -outstandingENA Token supply (the “ inflation rate”), (ii) no minting may occur unless at least one year has elapsed since the prior minting event; and (iii) minting may be effected solely by the owner of the ENA Token Contract, which is Ethena. Any such minting could result in dilution to existing ENA Token holders, including StablecoinX. The ENA Token Contract does not include any built -inautomatic burn or deflationary mechanism beyond standard, user -initiatedtoken burns. Any ENA Token holder may voluntarily burn ENA Tokens by transferring them to an irretrievable address, such as a “zero address”; however, the ENA Token Contract does not impose any protocol -enforcedtransaction fee, burn mechanism, transaction tax or other automatic supply reduction tied to network usage or transfers. While we expect to hold a significant portion of the currently outstanding ENA Tokens in our treasury, we expect to be only one of several validators or other infrastructure providers to operate on the Ethena Protocol. As