Company: TLGYF
Filing Date: 2025-07-21
Form Type: 425
Source: 0001213900-25-065924
Chunk: 7

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-21
Form: 425
Chunk 7
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 in the representations and warranties contained in the Business Combination Agreement were made as of the execution date of the Business Combination Agreement only and are qualified by information in confidential disclosure schedules provided by the parties to each other in connection with the signing of the Business Combination Agreement. These disclosure schedules contain information that modifies, qualifies, and creates exceptions to the representations and warranties set forth in the Business Combination Agreement. Moreover, certain representations, warranties and covenants in the Business Combination Agreement may have been used for the purpose of allocating risk between the parties rather than establishing matters of fact. Accordingly, you should not rely on the representations, warranties and covenants in the Business Combination Agreement as characterizations of the actual statements of fact about the parties. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Business Combination Agreement, which subsequent information may or may not be fully reflected in TLGY’s or Pubco’s public disclosures.

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Collaboration Agreement

Contemporaneously with the
signing of the Business Combination Agreement, Pubco, SC Assets, Ethena and Ethena OpCo entered into a collaboration agreement (the “Collaboration
Agreement”), pursuant to which, among other things, Ethena agreed to provide Pubco a right to participate in certain future offerings
of Ethena’s native protocol governance token of Ethena (“ENA Token”) made by it on terms no less favorable than other
investors and to collaborate with Pubco on an ongoing basis to support the operation of Pubco’s infrastructure, staking and treasury
activities of ENA Token and Pubco’s public advocacy for the blockchain-based protocol and off-chain architecture and related systems
for ENA Token (the “Ethena Protocol”) within the traditional finance ecosystem. Pursuant to the Collaboration Agreement, Pubco
agreed that its business would be to provide infrastructure, staking and other products and services to the Ethena Protocol and that it
would not change such business, acquire digital assets other than ENA Token, or enter into a merger, acquisition, disposition or similar
transaction that would have the effect of changing such business without the prior approval of the Investment Committee (as defined below)
and a majority of the holders to Pubco Class B Common Stock. Pubco also agreed to establish an investment committee (the “Investment
Committee”) at the Closing, which will consist of one representative from Pubco, one representative from Ethena (the “